On January 14, 2026, the company completed a placement of 35.2 million new H shares, raising net proceeds of approximately HKD 884 million. On March 27, 2025, the company released its 2025 annual results, reporting revenue of RMB 1.065 billion (+25.06% YoY) and net profit of RMB 233 million (+22.43% YoY). On March 25, 2026, the company announced its participation in the acquisition of Hangzhou Denovo Electrophysiology Medical Technology Co., Ltd. alongside Shanghai Chenyao Xinchen Private Equity Fund. On April 22, 2026, the company issued a circular for the annual general meeting scheduled for May 28, 2026. On April 16, 2026, an investor shareholder of Denovo Electrophysiology publicly questioned the acquisition transaction, alleging that the valuation had dropped from RMB 2.9 billion to RMB 500 million and that founders had cashed out RMB 250 million ahead of other investors. As of April 2026, the company has cumulatively obtained 94 domestic NMPA registrations, 27 CE certifications, and 25 FDA approvals.
Company Profile (Updated April 2026)
Shanghai INT Medical Instruments Co., Ltd.（上海瑛泰医疗器械股份有限公司） is a leADINg Chinese medical device company specializing in the research, development, manufacturing, and sales of interventional implantAble medical devices. Founded in 2006 and headquartered in Shanghai Jiading District, the company is listed on the Hong Kong Stock Exchange Main Board (Stock Code: 01501.HK) since 2019. The company formerly operated as Shanghai KDL Medical Instruments Co., Ltd. It has established itself as a domestic leader in cardiovascular interventional devices and one of the few Chinese medical device enterprises possessing complete industrial capabilities encompassing independent mold development, product R&D, equipment development, and in-house sterilization.
Development History:
- 2006: Company founded in Shanghai as Shanghai KDL Medical Instruments Co., Ltd.
- 2019: Successfully listed on the Hong Kong Stock Exchange Main Board (01501.HK)
- 2018: Established subsidiary Shanghai Qimu Medical Devices Co., Ltd. to focus on peripheral vascular interventional devices; established Shanghai Puhui Medical Devices Co., Ltd. to enter the neuro-interventional field
- 2021: Established Shanghai Puyue Medical Devices Co., Ltd. to expand into urological interventional devices
- 2024: ACHieved full-year revenue of RMB 852 million (+13.17% YoY); net profit of RMB 190 million (+22.66% YoY); received NMPA approval for the coronary scoring balloon dilatation catheter (国械注准20243032641) in December; selected for the Shanghai Manufacturing Industry Single Champion and Innovative Enterprise Headquarters
- 2025: In May, completed the acquisition of a controlling stake (>51%) in Hangzhou Weiqiang Medical Technology Co., Ltd. (in collaboration with Shanghai Sci-Tech Venture Capital Fund, acquiring >81% combined); in October, subscribed to approximately 91.0936 million shares of Konfoong Biotech (02216.HK) for approximately HKD 283 million; in November, proposed implementation of H-share full circulation; achieved annual revenue of RMB 1.065 billion (+25.06%) and net profit of RMB 233 million (+22.43%)
- 2026: On January 14, completed placement of 35.2 million new H shares, raising net proceeds of approximately HKD 884 million; on January 23, a shareholder deposited shares with CICC Hong Kong Securities with a deposit value of HKD 1.141 billion; on February 12, major shareholders increased their holdings; on March 25, participated in the Denovo Electrophysiology control rights acquisition; on March 27, released 2025 annual results; on April 16, an investor shareholder publicly questioned the Denovo acquisition; on April 22, issued AGM circular for the meeting on May 28, 2026; on April 28, a shareholder transferred shares from Citibank to Merrill Lynch Far East with a transfer value of HKD 293 million (5.43% stake)
Core Mission: To be a leading domestic manufacturer of interventional implantable medical devices, empowering clinical treatment through continuous independent innovation, complete industrial chain capabilities, and high-quality products, while contributing to the advancement of global healthcare.
