YANGZHOU, China, Aug. 1, 2022
/PRNewswire/ -- Meihua International Medical Technologies Co., Ltd.
("MHUA" or the "Company") (NASDAQ: MHUA), a reputable manufacturer
and provider of Class I, II and III disposable medical devices with
operating subsidiaries in China,
today reported its financial results for the fiscal year ended
December 31, 2021. All amounts are in
U.S. dollars.
Fiscal year 2021 highlights:
- Revenue increased by 16.82% to $104.04 million for the year ended December 31, 2021, from $89.06 million for the year ended December 31, 2020.
- Gross profit increased by 7.13% to $39.81 million for the year ended December 31, 2021, from $37.16 million for the year ended December 31, 2020.
- Gross margin slightly decreased to 38.26% for the year
ended December 31, 2021, from 41.72%
for fiscal year 2020.
- Income from operations increased by 7.80% to
$25.30 million for the year ended
December 31, 2021, from $23.47 million for the year ended December 31, 2020.
- Net income increased by 4.99% to $20.00 million for year ended December 31, 2021 from $19.05 million for the year ended December 31, 2020.
|
For fiscal years
ended December 31
|
($ millions, except per share data,
differences due to rounding)
|
2021
|
|
2020
|
|
% Change
|
Total
revenues
|
$104.04
|
|
$
89.06
|
|
16.82 %
|
Gross profit
|
$
39.81
|
|
$
37.16
|
|
7.13 %
|
Gross
margin
|
38.26 %
|
|
41.72 %
|
|
3.46pp*
|
Income from
operation
|
$
25.30
|
|
$
23.47
|
|
7.80 %
|
Net income
|
$
20.00
|
|
$
19.05
|
|
4.99 %
|
Net income per share –
Basic and Diluted
|
$
1.00
|
|
$ 0.95
|
|
5.26 %
|
* Percentage points
|
|
|
|
|
|
Mr. Yongjun Liu, Chairman of the
Company, commented: "During the past year COVID-19 still hangs over
the world and poses many new challenges and opportunities to the
economy and the medical industry in various countries. Thanks to
our extensive product offerings, a strong upstream and downstream
supply chain system and technical upgrades to our equipment and
production capacity, our total sales increased to more than
$100 million, representing a growth
rate of more than 16% from 2020. We continue to place great
importance on maintaining healthy cash flow reserves in the context
of improving both our production and marketing capacity. Our strong
cash reserves of more than $8 million
as of end of last year, and the $36
million in proceeds raised from our successful IPO in
February 2021 makes us confident we
can further improve our production efficiency and new product
research and development, especially in response to the COVID-19
infection cases in Shanghai and
other regions since the first quarter of 2022. The Company has also
increased a new production line of COVID-19 testing products. As
another wave of the new coronavirus variant broke out,
international and domestic orders have shown a continuous growth
trend.
"Under our core value that 'science and technology lead
production,' we plan to complete the construction of a new factory
for the production of coronavirus detection and prevention products
this year. In this way we can continue to maintain and expand our
leading position in the industry in this environment as the spread
and variation of the pandemic continues. We believe that the
ongoing strategy of new product development and production capacity
upgrades will further distinguish Meihua from a segmented market
and enable us to become one of the world's leading medical device
suppliers in the next few years. At the same time, we will continue
to monitor the changing market conditions in order to timely
optimize our operation strategies and maintain rapid growth
post-pandemic and create stable and long-term value returns for
investors.
"As a medical device manufacturer with a leading position in the
industry and a long history of more than 30 years, while developing
at a high speed, we still adhere to a strict pursuit of product
quality and production safety. Regardless of the type of products
and their margins, the company uses a unified high standard of
production and services. Because Meihua's products concern human
life and health, we can't tolerate any carelessness. After the ups
and downs of 2021, the company continues to maintain its commitment
to the development and scientific research of new products, improve
our production efficiency, and win long-term sustainable growth
with high-quality after-sales service. We are dedicated to playing
an important role in the global medical device supply chain."
Mr. Yulin Wang, CEO and interim
CFO of the Company, commented: "Overall, we achieved solid revenue
growth in fiscal year 2021 and greatly optimized the Company's
operational efficiency with our net income expanding by nearly 5%
to $20 million for the past year. As
we advance, we will continue our commitment to building robust
product capabilities, making them our core strengths that drive our
Company to meet people's growing needs for a better life.
