Core Viewpoint - The company is actively expanding its international presence, particularly in the Czech Republic, and aims to increase its international revenue share to 70% in the long term while addressing challenges such as price competition from centralized procurement [2][3]. Group 1: Company Performance and Strategy - As of October 14, 2025, the company's stock closed at 230.68 yuan, down 1.92%, with a turnover rate of 0.86% and a trading volume of 104,300 hands, amounting to a transaction value of 2.442 billion yuan [1]. - The company reported that international revenue accounted for approximately 50% of total revenue in the first half of 2025, with the international in vitro diagnostics (IVD) segment contributing 29% of international revenue [2]. - The company has established local production bases in 11 out of 14 planned countries to enhance its international operations and meet local market demands [2]. Group 2: Market Position and Competition - The company has achieved a 25% market share in the Czech Republic for its hematology products, with significant installations in private chains and teaching hospitals [2]. - The company has adapted well to centralized procurement policies, which have increased its domestic market share without significantly affecting its gross margin due to its mastery of core technologies [3]. Group 3: Financial and Corporate Governance - The company plans to issue up to 10% of its total share capital in H-shares to support its international strategy and fund research and operations [4][6]. - The board has approved the appointment of Ernst & Young as the special auditing firm for the H-share issuance, pending shareholder approval [6][8]. - The company is revising its articles of association to comply with Hong Kong listing rules, which will take effect upon the H-share listing [7].

Company Overview - Huajian Medical Holdings Limited was established on January 15, 2016, under the laws of the Cayman Islands, primarily engaged in investment holding [3] - The company operates three subsidiaries in Hong Kong: Weida Medical Limited, China Inspection International Limited, and Avid (China) Limited, with additional subsidiaries or branches in major cities across mainland China [3] - Huajian Medical focuses on research, production, and sales of in vitro diagnostic medical instruments and consumables, employing over 700 staff [3] Financial Performance - As of December 31, 2024, Huajian Medical reported total revenue of 3.162 billion yuan, a year-on-year increase of 2.4% [2] - The net profit attributable to shareholders was 260 million yuan, reflecting a year-on-year growth of 9.35% [2] - The gross profit margin stood at 23.75%, while the debt-to-asset ratio was 31.91% [2] Stock Performance - As of July 15, the stock price of Huajian Medical closed at 2.28 HKD per share, marking a 12.87% increase with a trading volume of 445,000 shares and a turnover of 977,600 HKD [1] - Over the past month, the stock has experienced a cumulative decline of 10.62%, while year-to-date, it has risen by 12.22%, underperforming the Hang Seng Index, which has increased by 20.65% [2] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -3.18 times, with a median of 1.17 times [3] - Huajian Medical's P/E ratio is 11.65 times, ranking 21st in the industry [3] - Comparatively, other companies in the sector have varying P/E ratios, with Giant Medical Holdings at 0.28 times, Jingjiu Medical at 0.38 times, and others ranging up to 5.4 times [3] Important Events - A significant event is anticipated on July 14, 2025, where the company expects a decrease in mid-year performance, projecting a profit attributable to shareholders of approximately 33 million RMB, a decline of 73.6% year-on-year [4]