Product Portfolio ＆ Technology Platform
Cardiovascular Interventional Devices
Coronary Scoring Balloon Dilatation Catheter:
- Registration No.: 国械注准20243032641 (approved December 2024)
- Design: Three scoring wires distributed at 120-degree intervals for effective plaque embedding, efficient pressure transmission, and precise cutting while preventing balloon slippage
- Material: Special resin wire material reduces the risk of entrapment and enhances safety
- Tip Design: Tapered gradient tip achieves a smaller entry profile for navigating complex tortuous lesions
- Fold Design: Three-wing folding design improves balloon deliverability and reduces vascular wall injury
Other Cardiovascular Products: Catheter sheaths, angiographic guidewires, pressure pumps, Y-valves, and progressively expanding into innovative products such as ABSorbable stents
Thrombus Aspiration Catheter and Accessories:
- Registration No.: 国械注准20263030014 (approved February 2, 2026)
- New NMPA approval in early 2026, further enriching the cardiovascular interventional product line
Peripheral Vascular Interventional Devices
Operated through subsidiary Shanghai Qimu Medical Devices Co., Ltd. (established 2018), with a product line covering:
- Balloon dilatation catheters
- Peripheral microcatheters
- Support catheters
- Thrombus aspiration circulation systems
Neuro-Interventional Devices
Operated through subsidiary Shanghai Puhui Medical Devices Co., Ltd. (established 2018), focusing on neurovascular interventional devices
Urological Interventional Devices
Operated through subsidiary Shanghai Puyue Medical Devices Co., Ltd. (established 2021), focusing on urological interventional devices
Other Business Segments
- Cardiac Electrophysiology
- Structural Heart Disease
- Non-vascular Business
Regulatory Status ＆ Certifications
China (NMPA)
- Domestic Medical Device Registrations: 94 items as of December 31, 2024 (including Class II and Class III products)
- New 2026 Approval: Thrombus aspiration catheter and accessories (国械注准20263030014) approved February 2026
- Registrant Pilot Enterprise: One of the first batch of registrant pilot enterprises in Zhangjiang, operating under the medical device registrant system (委托生产模式)
International Certifications
- CE Certifications: 27 items
- FDA Approvals: 25 items
- ISO 13485: Certified
- Global Reach: Products sold in over 80 countries and regions
Intellectual Property ＆ Honors
- Granted Patents: 406 items
- Pending Patents: 215 items
- Software Copyrights: 21 items
- National Specialized and Innovative "Little Giant" Enterprise (国家专精特新"小巨人")
- National Intellectual Property Advantage Enterprise (国家知识产权优势企业)
- Shanghai Enterprise Technology Center (上海市企业技术中心)
- Shanghai Patent Demonstration Enterprise (上海市专利示范企业)
- Shanghai Manufacturing Industry Single Champion (上海市制造业单项冠军)
- Shanghai Innovative Enterprise Headquarters (上海市创新型企业总部)
- S&P Global Sustainability Yearbook (china Edition): Selected for two consecutive years since 2024
Financial Performance
2025 Fiscal Year
- Revenue: RMB 1,065.48 million (+25.06% vs. RMB 851.95 million in 2024)
- Gross Profit: RMB 637 million (+18.44% YoY)
- Gross Margin: Approximately 59.77% (vs. 63.11% in 2024), Primarily due to decreased selling prices of interventional products and lower gross margin of agency business products
- Net Profit: RMB 233 million (+22.43% vs. RMB 190 million in 2024)
- Net Profit Attributable to Shareholders: RMB 219 million (+14.00% YoY)
- Basic EPS: RMB 1.26 (vs. RMB 1.10 in 2024)
- Diluted EPS: RMB 1.26
- Net Asset Value per Share: RMB 11.34
- Cash Flow per Share: RMB 1.98
- Interventional Medical Device Sales Revenue: RMB 967.95 million (+25.17% YoY), accounting for approximately 90.85% of total revenue
- Proposed Final Dividend: RMB 0.23 per share (equivalent to HKD 0.26 per share) for the year 2025, with the record date set for June 10, 2026
2025 Interim Results (H1)
- Revenue: RMB 461 million (+17.52% YoY)
- Profit Attributable to Shareholders: RMB 98.528 million (-2.00% YoY)
- Basic EPS: RMB 0.57
2024 Fiscal Year
- Revenue: RMB 852 million (+13.17% YoY)
- Net Profit Attributable to Shareholders: RMB 192 million (+22.66% YoY)
- Gross Margin: 63.11%
- Asset-Liability Ratio: 20.95%
Capital Raising ＆ Placement
- January 2026 H-Share Placement: Placed 35.2 million new H shares at a price of approximately HKD 25.30–26.00 per share (a discount of approximately 16.13%), raising total proceeds of over HKD 900 million and net proceeds of approximately HKD 884 million
- Use of Proceeds: More than half allocated to expanding the product portfolio, with the remainder for working capital and general corporate purposes
Company Overview
Corporate Information
Company Name: Shanghai INT Medical Instruments Co., Ltd.（上海瑛泰医疗器械股份有限公司）
Former Name: Shanghai KDL Medical Instruments Co., Ltd.
