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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 LEPU SCIENTECH MEDICAL TECHNOLOGY (SHANGHAI) CO., LTD.* 樂普心泰醫療科技（上海）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） （股份代號：2291） 內幕消息 本公司控股股東減持股份 本公告乃由樂普心泰醫療科技（上海）股份有限公司（「本公司」，連同其附屬公 司，「本集團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規 則」）第13.09條及《證券及期貨條例》（香港法例第571章）第XIVA部所訂明的內幕 消息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）已獲本公司其中一名控股股東（定義見上市規 則）樂普（北京）醫療器械股份有限公司（「樂普醫療」，其股份於深圳證券交易所創 業板上市，證券代碼：300003）告知，樂普醫療於2025年8月26日通過大宗交易出 售合共11,140,000股本公司H股，每 ...

Core Viewpoint - The company reported stable revenue and profit in the first half of 2025, with significant improvement in operating cash flow, which increased by 300.52% year-on-year. The cardiovascular intervention business showed a revenue increase of 7.57%, while other segments faced slight declines. The overall outlook for the drug business is stable, with expectations for a 10%-15% revenue growth next year [1][2]. Financial Performance - The company's revenue and profit for the first half of 2025 remained largely flat year-on-year, with operating cash flow improving significantly [1]. - The cardiovascular intervention business generated revenue of 1.239 billion, reflecting a year-on-year growth of 7.57% [1]. - Analysts expect the company's net profit for the year to be around 1 billion, with a high likelihood of achieving this target based on current conditions [1]. Business Segments - The medical device segment is focusing on strategic emerging businesses, including dermatology, innovative drugs, and AI-integrated medical devices [2]. - The dermatology segment has launched products like "童颜针" (youthful needle) and is expected to achieve sales of 500-600 million by 2026 [2][3]. - The innovative drug segment is the largest in terms of R&D investment, with a focus on metabolic diseases and promising drug candidates in clinical trials [3][4]. Product Development - The company is advancing several innovative drug candidates, including MWN109 and MWN117, with promising clinical trial results [4]. - The AI and brain-machine interface segment is developing products for cardiac rhythm management and neurological interventions, with several products in various stages of clinical trials [5][11]. Market Strategy - The company is adapting its marketing strategy to focus on scientific and cost-effective products, targeting a demographic that values efficacy and affordability [6][12]. - The sales strategy for the dermatology segment includes direct sales to large medical institutions and partnerships with distributors for smaller clinics [2][6]. Competitive Landscape - The company anticipates increased penetration in the drug balloon market due to price reductions from centralized procurement, which may lead to higher sales volumes [7]. - The competitive landscape for GLP-1 products is crowded, but the company remains confident in its product competitiveness and ongoing R&D efforts [15]. Future Outlook - The company aims for a long-term revenue growth of around 10% in its core business, supported by structural changes and strategic adjustments [1][2]. - The company is exploring international markets for its innovative products, particularly in the field of biodegradable medical devices and innovative drugs [14].

Financial Performance - The company reported a significant improvement in operating cash flow, with a year-on-year increase of 300.52% [2] - Revenue from the cardiovascular interventional business reached 1.239 billion, a growth of 7.57% year-on-year [2] - The overall revenue and profit for the first half of the year remained stable compared to the previous year [2] Business Segments Medical Devices - The in vitro diagnostics and surgical anesthesia segments experienced slight declines in revenue due to increased competition and procurement rhythms [2] - The skin care business aims for sales of 500-600 million in 2026, with a net profit margin of 45-50% [3] Innovative Drugs - The innovative drug segment is the largest in terms of R&D investment, focusing on metabolic diseases [4] - The company is optimistic about the potential of its innovative drugs, particularly in weight management and metabolic disorders [4] Strategic Adjustments - The company has undergone organizational restructuring to stabilize its performance after a period of significant fluctuations [2] - Future growth is expected to be driven by strategic emerging business segments, including dermatology and innovative drugs [2] Market Strategy - The company plans to maintain a sales expense ratio below 20% for its medical aesthetics products, focusing on scientific and cost-effective marketing strategies [8] - The pricing strategy for the "童颜针" (youthful needle) series aims to capture a broader market by offering competitive pricing [15] Regulatory and Competitive Landscape - The company anticipates a reduction in prices for drug-coated balloons due to procurement policies, which may increase market penetration [9] - The competitive landscape for GLP-1 drugs is intensifying, but the company remains confident in its product competitiveness [20] Future Outlook - Analysts project a net profit of around 1 billion for the current year, with a stable outlook for the formulation business [2] - The company aims for a revenue growth of 10-15% next year, driven by structural heart disease and pharmaceutical products [2]

