--- title: "Kangfeng Biotech's interim results hit a record high, with respiratory intervention products driving a 162% surge in revenue." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/32804364.md" description: "Kangfeng Biotech (Shanghai) Co., Ltd. ("Kangfeng Biotech" or "the Company", stock code: $CRYOFOCUS-B(6922.HK)), an innovative medical device company focused on the field of minimally invasive interventional cryotherapy, announced its interim results for the six months ended June 30, 2025. During the reporting period, the Company demonstrated strong growth momentum and significant operational optimization, with core financial indicators performing impressively. Notably, its respiratory interventional product line achieved explosive growth, marking the Company's commercialization process entering the fast lane. Respiratory interventional products became the core engine of performance growth, highlighting global leading advantages. The announcement shows..." datetime: "2025-08-11T05:32:02.000Z" locales: - [en](https://longbridge.com/en/topics/32804364.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32804364.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32804364.md) author: "[亚太商讯那些事儿](https://longbridge.com/en/profiles/18018177.md)" --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/32804364.md) | [繁體中文](https://longbridge.com/zh-HK/topics/32804364.md) # Kangfeng Biotech's interim results hit a record high, with respiratory intervention products driving a 162% surge in revenue. Kangfeng Biotechnology (Shanghai) Co., Ltd. ("Kangfeng Bio" or "the Company", stock code: $CRYOFOCUS-B(6922.HK)), an innovative medical device company focused on the field of minimally invasive interventional cryotherapy, announced its interim results for the six months ended June 30, 2025. During the reporting period, the company demonstrated strong growth momentum and significant operational optimization, with core financial indicators performing impressively. Notably, its respiratory interventional product line experienced explosive growth, marking the company's commercialization process entering a fast track. **Respiratory Interventional Products Become the Core Engine of Performance Growth, Highlighting Global Leading Advantages** The announcement shows that for the six months ended June 30, 2025, Kangfeng Bio achieved revenue of RMB 51.11 million, a surge of 162.4% compared to RMB 19.48 million in the same period in 2024, setting a new historical high for the same period. This growth was primarily driven by the strategic layout in the respiratory interventional field reaching a harvest period: the malignant stenosis cryoablation system approved by the National Medical Products Administration in March 2025 and the previously launched cryoadhesion therapy system, among other respiratory interventional products, saw rapid sales growth, becoming the absolute main driver of revenue growth. Additionally, the company's distribution partnership with Boston Scientific's Chinese subsidiary, Boke International Medical Trade (Shanghai) Co., Ltd. ("Boke"), for other respiratory interventional products in mainland China also contributed significant incremental revenue. Even more noteworthy, the company's asthma cryoablation system received the "Breakthrough Device" designation from the U.S. Food and Drug Administration (FDA), becoming the first product from a Chinese company in the respiratory interventional cryotherapy field to receive this internationally authoritative certification, laying the foundation for entering the global medical market. Kangfeng Bio has built a highly competitive product matrix in the respiratory interventional field, covering a wide range of important indications, including malignant stenosis, benign stenosis, asthma, chronic obstructive pulmonary disease (COPD), peripheral lung nodules, chronic cough, and airway tuberculosis. Among these: the malignant stenosis cryoablation system has been successfully commercialized in China; the asthma and COPD systems are in the confirmatory clinical trial stage, with approval expected in 2026; systems for cough, tuberculosis, and peripheral lung nodules are at various stages of development; the cryoadhesion therapy system, including disposable and reusable cryoprobes, has been approved and launched. The success of these products is primarily built on Kangfeng's two core technology platforms—the unique liquid nitrogen cryoablation technology (using liquid nitrogen as the cryogenic energy source) and the advanced flexible catheter technology. This platform provides deep freezing, precise control, and minimally invasive intervention capabilities, offering significant advantages in treatment efficiency and safety, forming a technical barrier that is difficult for competitors to surpass. **Platform Value Multiplies, Multi-Domain Layout Accelerates Commercialization** Kangfeng Bio's core value lies not only in its impressive respiratory interventional pipeline but also in its rare attribute as an innovative cryotherapy platform company. Building on its liquid nitrogen cryotherapy and flexible catheter technologies, the company has successfully expanded its product line into multiple large treatment areas: In the vascular interventional field: the cardiac cryoablation system (for atrial fibrillation treatment) was commercialized in China in September 2024. The Cryofocus cryoablation system (for hypertension treatment) received the FDA's "Breakthrough Device" designation and is in the confirmatory clinical stage. The pulmonary hypertension cryoablation system is in the preclinical research stage. These products address cardiovascular indications with vast market potential. In the natural orifice transluminal endoscopic surgery (NOTES) field: as mentioned earlier, the respiratory interventional product line is rich and leading. In the tumor interventional field, the bladder cryoablation system has been launched in China; the