Core Viewpoint - Peijia Medical-B (09996) reported annual performance for the period ending December 31, 2025, with revenue approximately RMB 700 million to 720 million, reflecting a year-on-year growth of about 13.7% to 17.0% [1][3]. Group 1: Revenue Performance - The company achieved revenue of approximately RMB 700 million to 720 million during the reporting period [1][3]. - The year-on-year growth rate is estimated to be between 13.7% and 17.0% [1][3]. Group 2: Growth Drivers - The sustained revenue growth is primarily attributed to the strong performance of all three major product lines in the neurointerventional business [1][5]. - The market share in China's transcatheter aortic valve replacement (TAVR) sector continues to expand, driven mainly by the successful launch of the high-end TaurusMax® 3D adjustable TAVR system [1][5].

Core Insights - The company reported annual revenue of approximately RMB 700 million to 720 million for the period ending December 31, 2025, representing a year-on-year growth of about 13.7% to 17.0% [1] Group 1: Revenue Growth - The continuous revenue growth is primarily attributed to the strong performance of all three major product lines in the neurointervention business and the expanding market share in the transcatheter aortic valve replacement (TAVR) market, driven by the successful launch of the high-end TaurusMax® 3D adjustable TAVR system [1] - All three major product lines in neurointervention recorded robust revenue growth, reflecting strong performance of their core products [1] Group 2: Product Performance - The vascular access products saw revenue growth, benefiting from the increasing sales of the high-performance DCwire® microcatheter, which significantly enhanced market share [1] - The hemorrhagic product line experienced revenue growth due to the successful launch of the YonFlow® flow-directed mesh stent [1] - The ischemic product line's revenue growth was mainly driven by increased sales of the Syphonet® thrombectomy stent and Tethys AS® thrombectomy catheter [1] Group 3: TAVR Market Expansion - The commercialized TAVR product portfolio was adopted in approximately 130 new hospitals during the reporting period, covering over 780 hospitals as of December 31, 2025 [2] - A total of approximately 3,900 units were implanted during the reporting period, representing a year-on-year growth of 14.4%, significantly exceeding the overall market growth rate [2] - The company anticipates full commercialization in the Chinese aortic regurgitation market following the approval of the registration application for the TaurusTrio® transcatheter aortic valve system by the National Medical Products Administration in December 2025 [2]

Core Viewpoint - The company, Peijia Medical-B (09996.HK), anticipates a revenue of approximately RMB 700 million to RMB 720 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 13.7% to 17.0% compared to RMB 615.5 million in 2024, driven by strong performance across its neurointerventional product lines and an expanding market share in the TAVR segment [1]. Group 1: Revenue Growth Drivers - The neurointerventional business has shown robust revenue growth across all three product lines, reflecting strong performance of core products [2]. - Revenue growth in vascular access products is primarily attributed to the increasing sales of the high-performance DCwire® microcatheter, which has significantly enhanced market share [2]. - The hemorrhagic products segment has benefited from the successful launch of the YonFlow® flow-directed stent, contributing to revenue growth in this product line [2]. - Revenue growth in ischemic products is mainly due to increased sales of the Syphonet® thrombectomy stent and Tethys AS® thrombectomy catheter, with overall revenue stability despite price reductions following the implementation of volume-based procurement [2]. Group 2: TAVR Market Expansion - The company's commercialized TAVR product portfolio, including TaurusOne®, TaurusElite®, and TaurusMax® systems, has been adopted by approximately 130 new hospitals, reaching a total of over 780 hospitals by December 31, 2025 [2]. - A total of approximately 3,900 TAVR procedures were implanted during the reporting period, marking a year-on-year growth of 14.4%, significantly outpacing the overall market growth rate [3]. - The company expects to fully commercialize the TaurusTrio® transcatheter aortic valve system in the Chinese aortic regurgitation market following its approval by the National Medical Products Administration in December 2025 [3].