上海瑛泰醫療器械股份有限公司 Shanghai INT Medical Instruments Co., Ltd.* Stock Code : 1501 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） 股份代號：1501 創新 品質 服務健康 鑄就非凡 * 僅供識別 年報 2024 Annual Report 年報 2024 Shanghai INT Medical Instruments Co., Ltd. 上海瑛泰醫療器械股份有限公司 目 錄 上海瑛泰醫療器械股份有限公司 二零二四年年報 2 公司資料 4 主席報告 6 財務概要 7 管理層討論及分析 19 董事會報告 44 監事會報告 45 企業管治報告 59 環境、社會及管治報告 123 董事、監事及高級管理層 130 獨立核數師報告 136 綜合損益表 137 綜合損益及其他全面收益表 138 綜合財務狀況表 140 綜合權益變動表 141 綜合現金流量表 142 財務 ...

Investment Rating - The report maintains a "Buy" rating for INT Medical, expecting a return exceeding 15% over the next 12 months [2][18]. Core Insights - INT Medical's revenue for 2024 is projected to grow by 13.2% year-on-year to RMB 852 million, slightly below the forecasted 13% due to pressures from value-based pricing (VBP) and intense competition in the CDMO sector [1][2]. - The company achieved a significant gross margin improvement of 5 percentage points, reaching 63.1% in 2024, driven by increased capacity utilization and automation [1]. - Overseas sales are optimistic, with total overseas revenue expected to grow by 24.2% year-on-year to RMB 253 million, accounting for 29.6% of total sales [2]. Financial Summary - Revenue is projected to increase from RMB 753 million in 2023 to RMB 1,025 million in 2025, reflecting a year-on-year growth rate of 20.4% [3]. - The attributable net profit is expected to rise from RMB 192 million in 2024 to RMB 206 million in 2025, with a year-on-year growth rate of 7.5% [3]. - The earnings per share (EPS) is forecasted to grow from RMB 1.10 in 2024 to RMB 1.17 in 2025, indicating a growth rate of 6.6% [3]. Valuation - The target price for INT Medical is set at HKD 33.68 based on a 9-year DCF model with a terminal growth rate of 2.0% and a weighted average cost of capital (WACC) of 10.73% [2][10].

20 Mar 2025 CMB International Global Markets | Equity Research | Company Update INT Medical (1501 HK) Solid growth with margin improvement INT Medical's 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition. The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs. Thanks to the improved gross margin, the Company's attributable ...

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分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Shanghai INT Medical Instruments Co., Ltd.* 上海瑛泰醫療器械股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1501） 截 至2024年12月31日止年度 全年業績公告 財務概要 | | | | | | 2024年 | 2023年 | 變 動 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 人民幣千元 | 人民幣千元 | | | 收 入 | | | | | 851,954 | 752,836 | 13.17% | | 毛 利 | | | | | 537,662 | 438,070 | 22.73% | | 年內利潤 | | | | | 190,049 ...

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 之 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 就因 本 公 告全 部 或 任 何 部分 內 容 而 產生 或 因 倚 賴 該等 內 容 而 引 致之 任 何 損 失承 擔任何責任。 Shanghai INT Medical Instruments Co., Ltd. * 上 海 瑛 泰 醫 療 器 械 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：1501） (1) 授予股份激勵計劃項下的 受限制股份；及 (2) 澄清公告 本 公 告 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「 上 市 規 則 」）第 17.06A、17.06B及17.06C條作出。 茲提述上海瑛泰醫療器械股份有限公司（「本公司」）日期為2024年4月16日的 2023年年報（「2023年年報」）及本公司日期為2024年12月4日有關2023年年報 的 補 充 公 告（「補 充 公 告」）。 ...

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 之 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 就因 本 公 告全 部 或 任 何 部分 內 容 而 產生 或 因 倚 賴 該等 內 容 而 引 致之 任 何 損 失承 擔任何責任。 Shanghai INT Medical Instruments Co., Ltd. * 上 海 瑛 泰 醫 療 器 械 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：1501） 有關2023年年報的 補充公告 茲提述上海瑛泰醫療器械股份有限公司於2024年4月16日刊發的年報（「2023 年 年 報」）。 除 另 有 說 明 外 ， 本 公 告 所 用 詞 彙 與 2023 年 年 報 所 界 定 者 具 有 相 同涵義。本公告提供2023年年報的補充資料，應與2023年年報一併閱讀。 就 有 關 股 份 激 勵 計 劃 、 2023 年 股 權 激 勵 計 劃 以 及 H 股 獎 勵 及 信 託 計 劃 ， 本 ...

Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately RMB 392.32 million, an increase of 15.47% compared to RMB 339.76 million for the same period in 2023[5]. - Gross profit for the same period was RMB 246.77 million, reflecting a growth of 23.17% from RMB 200.35 million in 2023[6]. - The profit for the period was RMB 99.18 million, which is a 23.19% increase from RMB 80.51 million in the previous year[6]. - The gross margin improved from 58.97% to 62.90% during the reporting period[6]. - Basic earnings per share for the period were RMB 0.58, up 20.83% from RMB 0.48 in 2023[5]. - Revenue from interventional medical devices was RMB 345.48 million, a 19.16% increase from RMB 289.93 million in the same period last year[6]. - Revenue from medical standard parts was RMB 26.74 million, representing a 31.14% increase from RMB 20.39 million in 2023[6]. - Revenue from agency business decreased to RMB 14.82 million, down 48.13% from RMB 28.57 million in the previous year[6]. - The increase in revenue and profit was primarily driven by higher sales of interventional medical devices and medical standard parts[6]. Research and Development - The company has a strong R&D team with 364 registered patents and 199 pending patents as of June 30, 2024[9]. - Research and development expenses totaled approximately RMB 85.93 million, with capitalized R&D expenses at RMB 15.18 million, a decrease from RMB 21.94 million for the six months ended June 30, 2023[23]. - The company aims to further develop its product pipeline and increase R&D investment for core product advancements and new product certifications[15]. - The company reported a significant increase in R&D expenses, which rose to RMB 70,754 thousand from RMB 64,593 thousand, reflecting a focus on innovation[89]. - Research and development costs amounted to RMB 85,931,000 in the first half of 2024, slightly down from RMB 86,537,000 in 2023, indicating a decrease of 0.7%[113]. Market Expansion and Strategy - The company plans to enhance brand recognition and expand market share, particularly in overseas markets, in the second half of 2024[15]. - The distribution network covers 2,795 hospitals in China and has expanded to 255 overseas clients across 83 countries and regions[10]. - The company is actively pursuing new product development, focusing on innovative medical devices to enhance its competitive edge in the market[54]. - The company continues to focus on expanding its market presence and enhancing its product offerings in the interventional medical device sector[102]. - Future outlook remains positive, with expectations of continued growth in user engagement and market expansion strategies being implemented[53]. Financial Position and Liquidity - The group's liquidity position remained strong, with cash and cash equivalents amounting to approximately RMB 330.64 million as of June 30, 2024[26]. - The total current assets were approximately RMB 647.23 million, while total current liabilities were about RMB 239.81 million, resulting in a current ratio of approximately 2.70[26]. - The company reported a net decrease in cash and cash equivalents of RMB 93,605 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 64,248 thousand in 2023[98]. - The total cash and cash equivalents as of June 30, 2024, were RMB 330,640 thousand, down from RMB 458,217 thousand in 2023[98]. - The company’s total assets as of June 30, 2024, were RMB 1,678,655 thousand, reflecting a growth from RMB 1,649,241 thousand at the end of 2023[97]. Shareholder Information and Equity - The total number of shares outstanding as of June 30, 2024, is 176,000,000, which includes 71,786,608 domestic shares and 104,213,392 H shares[47]. - The company issued 5,000,000 new domestic shares under the 2023 equity incentive plan, increasing the total issued shares to 176,000,000[14]. - The company has adopted a share incentive plan to grant up to 5,000,000 domestic shares to no more than 100 employees, with a grant price of RMB 12.0 per share[59]. - The company has received approval from the China Securities Regulatory Commission to issue an additional 3,000,000 incentive shares under the share incentive plan[61]. - The company has granted a total of 5,000,000 restricted shares under the 2023 equity incentive plan, representing 2.98% of the total issued shares as of the plan's adoption date[71]. Corporate Governance and Compliance - The audit committee has confirmed that the interim financial results comply with applicable accounting principles and have been adequately disclosed[44]. - The company has established an audit committee in accordance with the corporate governance code, consisting of three members, including independent non-executive directors[44]. - The independent auditor, KPMG, has reviewed the interim financial report without any modifications to the conclusion[45]. - The company has complied with the standard code of conduct for securities trading by all directors and supervisors during the reporting period[41]. - The company has no additional disclosure obligations under the listing rules regarding specific financial information[42]. Acquisitions and Investments - The company acquired an additional 5.0% equity in a non-wholly owned subsidiary for a total consideration of RMB 60,081,753.42, increasing its ownership to approximately 61.36%[13]. - The company purchased a 3.80% stake in the Yingtai Fund for RMB 46 million during the six months ended June 30, 2024[159]. - The company agreed to acquire approximately 36.67% of Shanghai Qimu and 4.70% of Shanghai Puhui for a total consideration of RMB 18.9 million[160]. - The company is focused on investing in early-stage companies in the medical device and biotechnology sectors through various funds[35]. - The company’s equity interest in Shanghai Qimu, Shanghai Puhui, and Shanghai Hanling increased to 90.00%, 58.96%, and 61.36% respectively as of June 30, 2024, compared to 53.33%, 54.26%, and 56.36% as of December 31, 2023[160].

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分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Shanghai INT Medical Instruments Co., Ltd.* 上海瑛泰醫療器械股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1501） 截 至2024年6月30日止六個月期間 中期業績公告 | --- | --- | --- | --- | |-----------------------------|---------------|----------------|--------| | | | | | | | | | | | | 截 至 6 月 30 | 日止六個月期間 | | | | 2024 年 | 2023 年 | 變 動 | | | 人民幣千元 | 人民幣千元 | | | | | | | | 收 入 | 392,322 | 339,7 ...

Annual Report 年報 2023 Shanghai INT Medical Instruments Co., Ltd. 上海瑛泰醫療器械股份有限公司 上海瑛泰醫療器械股份有限公司 Shanghai INT Medical Instruments Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） Stock Code : 1501 (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號：1501 創新 服務健康 品質 鑄就非凡 * 僅供識別 年報 2023 | --- | --- | --- | --- | |-------|------------------------------------------|-------|-------| | | | | | | | | | | | | =海瑛泰醫療器械股份有限公司 年年報 目 錄 | | | | 2 | 公司資料 | | | | 4 | 主席報告 | | | | 6 | 財務概要 | | | ...

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分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Shanghai INT Medical Instruments Co., Ltd.* 上海瑛泰醫療器械股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1501） 截 至2023年12月31日止年度 全年業績公告 財務概要 | --- | --- | --- | --- | |-----------------------------|------------|------------|--------| | | 2023 年 | 2022 年 | 變 動 | | | 人民幣千元 | 人民幣千元 | | | | | | | | 收 入 | 752,836 | 585,883 | 28.50% | | 毛 利 | 438,070 | 332,486 | 31.76% | | ...