"With our strong cash position we are confident in the
sustainable profitability of all of our core key businesses, which
maintained a strong gross margin at about 40% over the past two
years, as well as the growth and profit potential of our new
initiatives. The Company's management team will continue to work
together to seek profitable growth. We believe our continued
commitment to high quality products and operational efficiency will
generate more value for our customers, society and shareholders
over the long term.
"The Covid-19 outbreak posed some challenges to the Company's
financial works that led to a slight delay in the reporting of our
financial results. But we quickly adjusted and resolved all issues.
Meihua will deliver sustainable growth and provide timely update on
our business to cement investor confidence in the future."
Fiscal Year 2021 Financial Results
The following table sets forth a summary of our consolidated
results of operations for the periods presented:
Revenues
Revenues increased by $14.98
million or approximately 16.82%, to $104.04 million for the year ended December 31, 2021 from $89.06 million for the year ended December 31, 2020. The increase was mainly due to
the company's business expansion, research and development of new
products, and development of new customers.
Cost of revenues
Cost of revenues primarily include cost of materials, direct
labors, overhead, and other related incidental expenses that are
directly attributable to the Company's principal operations. Cost
of revenue increased by $12.33
million to $64.23 million for
the year ended December 31, 2021 from
$51.90 million for the year ended
December 31, 2020. The increase was
mainly attributable to the increased sales in fiscal year 2021.
Gross profit and margin
Gross profit increased by $2.65
million or approximately 7.13%, to $39.81 million for the year ended December 31, 2021 from $37.16 million for the year ended December 31, 2020. Gross margin slightly
decreased to 38.26% for the year ended December 31, 2021, from 41.72% for fiscal year
2020. The higher gross profit margin in fiscal 2020 was mainly
attributable to much higher selling prices and increased gross
margin for medical masks as a result of COVID-19 in fiscal year
2020. The price of medical masks fell back to normal levels as a
result of increased supply in fiscal 2021, which brought down the
overall gross profit margin.
Operating costs and expenses
Our operating costs and expenses, consisting of selling
expenses, general and administrative expenses and research and
development expenses, increased by $0.81
million or approximately 5.92%, to $14.50 million for the year ended December 31, 2021 from $13.69 million for the year ended December 31, 2020.
Selling expenses decreased by 2.42% to $6.46 million for the year ended December 31, 2021 from $6.62 million for the year ended December 31, 2020. The decrease was mainly
attributable to the combined effects of the followings:
- The Company did not conduct additional market research in
fiscal year 2021 as market research activities incurred in fiscal
year 2020 were still valid. Market research expenses were nil in
fiscal year 2021 as compared to $579,357 in fiscal year 2020.
- The increase in sales led to an increase of $329,025 in transportation expenses for fiscal
year 2021 to $2.80 million.
- Salaries and benefits expenses increased by $176,995 to $1.29
million for the year ended December
31, 2021. The increase was mainly attributable to the
COVID-19 pandemic in China had
been brought under control and the local government had canceled
the social insurance relief policy.
- Entertainment expenses decreased $83,365 to $0.79
million for the year ended December
31, 2021. The decrease was mainly attributable to the fact
that Yangzhou City in the PRC had been under lockdown for some
period due to the epidemic in fiscal 2021, so the relevant business
entertainment expenses were reduced.
General and administrative expenses increased by
$742,235 to $5.32 million for the year ended December 31, 2021, from $4.58 million for the year ended December 31, 2020. The increase was mainly due to
the $0.96 million investor relations
service fee incurred in fiscal year 2021.
Research and development expenses increased by
approximately 9.64%, to $2.73 million
for the year ended December 31, 2021,
from $2.49 million for the year ended
December 31, 2020. The increase was
mainly due to the increase in salaries and benefits expenses which
was mainly attributable to the pandemic in China having been brought under control and
the local government having canceled the social insurance relief
policy that had been in place during the height of the
pandemic.
Income from operations
As a result of the factors described above, our income from
operations increased by $1.84
million, or approximately 7.80%, to $25.30 million for the year ended December 31, 2021 from $23.47 million for the year ended December 31, 2020.
