Blue Sail Medical (002382.SZ): Currently, the Overall Gross Profit Margin Difference Between Domestic and Overseas Markets Is Not Significant

Blue Sail Medical (002382.SZ) recently stated during a specific object research that, in terms of gross profit margin, the overseas market involves many countries, and there are differences among different regions, which dynamically change with the change in revenue structure. Currently, overall, there is not much difference in the gross profit margin between domestic and overseas markets. The core products and progress overseas are as follows:

First, valve products are one of the largest growth areas in the current overseas market. The next-generation transcatheter aortic valve replacement (TAVR) system obtained CE certification in the EU in June 2025, and its sales have rapidly increased. In January-February 2026, monthly sales have already exceeded the average monthly level of the second half of 2025, with its competitiveness significantly enhanced by the recyclable feature.

Second, the coronary intravascular lithotripsy treatment system Lithonic™ (hereinafter referred to as "IVL"). This product obtained the EU CE certification in January 2026. Affected by the Spring Festival holiday, the first batch of goods has already been shipped overseas and will soon officially start overseas sales. Previously, the company's IVL product had already achieved commercialization in Southeast Asia, despite not yet obtaining the EU CE certification. As the first domestic top enterprise in the cardiovascular and cerebrovascular sector to obtain IVL certification in a major overseas market, the company now has a unique window of opportunity in the overseas market this year. Regarding the main market channels, after obtaining the CE certification, the product can be directly sold in some European countries, while some European countries still require local registration. The company is actively promoting the registration procedures in these countries. For other major emerging overseas markets, the company can apply for local registration after obtaining the CE certificate. Therefore, it is expected that the product will achieve initial overseas sales this year, with a more significant increase in sales next year.

Overall, the overseas growth will present a tiered pattern with valves leading, IVL following, drug-coated balloons taking over, and multiple products advancing together, replicating the high-growth story at home. As more new products receive certifications and scale up, the overseas business is expected to maintain a high growth momentum.