Core Insights - Sisram Medical Ltd has launched Universkin by Alma, the world's first AI-assisted skincare solution, in the Hong Kong market, marking a significant step in its AI-powered skincare strategy for the APAC region [1][4]. Product Overview - Universkin by Alma utilizes pioneering AI-assisted technology to perform intelligent skin analysis and generate customized skincare formulations tailored to individual patient profiles [2]. - The system is built around four essential pillars: Cleanse, Treat, Strengthen, and Soothe, utilizing patented Inflammarker P-HC technology to enhance skin health by reducing inflammation and boosting collagen and hyaluronic acid production [2]. Market Strategy - The launch in Hong Kong follows a successful debut in North America, reinforcing Sisram's leadership in personalized medical aesthetics and establishing a foundation for a broader intelligent ecosystem aimed at optimizing patient experience and clinical outcomes [4][5]. - The introduction of Universkin by Alma is part of Sisram's long-term growth strategy to shape the future of intelligent medical aesthetics [5]. Company Background - Sisram Medical Ltd is a global leader in medical aesthetic solutions with over 25 years of expertise in Energy-Based Devices (EBD), serving customers in over 110 countries [6].

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].

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 ...

Core Viewpoint - The company reported its 1H25 performance, which met expectations despite a slight decline in overall revenue, with specific growth in non-North American markets [1][2]. Revenue Performance - Total revenue for 1H25 was $165 million, a year-on-year decrease of 1.9% [1]. - Revenue by region showed robust growth outside North America, with Asia-Pacific revenue at $65.82 million (YoY +17.6%), North America at $56.60 million (YoY -15.6%), Europe at $23.83 million (YoY -0.8%), Middle East and Africa at $13.91 million (YoY -9.7%), and Latin America at $5.32 million (YoY -15.8%) [1]. Business Segments - Medical aesthetics revenue for 1H25 was $138 million, down 7.8%, primarily due to economic challenges in North America and the Middle East and Africa [2]. - Injection filler revenue surged to $14.38 million, reflecting a 218.1% increase, driven by expanded sales regions and direct sales networks [2]. - Service and other revenue decreased to $13.40 million, down 9.9% [2]. Product Pipeline and Commercialization - The company is expanding its product pipeline, with expectations for the commercialization of DaxibotulinumtoxinA (long-acting botulinum) in mainland China in the second half of the year [2]. - The company launched Universkin by Alma, the world's first AI-assisted personalized skincare system, which has seen rapid uptake in the U.S. market [2]. Profit Forecast and Valuation - Due to revenue pressures in certain overseas markets, the company has revised its adjusted net profit forecasts for 2025 and 2026 down by 24.3% and 19.8% to $36.05 million and $41.49 million, respectively [2]. - The current stock price corresponds to adjusted P/E ratios of 9.6x and 8.3x for 2025 and 2026, with a target price maintained at HKD 6.00, implying a potential upside of 5.3% [2].

Financial Performance - Sisram Medical's revenue decreased by 1.9% year-over-year to $165.5 million in H1 2025 [9, 71], but excluding North America, revenue grew 7.1% YoY [71] - Gross profit margin decreased by 2.4 percentage points to 60.0% [9, 71], due to product mix and decreased North America revenue [71] - Injectables revenue increased significantly by 218.1% year-over-year [9, 79], driven by geographical expansion and commercialization efforts [80] - Net profit decreased by 31.9% [70] Regional Performance - North America revenue decreased by 15.6% [10, 75] due to market headwinds [75] - APAC revenue increased by 17.6% [10, 75] due to the "Go-Direct" strategy [75] - Europe revenue declined slightly by 0.8% [75], but new EBD platforms saw notable growth [75] - Middle East and Africa revenue decreased by 9.7% [76] due to geopolitical tensions [76] Strategic Initiatives - The company is preparing for the launch of DAXXIFY in mainland China in H2 2025 [13, 45, 86] - The company is expanding global penetration of Alma Harmony, Alma IQ, and Universkin by Alma [86] - The company is driving injectables portfolio Revanesse and Profhilo growth in key markets [86] - The company is developing direct-sales offices in strategic regions [86]

Core Viewpoint - The financial report of Alma Medical Technology revealed a surprising decline in both revenue and profit, leading to a significant drop in stock price, marking the third consecutive day of decline [1][4]. Financial Performance - Revenue for the first half of 2025 was $165.5 million, a slight decrease of 1.9% year-on-year, primarily due to high interest rates in North America affecting consumer spending and geopolitical issues causing shipment delays in June [4][6]. - Net profit was $8.99 million, a substantial decline of 31.9% year-on-year, with adjusted net profit down 28.1% to $11.97 million, resulting in a net profit margin of 7.2% [4][5]. - Gross margin decreased from 62.5% in the same period last year to 60%, a drop of 2.4 percentage points [5]. Cash Flow and Liquidity - Operating cash flow showed a net outflow of $489,000, compared to a net inflow of $396,000 in the previous year, mainly due to increased working capital requirements (accounts receivable and inventory increased by approximately $30 million) [5]. - As of the end of the reporting period, cash and cash equivalents stood at $60.1 million, sufficient to cover short-term debts of $50.7 million, although liquidity is becoming tighter [5]. Business Segment Performance - The injection filling segment was a highlight, with revenue surging 218% due to the successful launch of Profhilo in Thailand and Revanesse in direct sales markets in the UK, Germany, and Australia [4][6]. - Revenue from energy source devices declined, with flagship products Harmony and Soprano series experiencing weak demand in North America, although the Asia-Pacific market continued to grow, partially offsetting the decline in Europe and the US [7]. Outlook - Despite the poor performance in the first half, the company is optimistic about the second half of 2025, expecting stronger revenue and profit driven by new orders [10][11]. - The company plans to focus on consolidating its leadership position in strategic growth regions, particularly in Asia-Pacific and North America, through direct sales expansion and targeted product launches [11].