Core Viewpoint - The acquisition of a 49% stake in Optimed Holding GmbH by Guichuang Tongqiao Medical Technology Co., Ltd. for €18.375 million (approximately RMB 149 million) reflects a strategic move to enhance market presence in Europe and leverage existing distribution networks [1][5]. Group 1: Strategic Logic Behind High Premium Acquisition - Optimed Medizinische Instrumente GmbH, the core operating entity, is a well-established German vascular intervention device company with nearly 30 years of experience in minimally invasive vascular and urological instruments [2][6]. - The acquisition allows Guichuang Tongqiao to access Optimed's distribution network, which spans over 70 countries, facilitating direct access to high-end hospital channels in Europe and avoiding the high costs and compliance risks of building an overseas team [2][6]. - The transaction structure is designed to mitigate initial investment risks, as the target company will not be included in the consolidated financial statements, and Guichuang Tongqiao will provide a €5 million convertible shareholder loan at a 7% annual interest rate while retaining the right of first refusal for the remaining equity [2][6]. Group 2: Synergistic Effects: Technical Complementarity and Manufacturing Upgrade - The collaboration aims to combine German manufacturing capabilities with Chinese R&D efficiency, addressing Guichuang Tongqiao's shortcomings in product refinement through Optimed's expertise in metal processing and precision instrument manufacturing [3][7]. - Guichuang Tongqiao's new innovation base in Zhuhai, expected to generate an output value of RMB 3-4 billion, will help reduce Optimed's product costs through economies of scale [3][7]. - Optimed's proprietary technology for venous diseases will complement Guichuang Tongqiao's arterial intervention product line, with Optimed set to become the exclusive distributor for all vascular products outside China, potentially shortening the time to market by approximately 18 months [3][7]. Group 3: Risks and Challenges: Integration Tests and Valuation Controversies - The absence of performance commitment clauses has raised concerns among some investors regarding the valuation's rationality, as Optimed reported net losses of €864,000, €4.12 million, and €1.25 million for the first three quarters of 2023, 2024, and 2025, respectively, indicating a lack of profitability [4][8]. - Cross-border management challenges exist, as Optimed's CEO Rüdiger Hausherr will remain and report to Guichuang Tongqiao's chairman, necessitating cultural and decision-making alignment [4][8]. - Geopolitical factors, including the EU's recent tightening of medical device regulations (MDR), may pose additional scrutiny on Chinese capital acquisitions of European medical firms, making the balance between global integration and regional autonomy crucial for long-term operations [4][8].

Core Viewpoint - The company Guichuang Tongqiao (02190.HK) has entered into an agreement to acquire a 49% stake in E-Med Solutions for approximately €18.375 million (around RMB 149 million), with options to acquire the remaining shares in the future [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on January 16, 2026, with the company acting as the buyer and E-Med Solutions as the seller [1]. - The total consideration for the acquisition is subject to further adjustments [1]. - The target company, Optimed Holding GmbH, is a limited liability company established under German law and is currently wholly owned by the seller [2]. Group 2: Target Company Overview - Optimed Holding GmbH and its subsidiaries, including Optimed Medizinische Instrumente GmbH, focus on the development, manufacturing, and distribution of medical technology products and solutions [2]. - The main operating subsidiary, Optimed Medizinische Instrumente GmbH, is headquartered in Germany and specializes in high-quality medical products for minimally invasive vascular and urological instruments [2]. - Optimed has a comprehensive product portfolio in the peripheral venous stent market, including devices for the iliac vein, iliac artery bifurcation, inferior vena cava, and aorta [2]. Group 3: Strategic Implications - Following the completion of the acquisition, the company and the target company will integrate their commercialization platforms, including sales and marketing networks, promotional capabilities, and customer service infrastructure [2]. - The target company will serve as the exclusive distributor for all vascular products outside of mainland China [2]. - Rüdiger Hausherr will continue as CEO of Optimed and report to Dr. Zhao Zhong, the company's chairman and CEO, which is expected to enhance and accelerate the company's international sales capabilities and global expansion [2].

Core Viewpoint - The company has entered into an agreement to acquire a 49% stake in Optimed Holding GmbH for approximately €18.375 million, marking a significant step in its global expansion strategy [1]. Group 1: Acquisition Details - The acquisition agreement allows the company to purchase 49% of Optimed Holding GmbH, with an option to acquire the remaining shares from other shareholders [1]. - Post-acquisition, Optimed will not become a subsidiary, and its financial performance will not be consolidated into the company's financial statements [1]. Group 2: Strategic Benefits - The acquisition represents a key milestone in the company's long-term commitment to global expansion, enhancing its competitive position and influence in international markets [1]. - Integration with Optimed's sales network will accelerate the global application of innovative vascular solutions, leveraging strong relationships with European medical experts [2]. - The transaction is expected to create significant manufacturing and operational synergies between Germany and China, improving product quality and operational efficiency [2]. - The company aims to fully leverage its R&D capabilities through an integrated global commercialization platform, providing advanced medical solutions to patients and healthcare professionals worldwide [2]. Group 3: Operational Integration - Following the acquisition, the company and Optimed will integrate their commercialization platforms, including sales and marketing networks, enhancing international sales capabilities [3]. - Optimed will serve as the exclusive distributor for all vascular products in markets outside of mainland China [3]. - Rüdiger Hausherr will continue as CEO of Optimed, reporting to the company's Chairman and CEO, Dr. Zhao Zhong, which will further accelerate the company's global expansion efforts [3].

