Core Viewpoint - The approval of the Gems embryo culture medium series (VitBase embryo processing solution) by the National Medical Products Administration marks a significant milestone for the company, establishing it as one of the few global enterprises with CE, FDA, and TGA certifications in the assisted reproductive technology sector [1][2]. Group 1 - The Gems embryo culture medium series is developed by Genea Biomedx, a wholly-owned subsidiary of BMX Holdco Pte. Ltd., and received its Class III medical device registration certificate on August 25, 2025 [1]. - The approval reflects the support from the national government for the innovative transformation of medical products acquired from overseas [1]. - The VitBase embryo processing solution is based on over 30 years of clinical experience from Genea Biomedx, ensuring high product quality while enhancing accessibility and supply chain security [1]. Group 2 - VitBase is the first of 11 products in the GEMS embryo culture medium series to receive medical device approval, indicating a gradual localization of international first-class culture medium technology [2]. - This approval lays the foundation for the subsequent domestic production of the entire series of culture media in China [2].

长期以来，中国IVF实验室使用的核心培养液主要依赖海外品牌。培养液作为影响试管婴儿成功率的关 键因素之一，其安全性、稳定性和长期临床验证资料对医生和患者而言至关重要。公司此次获批的 VitBase胚胎处理液，源自Genea Biomedx 30余年的临床经验积累，结合本土化生产和监管要求，既延续 了国际高水准的产品品质，又显著提升了可及性和供应链保障。 VitBase胚胎处理液是GEMS胚胎培养液系列11款培养液中的首个获得医疗器液的获批不仅意味着国际一 流的培养液技术逐步实现国产化落地，同时也将为行业带来械注册证的产品，这为后续全品系培养液在 中国的国产化奠定了基础。 格隆汇8月26日丨贝康医疗(02170.HK)发布公告，公司的Gems胚胎培养液系列（VitBase胚胎处理液）于 2025年8月25日获得国家药品监督管理局颁发的三类医疗器械注册证（注册证号：国械注进 20253180356）。 公司的Gems胚胎培养液系列（VitBase胚胎处理液）隶属于公司全资拥有的BMX Holdco Pte. Ltd.的全资 子公司Genea Biomedx Pty Ltd.开发的GEMS培养液系列。此次获批不仅体 ...

Core Insights - The neurointervention sector has undergone significant changes since the implementation of centralized procurement in 2021, leading to increased investment interest in domestic medical devices with low localization rates [1][2] - Domestic companies like Guichuang Tongqiao have shown strong performance in centralized procurement, with revenue growth of 31.7% and net profit growth of 76% in the first half of the year [1][2] - The market is characterized by a high proportion of imported brands, with 80% in the neurovascular intervention market and 85% in the peripheral vascular intervention market [1][2] Group 1: Market Dynamics - Centralized procurement has become a critical turning point for the pharmaceutical industry, with some leading companies losing market share while others capitalize on procurement opportunities [2][3] - Guichuang Tongqiao's core business in neurovascular and peripheral vascular intervention products saw sales growth of 25.0% and 46.2% respectively [2][3] - The average price drop for products in centralized procurement ranges from 10% to 25%, with specific products like spring coils seeing a price reduction from 12,000 yuan to a minimum of 3,277 yuan [2][3] Group 2: Future Trends - The trend towards domestic production and the strengthening of leading domestic companies is expected to continue, with improved gross and net profit margins anticipated for companies [3][5] - The National Medical Insurance Administration is optimizing procurement rules, which may lead to more reasonable pricing strategies among companies [3][5] - The volume of neurointervention surgeries is expected to grow, supported by the implementation of DRG 2.0 pricing regulations and the anticipated increase in usage of drug balloons following the upcoming sixth batch of national procurement [4][5] Group 3: Company Performance - Guichuang Tongqiao has set a net profit guidance of 150 million yuan for 2025, having already achieved 120 million yuan in the first half of the year [5] - The company remains confident in exceeding its previous annual profit expectations, despite anticipating higher expenses in the second half of the year [5]

赛诺医疗科学技术股份有限公司2025 年半年度报告 公司代码：688108 公司简称：赛诺医疗 赛诺医疗科学技术股份有限公司 赛诺医疗科学技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述了公司在经营过程中可能面临的各种风险及应对措 施，具体内容详见本报告第三节"管理层讨论与分析之风险因素"部分的阐述，敬请 投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人孙箭华、主管会计工作负责人 沈立华 及会计机构负责人（会计主 管人员）沈立华 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来规划，发展战略等前瞻性陈述，不构成公司对投资者的 实际承诺，敬请广大投资 ...

