CICC has reaffirmed its Outperform industry rating for PEIJIA-B (09996) and maintained its target price of HK$10, derived from a DCF model (WACC 8.1%, perpetual growth rate 1.3%), implying a 63% potential upside. The company reported its 2025 financial results, with revenue reaching RMB 713 million, a year-on-year increase of 15.8%. Affected by volume-based procurement in the neurointervention sector, the full-year gross profit margin was 68.2%. Operating cash flow from core businesses turned positive to RMB 69.1 million. For the first time, the institution has introduced a net profit forecast attributable to shareholders of RMB 60.94 million for 2027. The report indicates that the company's valve business revenue for 2025 was RMB 290 million, up 11.6% year-on-year, marking its first positive contribution. Full-year TAVR terminal implantations reached approximately 3,900 units, a year-on-year increase of 14.4%, significantly outperforming the industry average. Hospital coverage exceeded 780 facilities, an increase of 130. The institution anticipates that post-national TAVR procurement will drive inclusion in more provincial medical insurance schemes and market volume expansion. Regarding the product pipeline, the TaurusTrio received market approval in December 2025, completing its AR indication portfolio. The third-generation long-lasting dry pericardial valve, TaurusNXT, was accepted by the NMPA in December 2025. The GeminiOne TEER system has submitted a registration application in China and is concurrently advancing its EU MDR CE application. The HighLife TMVR registration clinical trial continues to progress. Research is ongoing at three advanced technology subsidiaries (shockwave system, ReachTact® TAVR surgical robot, MonarQ TTVR), with some expected to secure external financing in 2026. Revenue from the neurointervention business in 2025 was RMB 423 million, up 18.9% year-on-year. Segment profit was RMB 97 million, an increase of 86.6% year-on-year, with the segment profit margin improving by 8.3 percentage points to 23.0%. Despite the volume-based procurement environment, the business achieved simultaneous revenue growth and profit elasticity. The revenue contributions from access, hemorrhage, and ischemia products were 38.1%, 31.1%, and 30.8% respectively. Core products such as the DCwire microguidewire, Fastunnel balloon dilatation catheter, Syphonet thrombectomy stent, and Tethys AS aspiration catheter continued to see volume growth. The exclusively distributed YonFlow flow diverter stent contributed significant incremental revenue following its commercialization in June 2025. Development of additional products, including auxiliary aneurysm stents, is advancing. On the international front, the DCwire received FDA 510(k) clearance in March 2026, becoming the company's first neurointervention product to gain US regulatory access, marking the initial step in the internationalization of its neurointervention business.