Group 1 - 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 were about 116 million yuan, showing a year-on-year growth of 15.1% [1] Group 2 - The sustainable revenue growth is primarily attributed to strong sales growth in 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 China's transcatheter aortic valve replacement market and a shift towards newly launched high-end products [1] - The total number of implants exceeded 2,050 units during the reporting period, reflecting a year-on-year growth of approximately 18.8%, surpassing market growth [1] Group 3 - Sales revenue from neurointervention products rose by 12.2% to 192 million yuan, driven by deeper market penetration of existing products and the successful launch of the newly approved YonFlow blood flow-directed mesh stent [1] - The DCwire microcatheter, launched commercially in 2024, significantly expanded market share with a revenue growth of nearly 140% [2] - The YonFlow blood flow-directed mesh stent received regulatory approval in April 2025 and achieved its first commercial implant by June 2025, with procurement completed in over 20 provinces [2]

Core Viewpoint - The company reported an estimated revenue of approximately 350 to 360 million yuan for the first half of 2025, reflecting a year-on-year growth of about 16.2% to 19.5% [1] Revenue Growth Drivers - The primary drivers of revenue growth include an expanded market share in the transcatheter aortic valve replacement (TAVR) market in China and a shift towards higher-end product offerings [1] - Strong performance of key neurointerventional products, including deeper market penetration of existing products and the successful launch of the newly approved YonFlow flow-directed mesh stent [1] TAVR Market Performance - During the reporting period, the company's TAVR product portfolio covered over 720 medical institutions, with a total of more than 2050 TAVR implants, representing a year-on-year increase of approximately 18.8% [1]