Financial Data and Key Metrics Changes - The company reported revenue of $365 million for 2025, reflecting a year-over-year growth of 4.7% driven by international expansion, particularly in APAC, which grew by 26.9% [5][14] - North America revenue decreased by 19.2% year-over-year to $111 million due to macroeconomic challenges and weaker consumer sentiment [14][15] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix [16] - Adjusted net profit increased by 7.9% year-over-year to $31 million, with an adjusted net profit margin of 8.5% [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue and remained flat year-over-year [15] - The injectable business saw significant growth, with revenues reaching $28 million, up 185.6% year-over-year, driven by the success of Profhilo [15][18] Market Data and Key Metrics Changes - International markets, excluding North America, grew by 20.1%, with APAC as the primary growth engine [14] - The company achieved record growth in China and Thailand, contributing significantly to the overall revenue increase [5][14] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to enhance operational efficiency and long-term engagement [3][4] - Plans for 2026 include strengthening the flagship device portfolio and expanding the global energy-based device offering, alongside the introduction of new platforms and applicators [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining a disciplined approach to operational execution [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted the importance of operational discipline and strategic investments [11][49] - The company anticipates a recovery in the U.S. market, contingent on improvements in macroeconomic conditions and geopolitical stability [49][51] Other Important Information - The company is advancing its AI-enabled diagnostics and skincare initiatives, which are expected to enhance patient retention and treatment outcomes [10][18] - A final dividend of HKD 0.095 per share has been proposed for 2025, reflecting the company's commitment to balancing reinvestment and shareholder value [17] Q&A Session Summary Question: Marketing expense ratio trends and future expectations - Management noted proactive measures to reduce sales and marketing expenses while continuing to invest in strategic projects like DAXXIFY in China, aiming for efficiency and profitability [20][21] Question: R&D pipeline and clinical progress - The company plans several product launches in 2026, focusing on hair growth and leveraging existing platforms for new technologies [23][24] Question: Sales strategy for energy-based devices in China - The company aims to maintain its dominant position in China and grow its energy-based devices segment, integrating efforts across different business units [28][30] Question: Commercialization plans for DAXXIFY - The company has a capacity of 100,000 units for DAXXIFY in 2026, targeting high-value clinics and planning to expand its injectable portfolio in China [35][36] Question: Strategic roadmap for 2026 and beyond - The company is focused on creating an ecosystem to enhance value for practitioners and consumers, with a strong emphasis on energy-based devices and hair growth solutions [39][41] Question: Impact of geopolitical issues on business - The company has demonstrated resilience in handling geopolitical challenges, maintaining operational capacity while facing increased shipping costs [60][61]

