公告称，考虑到堃博医疗在非血管介入领域的产品线丰富，认购事项可进一步拓展公司在非血管介入领 域的战略布局。 瑛泰医疗(01501)公布，于2025年10月10日(交易时段后)，该公司与堃博医疗订立认购协议，据此，堃博 医疗有条件同意向该公司发行合共91,093,613股认购股份，认购价为每股认购股份3.11港元，总代价为 283,301,136.43港元(不包括交易成本)，惟须受认购协议所载条款及条件规限。 于完成后，该公司将合共持有91,093,613股堃博医疗股份，分别相当于堃博医疗于本公告日期已发行堃 博医疗股份约17.24%(若不计算库存股，则为约17.30%)及因本次发行认购股份而扩大的堃博医疗已发行 堃博医疗股份约14.38%(若不计算库存股，则为约14.42%)，堃博医疗的财务业绩将不会综合计入集团的 账目。 ...

Summary of Huatai Medical Conference Call Company Overview - Huatai Medical has developed four main business segments: electrophysiology, coronary access, peripheral vascular intervention, and non-vascular intervention, covering both devices and consumables, with a notable advantage in electrophysiology through PFA technology [2][3][4] Core Insights and Arguments - The electrophysiology market is expected to grow steadily due to a large patient base suffering from arrhythmias and the introduction of new technologies like PFA. The aging population is likely to increase surgical volumes, although there are concerns regarding medical insurance pressures [2][7][8] - China's penetration rate for cardiac electrophysiology surgeries is significantly lower than that of the U.S., indicating substantial growth potential. Learning from the coronary intervention industry, collective procurement can enhance product accessibility and promote surgical volume growth [2][9] - International consensus is shifting towards prioritizing electrophysiology surgeries as a first-line treatment, which may lead to adjustments in domestic guidelines. Collective procurement and price reductions are expected to improve patient accessibility and increase the supply of medical resources, driving market development [2][11] - The adoption of 3D surgical technology is pushing companies to develop corresponding devices and bind them with consumables. Huatai Medical has significantly improved its 3D device performance with support from Mindray, positioning itself advantageously in the PFA technology sector [2][12] Financial Performance - Huatai Medical's revenue and profit are projected to grow rapidly, with expected revenue of 2.066 billion yuan and a net profit of 673 million yuan in 2024, maintaining an approximate 30% growth rate in the coming years. The gross margins of various business segments are steadily increasing, indicating a positive long-term outlook [3][30] Business Development and History - Established in 2002, Huatai Medical initially focused on electrophysiology and has since expanded into coronary and peripheral interventions. The company went public in 2021 and has seen consistent revenue and profit growth since then [4][30] Market Dynamics - The electrophysiology industry is primarily aimed at treating arrhythmias through catheter ablation or PFA, with a significant patient base of over 27 million in China. This presents a vast development space for the industry [7][8] - The market is expected to grow at a steady rate of 10% to 20% despite pressures from medical insurance, with an estimated surgical volume of around 300,000 procedures currently [8][9] Competitive Landscape - Prior to 2020, the electrophysiology market in China was dominated by foreign companies like Johnson & Johnson and Abbott, holding nearly 80% market share. However, domestic companies like Huatai Medical are gradually gaining ground [15][24] - The collective procurement initiated in 2022 has led to significant price reductions, with average decreases of 30% to 60%, benefiting domestic manufacturers and enhancing their market share [10][22][23] Future Outlook - The electrophysiology industry has a promising future, with significant room for growth compared to domestic coronary surgery penetration rates and surgical volumes in Europe and the U.S. The increasing awareness among patients and improvements in medical supply will further drive surgical volume growth [25][30] - The demand for advanced technologies such as 3D devices and PFA products is expected to rise, with leading companies facing higher technical challenges and market competition [26][27] Strategic Initiatives - Huatai Medical is leveraging collective procurement policies to enhance its capabilities and accelerate growth. The company has successfully replaced foreign brands with domestic products, maintaining steady growth in production and development capabilities [29][30] Conclusion - Huatai Medical is well-positioned for long-term growth in the high-value consumables sector, with a strong focus on innovation and market expansion, particularly in the electrophysiology domain. The company is expected to continue its upward trajectory in revenue and market share, supported by advancements in technology and favorable market conditions [30]

Core Viewpoint - Shenzhen Huatai Medical Devices Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by advancements in its product offerings and market expansion in the medical device sector [6][8]. Company Overview and Financial Indicators - The company achieved a revenue of approximately RMB 1.21 billion, representing a 21.26% increase compared to the same period last year [6]. - The total profit reached approximately RMB 479.34 million, marking a 23.46% increase year-on-year [6]. - The net profit attributable to shareholders was approximately RMB 425.16 million, reflecting a 24.11% increase compared to the previous year [6]. - The company's net assets increased to approximately RMB 2.79 billion, an 11.05% rise from the end of the previous year [6]. Industry Position and Main Business - The company operates in the specialized equipment manufacturing industry, specifically in the medical instruments and devices sector [8]. - The domestic electrophysiology market is gradually closing the gap with foreign brands, with Huatai Medical emerging as a key player alongside established foreign companies like Johnson & Johnson and Abbott [8]. - The company has made significant strides in the atrial fibrillation treatment market, breaking the monopoly of foreign brands with its newly registered magnetic positioning pressure sensing ablation catheter [8][9]. Product Development and Market Expansion - The company has a comprehensive product line in electrophysiology and interventional medical devices, focusing on coronary access and cardiac electrophysiology [8]. - The PFA (Pulsed Field Ablation) technology has gained attention for its effectiveness and safety in treating atrial fibrillation, with over 800 procedures completed using this technology [14]. - The coronary intervention device market is shifting towards domestic brands, with Huatai Medical's products gaining significant market share in areas like microcatheters and contrast kits [8][9]. Research and Development - The company has consistently increased its R&D investment, with expenditures reaching approximately RMB 29.05 million in the first half of 2025, accounting for 12.95% of its revenue [18]. - Recent product registrations include high-density mapping catheters and pressure sensing RF ablation catheters, enhancing the company's competitive edge in the electrophysiology field [18]. Market Strategy and Sales Performance - The company has expanded its market coverage, with a notable increase in the number of hospitals using its coronary products, which grew by over 18% year-on-year [15]. - Huatai Medical has actively engaged in brand-building activities, conducting over 80 promotional events across various provinces, enhancing its market presence [16].

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]