Summary of Conference Call Records Industry Overview - The medical device industry has seen a significant increase in domestic production rates, particularly from 2018 to 2020, although there is still room for improvement in areas such as electrophysiological devices [1][3] - The centralized procurement policy has not affected factory prices but has compressed intermediary profits, leading to a decline in terminal prices. The industry is nearing the end of a phase characterized by both volume and price declines [1][4] Key Insights on Medical Devices - The DRG (Diagnosis-Related Group) payment method impacts the usage of medical devices in hospitals, with ordinary X-ray and ultrasound devices typically having a lifespan of 3-4 years, while larger equipment like MRI and CT machines usually exceed 10 years. After a peak in procurement during 2021-2022, a decline is expected in 2023-2024, with performance improvements anticipated in the second half of 2025 [1][5] - The in vitro diagnostics market is characterized by a focus on both equipment and reagents, with centralized procurement primarily targeting reagents. While biochemical molecular diagnostics have largely achieved domestic substitution, the domestic production rate for immunofluorescence technology remains low, indicating potential risks for further substitution. This market is in a growth phase, with opportunities for international expansion [1][6] Consumables Market Dynamics - The consumables sector is closely linked to surgical and diagnostic volumes, which have shown significant fluctuations due to factors such as the pandemic. Both high-value consumables (e.g., orthopedic and cardiac stents) and low-value consumables (e.g., puncture devices, needles) have been affected. Electrophysiological consumables are similar to the in vitro diagnostics model, with sales tied to closed-loop systems, warranting close attention [1][7][8] Traditional Chinese Medicine (TCM) Sector - The TCM sector can be categorized into three main areas: traditional Chinese medicine pieces, Chinese medicine formula granules, and proprietary Chinese medicines. The industry benefits from significant policy support, with a focus on the future development trends [3][9] - TCM policies provide ongoing support from both supply and payment perspectives. Supply-side measures include optimizing the approval process for new TCM drugs and accelerating the market entry of innovative proprietary medicines. On the payment side, the impact of centralized procurement has been moderate, with price reductions for exclusive products ranging from 10% to 20% [11] Future Trends in TCM - The modernization and industrialization of TCM have accelerated since 2012, particularly following the introduction of policies that streamline clinical and innovative registrations. National documents have detailed measures to promote the rapid development of the industry, enhancing both supply and payment mechanisms [12] - The centralized procurement policy for proprietary Chinese medicines has seen moderate price reductions, with exclusive products maintaining a lower reduction range of 10% to 20%. This stability allows companies to maintain long-term competitiveness [13][14] Conclusion - The future of the traditional medicine sector in China is expected to focus on innovation and health, with companies leveraging stable cash flows to develop new health products, thereby enhancing overall competitiveness and achieving sustainable growth [15]

