APT(688617)2024-11-01 07:34Inventory Management - The company's inventory level is maintained at a reasonable range of approximately 2 to 2.5 months, with no need for active destocking [2] - There is no significant fluctuation in inventory levels despite recent procurement announcements from various regions [5] International Expansion Strategy - The company aims for high growth in overseas markets, with expectations for overseas business to maintain strong growth by 2025 [2] - The international marketing strategy focuses on self-branded sales, enhancing brand competitiveness and market coverage [2] - The company plans to establish subsidiaries or offices in key countries such as Thailand, Brazil, and Russia to better understand local markets [3] Electrophysiology Business Performance - Domestic growth in electrophysiology procedures was 5% in Q3, while international growth was 118%, although the international market size is relatively small [3] - The company completed approximately 3,900 procedures in Q3, a 25% year-on-year increase, but still below expectations [3] - The total expected procedures for the year have been adjusted to over 15,000 from an initial 18,000 [3] PFA Technology Outlook - The company anticipates that PFA technology will exceed expectations in the atrial fibrillation market, with significant price pressure expected by 2027 [4] - PFA's market share is expected to grow, with the company highlighting its advantages in the PFA field, including a unique pressure-sensing catheter [5] Integration with Mindray - The company completed the review and approval of related transactions with Mindray in Q3, which is crucial for integration and collaboration [6] - The core work for Q4 includes the certification and market launch of PFA and RFA solutions, along with the development of the 2025 budget and operational plans [7] R&D and Market Strategy - The company plans to maintain high R&D investment in electrophysiology to enhance product quality to industry-leading levels [7] - Despite uncertainties in the domestic and international market environments, the company will adhere to its strategic goals and increase R&D investments [7]