Core Viewpoint - Guichuang Tongqiao Medical Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in neurovascular and peripheral vascular intervention businesses [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 482 million yuan, a year-on-year increase of 31.7% [1] - Net profit exceeded 121 million yuan, representing a substantial growth of 76.0%, with a net profit margin of 25.1% [1] - The company improved operational efficiency, with R&D, sales, and management expense ratios decreasing by 7 percentage points compared to the same period last year [1] Group 2: Business Segments - Neurovascular intervention business generated approximately 304 million yuan in revenue, up 25.0% year-on-year [1] - Peripheral vascular intervention business achieved revenue of about 176 million yuan, marking a 46.2% increase [1] - The company has established a wide distribution network covering over 3,000 hospitals, with over 1 million clinical uses of its products since commercialization [2] Group 3: Product Development and Innovation - The company launched several innovative products, including the ZYLOX Eagle thrombectomy system and the Tongqiao Shun sealing balloon hemostatic device, enhancing its product portfolio [3] - As of the announcement date, the company has established a pipeline of 73 products, with 50 products approved by NMPA [3] - The ZYLOX Mammoth large-bore thrombectomy catheter is the only 12F-18F large-bore catheter in China, offering innovative treatment solutions for deep vein thrombosis patients [3] Group 4: International Expansion - The company is expanding its international business, with products covering seven of the top ten global markets, including France, Germany, and Italy [4] - In emerging markets, the ZYLOX Unicorn vascular suturing system was approved in Indonesia, marking the company's first product launch in Southeast Asia [4] - The company is actively participating in international academic conferences to enhance brand recognition and has gained support from renowned overseas hospital groups [4]

Core Viewpoint - Guichuang Tongqiao Medical Technology Co., Ltd. has successfully removed the "B" mark from its stock code, becoming the first 18A high-value consumable medical device company in Hong Kong to achieve this milestone, indicating its growth and profitability recognition by the capital market [3][4]. Financial Performance - In 2024, Guichuang Tongqiao achieved a revenue of 780 million RMB, representing a year-on-year growth of 48.3% [4][8]. - The net profit for the year surpassed 100 million RMB, marking the company's first annual profit [4][8]. - The gross profit margin was recorded at 71.6%, slightly down from the previous year due to price reductions from centralized procurement and proactive pricing strategies to gain market share [8]. - The net cash flow from operating activities reached 174 million RMB, an increase of 76.83% year-on-year [8]. Product Development and Market Position - The company has continuously invested in R&D, leading to successful bids for core products in multiple provincial and national procurement rounds in 2024 [4]. - Key products include the Tongqiao Silver Snake intracranial support catheter and ZYLOX Penguin iliac vein stent, which have gained significant market traction [4][9]. - Guichuang Tongqiao focuses on peripheral vascular intervention and neurointervention consumables, with leading products in the treatment of lower limb artery occlusive disease and deep vein thrombosis [9]. Industry Landscape - The 18A high-value consumables sector in Hong Kong has become increasingly competitive since the first listing of a medical device company under this category in December 2019 [7]. - Companies like Xianruida Medical and Peijia Medical are also emerging in this space, focusing on differentiated competition in peripheral vascular, neurointervention, and heart valve segments [7][9]. - The market is characterized by rapid technological advancements and commercialization efforts, with several companies achieving profitability and significant revenue growth [7][9]. Company Overview - Established in 2012, Guichuang Tongqiao specializes in the R&D, production, and sales of neurovascular and peripheral vascular intervention medical devices [10]. - The company aims to provide high-quality and affordable treatment solutions for cardiovascular disease patients through innovative medical device products [10]. - As of now, Guichuang Tongqiao has developed a product pipeline of 66 items, with 47 products approved for market release by NMPA, and its marketing network covers over 3,000 hospitals in China [10].

2021年，归创通桥以18A上市规则在香港联交所上市。此后，公司加快产品管线布局及商业化拓展，并 积极把握集采机遇，推动营收规模增长及运营效率提升，实现规模化盈利。2024年，归创通桥实现营业 收入7.8亿元，同比增长48.3%；净利润突破1亿元，首度实现全年盈利。此次"摘B"，归创通桥成为港股 首家成功"摘B"的18A高值耗材医疗器械公司。 截至目前，归创通桥已建立66款产品管线，其中47款产品已在中国获批上市，营销网络已覆盖国内超过 3000家医院。在2024年举行的多轮省级及国家集采中，公司通桥银蛇颅内支持导管、ZYLOXPenguin静 至®髂静脉支架、通桥麒麟血流导向密网支架等核心产品均成功中标。"出海"方面，2024年，归创通桥 海外业务实现营业收入2258万元，近四年复合增长率为87%。公司已有20款产品在24个国家及地区实现 商业化，覆盖德国、意大利、阿根廷、巴西、阿联酋等欧洲、南美及中东国家及地区。 归创通桥董事长兼首席执行官赵中博士表示："此次成功'摘B'对公司具有里程碑意义。我们将继续秉 持"为生命、恒创新"的理念，充分发挥产品创新和高效运营方面的综合竞争优势，在行业重塑阶段实现 长期稳 ...

Core Viewpoint - The medical health industry faces significant uncertainties in 2024, yet outstanding companies like Guichuang Tongqiao have emerged successfully, achieving over 100 million yuan in net profit and turning profitable for the first time, demonstrating resilience in a challenging environment [1][24]. Company Performance - Guichuang Tongqiao reported a revenue of 782 million yuan in 2024, a substantial increase of 48.3% year-on-year, with a compound annual growth rate (CAGR) of 64% from 2021 to 2024 [9][12]. - The company achieved a net profit of 100.3 million yuan in 2024, marking its first annual profit, with a significant year-on-year growth of 1,663% when adjusted for non-IFRS measures [12][13]. - The revenue from neurovascular intervention products reached 529 million yuan, accounting for 67.7% of total revenue, with a year-on-year growth of 38.4% [9][12]. - The revenue from peripheral vascular intervention products surged by 74.5% to 252 million yuan, representing 32.3% of total revenue [9][12]. Market Dynamics - The high-value medical consumables market in China has grown from 104.6 billion yuan in 2018 to 156.1 billion yuan in 2023, with vascular intervention being the largest segment at 55.9 billion yuan in 2023, showing a year-on-year growth of 13.77% [4][5]. - The penetration rate of vascular intervention products in China remains low compared to developed countries, indicating significant growth potential in this segment [7][20]. Competitive Landscape - Guichuang Tongqiao has successfully navigated the challenges posed by centralized procurement policies, achieving rapid growth through effective product quality and sales capabilities [15][20]. - The company has participated in multiple rounds of centralized procurement, with 36 out of 47 approved products successfully selected [15][16]. - The competitive landscape is shifting towards a focus on innovation and operational efficiency, with leading players needing to excel in procurement, operational excellence, and continuous innovation [7][24]. International Expansion - Guichuang Tongqiao has expanded its overseas business, generating 22.58 million yuan in 2024, a year-on-year increase of 58.2%, with a CAGR of 87% over the past four years [20][21]. - The company plans to introduce 14 new products in 2025, targeting 11 countries and regions, with expectations of doubling overseas revenue by 2025 [21][22]. Future Outlook - The company is positioned for sustainable growth with a robust product pipeline, having received approvals for over 40 products since 2021, and plans for 17 additional products to be launched between 2025 and 2027 [22][23]. - Guichuang Tongqiao's valuation is expected to recover significantly, with potential inclusion in major stock indices, which could attract substantial capital inflows [25][26].