中金发布研报称，维持沛嘉医疗-B(09996)2025/26年盈利预测不变，维持跑赢行业评级不变。考虑港股 医药板块整体回暖，以及公司多个新品或将在2025年底至2026年中获批上市，该行上调基于DCF模型 (WACC9.5%，永续增长率1.3%)的目标价25%至10港元，较现价有18%上行空间。公司公布1H25收入 3.53亿元，同比+17.3%，上半年业绩符合该行的预期。 中金主要观点如下： TAVR稳健增长，静待新品上市 1H25TAVR(经导管主动脉瓣置换)收入1.62亿元，同比+25%。终端植入量超2,050台，同比+19.8%。公司 首次实现瓣膜分部商业化盈利0.29亿元，分部研发费用率同比下降16.7ppt至33.5%。截至1H25，TAVR 入院达到720家。该行预计TAVR集采或将在未来1-2年内发生，该行判断：尽管集采会带来阶段性的出 厂价格和渠道库存调整，但或可解决TAVR支付问题，有利于中国市场的快速放量。此外，根据公告， 3个重要在研产品反流TAVR、长效TAVR和二尖瓣夹均已完成注册临床随访。公司预计3产品将在2025 年底至2026年中陆续获批。该行预计反流TAVR或将明显改变中 ...

智通财经APP获悉，中金发布研报称，维持沛嘉医疗-B(09996)2025/26年盈利预测不变，维持跑赢行业 评级不变。考虑港股医药板块整体回暖，以及公司多个新品或将在2025年底至2026年中获批上市，该行 上调基于DCF模型(WACC 9.5%，永续增长率1.3%)的目标价25%至10港元，较现价有18%上行空间。公 司公布1H25收入3.53亿元，同比+17.3%，上半年业绩符合该行的预期。 中金主要观点如下： 1H25 TAVR(经导管主动脉瓣置换)收入1.62亿元，同比+25%。终端植入量超2,050台，同比+19.8%。公 司首次实现瓣膜分部商业化盈利0.29亿元，分部研发费用率同比下降16.7 ppt至33.5%。截至1H25， TAVR入院达到720家。该行预计TAVR集采或将在未来1-2年内发生，该行判断：尽管集采会带来阶段性 的出厂价格和渠道库存调整，但或可解决TAVR支付问题，有利于中国市场的快速放量。此外，根据公 告，3个重要在研产品反流TAVR、长效TAVR和二尖瓣夹均已完成注册临床随访。公司预计3产品将在 2025年底至2026年中陆续获批。该行预计反流TAVR或将明显改变中国市场 ...

沛嘉医疗-B(09996)公布2025年上半年业绩，收入约3.53亿元，同比增长17.3%;毛利2.48亿元，同比增长 13.14%;研发开支约1.16亿元，同比增长15.1%。 公告称，收入可持续的收入增长主要归因于经导管瓣膜治疗业务及神经介入业务均实现强劲销售增长。 神经介入产品在报告期内的销售收入同比增加12.2%至1.92亿元。关键驱动因素包括：(i)现有产品(包括 DCwire微导丝、Tethys AS抽吸导管和Fastunnel输送型球囊扩张导管)市场渗透的深化;及(ii)新获批的 YonFlow血流导向密网支架的成功上市。 报告期内，于2024年商业推出的DCwire微导丝凭借卓越的产品性能显著扩大了市场份额，收入同比增 长近140%。2024年7月，公司正式提交其510(k)申请至美国FDA并获受理，预计将于2025年底前获批， 以进军海外市场。同时，YonFlow血流导向密网支架(独家经销)于2025年4月获得国家药监局注册批准。 公司的营销和销售团队立即响应，加速市场推广和采购挂网工作，于2025年6月实现了首例商业植入。 截至本公告日期，公司已完成YonFlow在超过20个省份的采购挂网 ...

Core Insights - The article highlights the significant advancements and market position of Jiangsu Suzhou-based company, Peijia Medical, particularly its subsidiary, Gaki Bio, in the neuro-interventional medical device sector [1][2][3] Group 1: Company Overview - Gaki Bio, established in 2006, has developed China's first commercialized spring coil and offers a comprehensive range of products addressing hemorrhagic, ischemic, and access solutions [1] - The company is expected to break even in 2024, marking an 18-year journey from obscurity to industry leadership [1] Group 2: Product Development and Market Strategy - The Syphonet thrombectomy stent, launched in February 2022, quickly became the market leader among domestic products, showcasing Gaki Bio's effective research and development strategy [2] - Gaki Bio's approach involves launching a complete suite of products simultaneously to address all surgical needs, enhancing the usability and effectiveness of their devices [2] - The Fastunnel delivery balloon catheter, approved in May 2022, features an integrated design that simplifies complex procedures, reducing the number of steps required in surgeries [3][4] Group 3: Innovation and Clinical Needs - Gaki Bio has developed 16 products that have received approval for sale, with plans to submit 5 to 6 additional registration applications this year, focusing on unmet clinical needs [4] - The company has adopted a "medical-engineering collaboration" innovation methodology, which has proven effective in the neuro-interventional device market [3][4] Group 4: Operational Efficiency and Supply Chain - Gaki Bio has achieved over 90% localization in its supply chain, sourcing more than 90% of its raw materials from domestic suppliers, which enhances cost efficiency and responsiveness [5][6] - The company has implemented lean production standards, resulting in increased operational efficiency and a reported gain of over 20 million yuan in product development [5][6]