鉴于江苏神通长期以来一直是本集团的上游供应商，收购事项构成津西重工对少数股权的纵向收购。该 少数股权投资有助于本集团加强与江苏神通既有商业关系的稳定性，并预期促进本集团与江苏神通之间 的更深入合作，为潜在未来的战略举措奠定基础。此外，作为策略性客户，本集团寻求受惠于江苏神通 的持续增长和技术发展。江苏神通于过去三年已实现稳健及持续的增长。与2022年相比，其于2024年度 的收入及归属于股东的净溢利分别增长约9.6%及29.6%。 本集团对江苏神通的股权投资亦可能带来财务裨益，包括股价的潜在升值及股息。自2010年于深圳证券 交易所上市以来，江苏神通已持续宣派及分派现金股息。在过去三个财务年度，江苏神通的股息派付呈 现明显上升趋势，由2022年度每10股派付人民币0.5元，分别增加至2023年度每10股派付人民币1.6元及 2024年度每10股派付人民币1.75元。 兹提述本公司日期为2025年12月2日、2025年12月9日及2025年12月11日有关本集团先前收购江苏神通股 份的公告。紧接收购事项前，本集团合共持有700.35万股江苏神通股份(占本公告日期江苏神通已发行 股份约1.38%)。紧接收购事项后 ...

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $13.5 million for Q3 2025, a 29% increase compared to $10.5 million in the same period last year [5][15] - Gross profit for the quarter was $10.2 million, up from $7.7 million in the prior year, maintaining a gross margin of 75% [16] - Operating profit increased to approximately $1.3 million from $0.3 million year-over-year [16] - Adjusted EBITDA rose to $2 million from $1.1 million in the prior year [16] - The company ended the quarter with $70.7 million in cash and cash equivalents, an increase of $1.1 million from the end of 2024 [17] - Remaining performance obligations grew to $65 million, a 37% year-over-year increase [17] Business Line Data and Key Metrics Changes - The company shipped 90 Deep TMS systems during the quarter, representing a 43% increase compared to the same period last year, bringing the total install base to over 1,600 systems globally [5][15] - Approximately 70% of recent customer engagements were structured as multi-year lease agreements, indicating a strong transition to this sales model [8] Market Data and Key Metrics Changes - The company is focusing on expanding its market presence, particularly in Asia-Pacific and Europe, with strong demand anticipated from countries like Japan, China, South Korea, and India [36][38] - The company has received FDA clearance for an accelerated treatment protocol for major depressive disorder, which is expected to enhance patient appeal and drive demand [10] Company Strategy and Development Direction - The company’s strategy includes elevating market awareness of Deep TMS, advancing its R&D roadmap, and broadening patient access through global extension and health system integration [9] - The company is pursuing minority equity investments in mental health providers to enhance market awareness and expand access to Deep TMS [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s growth trajectory, citing strong market demand and a solid book-to-bill ratio of 1.3x for the quarter [8] - The company raised its revenue guidance for the full year 2025 to a range of $51 million-$52 million, reflecting a year-over-year growth rate of 24%-27% [18] Other Important Information - The company announced a virtual investor and analyst day on December 1 to discuss operational, clinical, regulatory, and financial progress in more detail [14] Q&A Session Summary Question: Can you discuss the accelerated protocol and its current treatments? - Management highlighted that the accelerated protocol shortens the acute phase from four weeks to six days, increasing treatment frequency, which is driving demand for growth [20] Question: What can be expected regarding minority equity investments? - Management indicated a robust pipeline for minority investments, aiming to sign at least one more agreement by year-end, with promising opportunities for 2026 [21] Question: Any updates on Neurolief's activities in Japan and the EU? - Management anticipates FDA clearance for Neurolief by year-end, which will enable marketing and distribution through various channels [22] Question: What are the expectations for system placements from minority partners? - Management noted that minority investments are expected to lead to the opening of 10-15 new clinics annually, with early investments showing over 50% utilization growth [28][29] Question: Will there be changes in metrics reporting going forward? - Management plans to provide more granularity on metrics such as system shipments and performance of minority investments during the analyst day [35] Question: What is the outlook for international growth? - Management expects strong growth from Asia-Pacific and Europe, with increasing demand in countries like Japan, China, and Germany [36][38]