Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

投资建议： 浙商证券王班 吴天昊、司清蕊医疗器械行业2026年策略指出，支付政策优化，看好高值耗材成长性。 高值耗材：大品类集采基本完成，支付政策优化下，看好业绩恢复以及新品放量弹性。2025年前三季度 高值耗材收入持续增长、利润同比增速转正（2024年收入恢复、2025年利润有望恢复）；2026年医保支 付政策优化、新品商业化加速等拉动下，看好业绩恢复及新品放量弹性。 医用设备：院内招标恢复、"一带一路"出海拉动，业绩恢复可期。2025年前三季度医用设备收入仍同比 有所增长，但利润同比下滑；2026年看好在院内招标恢复及"一带一路"持续布局下的业绩弹性。 家用医疗：成长性有望恢复。2025年前三季度收入利润同比增速恢复，看好出海等带来的成长性恢复； 低值耗材/IVD：看好新品拉动/技术壁垒较高企业。2025年前三季度量价影响下IVD板块收入利润增速 双降。 ①集采风险基本出清、新品进入放量期的高值耗材企业，如骨科、电生理、心脑血管介入、人工晶体等 相关方向，推荐微电生理、爱康医疗、爱博医疗、微创医疗、微创脑科学、南微医学等，关注先健科 技、赛诺医疗、心通医疗等；②招投标恢复以及出海拉动下，收入有望稳步增长的 ...

Core Viewpoint - The company is a leading player in the structural heart and peripheral intervention high-value consumables sector, with a diversified business model and strategic partnerships aimed at expanding its product offerings and market reach [1][2]. Group 1: Business Overview - The company operates under a "3+N" business layout, which includes three main product lines: structural heart disease, peripheral vascular intervention, and electrophysiology, along with multiple strategic cooperation projects [1]. - For the fiscal year 2024, the company reported a revenue of 1.304 billion yuan, reflecting a year-on-year growth of 2.88%, positioning it among the few high-value consumables firms in China with revenues exceeding 1 billion yuan [1]. - As of December 31, 2024, the company has established a robust patent portfolio with 2,426 patents and has received NMPA approval for 15 products under the "Special Review Procedure for Innovative Medical Devices" [1]. Group 2: Market Dynamics - In 2024, the National Healthcare Security Administration mandated 12 domestic and foreign companies, including the company, to revise the pricing of thoracic aortic stent products to enhance price transparency and reduce excessive markups [2]. - The price adjustments resulting from centralized procurement have led to a decline in the ex-factory prices of the company's related products, impacting revenue and profit in the second half of 2024 [2]. - The company is expected to see a recovery from these pricing challenges by the second half of 2025, as the market stabilizes [2]. Group 3: International Expansion and Product Development - The company has adopted a dual strategy of "innovation" and "internationalization," maintaining a leading market share in its primary products domestically [2]. - By the end of 2024, the company had established seven overseas subsidiaries and obtained 1,059 overseas registrations, with a sales network covering 117 countries and regions [2]. - The company anticipates that several second-generation aortic stent products will receive overseas registration approvals between 2025 and 2026, contributing to international revenue growth [2][3]. Group 4: Product Innovation - The company is pioneering iron-based absorbable stent technology, which addresses significant clinical challenges associated with existing biodegradable stents [3]. - The IBS Angle stent has received regulatory approvals in Malaysia and the EU, while the IBS Titan has been granted compassionate use approval in the U.S. [3]. - The company is progressing with its IBS drug-eluting coronary stent system, with clinical trials completed and applications submitted for NMPA and CE registration, expected to be approved by 2025-2026 [3]. Group 5: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.403 billion, 1.528 billion, and 1.736 billion yuan, representing year-on-year growth rates of 8%, 9%, and 14% respectively [3]. - The net profit attributable to the parent company is projected to reach 316 million, 388 million, and 526 million yuan for the same period, with growth rates of 42%, 23%, and 35% respectively [3].

Core Viewpoint - The company is expected to achieve nearly 10% revenue growth in 2024, with a net loss not exceeding $275 million, representing a reduction of over 58% compared to the previous year [2][3]. Group 1: Financial Performance - The company's revenue for the year is projected to grow nearly 10%, with significant contributions from various business segments [3]. - The overseas business revenue is expected to increase by approximately 80%, benefiting from the synergies and advantages of a global platform [2]. - The company has set performance targets for future years, including a net loss not exceeding $275 million in 2024, $110 million in the first half of 2025, and a net profit of at least $4.5 million in the first half of 2026 [3]. Group 2: Business Segments - The company's core medical business, including major segments like cardiovascular and neuro-interventional, has shown stable growth, with specific revenue increases of approximately 1.6% for vascular interventions and over 100% for overseas heart valve business [3]. - The minimally invasive robotics segment is expected to see a revenue increase of approximately 145% to 155% [3]. Group 3: R&D and Product Development - The company is a leading player in high-value consumables, with strong ongoing R&D investments, totaling $115 million in the first half of 2024 [4]. - As of the end of 2024, the company has 36 green channel products and has received multiple regulatory approvals, including 46 Class III medical device registrations in China and 184 registrations in 43 overseas markets [4]. - A notable product, the Firesorb bioabsorbable drug-eluting coronary stent system, received approval from the NMPA in July 2024, which is designed to fully degrade within 3-4 years, enhancing patient comfort [4].