Core Insights - The company reported a revenue of 616 million yuan for 2024, representing a year-on-year growth of 39.5%, while operating losses narrowed by 44.4% to 239 million yuan [1][2] - The neurointervention segment became the first profitable business unit, contributing a profit of 52.1 million yuan [1] Revenue Composition - Revenue composition remained stable, with 42.2% from TAVR-related product sales and 57.8% from neurointervention product sales [1] - TAVR-related product sales increased by 40.1% year-on-year to 260 million yuan, while neurointervention product sales rose by 39.1% to 356 million yuan [1] Growth Drivers - Revenue growth was primarily driven by high sales growth in the transcatheter valve therapy and neurointervention businesses [2] - TAVR-related product revenue growth was attributed to an increase in market share in China's transcatheter aortic valve replacement market, with total implantations exceeding 3,400 units, a year-on-year increase of approximately 37% [2] - The neurointervention product revenue growth was supported by improved surgical penetration rates, successful bids in volume-based procurement, and a comprehensive product pipeline with effective marketing strategies [2] Cost Management - Research and development expenditure ratio decreased from 66.5% to 33.1%, a decline of 33.4 percentage points, due to revenue growth and products entering a lower expenditure phase [2] - The sales and distribution expense ratio fell by 20.3 percentage points to 53.5%, resulting in a commercial profit of 105 million yuan [2] - Administrative expenses remained stable over the past few years, with the administrative expense ratio decreasing from 32.1% to 24.5%, a year-on-year decline of 7.6 percentage points [2]