ZYLOXTB (02190) 2026 mid-term performance: revenue of 632 million yuan, net profit growth of nearly 50%, overseas revenue increase of 349%.

On August 20, ZYLOXTB Medical Technology Co., Ltd. (02190.HK, hereinafter referred to as ZYLOXTB or the Company) released its mid-term performance for 2026. In the first half of 2026, the Company achieved operating revenue of 632 million RMB, a year-on-year increase of 31.1%; net profit reached 179 million RMB, growing by 47.8% year-on-year. During the same period, the Companys gross profit margin and net profit margin were 73.4% and 28.3%, respectively. Both core profitability indicators showed simultaneous improvement, reflecting the further enhancement of the Company's profitability. During the reporting period, the Company's overall business demonstrated strong growth. The domestic business continued to grow steadily, with a gradual increase in market share; the integration of international operations showed initial results, and growth accelerated rapidly. From January to June, the Company achieved overseas revenue of approximately 70.64 million RMB, a year-on-year increase of 349.3%, accounting for 11.2% of total revenue. In April this year, the Company completed the delivery of 60% equity in the German medical technology company optimed, further improving its research and development, manufacturing, and commercialization layout in Europe. Benefiting from the rapid integration of both parties in terms of market access and commercialization resources, the Companys products have been commercialized in 70 countries and regions worldwide, establishing a direct sales network in key markets such as Germany, France, and Austria. Strong Growth in International Business Accelerates Global Commercial Network Layout In the first half of 2026, ZYLOXTBs international business maintained rapid growth, with overseas revenue increasing by 349.3% year-on-year, accounting for 11.2% of total revenue. With the deepening of regional synergies, integration of the global distribution network, and expansion of dual brands, the Companys international business has entered a phase of full acceleration. Currently, the Company's products have been commercialized in 70 countries and regions worldwide, with its distribution network covering more than 135 countries and regions. The Europe, Middle East, and Africa (EMEA) market contributed 76% of the overseas revenue, becoming an important pillar of the Companys international business. In the first half of the year, ZYLOXTB and optimed continued to promote business integration. Their sales and marketing teams have been consolidated into a unified global team, further enhancing cooperation in supply chain sharing, production automation, and logistics optimization, empowering the integration of German precision engineering technology with China's operational management and supply chain experience. In the European market, the Company is accelerating the integration of channel resources to build a local commercialization system, achieving breakthroughs in direct sales. Currently, it has covered more than 80% of group purchasing organizations (GPOs) in Germany and France, and has achieved integration of channel resources and dual brand expansion in several European markets. In July 2026, the Company's first direct sales orders were successfully placed in Germany and France, further extending its European business towards localized operations. In the Latin American and Asia-Pacific markets, the Company continues to improve its channel layout, with positive progress in clinical applications of its products. Key products such as the Zynlastic iliac vein stent and ZYLOX Unicorn vascular stapler system have successfully achieved their first clinical applications in markets like Brazil and South Korea. Additionally, optimeds original urology business income has remained robust, with its core product, the ureteral stent, maintaining a leading position in the German market. During the reporting period, urology, digestive, and other businesses accounted for a combined 27% of the Company's overseas revenue, bringing diversified momentum to the growth of international business. Core Products Maintain Growth, Innovation Pipeline Progresses Steadily In the first half of the year, as centralized procurement approaches its conclusion, industry competition has increasingly focused on product innovation and clinical value. ZYLOXTB continues to improve its product layout around clinical needs. During the reporting period, the Company obtained NMPA approval for 11 new products. Leveraging a rich product portfolio and strong selection and renewal performance, the Companys domestic business has maintained steady growth. In the neurovascular intervention business, core products such as the Tongqiao Qilin blood flow-guiding stent and the Tongqiao Yinshe intracranial support catheter series have maintained stable sales, with continuous improvement in market penetration. The Tongqiao Feilong intracranial aneurysm embolization assist stent, approved for market in 2025, gradually increased its volume during the reporting period. Furthermore, the Company continues to advance the development of in-development products such as the intracranial OCT system, liquid embolic agents, and self-expanding aneurysm embolization devices, further enriching the neurovascular intervention product pipeline. In the peripheral vascular intervention business, addressing the clinical scenarios of maintaining blood dialysis access, the Company has improved its product portfolio, which includes the ZYLOX KINGKONG ultra-high-pressure balloon, ZYLOX Transformer peripheral scoring catheter, and ZENFLOW Pufferfish thorn balloon. To meet the treatment needs for complex calcified lesions in lower limb arteries, the Company is advancing the layout of products such as the ZYLOX TORPEDON peripheral vascular intravascular shockwave system, further enhancing its peripheral vascular intervention product matrix. To date, ZYLOXTB has accumulated 10 products that have received Innovative Medical Management device recognition. Since 2025, products such as the carotid double-layer mesh stent, self-expanding aneurysm embolization device, ZYLOX Orca peripheral balloon-expandable stent system, and ZYLOX Spino peripheral dot stent system have received new recognitions, expected to further strengthen the Companys differentiated competitive advantage. Looking ahead, ZYLOXTB will continue to uphold its mission of Innovation for Life and adhere to its two core strategies of innovation and internationalization, continuously enhancing global collaboration in research and development, manufacturing, and commercialization systems, providing more high-quality and affordable products and solutions for doctors and patients worldwide, and promoting the Companys long-term and stable development.