Core Viewpoint - HeartTech Medical (02291) reported strong mid-term performance with a revenue of 330 million RMB, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 182 million RMB, up 29.8% [1] Company Performance - The company’s basic earnings per share reached 0.5249 RMB [1] - As of the announcement date, HeartTech Medical has a total of 30 products in the market, including occluders, heart valves, and accessories, with 4 products under registration review and 28 products in various stages of research and development [1] Product Pipeline and Market Position - According to CITIC Securities, HeartTech Medical has a comprehensive layout in the structural heart disease sector, covering products for congenital heart disease occluders, cardioembolic stroke, valves, and heart failure [1] - The company has a rich pipeline in the valve sector, with TAVR products already approved for market [1] - In the aortic and peripheral occluder fields, the company is developing biodegradable aortic occluders [1] Growth Drivers and Future Potential - The company has maintained rapid growth in recent years, primarily driven by the market expansion of new products such as biodegradable occluders [1] - HeartTech Medical's biodegradable occluder technology is at a leading level globally, with independent intellectual property rights [1] - There is potential for strong overseas license-out opportunities for this product series, considering the high costs of overseas clinical research and the company's technological advantages [1]

Core Viewpoint - HeartTech Medical (02291) reported strong mid-term performance with a revenue of 330 million RMB, reflecting a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 182 million RMB, up 29.8% [1] Financial Performance - Revenue reached 330 million RMB, representing a 32.4% increase year-on-year [1] - Net profit attributable to shareholders was 182 million RMB, showing a growth of 29.8% [1] - Basic earnings per share stood at 0.5249 RMB [1] Product Portfolio - The company has a total of 30 marketed products including occluders, heart valves, and accessories [1] - There are 4 products under registration review and preparation, with an additional 28 products in various stages of research and development [1] Market Position and Growth Potential - CITIC Securities highlighted HeartTech Medical's comprehensive layout in the structural heart disease sector, covering areas such as congenital heart disease occluders, stroke, valves, and heart failure [1] - The company has a rich pipeline in the valve sector, with TAVR products already approved for market [1] - HeartTech Medical is positioned in the biodegradable aortic occluder market, which is expected to have strong overseas licensing potential due to its leading technology and proprietary intellectual property [1]

Core Viewpoint - The company, 心泰医疗 (HeartTech Medical), reported a significant increase in revenue and net profit for the six months ending June 30, 2025, indicating strong growth in its congenital heart disease occluder products [1] Financial Performance - Total revenue reached 330 million RMB, representing a year-on-year increase of 32.36% [1] - Net profit attributable to shareholders was 182 million RMB, up 29.81% year-on-year [1] - Basic earnings per share were 0.5249 RMB [1] Product Performance - Sales revenue from congenital heart disease occluders increased from 129 million RMB for the six months ending June 30, 2024, to 161 million RMB for the six months ending June 30, 2025, marking a growth of 24.9% [1] - The sales of congenital heart disease occluders accounted for 51.6% and 48.7% of the company's total revenue for the respective periods [1] - The growth in sales revenue is attributed to the steady performance of traditional metal occluders and the successful commercialization of the fourth-generation MemoSorb biodegradable septal occluder and atrial septal defect occluder [1] Competitive Strategy - The company is focusing on product iteration and differentiation through biodegradable technology, which is expected to enhance its competitive position in the market [1]

