HeartCare Medical Achieves RMB 83.34 Million Net Profit in 2025, Turns Profitable with Strong Growth Across Core Business Segments

On March 26, 2026, HeartCare (06609.HK) announced its 2025 financial results. In 2025, the company's revenue reached 408 million yuan, representing a year-on-year increase of 46.9%. Net profit amounted to 83.34 million yuan, marking a significant turnaround from a loss of approximately 13.62 million yuan in the previous year. This transformation was primarily driven by rapid revenue growth across the company’s three major business segments—ischemic stroke, hemorrhagic stroke, and interventional access—as well as further improvements in operational efficiency.

In 2025, the company's ischemic stroke business revenue increased by 31.8% year-over-year, primarily due to: (1) The widespread clinical recognition of the company’s intracranial thrombus aspiration catheter, which has differentiated competitive advantages. Large-bore aspiration and cascade aspiration technology (CATCH) were included in the "Chinese Expert Consensus on Endovascular Treatment Techniques for Acute Ischemic Stroke 2025." The product has been adopted by over 450 hospitals, leading to a rapid increase in revenue; (2) A significant rise in sales volume of mature products after being included in centralized procurement.

In the hemorrhagic stroke business, the company has built a complete aneurysm treatment solution. The company's intracranial stent (approved by NMPA)Innovative Healthcare(Device Recognition) Cumulatively entered approximately 500 hospitals for use in the first commercial year, driving a rapid increase in the market share of embolic coils. Meanwhile, the company’s flow diverter received NMPA approval for marketing in 2025, achieving clinical promotion and application. Due to the aforementioned reasons, the company's hemorrhagic stroke business revenue grew by 223.2% year-over-year in 2025.

In the interventional access business, the company's star product, the vascular closure device, has been used in over 1,800 hospitals cumulatively, with an annual clinical usage exceeding 200,000 units in terminal hospitals. By 2025, the single-product revenue is expected to exceed 100 million yuan. Meanwhile, the company is advancing the development and commercialization of its second-generation vascular closure device to further expand its market share.

The company's gross margin increased from 65.4% in 2024 to 70.9% in 2025, primarily due to the increased revenue contribution from high-margin innovative products and the effective implementation of cost-reduction measures such as continuous improvements in production processes and supply chain optimization. The ongoing enhancement of the product portfolio and persistent efforts in cost reduction and efficiency improvement have enabled the company to maintain high product quality and strong profitability despite intense market competition. As the business scale expanded, significant progress was made in expense control, with the sales and administrative expenses ratio decreasing from 49.6% in 2024 to 45.8%.

During the reporting period, the Company incurred RMB 40.76 million in research and development expenses, primarily for the development of innovative products such as neurointerventional medical devices and brain-computer interfaces. To date, the Company has achieved the following progress:

(1) In the field of ischemic stroke, the company has obtained registration certificates for intracranial thrombus aspiration catheters, thrombectomy stents, and配套通路products. The company's self-expanding intracranial drug-eluting stent has completed controlled clinical trials, and the registration application has been accepted by NMPA. According to publicly available information, currently, no similar products have been approved globally, and the company is leading the industry in the development progress of such products. In the field of carotid artery stenosis, the company is promoting the clinical trial work of carotid artery stents.

(2) In the field of hemorrhagic stroke, the company is the most comprehensively certified Chinese-produced company, achieving a complete layout of intracranial stents (recognized by NMPA as an innovative medical device), flow diverters, embolic coils, and neurovascular occlusion balloon catheters.

(3) Meanwhile, the company is actively promoting the R&D of the innovative product, an invasive brain-computer interface. This product effectively extracts brain signals for human-computer interaction while ensuring the safety of the surgery and the long-term stability of the implant. The first human clinical trial is expected to be conducted in 2026.

In 2025, the company's overseas market revenue increased by 101.3% compared to 2024, mainly due to the rapid progress in overseas product registration and promotional efforts. In the overseas market, the company’s thrombectomy stents, occlusion balloon catheters, distal access catheters, and microcatheters have obtained CE or FDA certification and received 56 registration certificates across 13 other countries or regions. To date, the company is also conducting over 130 product registrations in 29 additional countries or regions, expanding sales channels, and laying the foundation for achieving long-term overseas sales goals.

In 2025, the company's operating cash flow reached 1.55 billion yuan, with cash and deposits totaling 7.86 billion yuan, reflecting a solid overall financial position. Backed by strong financial capabilities, the company completed a share repurchase of HKD 39.36 million in 2025 and will continue to advance its share repurchase program to actively safeguard the interests of all shareholders. Additionally, the company plans to submit an application for listing on the STAR Market of the A-share market in 2026, leveraging its entry into the domestic capital market to further enhance shareholder returns and stock liquidity.