Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 10.66 [1][5]. Core Insights - The company reported a revenue of RMB 713 million in 2025, representing a year-on-year increase of 15.8%, with a loss of RMB 208 million. Adjusted loss, excluding the impact of the frontier technology business, was RMB 111 million, narrowing by 44.1% year-on-year. This performance aligns with the company's previous profit forecast [1]. - The growth in revenue and the reduction in loss are primarily attributed to the robust growth of the TAVR segment and significant profit increase from the TaurusTrio product, which is expected to contribute approximately 1,500 units in 2026 [1][2]. - For 2026, the TAVR segment is projected to achieve a revenue growth of 30%, with an estimated implantation volume exceeding 5,000 units. The neuro-interventional business is expected to maintain a stable revenue growth rate of 15-20% [1][2]. TAVR Segment Summary - In 2025, the TAVR segment generated revenue of RMB 290 million, with an implantation volume of 3,900 units, reflecting a year-on-year growth of 14.4%. The growth is driven by the rapid uptake of new generation products and hospital coverage [2]. - The segment is expected to see over 30% revenue growth in 2026, supported by a moderate price adjustment and the anticipated commercialization of the TaurusTrio product [2]. Neuro-Interventional Segment Summary - The neuro-interventional segment achieved revenue of RMB 423 million in 2025, with a profit of RMB 97.2 million, marking an 86.6% year-on-year increase. This growth is attributed to stable cash flow from traditional spring coils and increased market share from thrombectomy stents [3]. - The segment is projected to maintain a revenue growth rate of 15-20% in 2026, driven by the full coverage of procurement and the FDA approval of the DCwire product, which is expected to open up overseas markets [3]. Product Pipeline Summary - The company is advancing multiple product lines, including the HighLife and GeminiOne products, which are in various stages of clinical trials and registration. The TaurusNXT and GeminiOne TEER products are expected to be launched in 2026 [4]. Financial Forecast and Valuation - Revenue projections for 2026-2028 are estimated at RMB 909 million, RMB 1.252 billion, and RMB 1.636 billion, respectively. The net profit for 2026 is projected to be RMB 2.17 million, with significant growth expected in subsequent years [5][10]. - The DCF valuation method estimates a target price of HKD 10.66, reflecting adjustments in the company's cost of capital and growth assumptions [5][11].