gastric cryoablation system and esophageal cryospray therapy system are in clinical trials, targeting markets such as gastric cancer and esophageal cancer. In non-cryotherapy products: such as the lung nodule localization needle (launched), endoscopic anastomosis clip (launched), atrial fibrillation pulsed field ablation (PFA) system, and anti-gastroesophageal reflux system, forming complementary and synergies. This "one platform, multiple tracks" model endows Kangfeng Bio with strong indication expansion capabilities and pipeline sustainability. The company currently has 14 cryotherapy products and products under development, plus 9 non-cryotherapy products, totaling 23 products in its robust pipeline, with 11 already commercialized. This platform-based layout is extremely rare among medical device companies focused on a single field, demonstrating significant long-term growth potential and risk resilience. **Excellent Financial Performance, Sustained Growth Momentum** In addition to the high revenue growth driven by respiratory interventional products, Kangfeng Bio's interim results also reveal positive signals for continued growth. During the reporting period, the advantages of the company's technology platform were further translated into financial resilience. For the six months ended June 30, 2025, Kangfeng Bio's gross profit reached RMB 34.31 million, a year-on-year increase of 124.5%; the gross margin remained stable at 67.1%. R&D efficiency improved, and losses significantly narrowed. Data shows that R&D expenses were optimized to RMB 17.91 million (a year-on-year decrease of 51.9%), with losses narrowing to RMB 27.22 million, a year-on-year reduction of 51.4%, indicating a clear trend toward profitability. Cash reserves increased by 40.1% compared to the end of 2024, reaching RMB 63.68 million, providing a solid foundation for continued R&D and market expansion. With the launch and scaling of more self-developed high-value products (such as the malignant stenosis cryoablation system) and the deepening of the distribution partnership with Boke, the company's revenue sources have become more diversified and of higher quality. The significant reduction in R&D expenses during the reporting period was not due to cuts in investment but rather the result of improved R&D efficiency and some products entering later stages (reducing material inputs), with optimized employee costs and management improvements being key reasons. This provides a good paradigm for the company to maintain high-intensity innovation while controlling costs in the future. Furthermore, the company has increased investment in sales network construction, with sales and distribution expenses increasing by 174.4% year-on-year to RMB 9.16 million during the reporting period, reflecting the company's active investment in building a marketing team and promoting newly launched products (such as the malignant stenosis cryoablation system), laying the foundation for further expansion of sales scale in the future. **Benchmarked Against Global Leaders, Valuation Gap Emerges** Kangfeng Bio's technical strength in respiratory interventional cryotherapy, particularly in the respiratory interventional field with FDA breakthrough certification for asthma treatment, gives it the potential to compete with international leading companies. Using Inspire Medical Systems (INSP), a company focused on obstructive sleep apnea (OSA) treatment with neurostimulators, as a reference (although the indications are not identical, they belong to the same field of respiratory system neurointerventional devices): Inspire Medical currently has a market capitalization of $2.279 billion, with a TTM P/E ratio of 44.28x (as of the closing price on August 7). Kangfeng Bio's asthma cryoablation system also targets pulmonary vagus nerve (targeted nerve) ablation, treating asthma through minimally invasive intervention, with an innovative technical path that has received FDA breakthrough recognition. However, as a platform-based innovative company covering multiple fields, with a rich pipeline and multiple products already commercialized, Kangfeng Bio's current valuation in the Hong Kong stock market (INSP's market cap is 12.8x that of Kangfeng Bio) is far below that of Inspire Medical. This significant valuation gap is influenced by factors such as market (U.S. vs. Hong Kong), development stage (Inspire is profitable and mature in the U.S. market), and single product vs. platform, but it clearly highlights the substantial room for Kangfeng Bio's current market capitalization to rise relative to its technical strength, product pipeline breadth, and global breakthrough potential. As its respiratory interventional products (especially the asthma cryoablation system, COPD cryospray therapy system, and peripheral lung nodule cryoablation system) advance in development, overseas registration paths become clearer, and revenue continues to grow rapidly, a market revaluation of its value is highly likely. The current valuation level provides an attractive entry point for investors optimistic about the long-term prospects of the minimally invasive interventional cryotherapy field and the value of platform-based companies. Looking ahead, Kangfeng Bio has a clear strategy, including rapidly advancing the clinical development and commercialization of products under development; focusing on minimally invasive interventional cryotherapy, further expanding the product portfolio based on the technology platform; continuously developing various underlying and supporting technologies; and selectively expanding global operations. The company is steadily transitioning from R&D-driven to dual-driven by R&D and commercialization, moving firmly toward its vision of becoming a "global minimally invasive interventional cryotherapy medical device platform."$CRYOFOCUS-B(06922.HK) ### Related Stocks - [CRYOFOCUS-B (06922.HK)](https://longbridge.com/en/quote/06922.HK.md)