1月29日晚间，归创通桥医疗科技股份有限公司(02190，以下简称"归创通桥"、"公司")发布2025年全年 业绩正面盈利预告。公司预期2025年全年净利润超过人民币2.4亿元，较去年同期大幅增长约139.4%； 营业收入超过人民币10.5亿元，同比增长约34.6%。 归创通桥表示，2025年公司业绩表现亮眼，主要受益于核心产品销售的强劲增长、海外业务的加速发展 以及运营效率的持续优化。报告期内，公司通桥麒麟血流导向装置、神经血管导丝、UltraFree药物洗脱 PTA球囊扩张导管、ZYLOX Swan静脉腔内射频闭合导管等产品销售收入均实现较快增长。国际业务方 面，公司海外市场销售收入同比增长超过100%，在德国、法国、意大利等重点国家市场的渗透率持续 提升。此外，在业务规模扩大的同时，公司持续推进运营效率提升，毛利率水平保持稳定，盈利能力进 一步增强。 2025年，归创通桥以"创新"与"国际化"为核心战略，持续推动业务布局与升级。报告期内，公司多款重 点创新产品相继获批上市。ZYLOX Mammoth大腔外周血栓抽吸导管、通桥飞龙颅内动脉瘤栓塞辅助支 架等产品实现商业化落地，并取得积极的市场表现。此外，公 ...

2025年，归创通桥以"创新"与"国际化"为核心战略，持续推动业务布局与升级。报告期内，公司多款重 点创新产品相继获批上市。ZYLOX Mammoth大腔™外周血栓抽吸导管、通桥飞龙™颅内动脉瘤栓塞辅 助支架等产品实现商业化落地，并取得积极的市场表现。此外，公司持续完善创新产品管线，颈动脉双 层密网支架、自膨式动脉瘤瘤内栓塞器获国家药品监督管理局创新医疗器械认定，进入审批"绿色通 道"。 展望未来，归创通桥将继续秉持"为生命 恒创新"的理念，持续加大在医疗科技领域的研发与投入，加 速推进国际化战略布局，为全球患者带来高质量且可负担的创新产品与解决方案，并持续提升公司的长 期价值，为股东创造可持续回报。 归创通桥表示，2025年公司业绩表现亮眼，主要受益于核心产品销售的强劲增长、海外业务的加速发展 以及运营效率的持续优化。报告期内，公司通桥麒麟™血流导向装置、神经血管导丝、UltraFree®药物 洗脱PTA球囊扩张导管、ZYLOX Swan®静脉腔内射频闭合导管等产品销售收入均实现较快增长。国际 业务方面，公司海外市场销售收入同比增长超过100%，在德国、法国、意大利等重点国家市场的渗透 率持续提升。此外，在 ...

2025年，归创通桥以"创新"与"国际化"为核心战略，持续推动业务布局与升级。报告期内，公司多款重 点创新产品相继获批上市。ZYLOX Mammoth大腔™外周血栓抽吸导管、通桥飞龙™颅内动脉瘤栓塞辅 助支架等产品实现商业化落地，并取得积极的市场表现。此外，公司持续完善创新产品管线，颈动脉双 层密网支架、自膨式动脉瘤瘤内栓塞器获国家药品监督管理局创新医疗器械认定，进入审批"绿色通 道"。 同期，公司国际化战略实现关键突破，海外市场拓展全面提速。截至2025年底，公司销售渠道已覆盖全 球83个国家与地区，并与超过80家海外合作伙伴建立战略合作关系。2026年1月，公司宣布战略收购德 国Optimed公司，进一步拓展在欧洲及全球市场的布局，加快创新产品在国际市场的推广与落地；同时 依托中、德两大生产基地之间的协同效应，持续提升全球化运营与交付能力。 展望未来，归创通桥将继续秉持"为生命 恒创新"的理念，持续加大在医疗科技领域的研发与投入，加 速推进国际化战略布局，为全球患者带来高质量且可负担的创新产品与解决方案，并持续提升公司的长 期价值，为股东创造可持续回报。 1月29日晚间，归创通桥医疗科技股份有限公司(21 ...

