Core Viewpoint - Peijia Medical Limited reported a total revenue of RMB 353 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024, with stable revenue contributions from TAVR and neurointerventional products [1] Financial Summary - The sales revenue from TAVR-related products increased by 24.0% to RMB 162 million, driven by an enhanced market share in China's TAVR market and a shift towards newly launched high-end products [2] - Neurointerventional products saw a 12.2% increase in sales revenue to RMB 192 million, supported by deeper market penetration of existing products and the successful launch of the YonFlow® stent [2] - The overall operating loss narrowed by 19.4% to RMB 68.32 million, with core business net loss significantly reduced by 52.4% to RMB 30.72 million [2] Cost Control and Efficiency - The TAVR business achieved commercial profitability for the first time, generating a profit of RMB 29.09 million, with sales and distribution expenses decreasing by 8.3% to RMB 100 million [4] - R&D expenses for the TAVR division decreased by 17.2% to RMB 54.2 million, primarily due to the completion of major clinical trials [4] - The management expenses slightly increased by 2.8% to RMB 50.98 million, mainly due to depreciation costs of a new headquarters [4] Innovation and Product Development - Three key in-development products are entering the registration application phase, including the TaurusTrio™ TAVR system, TaurusNXT® TAVR system, and GeminiOne® TEER system, with expected approvals between late 2025 and mid-2026 [5] - The DCwire® microguidewire and YonFlow® stent are highlighted as strong performers in the neurointerventional segment, with the former's sales revenue increasing nearly 140% [9] - The company is preparing for the market launch of the TaurusTrio™, which is expected to significantly enhance its competitive position in the AR valve market [5] Operational Efficiency - The neurointerventional division's profit increased by 42.4% to RMB 40.9 million, supported by effective cost control and operational efficiency measures [11] - The company has successfully integrated lean production and supply chain management to mitigate revenue pressures from centralized procurement [11] - The overall strategy emphasizes innovation-driven growth, operational efficiency, and maintaining market leadership in cardiovascular disease treatments [11]

Core Insights - The company reported a revenue of approximately 353 million yuan for the first half of 2025, representing a year-on-year growth of 17.3% [1] - Gross profit reached 248 million yuan, with a year-on-year increase of 13.14% [1] - Research and development expenses amounted to about 116 million yuan, reflecting a year-on-year growth of 15.1% [1] Revenue Growth Drivers - The sustainable revenue growth is primarily attributed to strong sales growth in the transcatheter valve therapy and neurointervention businesses [1] - Sales revenue from TAVR-related products increased by 24.0% to 162 million yuan, driven by market share gains in the Chinese TAVR market and a shift towards newly launched high-end products [1] - Total terminal implants exceeded 2,050 units, marking a year-on-year growth of approximately 18.8%, surpassing market growth [1] Neurointervention Product Performance - Sales revenue from neurointervention products rose by 12.2% to 192 million yuan, with key drivers including deeper market penetration of existing products and the successful launch of the newly approved YonFlow® blood flow-directed stent [1] - The DCwire® microcatheter significantly expanded market share with a revenue growth of nearly 140% during the reporting period [2] - The YonFlow® blood flow-directed stent received regulatory approval in April 2025 and has been actively marketed, achieving its first commercial implant by June 2025 [2]

Core Viewpoint - Peijia Medical-B (09996.HK) reported a revenue of RMB 353.4 million for the six months ending June 30, 2025, representing a 17.3% increase compared to the same period in 2024, driven by strong sales growth in both transcatheter aortic valve replacement (TAVR) and neurointerventional products [1] Revenue Composition - Revenue composition remained stable, with 45.7% from TAVR-related product sales and 54.3% from neurointerventional product sales, compared to 43.3% and 56.7% respectively in the first half of 2024 [1] TAVR Product Sales - TAVR-related product sales increased by 24.0% year-on-year to RMB 161.6 million, driven by market share gains in China's transcatheter aortic valve market and a shift towards newly launched high-end products [1] - Total implantations exceeded 2,050 units during the reporting period, reflecting an approximate 18.8% year-on-year growth, surpassing market growth [1] Neurointerventional Product Sales - Neurointerventional product sales rose by 12.2% year-on-year to RMB 191.8 million, with key drivers including deeper market penetration of existing products (such as DCwire® microcatheter, Tethys AS® aspiration catheter, and Fastunnel® balloon delivery catheter) and the successful launch of the newly approved YonFlow® flow-directed stent [1]