Summary of the Conference Call for Sanxin Medical Company Overview - **Company**: Sanxin Medical - **Industry**: Blood purification and dialysis products Key Points Financial Performance - In the first half of 2025, Sanxin Medical achieved revenue of 760 million yuan, a year-on-year increase of 10.83% [4] - Net profit attributable to shareholders was 115 million yuan, up 8.35% year-on-year [4] - Blood purification products contributed 626 million yuan in revenue, growing 20% and accounting for 82% of total revenue [4] - Revenue from drug delivery devices decreased by 15% year-on-year, totaling 82.4 million yuan [4] Market Expansion - Export revenue in the first half of 2025 reached 187 million yuan, a 67% increase year-on-year, with dialysis equipment and consumables making up 88% of exports [4][2] - The company is focusing on expanding into Southeast Asia, with plans to enter markets in Brazil, Turkey, and India [2][5] Product Development and Strategy - Sanxin Medical plans to issue convertible bonds to improve asset structure and expand production capacity, with approximately 4 billion yuan allocated for production expansion and 1.3 billion yuan for working capital [6] - The company aims to increase market share through capacity expansion and the promotion of new products like wet membrane dialyzers [3][21] Domestic Market Dynamics - The company’s market share for dialysis devices increased to approximately 8%, with device revenue growing about 70% year-on-year [7] - The number of patients receiving standardized blood dialysis treatment reached 1.027 million, with an expected growth rate of over 10% in the future [11] - The National Medical Insurance Administration's reforms have positively impacted the industry, enhancing patient and hospital engagement [12] Competitive Landscape - Sanxin Medical's market share for dialysis devices has grown from 5-6% to around 8%, driven by increased domestic production and market reshuffling [16] - The company faces challenges from price reductions due to centralized procurement and increased competition [21] Future Outlook - The company expects a revenue growth of around 10% for the full year 2025, despite pressures from centralized procurement and competition [3][21] - New product launches, including artificial blood vessels and wet membrane dialyzers, are planned for the second half of the year [6][10] International Market Insights - The company has gained market access in Indonesia, Mexico, and Peru, with plans for further expansion in Brazil, India, Vietnam, and Turkey [8] - The majority of exports are concentrated in Southeast Asia, with ASEAN countries accounting for nearly 70% of total exports [13] Regulatory and Policy Impact - The introduction of the CA deduction project by the National Medical Insurance Bureau is expected to create a favorable environment for the industry’s long-term development [12] Shareholder Returns - Sanxin Medical has proposed a mid-year dividend plan, aiming for a dividend payout ratio of 70% for the year [25] Conclusion - Sanxin Medical is positioned for growth in the blood purification sector, with a focus on expanding its product line and market presence while navigating challenges from competition and regulatory changes [25]

Core Viewpoint - The report highlights the financial performance and growth prospects of Nanwei Medical Technology Co., Ltd., emphasizing its strong revenue growth, strategic focus on innovation, and expansion in both domestic and international markets [1][3][10]. Financial Performance - The company reported a revenue of CNY 1,565,377,051.90 for the first half of 2025, representing a 17.36% increase compared to CNY 1,333,844,008.46 in the same period last year [3]. - The total profit for the period was CNY 449,720,708.02, up 20.54% from CNY 373,095,091.63 year-on-year [3]. - The net profit attributable to shareholders was CNY 363,379,408.08, reflecting a 17.04% increase from CNY 310,462,903.96 in the previous year [3]. - The company plans to distribute a cash dividend of CNY 5.00 per 10 shares, totaling CNY 93,462,685.50, which is 25.72% of the net profit [1]. Industry Overview - The medical device industry is characterized by high technical barriers, strict regulatory oversight, and a long product iteration cycle, necessitating continuous investment in R&D and collaborative innovation [4][9]. - The global medical device market reached USD 512.29 billion in 2022 and is projected to grow at a CAGR of 5.9%, reaching USD 799.67 billion by 2030 [4]. - China's medical device market is the second largest globally, with significant growth potential driven by economic development and improved healthcare standards [4][5]. Market Segments - The endoscopic diagnosis and treatment market is rapidly growing, with the global digestive endoscopy market valued at USD 9.2 billion in 2021 and expected to grow at a CAGR of 5.3% to reach USD 13.1 billion by 2028 [6][7]. - The microwave and radiofrequency ablation market is also expanding, with a projected market size of USD 18.9 billion by 2024, growing at a CAGR of 13.8% until 2030 [6][8]. - The disposable endoscope market is anticipated to reach USD 2.36 billion in 2024, with a CAGR of approximately 16.72%, and is expected to grow to USD 11.06 billion by 2033 [8]. Strategic Initiatives - The company emphasizes innovation and R&D, with an investment of CNY 88.28 million, accounting for 5.64% of revenue [10]. - The company has established a global strategy, enhancing its international presence and operational efficiency through acquisitions and partnerships [12][17]. - The company is focused on improving its product quality and operational efficiency through lean management practices and automation [13][14]. Competitive Advantages - The company possesses a robust R&D capability, a comprehensive quality management system, and an extensive marketing network, which collectively enhance its competitive position in the market [14][15][16]. - The diverse product portfolio includes over 60 types of endoscopic diagnostic instruments and ablation devices, positioning the company as a leader in the domestic market [15][16]. - The company has successfully navigated regulatory challenges and established a strong foothold in both domestic and international markets, reducing reliance on any single market [17].

