Blue-Ocean Medical (002382.SZ): Overall, the difference in gross profit margin between the domestic and overseas markets is not significant.

Gelonghui, March 13 — Lanfan Medical (002382.SZ) recently stated during a targeted investigation that regarding gross profit margin, the overseas market involves many countries, leading to regional differences that fluctuate with revenue structure changes. Overall, the gross profit margins domestically and overseas are not significantly different. The core overseas products and developments are as follows:

First, valve products are currently one of the largest growth drivers in the overseas market. Since the new generation transcatheter aortic valve replacement (TAVR) system received CE certification in the European Union in June 2025, sales have rapidly increased. In January and February 2026, monthly sales already exceeded the average monthly level of the second half of last year. The product’s competitiveness has been significantly enhanced due to its reimplantable feature.

Second, the intravascular shockwave treatment system Lithonic™ (hereinafter referred to as “IVL”). This product obtained CE certification in the EU in January 2026. Due to the Spring Festival holiday, the first batch of goods was shipped overseas last week, and official overseas sales are about to begin. Previously, before obtaining CE certification, the company’s IVL products had already achieved commercialization in Southeast Asia thanks to the company’s strong overseas market access capabilities. As the first domestic leading cardiovascular company to obtain IVL certification in major overseas markets, the company has an exclusive window of opportunity this year. Regarding main market pathways, after CE certification, some European countries can directly sell, while others still require local registration. The company is actively promoting registration procedures in relevant countries. For other major emerging overseas markets, after obtaining CE certification, local registration can be applied for. Therefore, it is expected that this year the product will see initial overseas volume growth, with a larger increase in sales next year.

Overall, overseas growth will follow a tiered pattern of valve leading, IVL follow-up, drug-coated balloon relay, and multi-product advancement, replicating the high-growth story seen domestically. As more new products continue to obtain certification and ramp up, overseas business is expected to maintain high growth.