业绩显著改善主要由三大因素推动：一是多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向装 置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管及Swan静脉腔内射频闭合导管；二是国际销售 同比增长超过100%；三是相对稳定的毛利率加上持续提升的运营效率。 近日，归创通桥发布公告称，预计截至2025年公司权益持有人应占溢利净额将超过2.4亿元，较截至 2024年12月31日止年度的1亿元同比增长约139.4%。同时，集团收入预期将超过10.5亿元，较截至2024 年12月31日止年度的7.8亿元同比增加约34.6%。 ...

业绩显著改善主要由于三大因素推动：1)多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向装 置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFree DCB)及Swan静脉腔内射频闭合导 管;2)由于我们成功于多个地区拓展市场，国际销售同比增长超过100%;及3)相对稳定的毛利率，加上持 续提升的营运效率。 归创通桥(02190)发布公告，截至2025年12月31日止年度(报告期间)的本公司权益持有人应占溢利净额预 期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1.003亿元同比增长约139.4%;及报告期 间的本集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民币7.8亿元同比增加约 34.6%。 ...

业绩显著改善主要由于三大因素推动： 1) 多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向 装置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFree DCB)及Swan静脉腔内射频闭合导 管; 2) 由于我们成功于多个地区拓展市场，国际销售同比增长超过100%;及 3) 相对稳定的毛利率，加上 持续提升的营运效率。 智通财经APP讯，归创通桥(02190)发布公告，截至2025年12月31日止年度(报告期间)的本公司权益持有 人应占溢利净额预期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1.003亿元同比增长 约 139.4%;及报告期间的本集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民 币7.8亿元同比增加约34.6%。 ...

格隆汇1月29日丨归创通桥(02190.HK)公告，基于按照国际财务报告准则对集团截至2025年12月31日止 年度(「报告期间」)未经审核综合管理账目的初步审阅，业绩预期如下：1)报告期间的公司权益持有人 应占溢利净额预期将超过人民币2.4亿元，较截至2024年12月31日止年度的人民币1亿元同比增长约 139.4%；及2)报告期间的集团收入预期将超过人民币10.5亿元，较截至2024年12月31日止年度的人民币 7.8亿元同比增加约34.6%。 业绩显着改善主要由于三大因素推动：1)多款旗舰产品的国内销售持续强劲增长，包括麒麟血流导向装 置、神经血管导丝、UltraFree药物洗脱PTA球囊扩张导管(UltraFreeDCB)及Swan静脉腔内射频闭合导 管；2)由于我们成功于多个地区拓展市场，国际销售同比增长超过100%；及3)相对稳定的毛利率，加上 持续提升的营运效率。 ...

Core Insights - The company is a leader in the domestic neuro and peripheral vascular interventional medical device sector, with high research and development efficiency and a diverse product line [1] - The company has achieved significant international expansion, with notable revenue growth from overseas markets [1] - The company has experienced rapid revenue growth and is benefiting from a more favorable procurement policy [1] Group 1: Product Development and Innovation - The company has a total of 73 products, with 51 commercialized in China, 8 receiving EU CE certification, and 5 approved in the UAE, along with registrations in over 23 countries/regions [1] - The company has successfully launched several innovative products through its independent R&D platform, including the Qilin blood flow guiding device and OCT-guided peripheral vascular plaque directional cutting guiding catheter series [1] Group 2: International Expansion - In the first half of 2025, the company's international market revenue reached RMB 15.7 million, representing a year-on-year growth of 36.9% [1] - The company has commercialized 22 products in 27 countries/regions and entered 7 of the top 10 global markets, with over 31 products currently under registration in 23 countries/regions [1] - The company is focusing on emerging markets in South America, Pan-Asia, and the Middle East, establishing strategic partnerships with over 60 global partners [1] Group 3: Financial Performance - For the first half of 2025, the company achieved total revenue of RMB 482 million, a year-on-year increase of 31.69%, with a pre-tax profit of RMB 121 million, also up 76% [1] - The net profit for the same period was RMB 121 million, reflecting a 76% year-on-year growth [1] - Revenue growth is primarily driven by strong sales performance in neurovascular and peripheral vascular interventional devices, with neurovascular product sales reaching RMB 304 million, accounting for 63.3% of total revenue, and peripheral vascular product revenue at RMB 176 million, making up 36.7% [1]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 28.35 per share, indicating a potential upside of 26% from the current price of HKD 22.50 [5][15]. Core Insights - The company is a leader in the domestic neurovascular and peripheral vascular interventional medical device sector, demonstrating high research and development efficiency with a diverse product line of 73 items, of which 51 are commercialized in China [4][7]. - The company has achieved significant international expansion, with revenue from international markets reaching RMB 15.7 million in the first half of 2025, a year-on-year increase of 36.9% [3][9]. - The company reported a total operating revenue of RMB 482 million for the first half of 2025, representing a year-on-year growth of 31.69%, driven by strong sales in neurovascular and peripheral vascular interventional devices [4][12]. Summary by Sections Investment Highlights - The company has a robust R&D platform that has successfully launched several innovative products, including the Qilin blood flow guiding device and OCT-guided peripheral vascular plaque directional cutting guiding catheter series [4][7]. - The company is actively expanding its international presence, with 22 products commercialized in 27 countries and entering 7 of the top 10 global markets [3][9]. - The company’s revenue growth is supported by the strong performance of its neurovascular and peripheral vascular interventional devices, with neurovascular product sales reaching RMB 304 million, accounting for 63.3% of total revenue [4][12]. Financial Projections - Revenue projections for 2025-2027 are RMB 1.056 billion, RMB 1.377 billion, and RMB 1.797 billion, respectively, with net profits expected to be RMB 223 million, RMB 309 million, and RMB 389 million [5][15]. - The company’s net profit margin is projected to improve significantly, with a forecasted net profit growth of 122.5% in 2025 and 38.6% in 2026 [6][15]. Market Position - The company is well-positioned in the market due to its competitive advantages in domestic substitution and continuous investment in R&D [5][15]. - The optimization of centralized procurement policies by the healthcare authority is expected to further enhance the company's future performance [4][12].

