High-end collagen medical device manufacturer Horien Biotech (7814) listed on the OTC market today (16th) at NT$28.45, with its share price surging as much as 13% at the opening. Benefiting from continued strong demand in the US, Taiwan, and overseas markets, Haichang's revenue increased by 55% year-on-year in the first half of this year. With the continued expansion of regenerative medicine applications and the gradual advancement of several new products, revenue growth momentum is expected to continue in the second half of the year, with the company aiming for profitability for the full year. Horien Biotech has established its R&D advantages through "polymorphic collagen processing technology" and "decellularization technology," enabling it to precisely adjust material properties according to different clinical needs, balancing structural strength, ease of operation, and biocompatibility, while retaining key factors that promote tissue repair. This technology platform not only creates a clear competitive barrier but also helps the company continue to upgrade towards the high-value medical device market, improve the overall product portfolio's gross profit structure, and strengthen its differentiated competitive advantage over its peers.

 In addition to the steady growth of its existing products, Horien Biotech is actively developing high-end medical devices, targeting the global market with large-scale potential. Horien Biotech's independently developed "biodegradable ureteral stent" has successfully obtained a Taiwanese invention patent and is expected to receive invention patents in the US, Europe, and China soon. This product not only solves the clinical pain point of traditional stents requiring secondary surgery for removal but also targets a pristine blue ocean market worth billions of US dollars with no competition. The market widely regards it as a crucial growth engine for Horien Biotech's future, potentially propelling the company into a new phase of rapid growth.

 Meanwhile, the collagen regeneration patch developed using its core "advanced decellularization technology," primarily targeting surgical and orthopedic tissue repair, has recently entered the trial production stage, providing a strong profit foundation for its medium- to long-term product line.

 In overseas markets, Horien Biotech recently obtained three high-risk (highest level, Class 4) medical device marketing authorizations in Thailand, successfully entering the ASEAN high-end medical device market. Furthermore, it is expected to obtain Class III medical device licenses in the Philippines and Vietnam soon, signifying that its important strategic layout in the Southeast Asian market is nearly complete. Furthermore, the company's highly anticipated bio-ink innovative product is also planned for official export to the European market by the end of this year, extending its international footprint from Asia to Europe and the United States, and its global revenue contribution is expected to see a surge.

 With the continued expansion of regenerative medicine applications and the gradual advancement of several new products, collagen-based sheet products are expected to receive certification as early as the fourth quarter and begin contributing to revenue. Analysts are optimistic about continued revenue growth in the second half of the year, maintaining a strong performance for the full year, and striving for profitability.

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Investment Weekly / He Mei-Ru