Net income
As a result of the factors described above, our net income
increased by $945,991, or
approximately 4.99%, to $20.00
million for the fiscal year ended December 31, 2021 from $19.05 million for the fiscal year ended
December 31, 2020.
Cash
Cash was $8.15 million as of
December 31, 2021, reflecting an
increase of $0.96 million from
$7.19 million as of December 31, 2020.
Recent developments
On February 19, 2022, the Company
announced the closing of its initial public offering (the
"Offering") of 3,940,000 ordinary shares at a public offering price
of $10.00 per ordinary share (the
"Ordinary Shares") including 340,000 Ordinary Shares issued
pursuant to the partial exercise of the underwriters'
over-allotment option, for aggregate gross proceeds of $39.4 million before deducting underwriting
discounts and commissions and offering expenses. The Offering,
which was conducted on a firm commitment basis, closed on
February 18, 2022 and the Company's
Ordinary Shares began trading on February
16, 2022 on The Nasdaq Global Market under the ticker symbol
"MHUA."
About Meihua International Medical Technologies Co.,
Ltd.
Meihua International Medical Technologies is a reputable
manufacturer and provider of Class I, II, and III disposable
medical devices with operating subsidiaries in China. The Company manufactures and sells
Class I disposable medical devices, such as eye drops bottle,
medicine bottles and anal bags, and Class II and III disposable
medical devices, such as identification tape, gynecological
examination kits, inspection kits, surgical kits, medical brushes,
medical dressing, masks, disposable infusion pumps, electronic
pumps, puncture kits, under its own brands and also distributes
such disposable medical devices sourced from other manufacturers.
The Company has received international "CE" certification and ISO
13485 system certification and has also registered with the FDA
(registration number: 3006554788) for over 20 products. The Company
has served hospitals, pharmacies, medical institutions and medical
equipment companies for over 30 years, providing more than 800
types of products for domestic sales, as well as 120 products which
are exported to more than 30 countries internationally across
Europe, North America, South
America, Asia, Africa and Oceania. For more information,
please visit: www.meihuamed.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; financial condition and
results of operations; product and service demand and acceptance;
reputation and brand; the impact of competition and pricing;
changes in technology; government regulations; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the SEC. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Investor Relations
EverGreen Consulting Inc.
Ms. Janice Wang, Managing
Partner
Email: IR@changqingconsulting.com
Phone: +1 470 940 3308 (from U.S.)
+86 13811768559 (from China)
MEIHUA
INTERNATIONAL MEDICAL TECHNOLOGIES CO., LTD.
CONSOLIDATED
BALANCE SHEETS
As of December 31,
2021 and 2020
(US$, except share
data and per share data, or otherwise noted)
|
|
|
|
December 31,
2021
|
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash
|
|
$
|
8,149,276
|
|
|
$
|
7,187,334
|
|
Bank acceptance
receivables
|
|
|
19,379,845
|
|
|
|
12,467,785
|
|
Accounts
receivable
|
|
|
67,101,297
|
|
|
|
45,696,336
|
|
Inventories
|
|
|
1,251,393
|
|
|
|
1,326,090
|
|
Deferred IPO costs and
other current assets
|
|
|
1,394,539
|
|
|
|
496,612
|
|
Due from related
parties
|
|
|
-
|
|
|
|
392,074
|
|
Total current
assets
|
|
|
97,276,350
|
|
|
|