Core Viewpoint - The acquisition of a 49% stake in Optimed Holding GmbH by the company marks a significant milestone in its long-term commitment to global expansion and aims to enhance its competitive position in the international market [1][2]. Group 1: Acquisition Details - The company has entered into a purchase agreement to acquire 49% of Optimed Holding GmbH for approximately €18.375 million [1]. - The agreement includes an option for the company to acquire the remaining shares from other shareholders at its discretion [1]. - Post-acquisition, Optimed will not become a subsidiary of the company, and its financial performance will not be consolidated into the company's financial statements [1]. Group 2: Strategic Benefits - The acquisition is a key milestone for the company's entry into the European and global markets, facilitating asset integration to accelerate international strategy deployment and diversify the product portfolio [2]. - The integration with Optimed's sales network will enhance the global application of innovative vascular solutions, leveraging strong relationships with European medical experts to expedite clinical processes and product launches [2]. - The transaction is expected to create significant manufacturing and operational synergies between Germany and China, improving product quality and operational efficiency while expanding production capacity in Germany [2]. Group 3: R&D and Commercialization - The integrated global commercialization platform will fully leverage the company's R&D capabilities, aiming to provide cutting-edge medical solutions to patients and healthcare professionals worldwide [3]. - Following the acquisition, the company and Optimed will integrate their commercialization platforms, including sales and marketing networks, enhancing international sales capabilities [3]. - Optimed will serve as the exclusive distributor for all vascular products in markets outside mainland China, with Rüdiger Hausherr continuing as CEO of Optimed [3].

Core Viewpoint - The company is set to acquire a 49% stake in Optimed Holding GmbH for approximately €18.375 million, marking a significant step in its global expansion strategy and enhancing its competitive position in the medical technology sector [1][2]. Group 1 - The acquisition represents a key milestone in the company's long-term commitment to global expansion, facilitating entry into European and global markets [2]. - The integration of assets is expected to accelerate the company's international strategy, diversify its product portfolio, and expand its global distribution network [2]. - The transaction aims to create significant manufacturing and operational synergies between Germany and China, enhancing product quality and operational efficiency [2]. Group 2 - The acquisition will enable the company to fully leverage its efficient R&D capabilities, expanding its innovative solutions to global markets [3]. - Post-acquisition, the company and Optimed will integrate their commercialization platforms, including sales and marketing networks, to enhance international sales capabilities [3]. - Optimed will serve as the exclusive distributor for all vascular products in markets outside of mainland China, significantly boosting the company's international sales efforts [3].

Core Viewpoint - The company faces pressure on its 2024 annual performance due to price adjustments in aortic stents, but its competitiveness in the aortic field remains strong, and its layout in peripheral and tumor intervention areas continues to improve, maintaining a buy rating [1] Group 1: Financial Performance - The company maintains a buy rating and forecasts EPS of 4.95/6.19 yuan for 2025-2026, with a new EPS forecast of 7.30 yuan for 2027, adjusting the target price to 123.75 yuan from 133.65 yuan, based on a target PE of 25X for 2025 [2] - In 2024, the company expects revenue of 1.206 billion yuan (up 1.6% year-on-year) and a net profit attributable to shareholders of 502 million yuan (up 2.0%), with a non-recurring net profit of 396 million yuan (down 14.4%) [2] - The first half of 2024 saw high growth with revenue and net profit increasing by 27% and 44% year-on-year, respectively, but the second half is expected to decline by 26% and 54% due to the impact of aortic stent price adjustments [2] Group 2: International Expansion - The company is increasing its efforts in overseas market promotion, achieving market access and promotion for aortic and peripheral products in Europe, Latin America, and Asia-Pacific, with overseas sales revenue exceeding 160 million yuan in 2024, nearly doubling year-on-year [3] - The full acquisition of the UK joint venture Lombard in mid-2024 is expected to enhance cooperation and leverage its professional sales team and established distributor network in Europe, supporting the company's international strategy [3] Group 3: Product Development - The company continues to upgrade its aortic product line, with the new generation Cratos branched thoracic stent approved in March 2025, and ongoing clinical trials for Aegis II abdominal stent and Hector multi-branch thoracic stent, which are expected to maintain strong competitiveness in the aortic field [3] - The company is actively expanding into the peripheral and tumor intervention markets, with a complete product line including venous stents and filters, and ongoing clinical and registration work for new products [4] - In the fifth batch of national procurement in December 2024, the company’s self-developed peripheral venous stents and 3D peripheral arterial stents won bids, indicating potential for rapid market entry and volume growth [4]