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On March 29, 2023, Shanghai MicroPort Endovascular MedTech (Group) Co., Ltd. (688016.SH, hereafter referred to as “Endovastec™”) announced the annual results of Endovastec™ and its subsidiaries (hereafter referred to as the “Company”) for the 12 months ended December 31, 2022 (hereafter referred to as the “Reporting Period”). In the reporting period, the Company recorded revenue of RMB 897 million, representing an increase of 30.95% as compared to the corresponding period of last year; the net profit attributable to shareholders of listed companies after deducting the losses of associated companies and equity incentives was RMB 383 million, representing an increase of 21.20% compared to the corresponding period of last year; the net profit attributable to shareholders of listed companies stood at RMB 357 million, an increase of 12.99% compared to the corresponding period of last year.

Despite the impact caused by the recurrence of the COVID-19 pandemic in 2022, Endovastec™ still delivered good business performance, with sales revenue and net profit maintaining sustained strong growth during the reporting period.

Endovastec™ Adheres to the Expansion Driven by Innovation and Keeps on Improving the Layout of Its Products

Endovastec™ has been committed to the development and application of total medical solutions for aortic and peripheral vascular diseases. Under the model of the strategy of group-based development, Endovastec™ has conducted the R&D of innovative products in multiple product lines in a smooth and orderly manner and it boasts a sufficient reserve of pipelines of products under development.

During the reporting period, in the field of aortic products, Talos™ Thoracic Aortic Stent-Graft System independently developed by Endovastec™ was approved to go to market by China’s National Medical Products Administration (NMPA) in January 2022; Castor™ Branched Aortic Stent-Graft and Delivery System obtained the CMD certificate and was permitted to be sold in a customized way in Europe; Hercules™Φ32 Balloon Inflation Catheter was approved by NMPA for registration; the upgraded product Cratos™ Branched Aortic Stent-Graft and Delivery System and Aegis™ II Abdominal Aortic Stent Graft System completed the first pre-market clinical implantation; Multi-branched Thoracic Aortic Stent-Graft enrolled the first patient for the First-In-Man(FIM) single center study.

In the area of peripheral arterial products, Reewarm™ PTX 0.035” Drug Coated Balloon PTA Catheter and 0.018” DCB PTA Catheter lined with PTFE independently developed by Endovastc™’s subsidiary Shanghai VasoLutions MedTech Co., Ltd. received marketing approval. In the area of peripheral venous products, Vflower™ Venous Stent and Delivery System developed by Endovastc™’s subsidiary Shanghai Bluevastec MedTech Co., Ltd. accomplished the pre-market clinical trial enrollment; Vewatch™ Vena Cava Filter and Fishhawk™ Mechanical Thrombectomy Catheter completed the first pre-market clinical implantation; Fishhawk™ Mechanical Thrombectomy Catheter was approved to enter the Special Approval Procedure of Innovative Medical Devices (Green Path), becoming Endovastc™’s seventh product included in the “Green Path”. In the area of tumor intervention products, TIPS Stent Graft System independently developed by Endovastc™’s subsidiary Shanghai Intervascular MedTech Co., Ltd. finished the first pre-market clinical implantation.

In 2022, the total R&D investment of Endovastc™ is RMB 172.27 million, accounting for 19.22% of its revenue in the same period. Endovastc™ attaches great importance to the protection of the intellectual property rights and the patents of its products. During the reporting period, it has submitted 166 patent applications and 80 new patents have been approved. As of December 31, 2022, Endovastec™ owns a total of 249 authorized domestic and overseas patents, including 173 domestic authorized patents and 76 overseas authorized patents.

Endovastec™ Continues to Devote Efforts to the Chinese Market and Accelerate the Implementation of Its Global Development Strategy

In 2022, Endovastec™ kept on redoubling its efforts to reach the lower-tier markets in China and focusing on building the layout of marketing channels in second-, third- and fourth-tier cities and some counties with large populations, extending its business to 31 provinces, autonomous regions and municipalities directly under the Central Government for the first time. As of the end of the reporting period, Endovastec™’s products are available in more than 1,600 hospitals across China, with the market coverage of its key products being further raised. Castor™ Branched Aortic Stent-Graft and Delivery System, Minos™ Abdominal Aortic Stent-Graft and Delivery System and Reewarm™ PTX Drug Coated Balloon PTA Catheter have respectively covered more than 860 terminal hospitals, 600 plus terminal hospitals and over 630 terminal hospitals. The newly launched products have made steady progress, Fontus™ Branched Stent Graft System in Surgical Operation and Talos™ Thoracic Aortic Stent-Graft System have successfully entered hospitals after winning bids and are now available in over 100 hospitals.

In terms of international business, Endovastec™ further promoted its innovative products in the international market. During the reporting period, Endovastec™’s overseas sales revenue increased by 74.90% compared with that last year, and it acquired 10 product registration certificates in five countries, including Japan, South Korea, Brazil, Colombia and Belarus. As of the end of the reporting period, Endovastec™’s overseas business has covered 22 countries and expanded to Europe, Latin America and other countries and regions in Asia Pacific. Among them, Minos™ Abdominal Aortic Stent-Graft and Delivery System was successfully used in its first clinical implantation in Austria and other countries and it is available in 13 countries; Hercules™ Thoracic Stent Graft System with Low-Profile Delivery System was successfully used in its first clinical implantation in India and other countries and it is available in 14 countries; Castor™ Branched Aortic Stent-Graft and Delivery System was successfully used in its first clinical implantation in Germany and it is available in 9 countries; Reewarm™ PTX Drug Coated Balloon PTA Catheter received registration approval from Brazil; Hyperflex™ Balloon Inflation Catheter was successfully used in its first clinical implantation in Japan.

In 2022, Endovastec™ had nearly 800 employees, the company constantly improved the layout of its sites, gradually expanded its production capacity and continuously bettered its organizational structure. During the reporting period, Endovastec™’s 14,500-square-meter production base on Dieqiao Road has been put into operation and is expected to satisfy the production capacity demand for the next five years. The Global Headquarters and Innovation & Industrialization Base Project of Endovastec™ has started construction. Upon completion, it will become an industrial park integrating multiple functions such as R&D, testing, manufacturing, offices, and services, with a view to meeting the business development needs of large-scale production in the future. In addition, Endovastec™ has incorporated a subsidiary in the US and is preparing to set up R&D centers in North America and Europe and other overseas subsidiaries. Firmly taking root in the Chinese market, Endovastec™ will speed up the implementation of its global development strategy.

Zhu Qing, President of Endovastec™, stated, “We encountered difficulties and obstacles in 2022. However, under the leadership of our board of directors and management, we worked together and made excellent achievements again in adversity. In 2023, we will further enhance the implementation of the strategy of group-based and global development, continue to dedicate to the development and application of total medical solutions for aortic and peripheral vascular diseases, keep on consolidating our leading position in the Chinese market, quicken the formation of the strategic layout of the international market, and make unremitting efforts to realize our grand vision of ‘building a people centric enterprise ranking as a global leader of evolving and emerging medical technologies’!”