Core Viewpoint - Peijia Medical Limited reported a total revenue of RMB 353 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024, with stable revenue contributions from TAVR and neurointerventional products [1] Financial Summary - The sales revenue from TAVR-related products increased by 24.0% to RMB 162 million, driven by an enhanced market share in China's TAVR market and a shift towards newly launched high-end products [2] - Neurointerventional products saw a 12.2% increase in sales revenue to RMB 192 million, supported by deeper market penetration of existing products and the successful launch of the YonFlow® stent [2] - The overall operating loss narrowed by 19.4% to RMB 68.32 million, with core business net loss significantly reduced by 52.4% to RMB 30.72 million [2] Cost Control and Efficiency - The TAVR business achieved commercial profitability for the first time, generating a profit of RMB 29.09 million, with sales and distribution expenses decreasing by 8.3% to RMB 100 million [4] - R&D expenses for the TAVR division decreased by 17.2% to RMB 54.2 million, primarily due to the completion of major clinical trials [4] - The management expenses slightly increased by 2.8% to RMB 50.98 million, mainly due to depreciation costs of a new headquarters [4] Innovation and Product Development - Three key in-development products are entering the registration application phase, including the TaurusTrio™ TAVR system, TaurusNXT® TAVR system, and GeminiOne® TEER system, with expected approvals between late 2025 and mid-2026 [5] - The DCwire® microguidewire and YonFlow® stent are highlighted as strong performers in the neurointerventional segment, with the former's sales revenue increasing nearly 140% [9] - The company is preparing for the market launch of the TaurusTrio™, which is expected to significantly enhance its competitive position in the AR valve market [5] Operational Efficiency - The neurointerventional division's profit increased by 42.4% to RMB 40.9 million, supported by effective cost control and operational efficiency measures [11] - The company has successfully integrated lean production and supply chain management to mitigate revenue pressures from centralized procurement [11] - The overall strategy emphasizes innovation-driven growth, operational efficiency, and maintaining market leadership in cardiovascular disease treatments [11]
沛嘉医疗-B(09996)发布2025年中期业绩：“增收-提效-控费”多措并举 盈利能力结构性提升