Core Insights - Sanxin Medical reported a 15.41% year-on-year increase in revenue for 2024, driven primarily by strong performance in blood purification products [2] - The revenue from blood purification products reached 1.217 billion yuan, representing a 28.20% increase and accounting for 81.11% of total revenue [2] - The company’s proprietary "single-use dialysis catheter" won a bid in the alliance procurement, offering a significant price advantage over imported products, although full replacement of traditional steel needles will take time due to insurance coverage and clinical habits [2] Financial Performance - In Q4 2024, the net profit attributable to the parent company decreased year-on-year, mainly due to a significant reduction in non-recurring gains and losses, which fell by 89.28% to 128.02 thousand yuan compared to 1,194.51 thousand yuan in the same period of 2023 [2] - Excluding this factor, the net profit after deducting non-recurring items was 58.21 million yuan, reflecting a 9.25% year-on-year growth [2] - The gross profit margin increased by 0.44 percentage points year-on-year, while the net profit margin decreased by 0.66 percentage points due to an 18.10% increase in management expenses, a 25.29% rise in R&D expenses, and an increase in asset impairment losses [2] R&D and Market Strategy - Sanxin Medical invested 77.18 million yuan in R&D in 2024, accounting for 5.14% of revenue, with over 30 projects under development [3] - New products such as the domestic "wet membrane" dialyzer and low-calcium dialysis fluid have gained market acceptance, effectively reducing allergic reactions in patients and meeting personalized needs [3] - In response to price pressures from centralized procurement, the company indicated that blood dialysis consumable prices are already at a low level, with limited room for further reductions; future profit maintenance will rely on optimizing pricing systems, expanding procurement volumes, product iteration, and cost control [3]