67,566,231
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
7,477,744
|
|
|
|
7,102,477
|
|
Intangible assets,
net
|
|
|
562,001
|
|
|
|
575,519
|
|
Investment
|
|
|
941,531
|
|
|
|
919,540
|
|
Deposits
|
|
|
30,599,755
|
|
|
|
29,885,057
|
|
Total
assets
|
|
$
|
136,857,381
|
|
|
$
|
106,048,824
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term bank
borrowings
|
|
$
|
5,178,420
|
|
|
$
|
3,218,391
|
|
Accounts
payable
|
|
|
20,981,041
|
|
|
|
15,637,853
|
|
Taxes
payable
|
|
|
2,082,252
|
|
|
|
1,748,242
|
|
Accrued expenses and
other current liabilities
|
|
|
1,805,399
|
|
|
|
708,558
|
|
Total current
liabilities
|
|
|
30,047,112
|
|
|
|
21,313,044
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
30,047,112
|
|
|
|
21,313,044
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Ordinary share, $0.0005
par value, 80,000,000 shares
authorized, 20,000,000 shares issued and outstanding
as of December 31, 2021 and 2020
|
|
|
10,000
|
|
|
|
10,000
|
|
Preferred share,
$0.0005 par value, 20,000,000 shares
authorized, no shares issued and outstanding as of December
31, 2021 and 2020
|
|
|
-
|
|
|
|
-
|
|
Additional paid-in
capital
|
|
|
9,716,484
|
|
|
|
9,716,484
|
|
Statutory surplus
reserves
|
|
|
15,178,467
|
|
|
|
15,178,467
|
|
Retained
earnings
|
|
|
76,616,330
|
|
|
|
56,625,084
|
|
Accumulated other
comprehensive income
|
|
|
5,288,988
|
|
|
|
3,205,745
|
|
Total shareholders'
equity
|
|
|
106,810,269
|
|
|
|
84,735,780
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
$
|
136,857,381
|
|
|
$
|
106,048,824
|
|
MEIHUA
INTERNATIONAL MEDICAL TECHNOLOGIES CO., LTD.
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the years
ended December 31, 2021, 2020 and 2019
(US$, except share
data and per share data, or otherwise noted)
|
|
|
For the Years Ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Third party
sales
|
|
$
|
103,461,809
|
|
|
$
|
88,244,403
|
|
|
$
|
78,799,618
|
|
Related party
sales
|
|
|
575,901
|
|
|
|
816,607
|
|
|
|
826,453
|
|
Total
revenues
|
|
|
104,037,710
|
|
|
|
89,061,010
|
|
|
|
79,626,071
|
|
Cost of
revenues
|
|
|
64,232,469
|
|
|
|
51,900,823
|
|
|
|
47,415,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
39,805,241
|
|
|
|
37,160,187
|
|
|
|
32,210,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
|
6,457,801
|
|
|
|
6,624,332
|
|
|
|
5,405,638
|
|
General and
administrative
|
|
|
5,319,805
|
|
|
|
4,577,570
|
|
|
|
4,203,406
|
|
Research and
development
|
|
|
2,725,014
|
|
|
|
2,492,059
|
|
|
|
3,214,326
|
|
Total operating
expenses
|
|
|
14,502,620
|
|
|
|
13,693,961
|
|
|
|
12,823,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
25,302,621
|
|
|
|
23,466,226
|
|
|
|
19,387,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
180,744
|
|
|
|
137,160
|
|
|
|
97,790
|
|
Interest
income
|
|
|
(23,855)
|
|
|
|
(36,583)
|
|
|
|
(48,842)
|
|
Currency exchange
(gain) loss
|
|
|
(174,413)
|
|
|
|
(393,478)
|
|
|
|
89,472
|
|
Other expense (income),
net
|
|
|
50,437
|
|
|
|
25,551
|
|
|
|
(735)
|
|
Total other (income)
expenses
|
|
|
32,913
|
|
|
|
(267,350)
|
|
|
|
137,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax provision
|
|
|
25,269,708
|
|
|
|
23,733,576
|
|
|
|
19,249,906
|
|
Income taxes
expense
|
|
|
5,278,462
|
|
|
|
4,688,321
|
|
|
|
3,818,709
|
|
Net
income
|
|
|
19,991,246
|
|
|
$
|
19,045,255
|
|
|
$
|
15,431,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment – gain / (loss)
|
|
|
2,083,243
|
|
|
|
4,759,973
|
|
|
|
(579,862)
|
|
Comprehensive
income
|
|
$
|
22,074,489
|
|
|
$
|
23,805,228
|
|
|
$
|