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $365.3 million, representing a 4.7% year-over-year growth, primarily driven by double-digit international expansion, particularly in APAC, which grew by 26.9% [5][14] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix and new import tariffs [17] - Adjusted net profit for 2025 was $31 million, up 7.9% year-on-year, with an adjusted net profit margin of 8.5%, reflecting disciplined cost management and efficiency gains [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue, essentially flat year-on-year, supported by strong demand for Alma Harmony and Alma Hybrid platforms [14][15] - Injectable revenues reached $28 million, up 185.6% year-on-year, reflecting significant diversification due to Profhilo's momentum and broader adoption by practitioners [15] Market Data and Key Metrics Changes - North America revenue was $111 million, down 19.2% year-on-year, impacted by weakened macroeconomic conditions and softer consumer demand [14] - International markets, excluding North America, grew 20.1%, led by Asia-Pacific, which rose 26.9% year-on-year, serving as the primary growth engine [14] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to adapt to evolving market demands [3][4] - Plans for 2026 include strengthening the flagship device portfolio, expanding the global energy-based device offering, and introducing additional EBD solutions in Thailand [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining operational discipline in North America [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new executive team and their ability to lead the company with a focus on execution, operational discipline, and long-term value creation [4] - The company anticipates a recovery in the U.S. market in 2026, contingent on improvements in macroeconomic conditions and interest rates [49] Other Important Information - The company completed a structured leadership transition and is committed to balancing reinvestment for sustainable growth with shareholder value retention [4][17] - R&D spending was $16.9 million in 2025, reflecting ongoing investments in clinical programs and next-generation products [16] Q&A Session Summary Question: What specific measures are being taken to cut down the sales and marketing expense ratio? - Management indicated that proactive measures were taken to drive efficiency, resulting in reductions in sales and marketing expenses while still investing in strategic projects like DAXXIFY [20][21] Question: Can you provide an update on the company's R&D pipeline and expected clinical progress? - The company plans several launches in 2026, particularly in the hair growth segment, and is also assessing additional products for future opportunities [24][25] Question: What is the sales strategy for energy-based devices in China for 2026? - The company aims to maintain its dominant position in China and leverage synergies across different business segments to drive growth [28][29] Question: What are the plans for the commercialization of DAXXIFY this year? - The company has a capacity of 100,000 units for DAXXIFY and plans to target high-value clinics initially, with positive feedback received so far [34][35] Question: What is the strategic roadmap for 2026 and key growth drivers? - The strategy focuses on creating an ecosystem to provide more value to practitioners and enhance brand strength, with a strong emphasis on energy-based devices and hair growth solutions [38][40] Question: What are the underlying reasons for the softness in the U.S. segment and the potential for recovery? - Management noted that the decline was primarily due to macroeconomic conditions, but they are optimistic about recovery in 2026 with improved economic indicators [46][49] Question: What is the progress on AI-enabled products and the impact of geopolitical issues? - The company is leveraging partnerships for AI technologies and has maintained operational capacity despite geopolitical challenges, although there are impacts on shipping costs [56][58]

Disclaimer Sisram Medical 2025 Annual Earnings Presentation Stock Code: 1696.HK 2 2025 Snapshot Revenue US$ 365.3 M +4.7% YoY Revenue from APAC Revenue from Injectables US$ 147.4M +185.6 % YoY +26.9% YoY US$ 28.0 M International Markets (Excl. NA) US$ 254.3 M +20.1% YoY Gross Profit Margin 58.9 % - 3.2 p.p. YoY Adjusted Net Profit Margin 8.5 % +0.3 p.p. YoY 1 3 Global Expansion at A Glance Reinforcing our leadership across core and emerging markets, as we continue to scale globally with focus and agility Di ...

Core Insights - Sisram Medical reported solid growth in 2025, driven by strong performance in international markets and an accelerating injectables business [1] - The company achieved a revenue of US$365.3 million, marking a 4.7% year-on-year increase, with injectables revenue soaring by 185.6% to US$28.0 million [6] - The company is focusing on building an integrated medical aesthetics ecosystem, enhancing its product offerings and expanding its market presence [8][9] Financial Highlights - Revenue for the year ended December 31, 2025, was US$365.3 million, a 4.7% increase year-on-year [6] - Injectables revenue reached US$28.0 million, reflecting a significant increase of 185.6% year-on-year [6] - Gross profit margin decreased to 58.9% from 62.1% in 2024, while net profit decreased by 13.1% to US$25.0 million [6] Key Achievements - The energy-based device (EBD) portfolio reinforced Sisram's leadership in the global aesthetics market, with Alma Harmony receiving multiple awards [4] - DAXXIFY achieved regulatory approval and initial clinical applications in China, with over 10,000 units shipped [5] - The company launched Universkin by Alma, an AI-powered personalized skincare platform, enhancing its service offerings [7] Market Expansion - International markets (excluding North America) grew by 20.1% year-on-year, with APAC revenue increasing by 26.9% to US$147.4 million [6] - Revenue in Europe and the Middle East and Africa was US$56.4 million and US$36.4 million, representing increases of 11.7% and 5.3% year-on-year, respectively [6] - North America revenue decreased by 19.2% to US$111.0 million [6] Strategic Outlook - Sisram plans to establish a manufacturing facility in China to support regional R&D and production [8] - The company aims to prioritize the commercialization of DAXXIFY in mainland China and advance regulatory approvals for additional injectables [9] - Sisram will explore strategic M&A opportunities to enhance its ecosystem and innovation capabilities [9]

