（原标题：港股异动 | 沛嘉医疗-B(09996)再涨超6% 董事长增持彰显信心 旗下TaurusTrio近日获批上 市） 消息面上，12月5日，沛嘉医疗公告称董事长张一博士拟斥资不超过1500万港元于公开市场增持公司股 份。12月11日，沛嘉医疗公布，旗下TaurusTrio经导管主动脉瓣系统正式获得国家药品监督管理局上市 批准，成为国内首款获批的一体化定位键经股入路主动脉瓣反流(AR)专用介入治疗器械。 中信建投此前发布研报称，公司在国内心脏瓣膜介入领域居于领先地位，TAVR产品自商业化以来临床 反馈良好，产品快速放量，市场份额持续提升；另外公司在主动脉瓣、二尖瓣和三尖瓣治疗领域具有全 面深入的产品研发布局，持续巩固公司在心脏瓣膜领域的领先地位；公司预计在25年底至26年有三款重 磅产品在国内获批并实现商业化，助力公司整体业绩恢复快速增长趋势。公司神经介入业务居于国产公 司前列，随着在研产品管线的持续丰富、获证产品商业化的不断推进，公司神经介入业务有望保持快速 发展的趋势。 智通财经APP获悉，沛嘉医疗-B(09996)再涨超6%，月内累涨逾22%。截至发稿，涨5.31%，报6.35港 元，成交额1090 ...

沛嘉医疗-B(09996)再涨超6%，月内累涨逾22%。截至发稿，涨5.31%，报6.35港元，成交额1090.7万港 元。 消息面上，12月5日，沛嘉医疗公告称董事长张一博士拟斥资不超过1500万港元于公开市场增持公司股 份。12月11日，沛嘉医疗公布，旗下TaurusTrio经导管主动脉瓣系统正式获得国家药品监督管理局上市 批准，成为国内首款获批的一体化定位键经股入路主动脉瓣反流(AR)专用介入治疗器械。 中信建投（601066）此前发布研报称，公司在国内心脏瓣膜介入领域居于领先地位，TAVR产品自商业 化以来临床反馈良好，产品快速放量，市场份额持续提升；另外公司在主动脉瓣、二尖瓣和三尖瓣治疗 领域具有全面深入的产品研发布局，持续巩固公司在心脏瓣膜领域的领先地位；公司预计在25年底至26 年有三款重磅产品在国内获批并实现商业化，助力公司整体业绩恢复快速增长趋势。公司神经介入业务 居于国产公司前列，随着在研产品管线的持续丰富、获证产品商业化的不断推进，公司神经介入业务有 望保持快速发展的趋势。 ...

投资界12月9日消息，近日，苏州无限医疗科技有限公司（Infinity Neuro）一家专注为神经血管外科提 供创新解决方案的医疗器械公司宣布，已完成数亿元人民币的A轮融资。本轮融资由高特佳领投，国元 股权、金雨茂物等多家机构同步跟投，共同注资，旨在将加速推进公司产品的创新研发和商业化进程， 为神经介入专家提供更优的治疗方式。 无限医疗（Infinity Neuro）主要从事脑血管领域医疗器械的研发、生产和商业化，致力于与神经科医生 深入合作，聚焦神经介入领域未被满足的临床需求，产品覆盖治疗出血性和缺血性卒中的两大核心产品 线。核心团队均来自于跨国医疗器械公司，拥有多次成功创业经历，核心团队深度聚焦神经介入领域出 血性和缺血性卒中市场，具有神经介入医疗器械产品研发、临床、产业化及产品迭代升级的丰富经验。 高特佳投资副总经理王海蛟表示："我们看好神经介入赛道国产替代和国际化的双重机遇，无限医疗作 为国内为数不多具备国际化背景的团队，起步即在全球实现产品上市销售。后续产品管线具备全球创新 的潜力，相信会造福更多患者。" 国元股权投资负责人表示："无限医疗围绕神经介入领域，基于临床痛点研发的组合产品具有很强的创 新 ...