Founded: 2006
Headquarters: Building 2, No. 925 Jinyuan 1st Road, Jiading District, Shanghai, China
Hong Kong Principal Place of Business: 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Stock Exchange: Hong Kong Stock Exchange Main Board (Stock Code: 01501.HK)
Company Type: Public Listed Company (H-shares)
Industry: Medical Devices / Interventional Implantable Devices
Employees: Over 1,700
Total Shares: Approximately 211 million shares
Lot Size: 200 shares per lot
Website: www.int-medical.com
Leadership Team (2025–2026)
Chairman of the Board: Dr. Liang Dongke（梁栋科博士）
- Elected as Chairman in May 2025; leads the company's strategic development and overall management
Executive Directors:
- Dr. Liang Dongke（梁栋科博士）: Also serves as a core technical leader; does not receive director remuneration but receives compensation based on other positions and internal policies
- Mr. Lin Sen（林森先生）: Does not receive director remuneration
Non-Executive Directors:
- Dr. Song Yuan（宋媛博士）: Does not receive director remuneration
- Mr. Wang Ruiqin（王瑞琴先生）: Does not receive director remuneration
Independent Non-Executive Directors:
- Annual remuneration for 2026: RMB 120,000 (before tax) per person
Subsidiaries ＆ Affiliates
- Hangzhou Weiqiang Medical Technology Co., Ltd.（杭州唯强医疗科技有限公司）: Non-wholly owned subsidiary (>51% controlling stake acquired in 2025); focuses on aortic covered stent systems, peripheral vascular interventional devices, and venous interventional devices
- Shanghai Qimu Medical Devices Co., Ltd.（上海七木医疗器械有限公司）: Subsidiary established in 2018; peripheral vascular interventional devices
- Shanghai Puhui Medical Devices Co., Ltd.（上海璞慧医疗器械有限公司）: Subsidiary established in 2018; neuro-interventional devices
- Shanghai Puyue Medical Devices Co., Ltd.（上海璞跃医疗器械有限公司）: Subsidiary established in 2021; urological interventional devices
- 21 subsidiaries in total covering cardiovascular, peripheral vascular, neurovascular, cardiac electrophysiology, structural heart disease, and non-vascular business segments
Strategic Partnerships, Acquisitions ＆ Controversies
Key Acquisitions
- Hangzhou Weiqiang Medical Technology (2025): Acquired >51% controlling stake in collaboration with Shanghai Sci-Tech Venture Capital Fund (combined >81% equity); valuation of approximately RMB 500 million; strengthens the company's layout in the aortic and peripheral vascular interventional and implantation fields
- Konfoong Biotech (02216.HK) (2025): Subscribed to approximately 91.0936 million shares for approximately HKD 283 million
- Hangzhou Denovo Electrophysiology (2026): Participated in the control rights acquisition alongside Shanghai Chenyao Xinchen Private Equity Fund; the transaction plan was approved by over 90% of Denovo's shareholders at the March 25, 2026 general meeting
Denovo Electrophysiology Acquisition Controversy (April 2026)
On April 16, 2026, an investor shareholder of Hangzhou Denovo Electrophysiology (identified as former New Fortune pharmaceutical analyst Zhang Mingfang) published an open letter alleging that:
- The acquisition valuation dropped from RMB 2.9 billion (2023) to RMB 500 million (2026)
- Founders Zi Zhenjun and Zhao Yiwei cashed out RMB 250 million ahead of other investors by transferring their equity before the acquisition
- The founders allegedly control multiple related companies including Venus Medtech (02500.HK), Konfoong Biotech (02216.HK), Weiqiang Medical, Dejin Medical, and Denovo Electrophysiology
- The shareholder questioned whether INT Medical's disclosure obligations were fully met regarding the transaction
- As of April 2026, INT Medical had not issued a formal announcement specifically addressing these allegations
Industrial Ecosystem (Hongqiao International Innovative Medical Device Industrial Park)
- Innovation Space: Nearly 70,000 square meters with an occupancy rate exceeding 95%
- Incubated Enterprises: Empowers 16 innovative enterprises with full-chain capabilities including shared sterilization centers, animal experiment platforms, CRO registration resources, policy application services, and capital support through M&A funds
- R&D Investment: Annual R&D expenditure consistently exceeds 20% of total revenue
