ShineWorth Medical Reports Interim Revenue of RMB 185.5 Million, Achieves Profitability with Gross Margin Up to 68.2%
HeartCare
Neurointerventional Medical Device Developer
HeartCare Future
Recently, ShanghaiShanghai HeartCare Medical Technology Co., Ltd.(Stock Code: 06609.HK, Abbreviation: "HeartCare") released the interim earnings report as of June 30, 2025. The highlights of the financial report are as follows:
Revenue and Gross Profit:Revenue of 185.5 million yuan, a year-on-year increase of 44.4%; Gross profit margin was 68.2%, an increase of 4.2 percentage points year-over-year.
Profit Inflection Point:Net profit attributable to shareholders of 50.938 million yuan, byTurn Losses into Profits in the Same Period。
Growth Momentum:Hemorrhagic stroke devices made outstanding contributions; sales of ischemic devices/access devices increased by 38.3% and 29.2%, respectively.
Efficiency Improvement:The ratio of selling and distribution expenses to administrative expenses decreased from 44.8% to 37.0%.
# Digital Breakdown: Revenue, Profit, Gross Margin, Cash Flow, Assets and Liabilities
Revenue and Gross Profit
Revenue:1.855100 million yuan (RMB, same below), year-on-year+44.4%。
Gross Profit:1.266100 million yuan, year-on-year+53.9%; Gross Profit Margin68.2%, compared to the same period last year64.0%Enhance4.2Percentage points, mainly driven by the improvement in scale and process maturity.
Costs and Profits
Sales and Distribution+Administrative Expenses:6,872.9RMB million, year-on-year+19.5%; The cost proportion is44.8%Decrease to37.0%。
R&D Cost:2,061.8RMB million, year-on-year-35.1%。
Other Income and Gains:2,843.9RMB (including fair value change gains1,902.1RMB, Government Subsidies536.2(Ten thousand yuan).
Financial Cost:113.8Ten thousand yuan.
Tax Items: Net Credit192.7Ten thousand yuan.
Profit before tax:4,901.1RMB million; Net profit for the period:5,093.8Ten Thousand Yuan; Basic/Diluted Earnings Per Share:1.34/1.32Yuan.
Assets and Liabilities and Liquidity
Cash and Bank Balances:5.452Million Yuan; Restricted Cash321.4Tens of thousands; measured at fair value and recognized in profit or lossFlowFinancial Assets1.7299100 million yuan,Non-currentPart6,692.8Ten thousand yuan.
Total Current Assets:10.456100 million yuan; Current liabilities:6,767.8Ten thousand yuan;Net Current Assets9.779100 million yuan.
Total Lease Liability:4,587.0Ten thousand yuan (of which current719.5RMB, Non-current3,871.5Ten thousand yuan); CompanyNo Bank Loans, to“Lease Liability÷Rights”The capital structure ratio calculated by caliber is approximately4.1%。
Capital Expenditure During the Period:920Ten thousand yuan; Total equity at the end of the period:11.147100 million yuan.
Cash and Foreign Exchange
Cash balance decreased by approximately5,670Ten thousand yuan; the company's main foreign exchange risks come from US dollar and Hong Kong dollar positions, currently without any hedging arrangements, and are continuously monitored by the management.
Observation: Profit improvement was driven not only by the rise in gross margin, but also by the decline in expense ratio and the contribution of fair value gains; net current assets and diversified liquid financial assets formed a robust foundation.“Cash Pool”At the same time, fair value changes and foreign exchange impacts are volatile, and it is recommended to track them separately from core operating profits to more clearly assess the quality of organic growth.
# Business Progress: Organized by Product and Market
Revenue Momentum and Structural Clues
Sales of Ischemic Stroke Treatment Devices and Other Access Devices RespectivelyIncrease38.3%And29.2%; The newly launched hemorrhagic stroke treatment device drove revenue up compared to the same period last year.Increase by approximately3770`10,000 yuan`, becoming the main engine of growth in the first half of the year.