Core Viewpoint - Guichuang Tongqiao (02190) reported significant growth in its interim results for the six months ending June 30, 2025, with revenue reaching 482 million RMB, a year-on-year increase of 31.69% [1] Financial Performance - Revenue for the period was 482 million RMB, up 31.69% year-on-year [1] - Gross profit amounted to 343 million RMB, reflecting a 31.5% increase compared to the previous year [1] - Shareholder profit attributable to the company was 121 million RMB, marking a substantial increase of 76% year-on-year [1] - Basic earnings per share were reported at 0.38 RMB [1] Business Segmentation - 63.3% of the company's revenue came from neurovascular intervention products, while 36.7% was derived from peripheral vascular intervention products [1] - The significant revenue growth was primarily driven by the rapid sales increase in both neurovascular and peripheral vascular intervention devices [1] Product Performance - Sales revenue from neurovascular intervention products increased by 25.0% in the first half of 2025 compared to the first half of 2024 [1] - Major contributors to this growth included the Silver Snake intracranial intermediate catheter series, Phoenix intracranial aneurysm embolization coils, and neurovascular guidewires [1] - The company launched newer products like the Qilin blood flow guiding device following large-scale centralized procurement in hospitals, enhancing product penetration across various hospital levels [1]

Core Viewpoint - Guichuang Tongqiao (02190) reported significant growth in its interim results for the six months ending June 30, 2025, with revenue reaching 482 million RMB, a year-on-year increase of 31.69% [1] Financial Performance - Revenue for the period was 482 million RMB, up 31.69% year-on-year [1] - Gross profit amounted to 343 million RMB, reflecting a 31.5% increase compared to the previous year [1] - Shareholder profit attributable to the company was 121 million RMB, marking a substantial increase of 76% year-on-year [1] - Basic earnings per share were reported at 0.38 RMB [1] Business Segmentation - 63.3% of the company's revenue came from neurovascular intervention products, while 36.7% was derived from peripheral vascular intervention products [1] - The significant revenue growth was primarily driven by the high sales growth in both neurovascular and peripheral vascular intervention device segments [1] Product Performance - Sales revenue from neurovascular intervention products increased by 25.0% in the first half of 2025 compared to the first half of 2024 [1] - Major contributors to this growth included the Silver Snake intracranial intermediate catheter series, Phoenix intracranial aneurysm embolization coils, and neurovascular guidewires [1] - The company launched newer products like the Qilin blood flow guiding device nationwide following large-scale centralized procurement by hospitals, alongside efforts to enhance product penetration across various hospital levels [1]

Group 1 - The company reported a revenue of 482 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 31.69% [1] - Gross profit reached 343 million RMB, with a year-on-year increase of 31.5% [1] - Shareholders' profit attributable to the company was 121 million RMB, marking a significant year-on-year increase of 76% [1] - Basic earnings per share were 0.38 RMB [1] Group 2 - 63.3% of the company's revenue came from neurovascular intervention products, while 36.7% was from peripheral vascular intervention products [1] - The significant revenue growth was primarily driven by the rapid sales increase in neurovascular and peripheral vascular intervention devices [1] - Neurovascular intervention product sales increased by 25.0% in the first half of 2025 compared to the same period in 2024, attributed to the strong performance of key mature products and the introduction of newer products [1] Group 3 - The company has launched 50 products in the Chinese market, solidifying its leading position in the neurovascular and peripheral vascular intervention medical device industry [2] - Since the launch of a major product at the end of 2020, the company has established a broad distribution network covering over 3,000 hospitals and clinical use of over 1 million medical devices [2] - The company's professional sales and marketing team has built strong trust with doctors, enhancing clinical recognition and effectively translating strong R&D capabilities into commercial success [2]

Financial Performance - The company reported a revenue of 482 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 31.69% [1] - Gross profit reached 343 million RMB, up 31.5% year-on-year [1] - Shareholder profit attributable to the company was 121 million RMB, a significant increase of 76% compared to the previous year [1] - Basic earnings per share were 0.38 RMB [1] Product Segmentation - 63.3% of the company's revenue came from neurovascular intervention products, while 36.7% was from peripheral vascular intervention products [1] - The significant revenue growth was primarily driven by the rapid sales increase in both neurovascular and peripheral vascular intervention devices [1] Sales Growth Drivers - Neurovascular intervention product sales increased by 25.0% in the first half of 2025 compared to the first half of 2024, attributed to several factors: - Substantial revenue growth from key mature products such as the Silver Snake intracranial intermediate catheter series, Phoenix intracranial aneurysm embolization coils, and neurovascular guidewires [1] - Launch of newer products like the Qilin blood flow guiding device following large-scale centralized procurement in hospitals [1] - Ongoing efforts to enhance product penetration across various levels of hospitals [1] Market Position and Distribution - The company has launched 50 products in the Chinese market, solidifying its leading position in the neurovascular and peripheral vascular intervention medical device industry [2] - Since the launch of a major product at the end of 2020, the company has established a broad distribution network covering over 3,000 hospitals, with clinical use of medical devices exceeding 1 million [2] - The company has built strong trust with doctors through its professional sales and marketing teams, effectively translating its robust R&D capabilities into commercial success [2]