Financial Performance - In 2025, the company's revenue reached CNY 1.595 billion, representing a year-on-year growth of 18.26% [2] - Net profit attributable to shareholders was CNY 154 million, up 36.02% year-on-year [2] - Medical device revenue was CNY 1.134 billion, with a growth rate of 23.48% [2] - Pharmaceutical revenue was CNY 288 million, continuing a growth trend [2] Quarterly Revenue Breakdown - Q1 revenue: CNY 330 million; Q2: CNY 383 million; Q3: CNY 388 million; Q4: CNY 494 million [2] - Quarterly year-on-year growth rates: Q1: 2.35%, Q2: 19.76%, Q3: 14.94%, Q4: 33.91% [2] Device Sales and Revenue Sources - In 2025, 1,535 units of FibroScan were sold, a year-on-year increase of 17.81% [3] - Revenue from FibroScan devices was CNY 625 million, accounting for 55.16% of total device revenue [3] - Revenue from usage-based and rental models for FibroScan products was CNY 509 million, making up 44.84% of device revenue [3] Regional Performance - Domestic revenue was CNY 532 million, accounting for 33.33% of total revenue, with a year-on-year growth of 7.35% [4] - International revenue was CNY 1.064 billion, representing 66.67% of total revenue, with a growth of 24.59% [4] - The U.S. market saw significant growth due to increased awareness of MASH, FDA certification of FibroScan, and collaborations with major pharmaceutical companies [4] Product Development and FDA Approval - The company holds a 23.82% stake in Talacrian and has subscribed to EUR 4 million in convertible bonds [5] - Talacrian's core product, SONOVEIN, has a clinical closure rate of 96.8% and is progressing through FDA certification [5] - Future plans include expanding the application of high-intensity focused ultrasound technology in various medical fields [5] IPO Progress - The company is making progress on its H-share listing, focusing on the preparation of the prospectus and compliance review [6] Order Execution - Orders from the UK NHS and Eli Lilly are being executed as per agreements, contributing to revenue in 2026 [7] - The company is enhancing its supply chain management to ensure timely and quality order fulfillment [7] Domestic Device Deployment - In 2025, 516 new FibroScan devices were deployed domestically [8] - The company is deepening partnerships with health check channels, expanding market coverage [8] - Monthly detection rates are increasing as clinical familiarity with non-invasive testing grows [8] Market Opportunities Post-Approval - The approval of Novo Nordisk's MASH product has created significant opportunities in the metabolic liver disease market [9] - FibroScan is becoming a core choice in clinical diagnosis due to its advanced technology and guideline recognition [9] - Collaborations with major pharmaceutical companies are enhancing FibroScan's market presence and brand recognition [10] Pharmaceutical Segment Performance - In 2025, pharmaceutical revenue was CNY 385 million, with core product sales exceeding 200 million units, a growth of 0.28% [10] - The company is focusing on traditional sales channels and expanding into community healthcare markets [10] - Plans for 2026 include strengthening academic promotion and enhancing patient management services [10]

Core Viewpoint - The integrated prevention and control model for "tumors + chronic diseases" initiated in Harbin provides an innovative systemic solution for Chinese cities to address the increasing challenges posed by chronic non-communicable diseases [1][26]. Group 1: Cancer Statistics and Trends - The latest cancer statistics from the National Cancer Center indicate that colorectal cancer has risen to the second highest incidence of malignant tumors in China [2]. - The rapid increase in colorectal cancer cases reflects a profound change in the disease spectrum in China, highlighting the complexity and urgency of prevention and control efforts [3]. Group 2: Challenges in Early Detection - Colorectal cancer is often referred to as a "silent killer" due to its extremely subtle early symptoms, making early detection challenging [7]. - Public misunderstanding of early symptoms leads to delays in diagnosis, with many mistaking symptoms for less serious conditions like hemorrhoids [9]. - Traditional detection methods, such as colonoscopy, face significant barriers including patient compliance and a shortage of qualified medical professionals, particularly in rural areas [9]. Group 3: Innovative Detection Technologies - New non-invasive molecular detection technologies, such as fecal DNA methylation testing, offer advantages in sensitivity, convenience, and public acceptance for early colorectal cancer detection [13][14]. - This technology captures and analyzes abnormal methylated DNA in feces, providing a reliable assessment of cancer risk [13]. Group 4: Harbin's Integrated Prevention Model - Harbin's initiative, set to cover 2.4 million people over three years, aims to implement a layered detection strategy combining non-invasive screening with precise diagnostic procedures [19][21]. - The project is supported by a collaboration between the Harbin Health Commission and professional institutions like BGI, ensuring effective implementation [19]. Group 5: Economic and Public Health Benefits - A cost-effectiveness analysis from Wuhan indicates a benefit-cost ratio of 1:8.55 for the new fecal DNA methylation testing, suggesting significant long-term economic benefits from early detection [27]. - Early detection can drastically reduce treatment costs compared to late-stage cancer treatment, which can reach hundreds of thousands of yuan [27]. Group 6: Broader Implications for National Health Strategy - Harbin's model not only validates a successful regional application of detection technology but also suggests a potential pathway for national health strategy transformation, focusing on integrating advanced technology with grassroots execution and innovative incentives [28].