Core Viewpoint - HeartTech Medical (02291) reported a significant increase in revenue and net profit for the six months ending June 30, 2025, indicating strong growth in its congenital heart disease occluder products and successful commercialization of new biodegradable devices [1] Financial Performance - Total revenue reached 330 million RMB, representing a year-on-year increase of 32.36% [1] - Net profit attributable to shareholders was 182 million RMB, up 29.81% year-on-year [1] - Basic earnings per share stood at 0.5249 RMB [1] Product Performance - Sales revenue from congenital heart disease occluders increased from 129 million RMB for the six months ending June 30, 2024, to 161 million RMB for the same period in 2025, accounting for 51.6% and 48.7% of total revenue, respectively [1] - The growth in sales revenue is attributed to steady growth in traditional metal occluder products and successful commercialization of the fourth-generation MemoSorb® biodegradable septal occluder and atrial septal defect occluder [1] - The company is focusing on product iteration and differentiation through biodegradable technology [1]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the six months ending June 30, 2025, indicating strong growth in its operations within the cardiac medical device sector [1]. Financial Performance - Revenue increased by 32.4% year-on-year to RMB 330 million [1] - Net profit attributable to shareholders rose by 29.8% year-on-year to RMB 182 million [1] - Basic earnings per share were reported at RMB 0.5249 [1] - The board of directors did not recommend the payment of an interim dividend for the six months ending June 30, 2025 [1] Business Focus and Strategy - The company has over 20 years of experience in the development, production, and commercialization of cardiac medical intervention devices [1] - It is successfully implementing the biodegradability of medical devices and exploring advanced fields such as cardiac valves, mechanical circulatory support, and atrial septal puncture [1] - As a leader in China's interventional medical device industry, the company aims to provide safe, efficient, innovative, and comprehensive medical solutions [1] Product Portfolio - The company currently has 30 products in the market, including occluders, cardiac valves, and accessories [1] - There are 4 products undergoing registration review and preparation [1] - An additional 28 products are in various stages of research and development, including occluders, cardiac valves, surgical accessories, and mechanical circulatory support devices [1]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) During the reporting period, the company achieved significant growth in revenue, gross profit, R&D expenses, and net profit attributable to parent company shareholders, but the board does not recommend an interim dividend Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Year-over-year growth rate (%) | | :--- | :--- | :--- | :--- | | Revenue | 329.7 | 249.1 | 32.4 | | Gross Profit | 284.3 | 226.7 | 25.4 | | R&D Expenses | 25.4 | 21.7 | 17.0 | | Net Profit Attributable to Parent Company Shareholders | 182.0 | 140.2 | 29.8 | - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[5](index=5&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) During the reporting period, the company maintained strong business momentum with stable revenue growth, continuous innovation in cardiovascular interventional devices, particularly in biodegradable technology and structural heart disease treatment, and active expansion in domestic and international markets [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company specializes in R&D, production, and commercialization of cardiovascular interventional devices, offering a broad product portfolio including congenital heart disease occluders, PFO and LAA occluders, heart valves, mechanical circulatory support, and access products, with many innovative products successfully commercialized or in clinical stages [Overall Operating Performance](index=5&type=section&id=%E6%95%B4%E9%AB%94%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) During the reporting period, the company achieved double-digit growth in revenue and net profit, significantly increased operating cash flow, and maintained steady growth in total assets Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (RMB million) | June 30, 2024 (RMB million) | Year-over-year growth rate (%) | | :--- | :--- | :--- | :--- | | Revenue | 329.7 | 249.1 | 32.4 | | Net Profit Attributable to Parent Company Shareholders | 182.0 | 140.2 | 29.8 | | Net Cash Generated from Operating Activities | 166.8 | 103.5 | 61.2 | | Total Assets (end of period) | 2,279.1 | 2,083.0 (beginning of reporting period) | 9.4 | | Net Assets (end of period) | 1,973.2 | 1,997.0 (beginning of reporting period) | -1.2 | [Congenital Heart Disease Occluder Products](index=2&type=section&id=%E5%85%88%E5%A4%A9%E6%80%A7%E5%BF%83%E8%87%9F%E7%97%85%E5%B0%81%E5%A0%B5%E5%99%A8%E7%94%A2%E5%93%81) The company maintains a leading position in congenital heart disease occluders, with third-generation oxide film and fourth-generation biodegradable occluder series successfully commercialized, becoming a cornerstone of business growth and embodying the "intervention without implant" philosophy - As of the date of this announcement, the Company has a total of **30** listed occluders, heart valve and accessory products, **4** products under registration review and preparation, and **28** pipeline products including occluders, heart valve and surgical accessories, and mechanical circulatory support at various R&D stages[6](index=6&type=chunk) - The fourth-generation MemoSorb® biodegradable atrial septal defect occluder product obtained the medical device registration certificate from the NMPA in August 2024 and has been rapidly commercialized[11](index=11&type=chunk) - Adhering to the technical concept of "intervention without implant," the Group will continue to promote the R&D and promotion of biodegradable materials[11](index=11&type=chunk) [PFO and LAA Occluder Products](index=6&type=section&id=%E5%8D%B5%E5%9C%93%E5%AD%94%E6%9C%AA%E9%96%89%E5%8F%8A%E5%B7%A6%E5%BF%83%E8%80%B3%E5%B0%81%E5%A0%B5%E5%99%A8%E7%94%A2%E5%93%81) First-generation cardiogenic stroke prevention products have been commercialized, with third-generation MemoSorb® biodegradable PFO occluders achieving over **RMB 200 million** in sales since launch, second-generation oxide film PFO occluders entering the registration application stage, and biodegradable LAA occluders entering multi-center clinical trials - The third-generation MemoSorb® biodegradable PFO occluder was approved for market in September 2023, with cumulative sales exceeding **RMB 200 million** as of June 30, 2025[12](index=12&type=chunk) - The second-generation oxide film PFO occluder has completed clinical follow-up and entered the registration application stage, with NMPA registration submission expected in **Q3 2025**[12](index=12&type=chunk) - The Bio-Lefort® biodegradable LAA occluder pipeline product has officially entered the multi-center clinical trial enrollment phase[12](index=12&type=chunk) [Aortic and Peripheral Occluder Devices](index=7&type=section&id=%E4%B8%BB%E5%8B%95%E8%84%88%E5%8F%8A%E5%A4%96%E5%91%A8%E5%B0%81%E5%A0%B5%E5%99%A8%E6%A2%B0) The company is strategically developing biodegradable aortic occluders and aortic embolization occluders in the aortic and peripheral fields, with both global innovative products having entered clinical trial stages, poised to address international challenges and offering promising market prospects - Both biodegradable aortic occluders and aortic embolization occluders have completed type testing and animal experiments, entering the clinical trial stage[13](index=13&type=chunk) - Currently, no targeted therapeutic devices for aortic dissection rupture and post-aortic aneurysm repair type II endoleak have been commercialized, making both of the Group's products global innovations[13](index=13&type=chunk) [Heart Valve Pipeline Products](index=7&type=section&id=%E5%BF%83%E8%87%9F%E7%93%A3%E8%86%9C%E5%9C%A8%E7%A0%94%E7%94%A2%E5%93%81) The ScienCrown® transcatheter aortic valve system was commercialized in early 2025, entering over **70** clinical centers in China, and the company is actively developing new products for aortic regurgitation, mitral valve repair, and replacement - The ScienCrown® transcatheter aortic valve system was officially commercialized in early 2025, having entered over **70** clinical centers in China for implantation[14](index=14&type=chunk) - A transcatheter aortic valve system for patients with isolated aortic regurgitation is currently under development, having completed animal experiments and type testing, with clinical trials planned for late 2025[14](index=14&type=chunk)[15](index=15&type=chunk) - The transapical mitral valve clip system is undergoing its second phase of clinical trials, with registration application to the NMPA expected to be postponed until 2026[15](index=15&type=chunk) [Mechanical Circulatory Support Products](index=8&type=section&id=%E6%A9%9F%E6%A2%B0%E5%BE%AA%E7%92%B0%E8%BC%94%E5%8A%A9%E7%94%A2%E5%93%81) The company has entered the mechanical circulatory support (MCS) device field, with a product line covering short-term and long-term ventricular assist systems, and multiple products in preclinical or type testing stages, aiming to become a core participant in this domain - The Company has entered the mechanical circulatory support (MCS) device field, with these devices designed to provide temporary or long-term support for patients requiring cardiac assistance[16](index=16&type=chunk) - The transcatheter left ventricular assist system for left ventricular support is in the preclinical type testing stage, with batch animal experiments already initiated[16](index=16&type=chunk) - The Company is one of the earliest pioneers in the domestic MCS field and is confident in becoming one of the most core and valuable participants in this area[16](index=16&type=chunk) [Access Products](index=8&type=section&id=%E9%80%9A%E8%B7%AF%E9%A1%9E%E7%94%A2%E5%93%81) The company boasts a rich pipeline of access products, with RF-Lance® radiofrequency puncture devices and needles approved for market, biodegradable LAA occluder delivery systems launched, and multiple valve surgery accessories (such as aortic valve balloon dilation catheters) approved or in clinical/registration stages - The RF-Lance® radiofrequency puncture device and RF-Lance® disposable radiofrequency atrial septal puncture needle were approved for market

