Peijia Medical (09996) releases its performance for the year 2025: steady progress, improving quality and efficiency with core business maintaining steady growth.

On March 25, 2026, Peijia Medical Limited (09996, hereinafter referred to as "the Group") released its annual performance for the twelve months ending on December 31, 2025 ("the reporting period"). During the 2025 fiscal year, the Group adhered to the development theme of "seeking progress while maintaining stability and improving quality and efficiency," actively responded to the complex and changing industry environment, and continued to strengthen its operational foundation. During the reporting period, all business segments achieved steady growth, innovative pipelines made breakthroughs successively, and operational efficiency significantly improved. During the reporting period, the Group achieved a total revenue of RMB 713 million, a year-on-year increase of 15.8%. The revenue structure remained stable, with products related to Transcatheter Aortic Valve Replacement (TAVR) contributing 40.7% and neurointervention products contributing 59.3%. Benefiting from the continuous expansion of economies of scale and cost optimization and efficiency improvements driven by lean management measures, the Group's overall gross profit margin remained relatively stable, while the expense ratio significantly decreased. During the reporting period, the profit of the neurointervention business segment increased significantly by 86.6% year-on-year to RMB 97.18 million, while the TAVR business segment's loss narrowed by 20.2% year-on-year to RMB 216 million. Excluding the impact of the overall loss of the corresponding entities in cutting-edge technology business, the Group's core business net loss during the period was RMB 111 million, a year-on-year decrease of 44.1%. The profit of the neurointervention segment increased significantly by 86.6%, achieving a milestone breakthrough in internationalization During the reporting period, the neurointervention business achieved a revenue of RMB 423 million, a year-on-year increase of 18.9%, mainly due to the excellent performance of core products in various product lines. Products such as DCwire microguidewire, Fastunnel delivery balloon catheter, and Syphonet clot retriever saw significant increases in sales volume, leading to a continuous expansion of market share. Meanwhile, the coil series products and Tethys intermediate guiding catheter maintained stable sales and held a certain market share in segmented markets. In addition, the YonFlow blood flow-guided mesh stent, exclusively distributed by the Group, started commercialization in June 2025 with positive market feedback, contributing a substantial increase in revenue during the reporting period. Internally, the Group continued to implement cost optimization and lean production measures. Despite a decrease in ex-factory prices following the implementation of volume procurement, the overall gross profit margin was well controlled, reaching 60.9% (adjusted combined with non-cash effects of price allocation, the gross profit margin was 63.7%). Furthermore, sales and distribution, management, and research and development efficiencies continued to improve, with respective expense ratios decreasing by 3.5, 3.2, and 4.4 percentage points year-on-year to 23.4%, 4.8%, and 9.8%. As a result, the profit of this business segment increased significantly by 86.6% year-on-year to RMB 97.18 million, with a profit margin of 23.0%, demonstrating the effective release of operational leverage. The Group's neurointervention products have gradually been included in the national volume procurement project. In the neurointervention volume procurement project results announced in 2025, the Group successfully won bids for all eligible projects. In January 2025, the Group's SacSpeed balloon dilation catheter and Fastunnel delivery balloon catheter won bids in Group A of a volume procurement project led by the inter-provincial vascular intervention consumables alliance in Hebei Province. As the volume procurement project was implemented in the second half of 2025 in relevant provinces, sales volume of balloon dilation catheters by the Group saw a significant increase, with sales of Fastunnel delivery balloon catheters increasing by nearly 300% year-on-year. Currently, several re-bid and new volume procurement projects are being launched, and the Group is actively participating, striving for competitive pricing and positioning to consolidate or further expand its market share. In March 2026, the 510(k) registration application for the DCwire microguidewire received approval from the U.S. Food and Drug Administration (FDA), becoming the first "passport" for the Group's neurointervention products to enter overseas markets. Since its launch in China, DCwire has been widely recognized by operators for its excellent performance and has seen rapid growth. In the future, the Group will continue to advance its international layout, gradually introducing more products to the global market. The neurointervention business will continue to enrich its product portfolio, expand its market share of core products, and gradually expand its overseas sales channels. The Group expects the neurointervention business to continue its expansion in revenue and profit scale, contributing to stable cash flow for the Group. TAVR business continues to lead, with the approval of the regurgitation valve improving the adaptation layout During the reporting period, the Group maintained its leading position in the TAVR market, with its commercial network steadily expanding. As of December 31, 2025, TAVR products from the Group had been used in over 780 hospitals, with approximately 130 new hospitals added during the reporting period. In 2025, the total number of TAVR product implants reached about 3,900 units, a year-on-year increase of 14.4%, significantly outpacing the overall market growth. The Taurus series of products used to treat aortic stenosis continued to gain wide acceptance from clinical doctors. The Group has built a complete product portfolio, including the mainstream products TaurusOne, TaurusElite, and the high-end product TaurusMax. TaurusMax 3D adjustable curved TAVR system, with its excellent delivery and maneuverability, effectively assists operators in dealing with challenging cases, with its share in the overall implantation volume steadily increasing. In December 2025, the Group achieved an important milestone - the TaurusTrio TAV system (the localized product of the Group's exclusive license in the Greater China area for the JenaValve Trilogy THV system) received approval from the National Medical Products Administration for the treatment of symptomatic severe aortic valve regurgitation (AR). The JenaValve Trilogy THV system is the world's first TAVR system designed specifically for AR, having obtained CE certification in May 2021 and FDA premarket approval (Premarket Approval, PMA) in March 2026. Trilogy and TaurusTrio both feature a globally unique integrated positioning key design, effectively solving the