Key Financials (FY ended 31 Dec 2025)
• Revenue rose 10.0 % year-on-year to US$180.45 million, marking a fifth consecutive annual increase. • Gross profit climbed 7.0 % to US$122.43 million; gross margin softened to 67.8 % (2024: 69.8 %). • Profit attributable to shareholders advanced 5.5 % to US$41.90 million; net margin 23.2 % (2024: 24.2 %). • Core operating profit (non-HKFRS) grew 20.2 % to US$34.83 million, lifting the core operating margin to 19.3 %. • Basic EPS reached 5.09 US cents (2024: 4.81 US cents). • Final dividend proposed at HK 12 cents per share (approx. US 1.54 cents), up 20.0 %; payout totals HK$99.36 million (US$12.74 million). A special dividend of HK 15 cents was paid in October 2025.
Geographical Revenue
• APAC (ex-PRC & Japan): US$60.47 million, +15.7 %. • EMEA: US$46.89 million, +19.6 %. • United States: US$21.20 million, +37.0 %. • Japan: US$32.30 million, –6.2 %. • PRC: US$17.82 million, –13.9 %.
Business Line Performance
• Coronary scoring balloons: US$59.49 million, +2.2 %. • Coronary non-compliant balloons: US$39.28 million, +12.5 %. • Coronary semi-compliant balloons: US$35.75 million, +11.6 %. • Coronary stents: US$12.89 million, +19.8 %. • Peripheral balloons: US$15.18 million, +21.9 %. • Third-party products: US$10.51 million, +15.0 %.
Cost & Expenses
• Cost of sales rose 16.9 % to US$58.02 million in line with higher volumes. • Selling & distribution expenses grew 13.5 % to US$42.47 million, reflecting sales-force expansion and marketing. • R&D spend decreased 7.7 % to US$15.73 million. • Finance income fell to US$8.66 million (–25.9 %) amid lower deposit rates.
Balance Sheet & Liquidity
• Cash and bank balances (including US$10 million long-term deposit) stood at US$228.70 million. • Net current assets amounted to US$317.40 million; current ratio 10.5 ×. • Total equity increased to US$414.20 million; total liabilities remained low at US$38.71 million.
Capital Expenditure & Expansion
• FY 2025 capex reached US$25.60 million, mainly for the new Hangzhou R&D and manufacturing facility, targeted for 2027 start-up and 2.4 million-unit annual capacity. • Group-wide balloon and stent capacity was about 2.1 million units at year-end.
Use of IPO Proceeds (Update)
• Unutilised net proceeds of US$19.40 million were re-allocated: US$13.00 million to plant construction, US$4.20 million to machinery, and US$1.40 million to R&D staffing. All funds are expected to be deployed by end-2027.
Outlook Disclosures
The board noted ongoing investments in global direct-sales expansion, product pipeline advancement (e.g., IVUS collaboration, scoring and drug-coated balloons), and structural-heart joint-venture trials, while cautioning that currency movements could influence 2026 reported revenue.
Dividend Timetable
• Share register closed 12–16 June 2026. • Final dividend payable on or around 26 June 2026, subject to AGM approval on 8 June 2026.
Audit & Governance
PricewaterhouseCoopers issued an unmodified opinion on the FY 2025 consolidated statements. Audit Committee reviewed the results; public float and corporate-governance code compliance were confirmed.