Guichuang Tongqiao (02190) 2026 interim results: revenue of 632 million yuan, net profit increased by nearly 50%, overseas revenue increased by 349%

The Zhitong Finance App learned that on August 20, Guichuang Tongqiao Medical Technology Co., Ltd. (02190.HK, hereinafter referred to as “Guichuang Tongqiao” or the “Company”) announced the 2026 interim results. In the first half of 2026, the company achieved operating income of 632 million yuan, an increase of 31.1% year on year; net profit of 179 million yuan, an increase of 47.8% year on year. In the same period, the company's operating gross profit margin and net profit margin were 73.4% and 28.3%, respectively. The two core profit indicators increased simultaneously, reflecting a further increase in the company's profitability.

The company's overall business grew strongly during the reporting period. Domestic business continued to grow steadily, and market share increased steadily; international business integration began to bear fruit, and growth entered the fast track. From January to June, the company achieved overseas revenue of about 70.64 million yuan, an increase of 349.3% over the previous year, accounting for 11.2% of overall revenue.

In April of this year, the company completed the transfer of 60% of the shares in the German medical technology company Optimed to further improve its R&D, manufacturing and commercialization layout in Europe. Benefiting from the rapid integration of the two sides in terms of market access and commercialization resources, the company's products have been commercialized in 70 countries and regions around the world, and a direct sales network layout has been achieved in key markets such as Germany, France and Austria.

Strong growth in international business, acceleration of global commercial network layout

In the first half of 2026, the international business of Guichuang Tongqiao maintained rapid growth. Overseas revenue increased 349.3% year-on-year, accounting for 11.2% of overall revenue. With the deepening of regional collaboration, the integration of global distribution networks and the expansion of dual brands, the company's international business has entered a stage of comprehensive acceleration.

At present, the company's products have been commercialized in 70 countries and regions around the world, and the channel network covers more than 135 countries and regions. The Europe, Middle East and Africa (EMEA) market accounts for 76% of overseas revenue and has become an important fulcrum for the company's international business.

In the first half of the year, Guichuang Tongqiao and Optimed continued to promote business integration. The sales and marketing teams of the two sides have been integrated into a unified global team and are deepening collaboration in supply chain sharing, production automation, logistics optimization, etc., to promote mutual empowerment between German precision engineering technology and China's operation management and supply chain experience.

In the European market, the company accelerated the integration of channel resources, built a local commercialization system, and achieved a breakthrough in direct sales business. At present, the company has covered more than 80% of group procurement organizations (GPoS) in Germany and France; it has also integrated channel resources and expanded dual brands in multiple European markets. In July 2026, the company's first direct sales orders in Germany and France were launched one after another, and the European business was further extended to localized operations.

In the Latin American and Asia-Pacific markets, the company continues to improve its channel layout, and the clinical application of the product has made positive progress. Key products such as the Zynlastic™ iliac stent and the ZYLOX Unicorn™ vascular stitcher system have successively achieved their first clinical application in markets such as Brazil and South Korea.

Furthermore, the revenue performance of Optimed's original urology business remained steady. Its core product, ureteral stents, maintain a leading position in the German market. During the reporting period, urination, digestion and other businesses together accounted for 27% of the company's overseas revenue, bringing multiple impetus to international business growth.

Core products continue to grow and the innovation pipeline progresses in an orderly manner

In the first half of the year, as collection neared its end, industry competition focused more on product innovation and clinical value. Guichuang Tongqiao continues to improve the product layout around clinical needs. During the reporting period, the company added 11 new products approved for listing by the NMPA. Relying on a rich product portfolio and good winning and renewal performance, the company's domestic business has maintained steady growth.

In the neurovascular intervention business, core products such as the Tsuqiao Kirin™ blood-flow guided mesh stent and the Tongqiao Silver Snake® intracranial support catheter series have maintained steady sales, and the market penetration rate continues to increase. The Tongqiao Feilong™ intracranial aneurysm embolization stent, which was approved for marketing in 2025, was gradually released during the reporting period. In addition, the company continues to promote the development of products under development such as intracranial OCT systems, liquid embolizers, and self-expanding aneurysm embolizers to further enrich the neurovascular intervention product pipeline.

In the peripheral vascular intervention business, for clinical scenarios of hemodialysis maintenance, the company perfected a product portfolio composed of ZYLOX KINGKONG™ ultra-high pressure balloons, ZYLOX Transformer™ peripheral incision catheters, and ZENFLOW® Pufferfish spinous balloons. Focusing on the treatment needs of complex calcification of lower extremity arteries, the company promoted product layout such as the ZYLOX TORPEDON™ peripheral intravascular shock wave system to further improve the peripheral vascular intervention product matrix.

Up to now, a total of 10 Guichuang Tongqiao products have been certified as innovative medical devices. Since 2025, new products such as the company's carotid double layer dense mesh stent, self-expanding aneurysm internal embolizer, ZYLOX Orca™ peripheral dilatation membrane stent system, and ZYLOX Spino™ peripheral point stent system have been certified, which is expected to further strengthen the company's differentiated competitive advantage.

Looking forward to the future, Guichuang Tongqiao will continue to uphold the mission of “constant innovation for life”, adhere to the two core strategies of innovation and internationalization, continue to strengthen global collaboration in R&D, manufacturing and commercialization systems, provide more high-quality and affordable products and solutions for doctors and patients around the world, and promote the company's long-term steady development.