Core Insights - The company reported a total revenue of RMB 353 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024 [1] - The revenue structure remained stable, with TAVR-related products contributing 45.7% and neurointerventional products contributing 54.3% [1] Financial Summary - TAVR-related product sales increased by 24.0% year-on-year to RMB 162 million, driven by market share growth and a shift towards high-end products [2] - Neurointerventional product sales grew by 12.2% year-on-year to RMB 192 million, supported by deeper market penetration of existing products and the successful launch of the YonFlow stent [2] - The company achieved a significant reduction in operating losses, narrowing by 19.4% to RMB 68.32 million, with core business net losses decreasing by 52.4% to RMB 30.72 million [2] Cost Control and Efficiency - The TAVR business segment achieved its first commercial profit of RMB 29.09 million, with sales and distribution expenses decreasing by 8.3% to RMB 100 million [4] - Research and development expenses for the TAVR segment decreased by 17.2% to RMB 54.2 million, primarily due to the completion of major clinical trials [4] - The management expenses for the TAVR segment increased slightly by 2.8% to RMB 50.98 million, mainly due to depreciation costs of a new headquarters [4] Innovation and Product Development - The company successfully completed one-year clinical follow-ups for three in-development products, showcasing excellent safety and efficacy results [5] - The TAVR product line has expanded to cover over 720 medical institutions in China, with total implantations exceeding 2,050 units, reflecting an 18.8% year-on-year growth [3] - The neurointerventional business segment has entered a mature development phase, with strong performance from the DCwire microguidewire and the newly launched YonFlow stent [10] Market Expansion and Competitive Position - The company has prepared for the market launch of new products, particularly the AR valve TaurusTrio, with plans for commercial synergy to enhance its platform advantages [5] - The neurointerventional segment's profit has continued to grow, with a 42.4% increase to RMB 40.9 million, supported by effective cost control and management strategies [12] - The company aims to maintain its market leadership through innovation-driven strategies and operational efficiency improvements [12]

Core Viewpoint - The company reported an estimated revenue of approximately 350 to 360 million yuan for the first half of 2025, reflecting a year-on-year growth of about 16.2% to 19.5% [1] Revenue Growth Drivers - The primary drivers of revenue growth include an expanded market share in the transcatheter aortic valve replacement (TAVR) market in China and a shift towards higher-end product offerings [1] - Strong performance of key neurointerventional products, including deeper market penetration of existing products and the successful launch of the newly approved YonFlow flow-directed mesh stent [1] TAVR Market Performance - During the reporting period, the company's TAVR product portfolio covered over 720 medical institutions, with a total of more than 2050 TAVR implants, representing a year-on-year increase of approximately 18.8% [1]