Shanghai-based INT Medical reported a robust first-half FY2026 performance, driven by strong demand for its vascular interventional devices and recent bolt-on deals.

Financial highlights (1H26 vs. 1H25) • Revenue rose 29.28% to RMB596.06 million, propelled by a 36.07% jump in sales of proprietary interventional medical devices to RMB533.88 million, offsetting a 41.59% decline in lower-margin agency business.

• Gross profit increased 34.63% to RMB364.38 million; gross margin widened 2.43 ppts to 61.13% on an improved product mix and reduced reliance on agency sales.

• Net profit advanced 22.68% to RMB125.67 million. Basic and diluted EPS both declined to RMB0.54 (–5.26%) due to share base expansion following the conversion of domestic shares and a HK$915.20 million placing completed in January 2026.

• Operating cash flow strengthened 72.82% to RMB211.95 million; cash and cash equivalents surged to RMB1.30 billion (31 Dec 2025: RMB0.63 billion).

• Current ratio improved to 1.82 (31 Dec 2025: 1.26); gearing fell to 25.21% (31 Dec 2025: 34.29%). No interim dividend was declared.

Operational developments • Product pipeline: Four new Class III and five Class II NMPA registrations plus one FDA approval lifted the portfolio to 126 Chinese certificates, 43 CE marks and 16 FDA clearances as of 30 June 2026.

• Distribution reach: Domestic network expanded to 4,655 hospitals across 32 provincial-level regions; overseas customer base grew to 358 across 93 markets.

• R&D spend totalled RMB103.44 million, with 750 registered patents and 209 applications in process.

Strategic transactions • Equity financing: A January 2026 placing of 35.20 million new H Shares raised net proceeds of HK$884.31 million (≈RMB794.84 million) earmarked mainly for M&A, debt repayment and working capital.

• H-share full circulation: Conversion of 71.79 million domestic shares completed in June, resulting in an all-H-share capital base of 211.20 million shares.

• Acquisitions: – Pulin Medical: Remaining 35% stake acquired for RMB31.29 million; now a wholly owned sales subsidiary. – Valgen Holding: Agreements signed to purchase up to 23.97% for US$117.76 million; post-period, an additional 3.85% targeted for US$55.12 million, potentially raising the stake to 27.82%.

• Investments: Six minority fund positions totalled RMB328.77 million (30 Jun 2026), representing 8.49% of total assets.

Capital allocation • Utilised only 0.83% of the placing proceeds by 30 June 2026, leaving HK$876.93 million for planned investments, debt reduction and operations through 2027.

• Capex reached RMB57.05 million, focused on production automation and capacity expansion.

Governance updates • The Supervisory Committee was abolished following shareholder approval; its functions transferred to the Audit Committee.

• Director changes: Non-executive director Wang Ruiqin resigned on 24 Aug 2026; employee representative Chen Jie joined the Board. Two long-serving INEDs signalled upcoming resignations subject to EGM approval.

Outlook Management targets accelerated growth in 2H26 through continued M&A integration, expanded R&D for structural heart products, broader market penetration, and advancement of its proposed A-share listing.