Financial Performance - The company reported a revenue of RMB 39.8 million for the year ended December 31, 2024, a decrease of 45.6% compared to RMB 73.2 million in 2023[9]. - Gross profit for the same period was RMB 23.9 million, down 50.8% from RMB 48.6 million in 2023, resulting in a gross margin of 59.9%[9]. - The loss attributable to shareholders was RMB 113.5 million, a slight improvement of 2.0% from RMB 115.8 million in the previous year[9]. - The adjusted loss per share based on non-Hong Kong Financial Reporting Standards was RMB 0.10, reflecting an 11.1% increase from RMB 0.09 in the previous year[9]. - The net loss for the year ended December 31, 2024, was RMB 1.153 billion, compared to a net loss of RMB 1.171 billion for the year ended December 31, 2023[37]. - Cash used in operating activities for the year ended December 31, 2024, was RMB 843 million, significantly impacted by high R&D, administrative, and sales expenses[38]. - Cash and cash equivalents decreased by 59.3% to RMB 54,607,000 from RMB 134,085,000 in 2023[10]. - Total assets decreased by 19.2% to RMB 463,060,000 from RMB 573,308,000 in 2023[10]. - The company's available distributable reserves as of December 31, 2024, amount to approximately RMB 418.1 million, a decrease from RMB 805.2 million in 2023[157]. Product Development and Innovation - The company’s caFFR system has over 95% accuracy and a convenient operation process taking less than five minutes, establishing its leading position in the domestic FFR measurement market[4]. - The caIMR system received approval from the National Medical Products Administration in April 2023, becoming the first commercially approved minimally invasive IMR measurement product globally[4]. - The company plans to expand the indications for the caFFR system to include acute STEMI, acute NSTEMI, and HFpEF patients, broadening its market reach[4]. - The company aims to launch an interventional surgical robot that integrates all clinical applications for automated PCI processes, enhancing clinical value[6]. - Future product launches include the caFFR system's expanded indications for acute STEMI, acute NSTEMI, and HFpEF patients, expected to be completed by 2025[24]. - The company has established a distribution network of 257 domestic distributors covering over 550 hospitals across 21 provinces in China[16]. - The production capacity is expected to support the annual production of 11,375 consoles and 1,130,765 pressure sensors[19]. - The company plans to integrate existing production and R&D facilities on a newly acquired land of approximately 20,000 square meters to enhance overall capabilities[19]. Corporate Governance and Board Structure - The board of directors is composed of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced power structure[178]. - The company has appointed independent non-executive directors with extensive experience in financing and investment[70]. - The board's composition includes professionals with backgrounds in finance, law, and engineering, which supports a well-rounded strategic approach to business decisions[61][68]. - The company has established mechanisms to ensure independent viewpoints are provided to the board[194]. - The company has adopted corporate governance practices in line with the listing rules, ensuring high standards of governance to protect shareholder interests[177]. - The company has a diverse board with members holding degrees from prestigious institutions, including Tsinghua University and RMIT, ensuring a high level of expertise[60][66]. - The board diversity policy aims to enhance effectiveness by considering various diversity aspects, including gender, age, and professional qualifications[195]. - The company has achieved a gender ratio of 61% female employees and at least one female director on the board[196]. Financial Management and Risks - The company faces several major risks and uncertainties, some of which are beyond its control[85]. - The company has incurred significant operating losses since its inception and may continue to do so in the foreseeable future as it expands product development and seeks regulatory approvals for its pipeline products[88]. - The company may face challenges in recruiting patients for clinical trials, which could delay clinical development activities[91]. - Rising market prices for raw materials and components may adversely impact the company's financial condition[91]. - The company may face potential product liability claims, and its insurance may not be sufficient to cover all liabilities[91]. - The company actively communicates with stakeholders and aims to enhance operational management and sustainable development based on stakeholder feedback[98]. Employee and Director Management - The company aims to enhance employee skills through continuous education and training programs[49]. - The company has adopted a pre-IPO stock option plan to attract and retain skilled personnel for future growth and expansion[49]. - All directors actively participate in continuous professional development to enhance their knowledge and skills[198]. - The company maintains a proactive approach to director training and development to ensure compliance and effective governance[199]. - The term for executive directors is three years, with specific notice periods for termination outlined in service agreements[190]. - Independent non-executive directors are evaluated annually for their independence, ensuring they provide unbiased opinions[192]. Market Position and Strategy - The company aims to become a global leader in vascular interventional robotic surgery and a respected company worldwide[182]. - The company plans to continue expanding in both the Chinese and global markets to maximize shareholder value and will support capital expenditures through various financing channels[48]. - The company has established partnerships with various investment entities, including Shenzhen Tongchuang Weiye, which holds approximately 96.3% partnership interest in Tongxiang Haoguan[129]. - The company is indirectly owned by Ping An Group, which holds 100% of Ping An Capital and 72,000,000 shares in Ping An Investment[131]. Compliance and Legal Matters - The group has established compliance policies and procedures to ensure adherence to applicable laws and regulations, with no significant non-compliance events reported during the reporting period[165]. - There are no significant legal proceedings or arbitrations involving the company as of December 31, 2024[166]. - The independent auditor for the year ending December 31, 2024, is Shinewing (HK) CPA Limited, which has been appointed for the upcoming annual general meeting[151]. Shareholder Information - As of December 31, 2024, the total number of issued shares is 1,167,799,000[122]. - The top five customers accounted for 49.8% of the total revenue for the year ending December 31, 2024, compared to 43.8% in 2023[163]. - The largest single customer represented 22.1% of the total revenue for the year ending December 31, 2024, up from 14.2% in 2023[163]. - The company has a significant shareholder structure, with Shanghai Jinglin Equity Investment Management holding approximately 5.05% of the shares[127]. - The company has not reported any significant changes in its main business activities during the reporting period[80].
润迈德-B(02297) - 2024 - 年度财报