Investment Rating - The report maintains a "Buy" rating for the company with a target price of 119.45 CNY based on DCF valuation method [3][5]. Core Insights - The company reported strong performance in H1 2025, achieving revenue of 250 million CNY, a year-on-year increase of 30.1%, and a net profit attributable to the parent company of 70 million CNY, up 102.9% year-on-year [9]. - The successful launch of the transcatheter aortic valve replacement (TAVR) system in August 2024 has expanded the product line and significantly boosted sales [9]. - The company maintains a high gross margin of 90.5% in Q2 2025, attributed to the introduction of new products and active academic promotion efforts [9]. Financial Performance Summary - Revenue is projected to grow from 371 million CNY in 2023 to 1,136 million CNY in 2027, with a compound annual growth rate (CAGR) of 26.5% [4]. - The net profit attributable to the parent company is expected to increase from 115 million CNY in 2023 to 346 million CNY in 2027, reflecting a CAGR of 29.3% [4]. - The earnings per share (EPS) are forecasted to rise from 0.84 CNY in 2023 to 2.51 CNY in 2027 [4]. Research and Development - The company invested 70 million CNY in R&D in H1 2025, accounting for 30% of revenue, with plans for 12 products to enter the registration review process, marking a record year for product registrations [9]. - Several products, including ocular biological patches and ePTFE pericardial membranes, are currently undergoing registration review, indicating a robust pipeline for future growth [9].

根据2025 中报，我们下调费用率预测，调整公司2025-2027 年每股收益分别为1.43、1.94、2.51（2025- 2027 原预测为1.42、1.89、2.46）元，根据DCF 估值法给予目标价格119.45 元，维持"买入"评级。 风险提示 研发失败导致的风险；产品销售不及预期；带量采购、竞争加剧等导致的价格下滑；瓣膜市占率不及预 期；相关产品注册上市进度不及预期的风险等 TAVR 成功上市，业绩符合预期。25H1 公司实现收入2.5 亿元，同比30.1%；实现归母净利润0.7 亿元， 同比102.9%，剔除股份支付影响，归母净利润同比增长64.7%，表现良好。按产品拆分看，25H1 人工 生物心脏瓣膜产品销售额同比+89.0%，核心产品市场占有率稳居前列。2024 年8 月，公司经导管主动 脉瓣系统（TAVR）成功获批上市，扩充瓣膜产品线，获得市场广泛认可，带动销售额显著增长；且公 司TAVR 产品已获得日本专利授权和印尼海外注册，为出海业务奠定良好基础。 保持高水平毛利率，积极进行学术推广。25Q2 公司实现毛利率90.5%（同比+1.2pct，环比+4.7pct）， 预计系新产品上市所致。 ...

Core Viewpoint - The article highlights the advancements in transcatheter aortic valve replacement (TAVR) technology, particularly focusing on the innovative polymer valve developed by Yixin Medical, which has entered the innovation channel for medical devices in China [1][6][19]. Industry Overview - Aortic valve disease is a common cardiovascular issue, with a significant increase in incidence among the elderly, particularly those over 65 years old [2][4]. - By 2025, it is estimated that there will be approximately 9.3 million patients with aortic stenosis or regurgitation in China, posing a serious public health challenge [4]. - The demand for heart valve replacement surgeries is expected to grow rapidly due to the aging population and the increasing prevalence of heart valve diseases [12]. Product Introduction - Yixin Medical's SIKELIA is the world's first polymer valve TAVR system, which was successfully implanted in a clinical trial in July 2022 [6][8]. - The SIKELIA valve features a unique polymer material that offers advantages such as zero calcification, low coagulation, and high biocompatibility [8][9]. Product Advantages - SIKELIA has an expected lifespan of 20-25 years, significantly longer than traditional biological valves, which last about 10 years [9]. - The design of the valve reduces the risk of perioperative complications, such as conduction block, enhancing the safety of the implantation process [9]. - The valve is fully recoverable during implantation, providing flexibility in case of unexpected events during surgery [9][10]. - The material cost of SIKELIA is only 1/5 to 1/10 of biological valves, allowing for more affordable options for patients [10]. Clinical Trials - A prospective, single-arm, multi-center study involving 12 patients with aortic stenosis has been conducted, with follow-up extending up to 27 months [11]. Market Landscape - The prevalence of heart failure among adults aged 35 and older is 1.3%, with projections indicating that China will have 16.14 million heart failure patients by 2030 [12]. - The global heart valve market is currently dominated by mechanical valves (70% usage), while biological valves have a negligible market share [12]. Competitive Landscape - Yixin Medical is a leading player in the polymer valve market, having completed the first clinical trial of its polymer TAVR system [16]. - Other companies, both domestic and international, are also developing polymer valves, but Yixin Medical holds a competitive edge with its innovative technology [15][19].