Market Overview - The Shanghai Composite Index reached a new high of 3731.76 points, surpassing the previous peak of 3731.69 points from February 18, 2021, marking the highest level since August 19, 2015 [2][3] - A-shares saw a total trading volume exceeding 1.6 trillion yuan, with 4188 stocks rising [2] - The ChiNext Index increased by over 3% [2] Hong Kong Market Performance - The three major indices in Hong Kong opened higher, with the Hang Seng Index up by 0.09%, the Hang Seng China Enterprises Index up by 0.21%, and the Hang Seng Tech Index rising by 0.4% [3] - The Hang Seng Tech Index further increased by 1.45% to 5623.32 points [3] Sector Performance - The innovative pharmaceutical sector in Hong Kong showed strong performance, with stocks like Ascentage Pharma rising over 10% and others like Sihuan Pharmaceutical and XinTai Medical increasing by over 8% [5] - The consumer electronics sector experienced a short-term rally, leading gains in communication equipment, computer hardware, software, internet, and electronic components [7] - Notable stocks included Yidong Electronics, which rose over 18%, and Nanya New Materials, which increased over 17% [8] Noteworthy Stocks and Trends - HaiNeng Technology and JingSai Technology hit their daily limit up [9] - The brokerage sector continued to rise, with Changcheng Securities recording four consecutive trading limits, and other firms like Western Securities and Dazhihui increasing by over 5% [9] - The tourism sector also saw gains, with stocks like Tibet Tourism and Caesar Travel hitting their daily limit up [9]