Financial and Market Performance - In 2024, the company achieved revenue of 2.066 billion yuan (+25.2%) and a net profit attributable to shareholders of 673 million yuan (+26.1%), with a non-recurring net profit of 643 million yuan (+37.3%) [2] - For Q4 2024, the company reported revenue of 541 million yuan (+23.9%) and a net profit of 145 million yuan (+11.0%), with a non-recurring net profit of 135 million yuan (+24.69%) [2] - In Q1 2025, the company generated revenue of 564 million yuan (+23.9%) and a net profit of 183 million yuan (+30.7%), with a non-recurring net profit of 181 million yuan (+32.2%) [2] - The growth in profits for 2024 and Q1 2025 was driven by increased sales volume, enhanced product profitability, and cost control measures [2] Business Segments - In 2024, the electrophysiology business generated revenue of 440 million yuan (+19.7%), while the coronary access segment achieved 1.054 billion yuan (+33.3%), and peripheral intervention revenue was 351 million yuan (+37.1%) [2] - Non-vascular intervention revenue reached 39 million yuan, showing a significant increase of 135.1%, while OEM revenue was 165 million yuan, a decrease of 21.7% [2] - Domestic business overall achieved 1.769 billion yuan (+25.7%), while overseas business revenue was 280 million yuan (+19.6%) [2] Product and Market Expansion - In 2024, the company added over 200 new hospitals for electrophysiology products, covering more than 1,360 hospitals, and completed over 15,000 three-dimensional electrophysiology surgeries, a 50% increase year-on-year [3] - The company maintains a leading market share in the adjustable bend ten-electrode coronary sinus catheter, with an annual usage exceeding 100,000 units [3] - In 2025, the company plans to complete clinical follow-ups for PFA net basket consumables and the ICE project registration, while advancing clinical projects for abdominal aortic stents and coronary peripheral shock wave balloons [3] Profitability Metrics - The gross margin for 2024 was 72.3% (+1.1 percentage points year-on-year), and the net profit margin was 32.6% (+0.2 percentage points year-on-year) [3] - For Q4 2024, the gross margin was 71.3% (+0.3 percentage points year-on-year), while the net profit margin was 26.8% (-3.1 percentage points year-on-year) [3] - In Q1 2025, the gross margin improved to 73.1% (+2.4 percentage points year-on-year), and the net profit margin was 32.5% (+1.7 percentage points year-on-year) [3] Dividend Policy - The company plans to distribute a cash dividend of 17.50 yuan (including tax) for every 10 shares to all shareholders, which accounts for 25.24% of the net profit attributable to shareholders for 2024 [3] Company Overview - Shenzhen Huitai Medical Devices Co., Ltd. is a high-tech enterprise established in 2002, focusing on the research, development, production, and sales of electrophysiology and interventional medical devices [4] - The company is headquartered in Shenzhen and has developed a product line primarily centered on coronary access and cardiac electrophysiology medical devices, with a focus on peripheral vascular and non-vascular interventional medical devices [4] - Huitai Medical emphasizes research and innovation, holding numerous domestic and international medical device registrations and certifications, with products sold in various countries and regions worldwide [4]