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its intracranial aneurysm embolization assistive stent by the National Medical Products Administration (NMPA) [1] Group 1: Product Approval and Features - The Tongqiao Feilong intracranial aneurysm embolization assistive stent has received NMPA approval for market launch [1] - This stent is designed to be used in conjunction with embolization coils, specifically targeting the treatment of intracranial neurovascular diseases, providing a new and efficient clinical solution [1] - Compared to similar products on the market, the Tongqiao Feilong stent offers better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] Group 2: Market Impact and Company Strategy - CITIC Securities (601066) highlights that the stent utilizes DFT material weaving technology, which allows for clear visibility throughout the procedure, aiding doctors in precise operational control [1] - The approval of the embolization assistive stent is expected to strengthen the company's product pipeline in the neurointerventional field, enhancing its overall solution offerings [1] - This development is anticipated to help the company increase its market share and maintain rapid growth in performance [1]

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its Tongqiao Feilong™ intracranial aneurysm embolization assist stent by the National Medical Products Administration (NMPA) [1] Company Developments - The Tongqiao Feilong™ stent is designed for the treatment of intracranial neurovascular diseases and offers a new efficient solution for clinical diagnosis and treatment [1] - Compared to similar products on the market, the Tongqiao Feilong™ stent provides better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] - The stent's comprehensive range of models meets the treatment needs of various clinical conditions, further strengthening the company's product pipeline in the neurointerventional field [1] Market Implications - CITIC Securities indicates that the approval of the embolization assist stent is expected to enhance the company's overall neurointerventional solutions, contributing to an increase in market share and maintaining rapid growth in performance [1]

Core Insights - Johnson Medical Technology aims to accelerate the availability of advanced solutions for Chinese patients, particularly in the field of cerebrovascular disease treatment, during the 8th China International Import Expo [1] Group 1: Product Launches - The company showcased the "Asian debut" of the CEREGLIDE 71 distal access catheter and the "Import Expo debut" of the StrongEase flow-directed mesh stent, highlighting its commitment to enhancing the neurointerventional field in China [1][3] - The CEREGLIDE 71 catheter is designed for use in the neurovascular system, capable of reaching the M1-M2 segments of the brain, thereby facilitating rapid access for stroke patients [3] - The StrongEase flow-directed mesh stent, developed in collaboration with a domestic medical innovation company, utilizes a high-density mesh principle to promote thrombosis within aneurysms, addressing a critical need in treating intracranial aneurysms [5] Group 2: Market Context and Impact - Stroke is the leading cause of death among Chinese residents, with mechanical thrombectomy becoming an increasingly mature treatment method, although approximately 1 in 6 patients still experience failure due to anatomical access difficulties [3] - Intracranial aneurysms pose a high risk of mortality and disability, with rupture being the primary cause of spontaneous subarachnoid hemorrhage, accounting for 80%-90% of cases and a mortality rate of 23%-51% [5] - The introduction of the flow-directed mesh stent has shown a complete occlusion rate of up to 95% in clinical reports for treating difficult-to-treat aneurysms, indicating a significant advancement in the field [5]

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant year-on-year growth in revenue and net profit, driven by new product launches and strategic acquisitions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 249 million yuan (+30.53%) and a net profit of 76 million yuan (+43.65%) [1]. - In Q3 alone, revenue reached 91 million yuan (+32.74%) and net profit was 29 million yuan (+39.89%) [1]. Product Performance - The company’s various business lines showed steady growth, particularly: 1. The artificial dura mater patch business stabilized after the impact of centralized procurement [2]. 2. PEEK craniofacial repair materials continued to grow steadily, validating the substitution logic for titanium [2]. 3. New products such as absorbable hemostatic gauze and dura mater medical glue experienced rapid growth, significantly contributing to overall revenue [2]. - Gross margin improved to 80.87%, an increase of 2.65 percentage points, primarily due to the higher revenue share from high-margin new products [2]. Strategic Initiatives - The company is actively pursuing strategic acquisitions, including the planned acquisition of 100% of Guangzhou Yijie Medical Technology Co., Ltd., entering the high-potential neurointervention sector [3]. - The acquisition aims to create an integrated solution for brain diseases, potentially unlocking long-term growth opportunities [3]. - The company also announced a partnership to distribute continuous glucose monitoring (CGM) systems, with an estimated procurement amount of 21.5 million yuan, enhancing its product matrix and seeking new growth points [3]. Investment Outlook - The company maintains a "buy" rating, with projected revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025-2027, reflecting year-on-year growth rates of 34.5%, 33.3%, and 32.3% respectively [4]. - Expected net profits for the same period are projected at 110 million yuan, 157 million yuan, and 230 million yuan, with corresponding EPS of 1.64, 2.34, and 3.43 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has demonstrated strong revenue growth, with a 30.53% increase in revenue to 249 million yuan and a 43.65% increase in net profit to 76 million yuan for the first three quarters of 2025 [6] - New products are driving growth both domestically and internationally, particularly the absorbable hemostatic gauze and dura mater medical glue, which have seen rapid market expansion [6] - The acquisition of Easy Medical Technology positions the company in the high-potential neuro-intervention sector, creating a comprehensive solution for brain diseases and potentially unlocking long-term growth [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 249 million yuan (+30.53%) and net profit of 76 million yuan (+43.65%) [6] - The gross margin improved to 80.87%, an increase of 2.65 percentage points, driven by the higher revenue share from new high-margin products [6] - Forecasted revenues for 2025-2027 are expected to be 374 million yuan, 499 million yuan, and 660 million yuan, representing year-on-year growth rates of 34.5%, 33.3%, and 32.3% respectively [7][11] Strategic Developments - The company is actively pursuing strategic acquisitions and partnerships to enhance its product offerings and market reach, including the acquisition of Easy Medical Technology [7] - The company plans to expand its product matrix by including continuous glucose monitoring systems, with an estimated procurement amount of 21.5 million yuan [7]

Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical for 335 million yuan, aiming to enhance its capabilities in the neuro-interventional field, which is seen as a significant technological integration in the medical consumables sector [1] Financial Performance - In the first half of 2025, Maipu Medical reported revenue of 158 million yuan, a year-on-year increase of 29.28% [1] - Revenue breakdown includes: artificial dura (spinal) membrane patch at 71 million yuan (up 3.24%), craniofacial repair and fixation system at 44 million yuan (up 24.69%), and absorbable regenerated oxidized cellulose and dura adhesive totaling 38 million yuan (up 169.66%) [1] - The overall gross margin for the company was 80.59%, an increase of 1.74 percentage points year-on-year [1] Acquisition Details - The acquisition price is determined through negotiation between the parties involved, reflecting a differentiated pricing strategy [1] - Yijie Medical is expected to significantly reduce losses starting in 2026, with projected average net profit corresponding to a price-to-earnings ratio of 13.80 times from 2026 to 2029, aligning with comparable transactions [1] - Performance compensation commitments indicate projected net profits for Yijie Medical from 2025 to 2029, with a gradual transition to profitability starting in 2026 [1] Market Position and Strategy - The acquisition aligns with national policies encouraging mergers and acquisitions in the medical device sector, potentially expanding market reach and enhancing product lines [1] - Maipu Medical's core products have good market acceptance, with projected sales for 2024 reaching 156 million yuan for artificial dura (spinal) membrane patches, 79.9 million yuan for craniofacial repair systems, and 36.01 million yuan for absorbable regenerated oxidized cellulose hemostatic products [1] - The collaboration is expected to create significant synergies, benefiting from both policy and market drivers, and enhancing competitive barriers in the neuro-interventional field [1]

Core Insights - MicroPort NeuroTech reported a revenue of 383 million yuan, a decrease of 6.20%, and a net profit of 93 million yuan, down 33.80% year-on-year [1] - The company faced increased distribution costs due to sales pressure from centralized procurement, while R&D costs were optimized [1] Financial Performance - Gross margin was 73.39%, an increase of 1.12 percentage points [1] - Distribution cost ratio was 20.81%, up 7.06 percentage points, with an absolute value of 80 million yuan, reflecting a 41.98% increase [1] - Administrative expense ratio was 8.28%, up 1.24 percentage points, with an absolute value of 32 million yuan, a 10.25% increase [1] - R&D cost ratio was 9.67%, down 2.17 percentage points, with an absolute value of 37 million yuan, a decrease of 23.38% [1] - Net profit margin was 24.22%, down 10.10 percentage points, while adjusted net profit margin was 39.05%, up 0.04 percentage points [1] Product Performance - Hemorrhagic stroke product revenue was 234 million yuan, down 5.51%, primarily due to centralized procurement affecting the mesh stent [2] - Narrowing products revenue was 115 million yuan, down 11.52%, mainly due to the cessation of cooperation with agents and centralized procurement [2] - Ischemic stroke product revenue was 29 million yuan, up 0.84%, with rapid growth in thrombectomy and aspiration catheters [2] - Overseas business revenue was 47 million yuan, an increase of 67.39%, with 8 products commercialized in 34 countries/regions [2] Product Development - The Numen Nest detachable coil received NMPA approval, and the Tubridge mesh stent is approved for small aneurysms [3] - The NeuroHawk Medibox thrombectomy stent received NMPA approval, and the NeuroHawk thrombectomy stent obtained CE registration [3] Investment Outlook - The company is a leading player in China's neurointervention market, with a product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic narrowing [4] - Revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, with net profits of 238 million, 275 million, and 322 million yuan respectively [4] - The company is rated as a "buy" based on its market position and potential for innovative product contributions [4]