Core Viewpoint - The article discusses the recent performance of Xianjian Technology (01302) and the impact of new pricing regulations on the medical device industry in China, particularly focusing on the aortic stent market and the expected recovery in the sector by 2025 [1] Group 1: Company Performance - Xianjian Technology's stock rose over 10%, currently trading at 2.2 HKD with a transaction volume of 214 million HKD [1] - The company is affected by new pricing regulations set by the National Healthcare Security Administration, which aims to reduce excessive markups in the supply chain [1] Group 2: Industry Insights - The price adjustments due to centralized procurement are expected to lead to a decline in the ex-factory prices of related products, impacting the company's revenue and profit in the second half of 2024 [1] - A one-year price adjustment period is anticipated to gradually clear by the second half of 2025, potentially reversing the current challenges faced by the company [1] - Citic Securities predicts that as policies ease and centralized procurement clears, many medical device companies will see performance and valuation recovery [1] - The medical device sector is expected to present increasing investment opportunities, particularly in international markets, with several companies projected to achieve high growth in international business by 2025 [1] - The strong performance of the Hong Kong medical device sector this year is likely to influence the A-share market, highlighting ongoing investment opportunities in both markets [1]

智通财经APP获悉，先健科技(01302)涨超10%，截至发稿，涨9.45%，报2.2港元，成交额2.14亿港元。 华安证券发布研报称，2024年，国家医保局要求12家国内外企业(含公司)重新制定胸主动脉覆膜支架产 品的价格，旨在压缩流通环节的过高加价，实现价格透明化；此外，多省市针对封堵器和腔静脉滤器进 行集采。集采导致的价格调整致公司相关产品出厂价下滑，是造成公司24H2收入及利润同比下滑的主 要原因。预计为期一年的价格调整有望在25H2逐步出清，困境反转。该行表示，看好公司长期深耕血 管介入领域的行业地位和极强产品力，看好国内部分产品困境反转及国际化业务快速增长的潜力。 中信建投表示，随着政策缓和、集采出清、企业战略转型和国际业务拓展，多家医疗器械公司业绩和估 值将迎来修复。展望未来，医疗器械板块中越来越多的投资机会来自国际化，多家企业25年国际业务有 望实现高增长、业务收入占比持续提升，国际业务长期空间大的公司也有望迎来估值重塑。今年以来港 股医疗器械涨幅表现较好，亦有望对A股产生映射，预计A股和港股医疗器械板块的投资机会均将持续 凸显。 ...

Core Viewpoint - The company is a leading player in the structural heart and peripheral intervention high-value consumables sector, with a diversified business model and strategic partnerships aimed at expanding its product offerings and market reach [1][2]. Group 1: Business Overview - The company operates under a "3+N" business layout, which includes three main product lines: structural heart disease, peripheral vascular intervention, and electrophysiology, along with multiple strategic cooperation projects [1]. - For the fiscal year 2024, the company reported a revenue of 1.304 billion yuan, reflecting a year-on-year growth of 2.88%, positioning it among the few high-value consumables firms in China with revenues exceeding 1 billion yuan [1]. - As of December 31, 2024, the company has established a robust patent portfolio with 2,426 patents and has received NMPA approval for 15 products under the "Special Review Procedure for Innovative Medical Devices" [1]. Group 2: Market Dynamics - In 2024, the National Healthcare Security Administration mandated 12 domestic and foreign companies, including the company, to revise the pricing of thoracic aortic stent products to enhance price transparency and reduce excessive markups [2]. - The price adjustments resulting from centralized procurement have led to a decline in the ex-factory prices of the company's related products, impacting revenue and profit in the second half of 2024 [2]. - The company is expected to see a recovery from these pricing challenges by the second half of 2025, as the market stabilizes [2]. Group 3: International Expansion and Product Development - The company has adopted a dual strategy of "innovation" and "internationalization," maintaining a leading market share in its primary products domestically [2]. - By the end of 2024, the company had established seven overseas subsidiaries and obtained 1,059 overseas registrations, with a sales network covering 117 countries and regions [2]. - The company anticipates that several second-generation aortic stent products will receive overseas registration approvals between 2025 and 2026, contributing to international revenue growth [2][3]. Group 4: Product Innovation - The company is pioneering iron-based absorbable stent technology, which addresses significant clinical challenges associated with existing biodegradable stents [3]. - The IBS Angle stent has received regulatory approvals in Malaysia and the EU, while the IBS Titan has been granted compassionate use approval in the U.S. [3]. - The company is progressing with its IBS drug-eluting coronary stent system, with clinical trials completed and applications submitted for NMPA and CE registration, expected to be approved by 2025-2026 [3]. Group 5: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.403 billion, 1.528 billion, and 1.736 billion yuan, representing year-on-year growth rates of 8%, 9%, and 14% respectively [3]. - The net profit attributable to the parent company is projected to reach 316 million, 388 million, and 526 million yuan for the same period, with growth rates of 42%, 23%, and 35% respectively [3].

Core Viewpoint - The company, Xianjian Technology, reported a slight increase in revenue for 2024, but a significant decline in operating profit and net profit attributable to shareholders, indicating challenges in maintaining profitability despite revenue growth [2][3]. Financial Performance - Revenue for 2024 reached approximately RMB 1.304 billion, reflecting a year-on-year growth of about 2.9% [2][3]. - Gross profit was approximately RMB 981.4 million, showing a decrease of 1.4% compared to the previous year [2]. - Operating profit fell sharply by 51.4% to RMB 186.3 million [2]. - Profit before tax increased by 13.3% to RMB 199.0 million [2]. - Net profit attributable to shareholders was approximately RMB 222.4 million, down 15.5% from the previous year [2]. - Basic earnings per share decreased by 15.0% to RMB 0.051 [2]. Business Drivers - Xianjian Technology, established in 1999 and listed in 2011, focuses on the R&D, production, and sales of cardiovascular and peripheral vascular interventional medical devices [4]. - The company has a strong patent portfolio with 2,198 patents and 15 products approved for the "Special Review Procedure for Innovative Medical Devices" by the National Medical Products Administration (NMPA) [4]. Innovation and Market Expansion - R&D investment for 2024 was approximately RMB 303 million, aimed at driving technological innovation and product upgrades [5]. - Overseas sales reached approximately RMB 347 million, marking a year-on-year growth of 26.0%, with significant growth in Asia (excluding mainland China) and Europe [5]. - Domestic sales amounted to approximately RMB 957 million, accounting for 73.4% of total revenue, maintaining a leading market share [5]. Product Segmentation - Structural heart disease business generated sales of approximately RMB 528 million, up 6.4% year-on-year [8]. - Peripheral vascular business contributed approximately RMB 751 million in revenue, an increase of 6.2% [8]. - Cardiac pacing and electrophysiology business achieved sales of approximately RMB 25 million [8].