Core Viewpoint - The company has shown strong growth in new orders for its energy source equipment, particularly in the Asia-Pacific region, leading to double-digit year-on-year revenue growth in the third quarter of 2025 [1][2]. Group 1: Energy Source Equipment - The demand for energy source equipment in the Asia-Pacific market is robust, with new orders in Q3 showing double-digit growth [1]. - The company's energy source equipment revenue faced challenges in the first half of the year due to high interest rates and weak consumer demand in North America, but there has been a noticeable recovery in Q3 [2]. - The flagship energy source device, Alma Harmony, has received a strong market response since its global launch in March 2025, contributing to increased order volumes [2]. Group 2: Injection Fillers - The injection filler business experienced a significant growth of 218% in the first half of the year, demonstrating strong product capability and effective channel management [3]. - The company plans to enhance the promotion of Profhilo in Thailand and expand the sales of Revanesse in the UK, German-speaking regions, Australia, and New Zealand [3]. - The long-acting botulinum toxin product, DaxibotulinumtoxinA (达希斐), is set to be launched in China following approval in September 2024, which is expected to inject new growth momentum into the injection filler business [3][4]. Group 3: Market Potential - The penetration rate of botulinum toxin in China is currently below the global average, indicating significant growth potential as consumer awareness increases [3]. - The market structure differences between China and other countries highlight the potential for increased usage of botulinum toxin in the Chinese market, which is currently underdeveloped compared to hyaluronic acid [3]. - The company’s DaxibotulinumtoxinA product has shown rapid revenue growth since its approval in the U.S., with a 32% increase in revenue for the first three quarters of 2024, primarily driven by repeat purchases [4]. Group 4: Financial Projections - The company expects revenue to reach $382 million, $442 million, and $510 million for the years 2025, 2026, and 2027, respectively, with net profits projected at $29 million, $36 million, and $45 million [4]. - The earnings per share (EPS) are forecasted to be $0.06, $0.08, and $0.10 for the same years, indicating a favorable growth trajectory [4].

Investment Rating - The report assigns a rating of "Buy" to the company [4]. Core Insights - The company has demonstrated strong growth in new orders for Q3 2025, primarily driven by performance in the Chinese, Korean, and Thai markets. The flagship multi-functional device, Alma Harmony, has shown robust growth, contributing to a double-digit year-on-year increase in unaudited revenue for the quarter [1][2]. - The injection filling business has seen a remarkable growth of 218% in the first half of 2025, showcasing strong product capability and channel layout. The long-acting botulinum toxin, DaxibotulinumtoxinA (DAXXIFY), is progressing smoothly towards its expected launch in China [3][19]. - The penetration rate of botulinum toxin in the Chinese market remains below the global average, indicating significant growth potential. The company is well-positioned to capitalize on this opportunity with its DAXXIFY product, which has already seen rapid revenue growth in the U.S. market [4][29]. Summary by Sections Energy Source Equipment - The demand for energy source equipment in the Asia-Pacific market is strong, with new orders showing double-digit growth in Q3. The company’s energy source equipment business has rebounded significantly in Q3 2025 after facing challenges earlier in the year due to high interest rates and geopolitical tensions affecting North America [2][13]. - The flagship device, Alma Harmony, launched globally in March 2025, has received a strong market response, further boosting order volumes. The Soprano series laser devices have also performed well, particularly after the successful launch of "Titan Lift" in China [2][13]. Injection Filling - The injection filling business, particularly the hyaluronic acid products, has shown strong growth, with the company planning to enhance the promotion of Profhilo in Thailand and expand Revanesse sales in the UK, German-speaking regions, Australia, and New Zealand [3][19]. - The anticipated approval and launch of DAXXIFY in September 2024 is expected to inject new growth momentum into the injection filling business [3][19]. Botulinum Toxin - The Chinese botulinum toxin market is projected to grow steadily, with an expected market size of 14.3 billion yuan by 2025, reflecting a CAGR of 26% from 2019 to 2025. The current penetration rate of botulinum toxin in China is significantly lower than the global average, indicating ample room for growth [20][25]. - The company’s DAXXIFY product, which utilizes proprietary peptide exchange technology, is expected to achieve rapid market penetration in China due to its long-lasting effects and high safety profile [29][25]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of $382 million, $442 million, and $510 million for 2025, 2026, and 2027, respectively, with corresponding net profits of $29 million, $36 million, and $45 million. The earnings per share (EPS) are expected to be $0.06, $0.08, and $0.10 for the same years [8][36]. - The report emphasizes that the energy source equipment business is expected to stabilize and recover, while the injection filling business is likely to see significant contributions from the upcoming DAXXIFY launch [8][35].

