王在存 中信建投分析师: 那么鬼头的人大家上午好，欢迎大家参加佩佳医疗的今天的一个专场交流。那么我们看到 了佩佳佩佳医疗近期发布的业绩，在行业承压的背景下，依然实现了不错的增长。那么我 是王在存，那么今天和我一起主持会议的还有我们团队的这个医疗器械，医师郑超，还有 李宏达，他们俩一直在跟踪覆盖，以及医疗。那么今年，这个，我们整体，这个比较看好 港股有不少公司的一个，这种业绩。业绩的一个修复趋势，然后包括这个新产品带量带来 的一个增量机会。 那么接下来的话，这个我们就非常高兴能够请到这个首席财务官蔡总跟大家做一个公开交 流，那么接下来我好，把把时间交给蔡总，请蔡总分享一下近期的一些情况更新，谢谢蔡 总。 沛嘉医疗首席财务官蔡烈: 谢谢王老师，也郑涛，还有宏达，谢谢你们。那个各位投资人上午好，我是沛嘉医疗蔡烈 那个感谢大家这么早上来听我们的电话会。首先跟大家拜个早年，然后我们就开始今天的 这个会议。首先在这个，大家应该看到我们这个周五发了这个我们的，如同往年都会发的 这 个 收 入 预 披 露 。 然 后 同 时 ， 其 实 今 天 早 上 还 有 另 外 一 个 我 们 的 这 个 二 尖 瓣 反 流 ， Ge ...

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

机构评级详情见下表： 沛嘉医疗-B(09996.HK)发布公告，公司已于近日正式提交用于治疗二尖瓣反流的GeminiOne经导管缘对 缘修复(TEER)系统的 EU MDR CE标志注册申请，HighLife SAS为其欧洲合作伙伴。提交CE标志注册申 请意味着公司在推进全球化战略方面取得稳步进展。 投行对该股的评级以买入为主，近90天内共有1家投行给出买入评级。中信建投最新一份研报给予沛嘉 医疗-B买入评级。 沛嘉医疗-B港股市值42.88亿港元，在医疗器械Ⅱ行业中排名第12。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

于本公告日期，GeminiOne的注册申请已获中华人民共和国国家药品监督管理局受理，并正在审评中。 此外，GeminiOne已获美国食品药品监督管理局批准其临床试验用器械豁免，以开展早期可行性研究。 公司将积极推进该产品于中国及欧洲的注册工作，致力于尽早为二尖瓣反流患者提供安全有效的治疗选 择。 GeminiOne是公司内部研发的创新TEER装置。其独特的滑槽式机械结构既保持较小植入物尺寸及输送 系统，亦实现了更长的夹合臂长。其他创新之处包括能够降低手术复杂性的独立瓣叶抓捕功能，可防止 手术过程中的重复锁定及解锁的自动锁定机制及能够适应更广泛解剖结构的多角度解脱设计。该系统的 设计已于全球范围内申请专利，并已通过多项自由实施分析。 沛嘉医疗-B(09996)发布公告，公司已于近日正式提交用于治疗二尖瓣反流的GeminiOne经导管缘对缘修 复(TEER)系统的EU MDR CE标志注册申请，HighLife SAS为其欧洲合作伙伴。提交CE标志注册申请意 味着公司在推进全球化战略方面取得稳步进展。 ...

GeminiOne是公司内部研发的创新TEER装置。其独特的滑槽式机械结构既保持较小植入物尺寸及输送 系统，亦实现了更长的夹合臂长。其他创新之处包括能够降低手术复杂性的独立瓣叶抓捕功能，可防止 手术过程中的重复锁定及解锁的自动锁定机制及能够适应更广泛解剖结构的多角度解脱设计。该系统的 设计已于全球范围内申请专利，并已通过多项自由实施分析。 智通财经APP讯，沛嘉医疗-B(09996)发布公告，公司已于近日正式提交用于治疗二尖瓣反流的 GeminiOne经导管缘对缘修复(TEER)系统的 EU MDR CE标志注册申请，HighLife SAS为其欧洲合作伙 伴。提交CE标志注册申请意味着公司在推进全球化战略方面取得稳步进展。 于本公告日期，GeminiOne的注册申请已获中华人民共和国国家药品监督管理局受理，并正在审评中。 此外，GeminiOne已获美国食品药品监督管理局批准其临床试验用器械豁免，以开展早期可行性研究。 公司将积极推进该产品于中国及欧洲的注册工作，致力于尽早为二尖瓣反流患者提供安全有效的治疗选 择。 ...