anchoring challenge of pure AR devices and accumulating solid clinical evidence worldwide. The approval of TaurusTrio signifies an important commercial milestone for the Group, further enhancing the Group's transformation from a single adaptation (AS) product layout to a heart valve commercial platform with scalable capabilities covering both AS and AR. The Group is actively promoting the hospital access and market promotion of this product, planning to accelerate the adoption of AR intervention therapy in China based on the established sales and marketing teams and commercial systems. Since January 2026, the Group and other market participants have gradually reduced the list prices of related products in several provinces and municipalities, aiming to enhance the affordability and accessibility of these products. The Group believes that price optimization will help increase surgical penetration rates, thereby driving overall market growth. The Group will continue to optimize its AS product portfolio to consolidate its market leading position while actively seizing new opportunities in the AR market to further strengthen its leadership in the Chinese TAVR market. Valve R&D pipeline steadily progresses to build long-term competitive barriers During the reporting period, the Group made solid progress in its R&D pipeline both domestically and internationally, continuously enhancing its innovation capabilities and laying a solid foundation for long-term competitiveness. In China, the Group achieved several important registrations and clinical advancements. In addition to the approved TaurusTrio, the Group's third-generation long-acting TAVR product TaurusNXT and Transcatheter Edge-to-Edge Repair (TEER) product GeminiOne have submitted registration applications to the NMPA. At the same time, patient enrollment in the HighLife Transcatheter Mitral Valve Replacement (TMVR) product registration clinical trial is accelerating. Furthermore, the Group's self-developed TAVRSiasun Robot&Automation assisted system ReachTact has officially started registration clinical trials. In overseas markets, the Group is steadily advancing regulatory registrations and clinical studies. The GeminiOne TEER system has submitted an EU MDR CE Mark registration application. The shockwave calcification reconstruction system for treating Mitral Annular Calcification (MAC) has shown preliminary positive results in early clinical studies conducted overseas. The MonarQ TTVR system has initiated global clinical studies, and the Sutra Hemi-Valve TMVR system has entered the First-in-Man (FIM) stage of human trials. In addition, the ReachTact TAVR assistance system and shockwave calcification reconstruction system were included in the NMPA Innovative Medical Management special approval program ("green channel") during the reporting period. As of December 31, 2025, the Group had seven products in the green channel in the area of transcatheter valve treatment, ranking first in the industry and demonstrating the platform's innovative capability. The Group expects to achieve significant progress in 2026: the third-generation TAVR product is expected to be approved for market in China, and the TEER product is also expected to receive registration approvals in China and Europe (EU MDR). With the continued expansion of the innovative pipeline and the increasing commercialization capabilities across different adaptations, the Group is poised to strengthen its technological leadership and further expand its strategic layout in the global market. Commercial profit achieved in transcatheter valve treatment business as operational efficiency continues to improve Benefiting from the continuous expansion of its share in the Chinese TAVR market, the Group's sales revenue from TAVR-related products during the reporting period reached RMB 290 million, a year-on-year increase of 11.6%. The successful market launch of the high-end product TaurusMax3D adjustable curved TAVR system effectively drove sales growth. With a tiered product portfolio layout and pricing strategy, as well as effective cost control of sales, the overall gross profit margin of the transcatheter valve treatment business remained stable at 78.7%. Under the push of improving sales team efficiency, rationalization of industry competition, and cost reduction from refined operational management, the sales and distribution expenses decreased by 4.6% year-on-year to RMB 222 million, with a sales and distribution expense ratio decreasing by 13.0 percentage points to 76.5%. The business achieved a commercial profit (gross profit minus sales and distribution expenses) of RMB 6.45 million during the reporting period. Research and development expenses, with the completion of three registration clinical trials (partially offset by accelerated progress in the HighLife TSMVR system registration clinical trial), decreased by 3.4% year-on-year to RMB 120 million, with a research and development expense ratio of 41.4%, a decrease of 6.4 percentage points year-on-year. Management expenses also decreased by 15.3% year-on-year to RMB 102 million due to strengthened budget control, continuous cost reduction measures for supporting functions, and the absence of one-time expenses confirmed in 2024, with a management expense ratio of 35.1%, down 11.1 percentage points year-on-year. Overall, the three operating expenses of this business segment were effectively controlled and decreased compared to the same period last year, indicating the gradual release of operational leverage. As a result of this, the loss of this segment narrowed by 20.2% year-on-year to RMB 216 million. With new products entering the commercialization stage successively, the existing commercialization and administrative management systems are expected to play a synergistic role. As core products enter the registration or late clinical stage, the profitability of this segment is expected to see accelerated improvement. Message from Dr. Zhang Yibo, Chairman and CEO "In 2025, it was a year of steady progress and continuous accumulation of strength for Peijia. The commercial capabilities of our valve business continued to strengthen, with the approval of the regurgitation valve, the mitral valve clip, and the third-generation valve entering the registration stage. This gives us more confidence in our future development and signifies Peijia's further growth in the transcatheter valve treatment field. The profit release of the neurointervention business is starting to accelerate and is gradually becoming an important support for the Group's stable growth. 2026 will be a very crucial year, with new opportunities and higher demands. We will continue to explore the market wholeheartedly, solidify our internal strength, and do each task well step by step. Though the road is long, we will get there; though the task is difficult, we will succeed. We will continue to move forward steadfastly and firmly, guarding lives with innovation and repaying trust with value." This article is a translation from the WeChat account of "Peijia Medical", edited by GMTEight: Liu Jiayin.