Core Viewpoint - Company emphasizes its commitment to innovation-driven development and ongoing projects in blood purification and related medical fields [2] Group 1: R&D Progress - Company is focusing on enhancing its product range in blood dialysis and expanding into diabetes, early-stage kidney disease, and vascular intervention [2] - Currently, there are over 30 projects under research, including key materials for dialysis membranes [2] - The company is collaborating with industry partners to develop domestic production technology for medical-grade polyethersulfone [2] - Ongoing projects include artificial blood vessels, anticoagulant-coated catheters, plasma separators, and blood loss monitors, which have received various provincial and national support [2] Group 2: Market Value Management - Company is actively implementing market value management strategies in accordance with regulatory guidelines [2] - A market value management system has been established, focusing on core business and improving operational efficiency [2] - The company has initiated stock incentive plans in 2018, 2021, and 2024, and is committed to enhancing shareholder returns [2] - Future plans for share buybacks or cancellations will be disclosed in compliance with legal requirements [2]

Core Viewpoint - The electric laparoscopic stapler market in China is experiencing growth due to increasing demand for minimally invasive surgeries, despite facing challenges from centralized procurement policies leading to a market size decline in 2024 [1][14]. Overview - Staplers are essential high-value consumables in modern surgery, replacing manual suturing with devices that use titanium staples for tissue connection [2][14]. - The demand for electric laparoscopic staplers is rising as the number of minimally invasive surgeries increases, driven by an aging population and higher expectations for medical service quality [1][14]. Market Policy - The Chinese government has implemented various policies to support the development of the medical device industry, including electric laparoscopic staplers, creating a favorable environment for market growth [6][9]. Industry Chain - The upstream of the electric laparoscopic stapler industry includes suppliers of metals like stainless steel and titanium, as well as polymer materials and components like firing mechanisms and motors [10]. - The midstream involves the research and production of electric laparoscopic staplers, while the downstream focuses on medical institutions that utilize these devices [10]. Development Status - The market for electric laparoscopic staplers is projected to decline to 3.72 billion yuan in 2024, a decrease of 7.38% year-on-year, due to the impact of centralized procurement policies [1][14]. Competitive Landscape - The market for electric laparoscopic staplers in China is relatively stable, with higher entry barriers compared to manual types, and domestic manufacturers are increasingly competing with established international brands [16][19]. - As of May 2025, a total of 210 electric laparoscopic stapler approvals have been granted by the National Medical Products Administration in China [16]. Industry Representative Companies - Jiangsu Fenghe Medical Equipment Co., Ltd. focuses on the development and production of disposable surgical consumables, contributing to advancements in minimally invasive surgery [19]. - Ningbo David Medical Devices Co., Ltd. has a comprehensive product matrix, including electric laparoscopic staplers, and reported a revenue of 5.27 billion yuan in 2024, with 1.887 billion yuan from minimally invasive surgical instruments [21]. Development Trends - Future advancements in electric laparoscopic staplers are expected to integrate sensor and artificial intelligence technologies, enhancing automation and precision in surgical procedures [23].

Group 1 - The 27th China Beijing International Science and Technology Industry Expo successfully concluded, featuring over 800 domestic and foreign enterprises and institutions, with a focus on technology-driven innovation and global cooperation [1] - The forum discussed the theme of "New Quality Productivity and Global Technological Cooperation," exploring cutting-edge technology and industry development trends [1] Group 2 - Aiko Medical showcased its core product, the Lattice flow-directed stent, which significantly improves the treatment of intracranial aneurysms, utilizing cobalt-chromium alloy and innovative technologies [2] - The Lattice stent is currently in use in over 500 hospitals across China, receiving high recognition from clinicians and expanding access to remote areas [2] Group 3 - Aiko Medical revealed its core technology system and clinical achievements, emphasizing its commitment to technological innovation, with 9 products approved by NMPA and 132 patent applications [3] - The Lattice stent has been recognized as an "innovative medical device" by the National Medical Products Administration and has been fast-tracked for market approval [3] Group 4 - During the expo, Aiko Medical engaged in deep exchanges with industry experts and representatives, aiming to provide comprehensive innovative solutions for cerebrovascular disease patients [4] - The company plans to increase R&D investment to develop more internationally competitive medical devices, contributing to the high-quality development of China's medical device industry [4]