于本公告日期，GeminiOne®的注册申请已获中国国家药品监督管理局受理，并正在审评中。此外， GeminiOne®已获美国食品药品监督管理局批准其临床试验用器械豁免，以开展早期可行性研究。公司 将积极推进该产品于中国及欧洲的注册工作，致力于尽早为二尖瓣反流患者提供安全有效的治疗选择。 格隆汇2月9日丨沛嘉医疗-B(09996.HK)发布公告，公司已于近日正式提交用于治疗二尖瓣反流的 GeminiOne®经导管缘对缘修复("TEER")系统("该系统")的EU MDR CE标志注册申请，HighLife SAS为 其欧洲合作伙伴。提交CE标志注册申请意味着公司在推进全球化战略方面取得稳步进展。 GeminiOne®是公司内部研发的创新TEER装置。其独特的滑槽式机械结构既保持较小植入物尺寸及输送 系统，亦实现了更长的夹合臂长。其他创新的处包括能够降低手术复杂性的独立瓣叶抓捕功能，可防止 手术过程中的重复锁定及解锁的自动锁定机制及能够适应更广泛解剖结构的多角度解脱设计。该系统的 设计已于全球范围内申请专利，并已通过多项自由实施分析。 ...

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，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 自願公告 提交GeminiOne® 經導管緣對緣修復系統之EU MDR CE標誌註冊申請 本公告乃由沛嘉醫療有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，為本公司股東及潛在投資者提供有關本集團最新業務及新產品開發 進度的更新資料。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司已於近日正式提交用於 治療二尖瓣反流的GeminiOne®經導管緣對緣修復（「TEER」）系統（「該系統」）之 EU MDR CE標誌註冊申請，HighLife SAS為其歐洲合作夥伴。提交CE標誌註冊 申請意味著本公司在推進全球化戰略方面取得穩步進展。 Peijia Medical Limited 沛嘉醫療有限公司 – 1 – 張一博士 香港，2026年2月9日 截至本公告日期，董事會包括執行董事張一博士、張葉 ...

Core Viewpoint - Peijia Medical-B (09996) reported annual performance for the period ending December 31, 2025, with revenue approximately RMB 700 million to 720 million, reflecting a year-on-year growth of about 13.7% to 17.0% [1][3]. Group 1: Revenue Performance - The company achieved revenue of approximately RMB 700 million to 720 million during the reporting period [1][3]. - The year-on-year growth rate is estimated to be between 13.7% and 17.0% [1][3]. Group 2: Growth Drivers - The sustained revenue growth is primarily attributed to the strong performance of all three major product lines in the neurointerventional business [1][5]. - The market share in China's transcatheter aortic valve replacement (TAVR) sector continues to expand, driven mainly by the successful launch of the high-end TaurusMax® 3D adjustable TAVR system [1][5].

Core Insights - The company reported annual revenue of approximately RMB 700 million to 720 million for the period ending December 31, 2025, representing a year-on-year growth of about 13.7% to 17.0% [1] Group 1: Revenue Growth - The continuous revenue growth is primarily attributed to the strong performance of all three product lines in the neurointervention business and the expanding market share in the transcatheter aortic valve replacement (TAVR) market, driven by the successful launch of the high-end TaurusMax 3D adjustable TAVR system [1] - All three product lines in neurointervention recorded robust revenue growth, reflecting strong performance of their core products [1] - The vascular access products saw revenue growth due to the increasing sales of the high-performance DCwire microcatheter, leading to a rapid increase in market share [1] Group 2: Product Performance - The hemorrhagic products benefited from the successful launch of the YonFlow blood flow-directed stent, which drove revenue growth for that product line [1] - Revenue growth in the ischemic product segment was mainly due to increased sales of the Syphonet thrombectomy stent and Tethys AS thrombectomy catheter [1] - Despite a price reduction in balloon dilation catheters following the implementation of volume-based procurement in the second half of 2025, sales volume significantly increased, particularly for the Fastunnel delivery balloon dilation catheter, keeping overall revenue stable compared to 2024 [1] Group 3: TAVR Market Expansion - The commercialized TAVR product portfolio was adopted in approximately 130 new hospitals during the reporting period, covering over 780 hospitals as of December 31, 2025 [2] - A total of approximately 3,900 units were implanted during the reporting period, representing a year-on-year growth of 14.4%, significantly exceeding the overall market growth rate [2] - With the registration application for the TaurusTrio transcatheter aortic valve system approved by the National Medical Products Administration in December 2025, the company anticipates a full commercialization in the Chinese aortic regurgitation market [2]

本文源自：金融界AI电报 沛嘉医疗公告，预计2025年收入约700-7.2亿元，同比增长约13.7-17.0%。集团的持续收入增长主要得益 于：(i)神经介入业务所有三大产品线的强劲表现；及(ii)中国经导管主动脉瓣置换（「TAVR」）市场的 市场份额持续扩大，主要受成功推出高端TaurusMax 3D可调弯TAVR系统所推动。 ...