业绩显著改善主要由于三大因素推动：1)多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向装 置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFree DCB)及Swan静脉腔内射频闭合导 管;2)由于我们成功于多个地区拓展市场，国际销售同比增长超过100%;及3)相对稳定的毛利率，加上持 续提升的营运效率。 归创通桥(02190)发布公告，截至2025年12月31日止年度(报告期间)的本公司权益持有人应占溢利净额预 期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1.003亿元同比增长约139.4%;及报告期 间的本集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民币7.8亿元同比增加约 34.6%。 ...

业绩显著改善主要由于三大因素推动： 1) 多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向 装置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFree DCB)及Swan静脉腔内射频闭合导 管; 2) 由于我们成功于多个地区拓展市场，国际销售同比增长超过100%;及 3) 相对稳定的毛利率，加上 持续提升的营运效率。 智通财经APP讯，归创通桥(02190)发布公告，截至2025年12月31日止年度(报告期间)的本公司权益持有 人应占溢利净额预期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1.003亿元同比增长 约 139.4%;及报告期间的本集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民 币7.8亿元同比增加约34.6%。 ...

格隆汇1月29日丨归创通桥(02190.HK)公告，基于按照国际财务报告准则对集团截至2025年12月31日止 年度(「报告期间」)未经审核综合管理账目的初步审阅，业绩预期如下：1)报告期间的公司权益持有人 应占溢利净额预期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1亿元同比增长约 139.4%；及2)报告期间的集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民币 7.8亿元同比增加约34.6%。 业绩显着改善主要由于三大因素推动：1)多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向装 置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFreeDCB)及Swan静脉腔内射频闭合导 管；2)由于我们成功于多个地区拓展市场，国际销售同比增长超过100%；及3)相对稳定的毛利率，加上 持续提升的营运效率。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Zylox-Tonbridge Medical Technology Co., Ltd. 歸創通橋醫療科技股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 由於本集團於報告期間的經審核綜合財務業績尚未落實，本公告所載資料乃 基於董事會現時所得資料以及本集團於報告期間的初步未經審核綜合管理賬 目，有關資料未經本公司核數師或審核委員會審閱。本集團於報告期間的實際 財務業績可予調整，並可能有別於本公告所載資料，有關業績預期將於2026年 3月底前刊發。 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 （股份代號：2190） 正面盈利預警 本公告由歸創通橋醫療科技股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a) 條以及香港法例第571章證券及期貨條例第XIVA部之 ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry but emphasizes a positive outlook on various segments within the industry, particularly innovative drugs and medical devices [9][10]. Core Insights - The pharmaceutical industry is transitioning from a quantity-driven logic to a quality-driven logic, focusing on differentiated products and internationalization by 2025 [9]. - There is a notable shift in funding from active to passive medical funds, indicating a low allocation status in the pharmaceutical sector, which is expected to change as passive funds become a significant part of the investment landscape [16][17]. - The report outlines a structured approach to ETF investment in the pharmaceutical sector, emphasizing a dynamic combination of broad-based and targeted strategies to balance returns and risks [27]. Summary by Sections Market Review - The CITIC Pharmaceutical Index decreased by 0.38%, outperforming the CSI 300 Index by 0.24 percentage points, ranking 25th among 30 sectors [6]. - The top-performing stocks included *ST Changyao, Hualan Biological Engineering, and Kangzhong Medical, while the worst performers were Kaiyin Technology and Aidi Pharmaceutical [6]. Innovative Drugs - The report highlights a positive outlook for domestic innovative drugs, suggesting a focus on companies that can deliver profits, such as BeiGene, Innovent Biologics, and others [9]. Medical Devices - The medical device sector is expected to see a recovery in bidding volumes for imaging equipment by 2025, with a focus on companies like Mindray and United Imaging [9]. - The home medical device market is also anticipated to grow due to supportive policies and accelerated international expansion [9]. Innovation Chain (CXO + Life Science Services) - The report indicates a potential recovery in overseas investment and financing, with domestic financing expected to stabilize, marking the beginning of a new wave of innovation [9]. Pharmaceutical Industry - The report suggests that the specialty API sector may see cost improvements, leading to a new growth cycle, with companies like Tonghua Dongbao and Huahai Pharmaceutical highlighted for their potential [9]. Traditional Chinese Medicine - The report discusses the expected growth in the basic drug market and the impact of state-owned enterprise reforms on companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical [11]. Pharmacy Sector - The report expresses optimism about the pharmacy sector due to the acceleration of prescription outflow and the optimization of competitive dynamics, recommending companies like YaoXing and YiFeng Pharmacy [11]. Medical Services - The report notes that anti-corruption measures and centralized procurement are improving the market environment for private medical services, with recommendations for companies like Huashan Medical and Aier Eye Hospital [11]. Blood Products - The report anticipates a favorable long-term growth path for the blood products industry, with companies like TianTan Biological and Boya Biological expected to benefit from increased demand and supply elasticity [11].

