Group 1: Company Overview and Operations - Shenzhen Meihao Chuangyi Medical Technology Co., Ltd. focuses on the design, development, manufacturing, and sales of precision components and products for medical devices, aiming to provide comprehensive services from product R&D to mass delivery [2][3] - The company is advancing its Malaysia Phase III industrial base project to meet global supply chain demands and support overseas business expansion [2][4] - The company has accumulated nearly ten years of overseas operational experience, with a 130,000 square meter self-owned R&D and production base in Malaysia, which has received FDA and other international certifications [4] Group 2: Financial Performance - In 2024, the company achieved an operating revenue of CNY 1.594 billion, a year-on-year increase of 19.19% [3] - The net profit attributable to shareholders was CNY 364 million, up 16.11% year-on-year, with a basic earnings per share of CNY 0.90, reflecting a growth of 16.88% [3] - R&D investment reached CNY 141 million, a 16.75% increase, aimed at building an open R&D innovation platform [3] Group 3: Risk Management - The independent director focuses on financial risk monitoring, including internal control effectiveness, fund usage, tax compliance, and foreign exchange risk [5] - Regular assessments of foreign exchange hedging strategies are conducted to ensure alignment with business exposure [5] Group 4: Shareholder Engagement and Incentives - The company plans to grant 5 million restricted stock units in 2025 as part of a new incentive plan targeting key personnel in new business and international expansion [6] - The incentive plan aims to strengthen the company's long-term development foundation by motivating new talent and enhancing international collaboration [6] Group 5: Future Growth Drivers - The continuous healthy development of the medical device and CDMO industries provides a favorable external environment for business growth [8] - The company is focusing on expanding its presence in the global market, particularly in the U.S. and Europe, while also collaborating with emerging medical device companies in China [9] - Key growth factors include accumulated expertise in medical device technology, ongoing R&D investments, and a customer-centric global production base [9]

Business Overview - The company specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, aiming to provide a comprehensive one-stop service for global medical device enterprises [1][2]. - The company has established deep collaborations with numerous global medical device leaders in various fields, including respiratory health, hearing rehabilitation, blood glucose management, cardiovascular, and in vitro diagnostics [2]. Financial Performance - In 2024, the company achieved a revenue of CNY 1.594 billion, representing a year-on-year growth of 19.19%. The net profit attributable to shareholders was CNY 364 million, up 16.11% [32]. - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares and to increase capital reserves by 4 shares for every 10 shares held [5]. Employee and R&D Statistics - As of December 31, 2024, the company had a total of 2,440 employees, with 465 in R&D, accounting for 19.06% of the workforce, an increase of 8.14% from the previous year [7]. - The R&D investment for 2024 was CNY 141 million, which is 8.82% of the total revenue, reflecting a 16.75% increase year-on-year [44]. Market Dynamics - The medical device industry does not exhibit significant seasonal fluctuations, with production and delivery based on customer demand forecasts [3]. - The company’s direct exports to the U.S. represent a low percentage of total revenue, and it has maintained stable growth despite U.S. tariffs [9][10]. Customer Concentration and Risks - The top five customers account for 82.32% of total sales, with the largest customer having a significant market presence. The company is aware of the risks associated with high customer concentration and is focused on diversifying its customer base [14]. Strategic Initiatives - The company is expanding its production capacity in Malaysia, with the third phase of its industrial base expected to be operational by the end of 2025, which will increase its overseas delivery capabilities [32][33]. - A new stock incentive plan for 2025 aims to grant 5 million restricted shares to support new business initiatives and international expansion [25]. Intellectual Property and Compliance - As of the end of 2024, the company held 263 authorized patents and 36 software copyrights, demonstrating its commitment to innovation and technology [21][22]. - The company adheres to strict compliance with information disclosure regulations to protect investor rights [26][27]. Future Outlook - The company plans to continue investing in new product development and market expansion, particularly in the fields of blood glucose management and automated production systems [47][48]. - The management emphasizes the importance of long-term value creation and encourages investors to focus on sustainable growth rather than short-term fluctuations [37][38].