Key Products and Systematic Solutions
Ischemic:Captor®Thrombectomy Stent (ApprovedCE) and“Cascading Aspiration+CATCH+088Large Inner Cavity”Solution Forms Stent/Aspiration“Dual Engine”, improving recanalization efficiency.
Hemorrhagic: Embolization CoilsAndNMPAInnovative DevicesQualified embolic assist stent,Flow DiverterAlready listed and driving revenue; Embolization assist stent from2024Year10Rapidly covered approximately after approval in the month200Home Institution.
Prevention End: Continuous Commercialization of Left Atrial Appendage Occluder.
Access Devices: Occlusion Hemostasis Systems and Various Types of Catheters Are Available, Collaborating with Partners for ExpansionCollsealSeries, perfect set combination.
Channels and Regions
In China: Coverage2500+Home Hospital, the distribution network basically covers the whole of China (except Macao).
Overseas: ObtainedCE/FDACertified multiple products in8Country or RegionObtain31ItemRegistration Certificate; Additionally, in21Country or RegionAdvanceApproximately100ItemRegistration, gradually paving the way for international sales channels.
Observation: Growth in the first half of the year“Keywords”YesNew Product Launch+Systematic Supply: Hemorrhagic products initiate quantitative contributions, ischemic product matrix continues iteration, pathway/Hemostasis Formation“Surgical Loop Closure”. Overseas registration picks up the pace, but in terms of revenue contribution, mainland China remains the primary source (Mainland China revenue1.8086100 million yuan, overseas465.8(Worth tens of thousands), the pace of internationalization still depends on the progress of registration and channel development.
# R&D and Investment: R&D Intensity, Pipeline Breadth, and Intellectual Property
Cost and Structure
R&D Costs in the First Half of the Year2,061.8RMB, including employee costs8,10Million yuan (accounting for39.4%), Third-party Contracting5,90Million yuan (28.7%）、Depreciation3,10Million yuan (15.0%）、Consumables and Materials2,70Million yuan (12.8%). The year-on-year decrease in costs was mainly due to the phased reduction in personnel and outsourcing investment.
Pipeline and Approval
As of the announcement date:32PaymentInstrument AcquisitionNMPAApproval,3PaymentObtainFDA、1PaymentObtainCE；NMPAThe pipeline covers acute ischemia, neurovascular stenosis, hemorrhagic treatment, access, and peripheral intervention lines.CE/FDAFocus on categories such as thrombectomy stents, access devices, and microcatheters.
Intellectual Property and Production Capacity
Obtained267ItemPatent Authorization (including Invention132Item), Under Review80Item; Stable production capacity has been ensured at the two bases in Lingang, Shanghai, and Jiangbei, Nanjing.
Innovation and Foresight
Invasive Brain-Computer Interface (BCI) Completed two sheep trials and one monkey trial, and is preparing for human clinical trials, representing the company's expansion beyond neurointervention.“The Second Growth Curve”Exploration.
Observation: R&D is more emphasized“Clinical Conversion Efficiency”: Rapid iteration of existing products, differentiated new products entering the hemorrhagic track, and pathways/Advantages of Hemostasis Formation; Patents and Production Lines Lay the Foundation for Scale Supply. The phased decline in R&D intensity helps release profit elasticity, but the focus remains on key research (e.g., intracranial...DESMilestones such as carotid artery stents still require investment to ensure progress at each node.
# Factors and Highlights to Focus On
Cost Efficiency and Profit Quality
Fee Rate from44.8%Decrease to37.0%, reflecting scale and management efficiency; at the same time, the gains from changes in fair value contribute to profits, it is recommended to“Operating Profit”And“Financial Asset Returns”Split for observation to facilitate the assessment of sustainability.
