Core Viewpoint - Chongqing Shanwaishan Blood Purification Technology Co., Ltd. reported a revenue of 189 million yuan for Q1 2025, marking a 16.77% year-on-year increase, with a net profit of 37.06 million yuan, up 8.10% year-on-year, and a significant cash flow increase of 4614.07% [2] Group 1: Financial Performance - The company achieved a revenue of 189 million yuan in Q1 2025, reflecting a year-on-year growth of 16.77% [2] - The net profit attributable to shareholders was 37.06 million yuan, representing an 8.10% increase compared to the previous year [2] - The net cash flow from operating activities reached 15.43 million yuan, showing a remarkable growth of 4614.07% year-on-year [2] Group 2: Market Position and Strategy - As a leading domestic blood purification equipment manufacturer, the company has seen steady growth in sales revenue due to its technological advantages and strong brand effect [2] - The sales revenue from self-produced blood purification consumables has significantly increased, contributing to overall revenue growth [2] - The company is focused on dual-driven development in both domestic and international markets, enhancing its brand influence and market position [3] Group 3: Future Outlook - In 2025, the company plans to leverage its existing advantages in blood purification equipment while cultivating high-value consumables and enhancing its comprehensive capabilities in product development and market expansion [4] - The company aims to improve its business coverage and market share through production line upgrades and efficiency improvements [4]

报名：首届全球眼科大会 | 参会须知 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 2025年4月16日， 健帆生物 发布了2024年年报。 # 财报数据 健帆生物2024年实现营业 收入26.77亿元 ，同比 增长39.27% 。归属于上市公司股东的净利润为8.20亿元，同比 增长87.91% 。扣除非经常性损益的净利润为 7.79亿元，同比 增长90.46% 。 业务核心驱动力 分红政策 公司2024年度权益分配预案为每10股派发现金红利8元（含税），合计派发现金红利6.19亿元，占净利润的比例为 75.53% 。 每股收益 ：基本每股收益为1.05元，同比 增长90.91% 。 经营活动现金流 ：经营活动产生的现金流量净额为10.51亿元，同比增长14.64%。 资产总额 ：截至2024年末，公司资产总额为53.83亿元，较上年末下降2.88%。 产品销售增长 ：公司血液灌流器及吸附器产品销售收入达到25.04亿元，同比增长59.58%，是推动营收增长的主要因素。 市场拓展与新产品推广 ：公司在肾病、肝病和危重症领域持续巩固市场领 ...

Core Viewpoint - The company achieved revenue and net profit of 2.677 billion and 820 million yuan in 2024, representing year-on-year growth of 39.3% and 87.9%, respectively, aligning with performance forecasts [1] - In Q1 2025, the company reported revenue and net profit of 548 million and 189 million yuan, showing a decline of 26.4% and 33.7% year-on-year, primarily due to a high base effect from significant sales growth following price reductions in early 2024 [1] Financial Performance - The company’s operating cash flow for 2024 was 1.051 billion yuan, reflecting a year-on-year increase of 14.6%, indicating a positive cash flow trend [1] - The adjusted net profit forecasts for 2025-2027 are 833 million, 952 million, and 1.081 billion yuan, with significant downward revisions of 41% and 46% for 2025 and 2026, respectively [4] Product Performance - Core products, including blood perfusion devices and plasma bilirubin adsorbers, generated revenues of 2.309 billion and 173 million yuan in 2024, with year-on-year growth of 57.2% and 87.8% [2] - The company’s renal and liver products saw revenue growth of 57.2% and 77.2%, with over 6,000 and 2,000 hospitals covered, respectively [2] Business Expansion - The company is actively enhancing product applications in critical care and cardiovascular diseases, with over 1,800 hospitals covered by critical care products by the end of 2024 [3] - The company has expanded its product offerings in the blood purification industry and achieved revenues of 962,000 and 336,000 yuan from blood dialysis devices and tubing through centralized procurement in 2024 [3] - The company’s products are now available in over 2,000 hospitals across 98 countries and regions, indicating successful international expansion [3] Valuation and Outlook - The company is positioned as a leader in the domestic blood perfusion industry, with a comprehensive product layout and sales channels [4] - A target price of 29.21 yuan is set for 2025, based on a 28x PE valuation, compared to a previous target of 42.41 yuan [4]

Financial Data and Key Metrics Changes - Product revenue for Q4 2024 was $9.2 million, a 25% increase from $7.3 million in Q4 2023, and total product revenue for the full year reached $35.6 million, representing a 15% year-over-year growth [11][39][47] - Gross margin for Q4 2024 improved to 71%, up from 68% in Q4 2023, reflecting a return to normalized production levels [42][50] - Operating loss for 2024 improved by 47% to $16.7 million compared to $31.9 million in 2023, driven by higher revenue and reduced operating expenses [50] Business Line Data and Key Metrics Changes - CytoSorb, the flagship product, generated $35.6 million in core product sales in 2024, with a 15% growth driven by 28% growth in direct sales outside Germany and 22% growth in distributor and partner sales [9][11] - DrugSorb-ATR is in the regulatory process, with marketing applications submitted to the FDA and Health Canada, expected to drive near-term growth opportunities [10][31] Market Data and Key Metrics Changes - The total addressable market for DrugSorb-ATR in the U.S. and Canada is projected to grow from $300 million today to over $1 billion as Brilinta becomes generic [30][31] - International direct sales outside Germany showed strong growth, attributed to successful reimbursement and tender order payments in various countries [75] Company Strategy and Development Direction - The company aims to restore sales growth in Germany through a reorganization of the direct sales team and strategy, focusing on deeper customer engagement and improved sales representative productivity [24][51] - The strategy includes optimizing treatment strategies and improving clinical outcomes to drive greater usage and adoption of CytoSorb [55][56] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near cash flow breakeven by the end of 2025 through disciplined execution of growth strategies and effective cost controls [15][45] - The company is optimistic about the potential for DrugSorb-ATR to significantly impact revenue and market presence upon regulatory approval [31][57] Other Important Information - The company identified misstatements in inventory and non-cash stock compensation, leading to restatements of previous financial statements [37][38] - As of December 31, 2024, total cash and cash equivalents were $9.8 million, with a pro forma cash position of approximately $17 million after the rights offering [15][46] Q&A Session Summary Question: Impact of new U.S. administration on DrugSorb regulatory process - Management noted that while there is uncertainty regarding HHS cuts, they do not target review personnel, maintaining confidence in receiving clearance by year-end [61] Question: Key metrics for controlled launch of DrugSorb - Management highlighted the importance of understanding hospital integration and surgeon usage patterns during the controlled launch phase [63] Question: Growth drivers for sales outside Germany - Management attributed growth to successful reimbursement and increased physician usage in international markets, contrasting with challenges in the German market [74][78] Question: Metrics needed to reach cash breakeven - Management indicated that continued revenue growth and maintaining gross margins above 70% are essential for approaching cash flow breakeven [85] Question: Clarification on DrugSorb revenues and core business - Management confirmed that discussions about breakeven exclude DrugSorb revenues, focusing solely on the core business [89] Question: FDA's potential requests during the review process - Management confirmed ongoing interactive discussions with the FDA, indicating a collaborative review process [96]