Core Viewpoint - The company expects a decline in revenue and net profit for the first half of 2025, primarily due to market environment changes and product price adjustments [2][3]. Performance Changes - The decline in performance is attributed to changes in the market environment in the second half of 2024 and adjustments in product pricing [3]. - Despite the challenges, innovative products such as Castor® and Minos® continue to show growth in hospital admissions and terminal implant volumes, although pricing and promotional strategy adjustments have impacted sales growth and profits [3]. New Product and R&D Progress - The company has made significant progress in new product development and market expansion, launching the next-generation Cratos® and receiving approval for the Tipspear® kit [5]. - Hector® has entered the special review process for innovative medical devices, marking the ninth product to enter the "green channel" for approval [5]. - The core product Castor® has received the 25th China Patent Gold Award for its patented technology [5]. Company Overview - Shanghai MicroPort CardioFlow Medtech Co., Ltd. was established in 2012 and focuses on the research, production, and sales of interventional medical devices for aortic, peripheral vascular, and tumor treatments [6]. - The company has a rich product line in the aortic and peripheral vascular interventional medical device field, including aortic stent systems and intraoperative stent systems [6][7]. - As of March 2025, the company's products are used in over 2,700 hospitals across China and have expanded to over 40 countries and regions [7].

Performance Forecast - The company expects to achieve operating revenue between 708.46 million and 787.17 million yuan in the first half of 2025, representing a decrease of 78.72 million yuan to 0.00 million yuan compared to the same period last year, which is a year-on-year decline of 10.00% to 0.00% [1] - The net profit attributable to the parent company is projected to be between 303.54 million yuan and an unspecified amount, reflecting a year-on-year decrease of 24.78% to 10.52% [1] Previous Year Performance - The previous year's net profit was 403.52 million yuan [1] Reasons for Performance Changes - The company’s innovative products, including the Castor branched aortic stent graft and Minos abdominal aortic stent graft, have shown strong growth in clinical applications and implant volumes. However, market environment changes in the second half of 2024, along with adjustments in product pricing and promotion strategies, are expected to impact sales growth and profits in the first half of 2025 [1] Product Approvals and Achievements - The company has received approval for several products, including the Hector multi-branch aortic stent graft system, which is now in the special review process by the National Medical Products Administration (NMPA) [2] - The company was awarded the "2024 Advanced Manufacturing Outstanding Contribution Award" in Pudong New District, and its core product, the Castor branched aortic stent, received the 25th China Patent Gold Award [2] Market Presence - The company’s products are currently in clinical use in over 2,700 hospitals across 31 provinces, autonomous regions, municipalities, and Hong Kong and Macau, with international business extending to over 40 countries and regions [3] - The Minos abdominal aortic stent graft and Hercules balloon dilation catheter have successfully obtained EU CE MDR certification [3] Future Plans - The company plans to continue increasing foreign investments and deepen its global layout to provide high-quality medical device products and services to patients worldwide [3]