**"Penumbra's Revenue Surge: A 16.33% Growth Fueled by Market Demand and Strategic Innovations

Financial Performance

As of March 31, 2025, Penumbra's total operating revenue was RMB324,140,000, up 16.33% from RMB278,655,000 as of March 31, 2024. This growth reflects the company's improved sales capabilities and product demand in the market.

Key Financial Data

1. Penumbra's total operating revenue in fiscal 2025 was RMB324,140,000, up 16.33% YoY. The main reasons for this growth include increased market demand, product line expansion, optimized sales strategies, international market expansion, and returns on research and development investments.

2. The increase in market demand was mainly due to the continuous development of the medical device industry, especially the rising demand for neurointervention and vascular intervention treatments.

3. In terms of product line expansion, Penumbra may have launched new products or improved existing ones, attracting more customers and boosting sales.

4. The optimization of sales strategies may include increasing marketing efforts, enhancing brand influence, and driving sales growth.

5. Although research and development expenses have decreased, the returns on previous investments have started to show, with the launch of more competitive products.

Peer Comparison

1. Industry-wide analysis: The medical device industry as a whole is showing a growth trend, especially under the promotion of technological innovation and market demand, and is expected to maintain stable growth in the next few years.

2. Peer evaluation analysis: Penumbra's total operating revenue growth rate (16.33%) is higher than the industry average, indicating its relative advantages in market competition, especially in the neurointervention device market with high market recognition.

Summary

Penumbra achieved significant revenue growth in fiscal 2025, mainly due to the rise in market demand, the launch of new products, and optimized sales strategies. These factors together contributed to the company's performance, maintaining a good growth momentum in the competitive medical device industry.

Opportunities

1. Continue to expand product lines to meet changing market demands, especially in the neurointervention and vascular intervention fields.

2. Strengthen market penetration in international markets, seeking new orders and cooperation opportunities to further drive revenue growth.

3. Leverage existing research and development results to launch new products and enhance market competitiveness, attracting more customers.

Risks

1. Intense competition requires Penumbra to innovate continuously to meet the challenges of competitors.

2. High sensitivity to market changes, any decline in demand or policy changes may affect company performance.

3. Although research and development expenses have decreased, future investment may be needed to maintain technological leadership, which may put pressure on short-term financial performance.