- Strategic Positioning: Selected as Shanghai Manufacturing Industry Single Champion and Innovative Enterprise Headquarters, serving as an organizer of the industrial ecosystem from "being incubated" to "incubating others"
Global Market ＆ Competitive Landscape
Target Markets
China: Core market; products distributed to hospitals and medical institutions nationwide; actively participating in national centralized procurement programs while advancing the layout of high-end products
International: Products exported to over 80 countries and regions globally, with CE and FDA certifications supporting market access in Europe, the Americas, and other regions
Primary Competitors
- MicroPort Scientific Corporation（微创医疗）: Leading domestic competitor in cardiovascular and neuro-interventional devices
- Lepu Medical（乐普医疗）: Major competitor in coronary interventional devices and scoring balloon catheters
- Integra LifeSciences (USA): International competitor in neurosurgery and regenerative medicine
- Domestic Low-Value Consumables Manufacturers: Multiple competitors in the interventional accessories market
Competitive Advantages
- Complete Industrial Chain: One of the few domestic enterprises with full capabilities covering mold and equipment design, product injection molding, assembly, packaging, and in-house sterilization
- Extensive Registration Portfolio: 94 domestic NMPA registrations, 27 CE certifications, and 25 FDA approvals provide strong market access credentials
- Rich IP Assets: 406 granted patents, 215 pending patents, and 21 software copyrights demonstrate strong independent innovation capability
- High R&D Intensity: Annual R&D investment exceeding 20% of revenue, significantly higher than the industry average
- Multi-Segment Layout: Comprehensive coverage of cardiovascular, peripheral vascular, neurovascular, cardiac electrophysiology, structural heart disease, and urological interventional devices through 21 subsidiaries
- Industrial Ecosystem Model: The Hongqiao International Innovative Medical Device Industrial Park incubates 16 innovative enterprises, creating synergistic value through shared platforms and capital support
- Capital Strength: Successful H-share placement in January 2026 raised net HKD 884 million, providing ample capital for acquisitions and product pipeline expansion
2026 Outlook ＆ Strategic Priorities
Near-Term Objectives
- Capital Expenditure Execution: Implement the 2026 annual capital expenditure budget of approximately RMB 604.7 million, including approximately RMB 504.4 million for external investments (acquisition targets and investment funds), approximately RMB 50.3 million for production equipment purchases and replacements, and approximately RMB 50.0 million for industrial park construction
- Product Portfolio Expansion: Continue to enrich the product matrix through acquisitions and independent R&D, with a focus on high-value interventional devices such as scoring balloon catheters, stents, and absorbable products
- High-End Transformation: Accelerate the strategic shift from low-value consumables to high-value medical product lines, leveraging the Weiqiang Medical acquisition to strengthen capabilities in aortic and peripheral vascular fields
- International Market Development: Leverage CE and FDA certifications to further expand into international markets and increase the proportion of overseas revenue
- Corporate Governance Optimization: Propose the abolition of the Board of Supervisors and amendment of the Articles of Association at the 2026 AGM to align with modern corporate governance standards
- Shareholder Returns: Distribute the proposed final dividend of RMB 0.23 per share (equivalent to HKD 0.26 per share) for the year 2025, with the record date set for June 10, 2026
Contact Information
Corporate Headquarters
Address: Building 2, No. 925 Jinyuan 1st Road, Jiading District, Shanghai, China
Phone: +86-21-6917-3888
Hong Kong Office
Address: 31/F, Tower Two, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Online Presence
Website: www.int-medical.com
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