Core Viewpoint - The company reported a revenue of 229 million, reflecting a year-on-year increase of 2.67%, while the loss attributable to equity shareholders decreased by 96.17% to 2.163 million [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 229 million, up 2.67% year-on-year [1] - Loss attributable to equity shareholders was 2.163 million, a significant reduction of 96.17% compared to the previous year [1] - Basic loss per share was 0.09 cents [1] Business Development - The increase in revenue was primarily driven by the ongoing global commercialization of the VitaFlow Liberty transcatheter aortic valve and its retrievable delivery system, which significantly boosted overseas revenue [1] - The commercialization progress of the AnchorMan left atrial appendage occlusion system and the AnchorMan left atrial appendage guiding system in both China and overseas markets is steadily advancing [1]

Core Viewpoint - The company, HeartFlow Medical-B (02160), is experiencing a decline in stock price ahead of its mid-year performance announcement, with a projected net loss for the first half of 2025 not exceeding RMB 10 million, representing a year-on-year decrease of at least 83% [1] Financial Performance - The company anticipates a significant reduction in net loss due to increased sales of the VitaFlow Liberty transcatheter aortic valve and delivery system in over 20 countries/regions, with overseas revenue more than doubling [1] - The commercial progress of the AnchorMan left atrial appendage occluder system and its guiding system in China is steady, and it has received CE marking for commercialization in Europe, contributing to revenue growth [1] Operational Efficiency - Continuous optimization of resource allocation has further enhanced operational efficiency [1] - The completion of D-round financing by the joint venture 4C Medical has resulted in a decrease in the company's shareholding, which is recognized as a gain from the sale of equity [1]

Core Viewpoint - HeartFlow Medical-B (02160) experienced a nearly 7% drop before earnings announcement, currently down 4.2% at HKD 1.37, with a trading volume of HKD 11.31 million [1] Financial Performance - The company plans to hold a board meeting on August 28 to approve its interim results [1] - HeartFlow Medical issued a profit warning, expecting a net loss of no more than RMB 10 million for the first half of 2025, representing a year-on-year decrease of no less than 83% [1] Revenue Drivers - The reduction in net loss is primarily attributed to the sales of the VitaFlow Liberty transcatheter aortic valve and its delivery system, which have been sold in over 20 countries/regions [1] - Revenue from overseas markets has increased by more than two times [1] - The commercial progress of the AnchorMan left atrial appendage occluder system and its guiding system in China is steadily advancing, with CE marking obtained for commercialization in Europe, contributing to revenue growth [1] Operational Efficiency - Continuous optimization of resource allocation has further enhanced operational efficiency [1] - The completion of D-round financing by the joint venture 4C Medical has resulted in a decrease in the company's shareholding, leading to recognized gains from the sale of equity [1]

Core Viewpoint - The stock of HeartFlow Medical-B (02160) rose over 4% ahead of its mid-year earnings announcement, with expectations of a significant reduction in net losses for the first half of 2025 compared to the previous year [1] Group 1: Earnings Announcement - HeartFlow Medical-B plans to hold a board meeting on August 28 to consider and approve its mid-year earnings [1] - The company anticipates a net loss of no more than RMB 10 million for the first half of 2025, representing a year-on-year decrease of at least 83% [1] Group 2: Revenue Drivers - The reduction in net losses is attributed to the sales of the VitaFlow Liberty transcatheter aortic valve and its delivery system in over 20 countries, resulting in more than a twofold increase in overseas revenue [1] - The commercial progress of the AnchorMan left atrial appendage occluder system and its guiding system in China has been steady, with the product obtaining CE marking and achieving commercialization in Europe during the reporting period, contributing to revenue growth [1] Group 3: Operational Efficiency - The company has enhanced operational efficiency through continuous optimization of resource allocation and active cost management [1] - The group's joint venture, 4C Medical Technologies, Inc., completed a Series D financing round, leading to a decrease in the company's equity stake in 4C Medical, which generated income from the perceived sale of part of its equity [1]

Core Viewpoint - HeartFlow Medical-B (02160) is expected to report a significant reduction in net loss for the first half of 2025, projecting a loss not exceeding RMB 10 million, which represents a year-on-year decrease of no less than 83% [1] Financial Performance - The company anticipates a net loss reduction primarily due to the sales of the VitaFlow Liberty transcatheter aortic valve and its retrievable delivery system, which has been sold in over 20 countries/regions, resulting in a year-on-year revenue increase of over 200% [1] - The AnchorMan left atrial appendage occluder system and its guiding system have made steady progress in commercialization in China, achieving CE marking and commercializing in Europe during the reporting period, contributing to revenue growth [1] Operational Efficiency - The company has improved operational efficiency through continuous optimization of resource allocation and active cost management measures [1] - The joint venture 4C Medical Technologies, Inc. completed a Series D financing round, leading to a decrease in the company's equity stake in 4C Medical, which is recognized as a gain from the partial sale of equity [1]

Company Overview - MicroPort CardioFlow Medtech Co., Ltd. is a leading innovative medical device company in the field of structural heart disease in China, originating from a valve pre-research project established in 2009 and listed on the Hong Kong Stock Exchange in February 2021 [2] - The company has successfully launched its self-developed transcatheter aortic valve implantation (TAVI) series and related surgical products in over 700 core hospitals across more than 20 countries and regions, treating over 10,000 patients with structural heart disease [2] - The VitaFlow Liberty transcatheter aortic valve and its reusable delivery system became the first domestically developed TAVI system to receive EU CE certification in 2024, accelerating the company's global strategic layout [2] Financial Performance - As of December 31, 2024, MicroPort CardioFlow reported total operating revenue of 362 million yuan, a year-on-year increase of 7.54% [1] - The net profit attributable to the parent company was -49.446 million yuan, showing a significant year-on-year increase of 89.51% [1] - The gross profit margin stood at 69.48%, with a debt-to-asset ratio of 16.97% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for MicroPort CardioFlow [1] - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -2.24 times, with a median of 1.4 times [1] - MicroPort CardioFlow's P/E ratio is -61 times, ranking 61st in the industry, compared to other companies such as Jingjiu Medical (0.38 times), Star Medical Holdings (0.45 times), and others [1]