根据公告，公司副总裁、首席财务官、首席运营官兼联席公司董秘张涵总作为认购方已与公司签订认购 协议，通过自有资金以每股45.00 港元的价格认购公司特别发行的100 万股内资股。该交易还需要通过 股东大会授权董事会处理相关事宜，并修订公司章程细则。预计交易完成之后，张涵总持股比例达到 2.54%，同时可为公司带来约4325 万港元（约3926 万元）的净现金，进一步增厚公司的流动现金储 备，该笔现金预计在2028 年底前全部使用，用于在医疗器械行业的投资/并购，有望扩大公司产品组 合，助力公司长期可持续增长。 2025 年12 月12 日，公司公告拟折价1.10%向张涵配售100 万股内资股，净筹4325 万港元 根据公告，董事会决议建议根据特别授权发行认购股份，公司副总裁、首席财务官、首席运营官兼联席 公司董秘张涵作为认购方已与公司签订认购协议。根据协议，公司有条件同意定向发行100万股内资 股，认购价为45.00 港元，较认购协议签订日期前的交易日联交所所报每股H 股收盘价（即45.50 港元） 折价约1.10%。 简评 高管增持彰显信心，目前公司已经启动A 股IPO 计划 机构：中信建投证券 研究员：袁清 ...

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its intracranial aneurysm embolization assistive stent by the National Medical Products Administration (NMPA) [1] Group 1: Product Approval and Features - The Tongqiao Feilong intracranial aneurysm embolization assistive stent has received NMPA approval for market launch [1] - This stent is designed to be used in conjunction with embolization coils, specifically targeting the treatment of intracranial neurovascular diseases, providing a new and efficient clinical solution [1] - Compared to similar products on the market, the Tongqiao Feilong stent offers better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] Group 2: Market Impact and Company Strategy - CITIC Securities (601066) highlights that the stent utilizes DFT material weaving technology, which allows for clear visibility throughout the procedure, aiding doctors in precise operational control [1] - The approval of the embolization assistive stent is expected to strengthen the company's product pipeline in the neurointerventional field, enhancing its overall solution offerings [1] - This development is anticipated to help the company increase its market share and maintain rapid growth in performance [1]

Core Viewpoint - The company is a leading player in the domestic and international neurointervention and peripheral intervention sectors, with a rich product pipeline and several innovative products expected to be approved soon, benefiting from accelerated procurement and import substitution, leading to rapid growth in its internal business. The company is projected to turn profitable for the first time in 2024, with continuous improvement in management efficiency and sales scale expected to enhance profitability [1][4]. Event - Recently, the company's intracranial aneurysm embolization assist stent received approval for market launch from the National Medical Products Administration (NMPA) [1]. Summary of Product Developments - The approval of the embolization assist stent strengthens the company's neurointervention product pipeline, providing a new efficient solution for treating intracranial vascular diseases. The stent utilizes DFT material weaving technology for enhanced visibility and safety during procedures, with a comprehensive range of models to meet various clinical needs [1][3]. Growth Outlook - By 2026, both the neurointervention and peripheral intervention businesses are expected to maintain rapid growth, driven by increased procurement, import substitution, and new product launches. The overseas market is also projected to see significant growth, with an average annual compound growth rate of 87% from 2021 to 2024, continuing into 2025 and 2026 [2][4]. Financial Position - As of the first half of 2025, the company has substantial cash reserves of 2.53 billion yuan, which will support increased investment in product research and academic promotion, as well as potential mergers and acquisitions to solidify its leading position in the industry [2][4]. Product Pipeline - As of August 2025, the company has established a product pipeline of 73 items, with 50 approved by NMPA and several others receiving certifications in various countries. Key products expected to be commercialized soon include a large lumen peripheral thrombectomy catheter and an OCT-guided peripheral plaque directional cutting system [3][4]. Market Dynamics - The neurointervention and peripheral intervention markets have significant growth potential due to low domestic penetration rates and opportunities for import substitution. The company is well-positioned to leverage its experience in centralized procurement to accelerate domestic replacement and maintain rapid growth in its internal business [4][5].