1. The company's product barriers are high: the cardiovascular business is the company's main development direction. The number of competitors will be small in the future, and the barriers to intervention such as pacemakers, electrophysiology, valves, etc. are very high. The company's main products are also orthopedic medical devices. The product technology is leading, the competitiveness is strong, and there are not many competitive relationships. With the promotion of orthopedic products in the domestic market, performance is expected to improve. 2. The leader in cardiovascular stents: The company has always been in a leading position in the field of cardiovascular stents, accounting for 28% of the domestic market share in 2004, second-generation products in 2009, and third-generation products in March this year. The current market share is 27-28%, which is the highest among domestic companies. 3. The price situation of bracket products: The price of bracket products decreased in 2013 compared to 2012. The company considered various factors, such as not reducing prices for a long time before, and responding to national policy calls, and adopted an 18% price reduction for dealers. We expect the price reduction to slow down in the future. 4. New stent products The new product Firehawk is the only targeted technology in the domestic world that uses minimal drug doses to achieve the same clinical effects as traditional medicine to elute stents. For the company, Firehawk was a major leap forward, elevating domestic drug-eluting stent products from market followers to leaders in this field. 5. The process of product line expansion The company began diversification of related products in 2008, established minimally invasive orthopedics in 2009, mainly engaged in research and development of spinal products, and acquired the major joint business of WRIGHT in the US in 2014. 6. Orthopedic business and advantages: In orthopedics, the first half of the year was a loss, mainly due to the need for a rebranding process. After the company took over, there was only a few months of operation, and there was a transition period, but the rate of decline slowed in the first half of this year. The overall situation is acceptable. In the future, with the development of sales, the prospects for this business are broad. The advantage of orthopedic products is that because they are very difficult to develop and have strict material requirements, they have a history of 60 years. Currently, the production of orthopedic products is still in the US, and it is basically managed by the original team. 7. Hip products: The company's hip replacement technology reduces wounds through proprietary technology. The product is manufactured in the US, and its supporting tools can be produced domestically and are loaned out. US tools cost tens of thousands of US dollars. Domestic tools can reduce costs. 8. Knee products: The company's knee joint product design has more stable support. The stability of this type of product is very important, and the noise is low. The latest product is expected to be approved by the CFDA in the first quarter of next year. Knee joint products have been developed jointly with Japanese researchers and are suitable for Asian joints. 9. Sales team: Currently, orthopedic products mainly follow the agent route, and agents for orthopedic and cardiovascular stents are separate. The cardiovascular business dealer has been with the company for over 10 years, and there has been no change. The stability is very good. Currently, domestic orthopedic sales are being promoted at an accelerated pace. 10. Electrophysiological products: The electrophysiological business treats arrhythmic diseases such as tachycardia in the room, and acts as an ablation treatment. Currently, among competitors, only Johnson & Johnson's products work well, and the company has obtained CE certification. The company's product technology advantages are obvious. 11. Summary and suggestions: The company has a rich product line and obvious technical advantages. Cardiovascular stent technology is leading, and the internationalization process will accelerate. The advantages of orthopedic products are obvious. In the future, with the gradual development of sales, especially the opening of the domestic market, the company's long-term development prospects are promising. Currently, its performance is at the bottom, so long-term attention is recommended.