Core Viewpoint - Foryou Medical Technology (01696) reported strong growth in new orders for Q3 2025, driven by performance in China, South Korea, and Thailand markets [1] Group 1: Financial Performance - The company achieved a double-digit year-on-year growth in unaudited revenue for the quarter [1] Group 2: Product Development and Market Expansion - The flagship multi-functional device, Alma Harmony, experienced steady growth during the quarter [1] - The company plans to enhance the penetration of the Soprano series in the Asia-Pacific region within the year [1] - There is a commitment to advance the commercial deployment of Universkin by Alma in the U.S. market [1] - The company is on track to orderly progress the commercialization of Daxif in mainland China [1]

Core Viewpoint - Foryou Medical Technology (01696) reported strong growth in new orders for Q3 2025, driven by performance in China, South Korea, and Thailand markets [1] Group 1: Financial Performance - The company achieved double-digit year-on-year growth in unaudited revenue for the quarter [1] Group 2: Product Development and Market Expansion - The flagship multi-functional device, Alma Harmony, experienced steady growth during the quarter [1] - The company plans to enhance the penetration of the Soprano series in the Asia-Pacific region within the year [1] - There is a commitment to advance the commercial deployment of Universkin by Alma in the U.S. market [1] - The company is on track to orderly progress the commercialization of Daxif in mainland China [1]

Core Viewpoint - Furuya Medical Technology (01696.HK) reported strong growth in new orders for Q3 2025, driven by performance in China, South Korea, and Thailand markets [1] Group 1: Financial Performance - The company achieved a double-digit year-on-year growth in unaudited revenue for the quarter [1] Group 2: Product Development and Market Expansion - The flagship multi-functional device, Alma Harmony, experienced steady growth during the quarter [1] - The company plans to enhance the penetration of the Soprano series in the Asia-Pacific region within the year [1] - There is a commitment to advance the commercial deployment of Universkin by Alma in the U.S. market [1] - The company is on track to orderly progress the commercialization of Daxif in mainland China [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 自願公告 業務更新 本公告由復銳醫療科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願 發佈，以通知本公司股東及潛在投資者有關本集團的最新業務狀況。 本公司欣然宣布，本集團於二零二五年第三季度的新訂單保持強勁增長勢頭，主 要得益於中國、韓國及泰國市場的表現。旗下多功能旗艦設備Alma Harmony於 本季度實現穩健增長。因此，本集團本季度未經審核收益實現同比雙位數增長。 憑藉持續的市場開拓和需求挖掘，本集團將於年內進一步推動Soprano系列在亞 太地區的滲透，全力推進Universkin by Alma在美國市場的商業部署。同時，按計 劃有序推進達希斐在中國大陸的商業化進程。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 本公告乃根據本公司董事會初步審閱本集團的未經審核營運數據初稿及董事會現 ...