14,851,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares - basic and diluted
|
|
|
20,000,000
|
|
|
|
20,000,000
|
|
|
|
18,575,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted
net income per ordinary share
|
|
$
|
1.00
|
|
|
$
|
0.95
|
|
|
$
|
0.83
|
|
MEIHUA
INTERNATIONAL MEDICAL TECHNOLOGIES CO., LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For the years
ended December 31, 2021, 2020 and 2019
(US$)
|
|
|
For the Year Ended
December 31
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
Cash Flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
19,991,246
|
|
|
$
|
19,045,255
|
|
|
$
|
15,431,197
|
|
Adjustments for items
not affecting cash:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
595,522
|
|
|
|
497,238
|
|
|
|
481,062
|
|
Amortization
|
|
|
26,951
|
|
|
|
26,195
|
|
|
|
28,159
|
|
Net gain (loss) from
disposal of property, plant and
equipment
|
|
|
15,281
|
|
|
|
2,852
|
|
|
|
(9,530)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Bank acceptance
receivables
|
|
|
(6,533,717)
|
|
|
|
(5,764,940)
|
|
|
|
1,867,373
|
|
Accounts
receivable
|
|
|
(20,065,904)
|
|
|
|
(13,644,830)
|
|
|
|
(4,708,608)
|
|
Inventories
|
|
|
105,121
|
|
|
|
(219,787)
|
|
|
|
802,610
|
|
Deferred IPO costs and
other current assets
|
|
|
(861,799)
|
|
|
|
(367,249)
|
|
|
|
234,424
|
|
Due from related
parties
|
|
|
396,583
|
|
|
|
(222,504)
|
|
|
|
(22,486)
|
|
Accounts
payable
|
|
|
4,908,971
|
|
|
|
5,341,710
|
|
|
|
(4,229,062)
|
|
Taxes
payable
|
|
|
288,659
|
|
|
|
598,105
|
|
|
|
(447,543)
|
|
Accrued expenses and
other current liabilities
|
|
|
1,078,423
|
|
|
|
102,749
|
|
|
|
(180,801)
|
|
Due to related
parties
|
|
|
-
|
|
|
|
(68,798)
|
|
|
|
61,521
|
|
Net cash (used in)
provided by operating activities
|
|
|
(54,663)
|
|
|
|
5,325,996
|
|
|
|
9,308,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
|
(850,231)
|
|
|
|
(3,808,259)
|
|
|
|
(266,744)
|
|
Payments for long-term
deposits for buildings
|
|
|
-
|
|
|
|
(12,311,347)
|
|
|
|
-
|
|
Payments for land use
right
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,685,456)
|
|
Proceeds from disposal
of property, plant and equipment
|
|
|
16,414
|
|
|
|
25,202
|
|
|
|
50,601
|
|
Net cash used in
investing activities
|
|
|
(833,817)
|
|
|
|
(16,094,404)
|
|
|
|
(8,901,599)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank borrowings
|
|
|
6,510,820
|
|
|
|
4,359,665
|
|
|
|
2,605,637
|
|
Proceeds from ordinary
shares subscribed
|
|
|
-
|
|
|
|
-
|
|
|
|
344,739
|
|
Proceeds from issuance
of shares
|
|
|
-
|
|
|
|
1,272,232
|
|
|
|
-
|
|
Repayments of
short-term bank borrowings
|
|
|
(4,650,586)
|
|
|
|
(3,925,147)
|
|
|
|
(2,026,606)
|
|
Net cash provided by
financing activities
|
|
|
1,860,234
|
|
|
|
1,706,750
|
|
|
|
923,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
|
|
(9,812)
|
|
|
|
218,137
|
|
|
|
(103,255)
|
|
Net increase (decrease)
in cash
|
|
|
961,942
|
|
|
|
(8,843,521)
|
|
|
|
1,227,232
|
|
Cash, beginning of
year
|
|
|
7,187,334
|
|
|
|
16,030,855
|
|
|
|
14,803,623
|
|
Cash, end of
year
|
|
$
|
8,149,276
|
|
|
$
|
7,187,334
|
|
|
$
|
16,030,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOWS
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
$
|
180,744
|
|
|
$
|
137,160
|
|
|
$
|
97,790
|
|
Income taxes
|
|
$
|
5,042,816
|
|
|
$
|
4,362,169
|
|
|
$
|
3,898,200
|
|
View original
content:https://www.prnewswire.com/news-releases/meihua-international-medical-technologies-co-ltd-reports-2021-financial-year-results-301596612.html
SOURCE Meihua International Medical Technologies Co., Ltd.