Core Viewpoint - The company reported strong financial performance in H1 2025, with significant revenue and profit growth, driven by successful product launches and effective cost management [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 248 million yuan, a year-on-year increase of 30.07% [1] - The net profit attributable to shareholders reached 71 million yuan, reflecting a substantial year-on-year growth of 102.90% [2] - Q2 2025 saw revenue of 148 million yuan, up 29.25% year-on-year and 47.68% quarter-on-quarter [1] - Q2 2025 net profit was 39 million yuan, a year-on-year increase of 44.75% and a quarter-on-quarter increase of 19.67% [1] Gross Margin and Cost Management - The company's gross margin for H1 2025 was 88.71%, a slight decrease of 0.82 percentage points year-on-year [1] - Q2 2025 gross margin improved to 90.54%, an increase of 1.07 percentage points year-on-year and 4.54 percentage points quarter-on-quarter [1] - The company effectively controlled costs through digitalization and strong cost management, contributing to improved gross margins [1] R&D and Product Development - The company maintained high R&D investment, with R&D expense ratio decreasing significantly due to revenue growth [2] - As of H1 2025, the company had 22 approved Class III medical devices, with 11 filling domestic market gaps [3] - 12 additional Class III medical device registration applications are expected in 2025, indicating a robust product pipeline [3] Market Position and Product Launches - The heart valve segment saw an 88.96% year-on-year increase in sales, with the TAVR product gaining significant market share [2] - The company received registration approval for TAVR in Indonesia and patent authorization in Japan [2] - The company is set to commercialize its unique "valve-in-valve" product in Q3 2025, which is expected to boost sales [4] Future Outlook - Revenue projections for 2025-2027 are set at 698 million, 1.015 billion, and 1.349 billion yuan, respectively, with net profits of 245 million, 406 million, and 555 million yuan [5] - The company is expected to benefit from increasing heart disease prevalence and expanding TAVR indications to lower-risk groups [5]

Group 1 - The company reported a total revenue of RMB 25.5 million for the six months ending June 30, 2025, with a primary revenue of RMB 13.4 million and other income of RMB 12.1 million [1] - The adjusted loss for the period was RMB 91.8 million, a decrease of RMB 2.4 million compared to the previous year's loss of RMB 94.2 million, attributed to revenue growth and improved operational efficiency [1] - Research and development expenses increased from RMB 82.2 million in the previous year to RMB 88.9 million during the reporting period, primarily due to a rise in share-based payment expenses from RMB 11.7 million to RMB 36.2 million [1] Group 2 - The company's vision is to become a high-potential medical device enterprise with a global perspective, providing innovative products for the treatment of structural heart diseases [2] - The company plans to accelerate the global business layout and progress of the LuX-Valve product series, aiming to become a benchmark in the transcatheter tricuspid valve replacement field [2] - The company aims to enhance operational efficiency, accelerate revenue and profit growth, and continuously innovate to achieve sustainable development of its long-term international strategy [2]

Core Insights - The article highlights the recent acquisition by Heart通医疗 of the remaining 49% stake in Shanghai Zhaoxin, making it a wholly-owned subsidiary, with a total acquisition cost of RMB 170 million [1][2]. Company Overview - Heart通医疗, established in 2009 and officially registered in 2015, focuses on innovative medical devices for structural heart diseases, with its headquarters in Shanghai and listed on the Hong Kong Stock Exchange in 2021 [2]. - The company emphasizes research and innovation, developing a comprehensive range of transcatheter and surgical solutions for structural heart diseases, including products for transcatheter aortic valve implantation (TAVI) [2]. Market Performance - Shanghai Zhaoxin specializes in left atrial appendage-related medical devices, with its core product, the AnchorMan left atrial appendage occlusion system, receiving NMPA approval for market entry in January 2024 [5][6]. - The TAVI series products of Heart通医疗 are already in over 650 hospitals across China, and the company has expanded its international presence to nearly a hundred hospitals in countries like Argentina, Colombia, and Switzerland [4]. Product Development - The AnchorMan left atrial appendage occlusion system has shown promising clinical results, achieving a 98.1% clinical success rate and a 100% left atrial appendage occlusion success rate in a one-year follow-up study [7].

报名：首届全球眼科大会 | 议程更新 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 心未来 2025年3月30日， 心通医疗 发布截至2024年12月31日止年度业绩公告。 # 财报数据 # 关于心通 医疗 2024年公司实现收入 3.62亿 元，同比增长 7.5% ，收入增长主要得益于 二代主瓣产品及主动脉瓣膜球囊 在全球市场的持续商业化，特别是TAVI产品在海外市场的收入快速增长。 此外，子公司佐心医疗的左 心耳封堵器在中国正式商业化，为集团带来新的收入贡献。分地区来看，公司24年国内收入3.38亿元， 同比增长4.0%；海外地区实现收入0.24亿元，同比增长108.3%。经计算，公司H2实现收入1.38亿元，同 比下降13.4%。 公司24年实现毛利率 69.5% ，同比增加 1.1 pct ， 主要得益于公司采取的有效降本控费措施，以及业务 增长带来的规模效应。 公司24年归母净利润亏损 0.49亿 元，同比亏损收窄 89.5% ， 亏损大幅收窄主要得益于：收入增长、生 产成本下降及毛利率提升；公司通过统筹内外部资源、发挥集中效 ...