Funds andStructure
No bank loans, leverage mainly from lease liabilities; cash at the end of the period5.45100 million yuan+Current and non-current financial assets at fair value through profit or loss2.40100 million yuan,Net Current Assets9.78100 Million Yuan, with robust liquidity. Cash saw a slight decline from the beginning of the year, aligning with the pace of production capacity and market investment.
Customers and Overseas
Revenue mainly comes from the domestic market (mainland China).1.8086100 million yuan, other regions465.8Ten thousand yuan); abundant overseas registration reserves are the source of medium- and long-term growth. In the short term, attention still needs to be paid to the coordinated progress of local registration access, academic promotion, and channel development.
Products and Clinical
Hemorrhagic Products“Combination Punch”Already seen volume increase; Ischemic thrombectomy matrix (Captor+Aspiration+088) and Pathway/Hemostasis synergy, with the potential to further increase the penetration rate of surgical procedures. IntracranialDESCompleted clinical trials, pending registration; carotid artery stents are in the clinical stage, both representing potential sources of structural growth.
Foreign Exchange and Compliance
Cash positions denominated in USD and HKD are exposed to exchange rate fluctuations; the company currently has no hedging arrangements in place, and management will consider countermeasures as needed.
Observation: The company is located in“Product Structure Upgrade+Operational Efficiency Improvement”The convergence period; in the short term, focus on the increase in new product sales and improvement in cost efficiency, and in the long term, focus on overseas expansion and the successive realization of key R&D milestones. Operationally, the following can continue to be tracked:①Operating Profit/The sustainability of gross profit,②Changes in Accounts Receivable and Inventory Turnover,③The Rhythm of Converting Overseas Registrations into Revenue.
# Conclusion· HeartCare FutureObservation
Summary: HeartCare Achieved in the First Half of the Year from“Structural Foundation”To“Commercial Redemption”A Leap Forward: Rapid Revenue Growth, Rising Gross Margin, Declining Expense Ratio Bring Profit Elasticity; Fast Introduction of New Products, Channel Expansion/The improvement of complementary devices such as hemostasis promotes solution-oriented supply; sufficient funds and net liquid assets continue to empower R&D and internationalization.
1–3Observation Point:
1）Hemorrhagic track becomes a new incremental engine. Embolization-Assisted Stent+Coil+Formation of Blood Flow Diversion Devices“Combination Punch”, driving significant revenue growth; subsequent volume expansion will also benefit from the deepening of institutional coverage and procedural education.
2）Deepening of ischemic product matrix, strengthening of procedural closed-loop. Captor®With aspiration system and088Large-lumen Solution Enhances Revascularization Efficiency, Cooperates with Access and Hemostasis Products to Form a More Stable Intraoperative Closed-loop, Empowering the Penetration of Comprehensive Department Solutions.
3）Internationalization“Reserve Thickness”Sufficient. Multi-country, multi-category registration in progress,CE/FDAThe category has a foundation; the short-term contribution is still limited, but it is expected to become the second growth curve in the medium term.
# AboutHeartCare
HeartCareFounded in2016 Year after year, the company focuses on the unmet clinical needs of doctors and patients in China, committed to improving the accessibility of medical innovation technologies and products, reducing the mortality rate of major diseases, enhancing patient outcomes, and safeguarding life and health. The company's headquarters is located in the Lingang New Area of Shanghai, with research and production centers in Jiangbei New District of Nanjing and California, USA, and branch offices in Beijing, Hong Kong, and other places.
Currently, HeartCare has beenNeurointervention FieldPioneering the creation of a one-stop solution for stroke treatment and prevention, the product pipeline coversThrombectomy, aneurysm, and stenosis neurointerventional treatment devices, interventional access devices, and stroke prevention devices。
The company owns the registration certificate for medical device products manufactured in China.32Items, with authorized patents exceeding250pieces, some products have obtained the "Priority Review for Innovative Devices" qualification, and the sales channels cover all provincial administrative regions in China except for the Macao region. The products are used in...2500Used in home terminal hospitals.
GCC2025
Full Disease Solution for Cardiovascular Devices