Core Viewpoint - The article discusses the investment framework for the pharmaceutical industry ETF in 2026, emphasizing a dual-driven approach of demand and innovation to navigate the market recovery and differentiation after a prolonged bear market since 2021 [29]. Market Review - The CITIC Pharmaceutical Index decreased by 0.38%, outperforming the CSI 300 Index by 0.24 percentage points, ranking 25th among 30 primary industries [9]. - The top ten stocks by increase this week included ST Changyao, Hualan Biological Engineering, and Kangzhong Medical, with gains ranging from 6% to 70.38% [9]. - The bottom ten stocks by decrease included Kain Technology and Aidi Pharmaceutical, with declines of up to 45% [9]. Industry and Stock Events - The article highlights a shift in funding from active to passive management in the pharmaceutical sector, with passive funds becoming a significant part of the long-term funding structure [18]. - The article notes that the innovation drug sector is expected to see a transition from quantity to quality, focusing on differentiated products and internationalization by 2025 [12]. - The medical device sector is experiencing a recovery in bidding volumes, particularly in imaging equipment, and is benefiting from policies promoting home medical devices and accelerated overseas expansion [12]. - The article discusses the favorable conditions for the blood products industry, with relaxed approval for plasma stations and a clear growth path for the industry during the 14th Five-Year Plan period [13]. Investment Strategy - The article proposes a dynamic ETF configuration framework for the pharmaceutical sector, categorized into three layers: a core base of broad-based ETFs, a dual-driven layer focusing on innovative drugs and medical devices, and a defensive layer using traditional Chinese medicine and overseas biotech [22]. - The article emphasizes the importance of a systematic approach to ETF selection, considering liquidity, tracking quality, and cost [24]. - It suggests that the pharmaceutical sector is entering a new growth cycle driven by rigid demand and continuous innovation, necessitating a more structured and rhythmic ETF combination strategy [22].

Core Viewpoint - The Chinese pharmaceutical and medical device industry is entering a new phase of "systematic going global," supported by national platforms and multi-dimensional efforts from enterprises [1] Policy Support - The "systematic going global" initiative is receiving unprecedented systematic support, with the issuance of the first "overseas drug price certificate" in January 2026, bolstering the global pricing of China's pharmaceutical industry [2] - A multi-layered market connection network is being formed, with the National Healthcare Security Administration promoting differentiated development in regions like Guangxi, Xinjiang, Tianjin, and Ningbo, targeting Southeast Asia, Central Asia, and Central and Eastern Europe [2] - Multiple government departments, including the Ministry of Commerce and the National Medical Products Administration, are collaborating to reduce institutional costs and information barriers for enterprises going global [2] Industry Transformation - The export structure of China's pharmaceutical and medical device industry is shifting from low-value consumables to high-value innovative products, with a significant increase in the licensing-out transactions of innovative drugs expected to exceed $130 billion by 2025 [3] - Leading companies like United Imaging Healthcare and Mindray Medical are seeing a continuous increase in overseas revenue, successfully entering high-end hospital markets in Europe and the U.S. [3] Strategic Recommendations - Companies need to solidify their innovation foundation by focusing on unmet clinical needs and building proprietary technology platforms in advanced fields like ADCs, bispecific antibodies, and gene therapy [3] - Utilizing capital tools for overseas strategic layout is essential, such as raising funds through targeted placements for overseas clinical research and acquisitions of quality overseas targets [4] - Implementing differentiated market strategies is crucial, with companies needing to adopt localized thinking in different markets, maximizing product value through partnerships in mature markets and engaging in local production in emerging markets [4]