Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: Jianhu Medical (剑虎医疗) and Xianjian Technology (先健科技) - **Industry**: Electrophysiology and medical devices, specifically focusing on atrial fibrillation (AF) treatment and catheter ablation technologies Core Insights and Arguments - Jianhu Medical is the only company globally that possesses both electrode-based 3D mapping systems and nanosecond pulsed field ablation (PFA) systems, providing a significant competitive edge in the market [2][3] - The Chinese electrophysiology market is projected to reach 42 billion RMB by 2032, with a compound annual growth rate (CAGR) of 18.5%. The PFA market is expected to grow even faster, with a CAGR of 43.7% [2][3] - The current penetration rate of AF ablation surgeries in China is only 0.6%, significantly lower than the 4% to 9% rates in Europe and the U.S., indicating substantial growth potential in the domestic market [5] - Jianhu Medical's 3D mapping system offers superior accuracy and safety compared to mainstream electromagnetic mapping systems, enhancing surgical success rates [3][5] - The nanosecond PFA technology allows for procedures under local anesthesia, reducing preparation time and complexity, which is advantageous for widespread hospital adoption [2][9] Additional Important Content - The collaboration between Xianjian Technology and Jianhu Medical aims to integrate resources to promote a one-stop treatment approach for AF ablation and left atrial appendage occlusion, enhancing competitive positioning [2][7] - Jianhu Medical's product lineup includes mapping catheters, ablation catheters, and 3D mapping systems, which are crucial for various ablation techniques, including RF ablation, cryoablation, and PFA [6] - The expected approval timeline for Jianhu Medical's products includes the 3D mapping system already approved, with the ablation catheter expected in the first half of 2026 and PFA in the first half of 2025 [12][23] - The domestic market is anticipated to see a significant increase in AF ablation surgery penetration, potentially reaching over 80% for PFA procedures by 2026 [5] - The competitive landscape in the electrophysiology field is shifting towards domestic brands due to policy support and the narrowing gap between domestic and imported products [14] - Jianhu Medical's nanosecond PFA technology is expected to simplify procedures, allowing more physicians to perform AF ablation, thus accelerating market share acquisition [15][16] - Future product approvals and market expansions are planned for regions including Europe, Southeast Asia, and Latin America, enhancing international competitiveness [21] Strategic Considerations - Xianjian Technology is exploring various business models, including potential mergers and acquisitions, to expand its product lines and market presence [15][24] - The company is also focusing on enhancing its sales channels and marketing strategies to support Jianhu Medical's product launches and market penetration [12][13] - The integration of advanced technologies and a strong sales network is expected to drive significant revenue growth in the coming years [22][27]