启明医疗-B2025中期报告

2025中期報告 2452950525456586189 441,011,443 inquiry@venusmedtech.com 1 1. I. TAVRTPVRTMVRTTVR Cardiovalve130TAVRVenus-PowerX 1,950700 VenusP-ValveVenusP-Valve40.735.3%63 34.7%EBITDA43.5% TAVR–VenusA-ValveVenusA-Plus VenusA-ProVenusA-DeluxeTPVRVenusP-ValveG SheathTAV0TAVRVenus-PowerXVenus-VitaeTMVRTTVRCardiovalveTPVRVenusP-Valve VenusATAVR TAVRVenusA-ValveVenusA-Plus VenusA-ProVenus-DeluxeVenusA-ValveNMPANMPATAVRVenusA-PlusNMPATAVR VenusA-ProNMPAVenusA-PlusVenusA-DeluxeNMPATAVRVenusA-DeluxeCommissural Allignment VenusA-ValveTAVROCC 2025VenusA-ValveTAVR20%90%12VenusA-ValveChina Valve(Hangzhou)2025VenusA-Plus0%VenusA-PlusVenusA-Plus VenusP-ValveTPVR (TPVR)VenusP-ValveCE MDR(RVOT)TPVRCE MDRIIIVenusP-ValveNMPATPVR VenusP-ValveOCC 2025VenusP-ValveVenusP-ValveVenusP-Valve93.64%1912VenusP-Valve90%3.64%1.82%15.5%Harmony623.9% VenusP-ValveIDE(PROTEUS)60Centers for Medicare & Medicaid Services, CMSCMSVenusP-Valve Venus-PowerXTAVR TAVRVenus-PowerX Venus-PowerXVenus-EnduraSeadapt100%100%3VVenus-PowerXVenus-PowerX Venus-PowerX Venus-VitaeTAVR TAVRVenus-Vitae Venus-VitaeVenus-EnduraSeadaptVenus-VitaeVenus-Vitae Venus-Vitae CardiovalveTMVR/TTVR Cardiovalve 55mm95%Cardiovalve CardiovalveCE30130New York Valve 202512577(94%)(3+)(4+)(5+)24%34%67%Cardiovalve98%≤2+CTCardiovalveCE Cardiovalve TAVRVenus-PowerXVenus-VitaeVenusP-ValveIDECardiovalve 2025 120.9180.864.6%78.4% 898495410285467357PCT21 10 Cardiovalve Ltd.CardiovalveCardiovalveCase: 23-1515CardiovalveCardiovalve 3,500GMP ISO13485NMPAGMPFDAQSRMDRANVISARDCMDSAP ISO/IEC17025ISO13485MDRMDSAPBGMPCNASPLMEBSWMSLIMSMESECS 301,00050,000TAVRTPVR 40.735.3%21.8%TPVRTAVR631803(CSI)(EuroPCR)(AEPC) II. VenusA-ValveVenusA-ValveVenusP-ValveCE MDRNMPA 187.1230.718.9% 49.149.00.2% 181.724.1%138.078.8%73.7% 31.620.256.4%MitraltechCardiovalve 100.5131.023.3%56.8%53.7% 120.9180.833.1% 54.876.628.5% 23.817.436.8% 10.44.2 7.29.826.5% 1.20.850.0% 2.30.6283.3% 3.84.8 EBITDA EBITDA 1EBITDA2(i)(ii)3 279.0298.06.4% 419.6283.010%13 23.9%16.7% 329.3440.725.3% 5% 9.5(i)(ii) 265.4283.0265.4265.5 154.2Venus-PowerX (i)(ii) 356.9MitraltechCardiovalve 60577852481129.1153.0(i)(ii)(iii)(iv) III. TAVRVenus-PowerXCardiovalveCardiovalve I. II. XV(a)XV78(b)352(c) (1)H441,011,443441,010,235H1,208 XVXV78352 III. 1818 IV. XV23336 (1)Horizon Binjiang LLC33,651,618HHorizon Binjiang LLC(2)32,720,498H10,569,132H1,208•Adventure 03 Limited476,224HDinova Healthcare Gamma Fund (USD) L.P.Adventure 03 LimitedDinovaVenture Partners GP III, L.P.Dinova Healthcare Gamma Fund (USD) L.P.Dinova Capital LimitedDinova Venture Partners GP III, L.P.Xin NuoTong Investment LimitedDinova Capital LimitedXin Nuo TongInvestment LimitedAdventure 03 Limited •Dinova Venture Partners GP III, L.P.238,112HDinova Capital LimitedDinova Venture Partners GP III, L.P.Xin Nuo Tong Investment LimitedDinova Capital LimitedXin Nuo Tong Investment LimitedDinova Venture Partners GP III, L.P. •6,977,955H40% •DNA 01(Hong Kong)Limited919,805HDinova Healthcare Delta Fund (USD) L.P.DNA 01(Hong Kong)LimitedDinovaVenture Partners GP IV, L.P.Dinova Healthcare Delta Fund (USD) L.P.DinovaVenture Capital LimitedDinova Venture Partners GP IV, L.P.Xin Nuo TongInvestment LimitedDinova Venture Capital Limited 40%XinNuo Tong Investment LimitedDNA 01(Hong Kong)Limited •1,687,358H66.67% •269,678H •1,208Jupiter Holdings LimitedMercuryHolding Limited (3)Qiming Corporate GP III, Ltd.57,048,980H •Ming Zhi Investments (BVI) Limited40,018,283HMing Zhi Investments LimitedMing ZhiInvestments (BVI) LimitedQiming Venture Partners III, L.P.Ming ZhiInvestments Limited 96.94%Qiming GP III, L.P.Qiming Venture Partners III, L.PMing Zhi Investments (BVI) Limited •QM22 (BVI) Limited17,030,697HQM22 LimitedQM22 (BVI) LimitedQiming VenturePartners III Annex Fund, L.P.QM22 LimitedQiming GP III, L.P.QimingVenture Partners III Annex Fund, L.P.Qiming Corporate GP III, Ltd.QimingGP III, L.P.QM22 (BVI) Limited (4)Muheng Capital Partners(Hong Kong)Limited24,713,752HRed Giant LimitedMuheng Capital Partners(Hong Kong)LimitedDCP Capital Partners, L.P.Red Giant LimitedDCP General Partner, Ltd.DCP Capital Partners, L.P.DCP Partners LimitedDCP General Partner, Ltd.DCP, Ltd.DCP Partners LimitedJulian Juul WolhardtDCP, Ltd. 50%Muheng Capital Partners(Hong Kong)Limited (5)H441,011,443441,010,235H1,208 XV23336 V. (i) 2,846.02,558.0 73.03 (ii) 18,500,000H1,173.01,034.01 (iii) 18,042,500H1,4271,191.00 VI. 13.138% VII. 44,101,023HH10%4,410,102H H17.07(3) H44,101,023H10% (i) (iii)(a)(b)(c) (a)H (b)H5(c)H (12)(i)(ii)(iii)(iv)(v)(12)(vi)(12)(12)(12) H HH10%H HH1%H H12H1% 12HH0.1% 14 VIII. IX. X. 2410 XI. XII. XIII. (i) (ii) (iii) 13.51B(1) (iv) XIV. (1) (2) (i)Hangzhou Kuntai(ii)(iii)(iv)(v)(vi)(vii)(viii) Xin Nuo TongXin Nuo TongHangzhou Kuntai Xin Nuo TongXin Nuo TongXin Nuo TongHangzhou Kuntai 80,000,000 (3) 200,000,000H150,000,00050,000,00010% (ODI)H 4.50 XV. 5288343434 2410