MicroPort CardioFlow Medtech Corporation reported audited results for the year ended 31 December 2025.

Revenue and Gross Profit • Revenue rose 12.6% year-on-year (ex-FX) to USD 57.04 million, driven by (i) the first-time consolidation of MicroPort CRM (USD 5.73 million) and (ii) a 255.0% surge in overseas sales from the Structural Heart Disease Business. • Gross profit increased 5.0% to USD 37.06 million; gross margin slipped to 65.0% from 69.5% in 2024, reflecting price pressure in China and the lower margin profile of the newly consolidated CRM operations.

Earnings • Loss from operations widened to USD 12.99 million (2024: USD 8.80 million). • Net loss expanded to USD 18.82 million versus USD 7.49 million a year earlier, mainly due to CRM consolidation losses and the absence of prior-year fair-value gains related to the 4C Medical investment. • Basic and diluted loss per share was USD 0.04 (2024: USD 0.01).

Segment Highlights • Structural Heart Disease Business contributed USD 51.31 million in revenue (up 1.0%). • CRM Business, consolidated from 19 December 2025, added USD 5.73 million. • Overseas TAVI implantations exceeded 850 cases, up roughly 350%, with commercial presence in nearly 40 markets. Domestic TAVI volume surpassed 4,000 cases; domestic LAAC implants approached 1,000, a 360% jump.

Cost Structure • R&D expenses fell 32.9% to USD 14.46 million after project reprioritisation. • Selling and distribution costs rose 13.9% to USD 26.38 million on expanded overseas promotion and CRM inclusion. • Administrative expenses increased 43.0% to USD 11.58 million, reflecting higher depreciation and relocation costs. • Finance costs grew to USD 1.60 million (2024: USD 0.56 million) on additional borrowings and CRM interest expenses.

Balance Sheet and Liquidity • Cash, time deposits and pledged deposits totalled USD 177.63 million (31 Dec 2024: USD 189.07 million). • Inventories increased to USD 87.17 million from USD 18.83 million following CRM consolidation. • Interest-bearing borrowings rose to USD 206.34 million (31 Dec 2024: USD 5.77 million); gearing ratio climbed to 90.6% (2024: 3.5%). • Net current assets stood at USD 225.42 million (2024: USD 172.58 million). • Capital expenditure remained stable at USD 22.38 million.

Strategic Developments • Completed acquisition of MicroPort CRM in December 2025, transforming the company into a diversified “Structural Heart Disease + CRM + HF management” platform. • Acquired the remaining 49% stake in Shanghai MicroPort CardioAdvent for RMB 170.86 million, making it a wholly owned subsidiary. • Expanded commercial portfolio to 47 approved products, including three generations of VitaFlow TAVI systems and AnchorMan LAAC solutions, alongside comprehensive CRM device lines. • Strengthened global supply chain with dual headquarters in China and France, and manufacturing sites in China, France, Italy and the Dominican Republic.

Capital Management • No dividend declared for FY 2025. • Net proceeds of HKD 2.72 billion from the 2021 IPO were 72.8% utilised by year-end 2025; HKD 738.00 million remains earmarked largely for product R&D, production capacity expansion and CRM integration, to be deployed by 2028.

Corporate Actions • A 5-into-1 share consolidation became effective on 24 February 2026. • Presentation currency changed to US dollars from 2026 onward.

Upcoming Events The annual general meeting is scheduled for 4 June 2026; the register of members will be closed from 1 June to 4 June 2026 for voting entitlements.