HCmed Innovations Co., Ltd. (6934.TWO) designs, develops, manufactures and sells vibrating mesh nebulizers and provides contract development and manufacturing organization (CDMO) services for inhalation drug delivery systems. The company offers core products including Pulmogine, a continuous mode vibrating mesh nebulizer for nebulizing liquid medications to treat respiratory diseases in children and adults; AdheResp, a breath-actuated mesh nebulizer featuring embedded connectivity, adaptive breath actuation and customization options such as NFC activation and Bluetooth for treatment adherence monitoring; and Deepro, a vibrating mesh nebulizer; along with end-to-end CDMO platforms supporting drug-device combinations from feasibility studies through commercialization, including regulatory support, clinical supply and scale-up for small molecules, biologics and high-viscosity formulations. Founded in 2014 and headquartered in Taipei, Taiwan, HCmed operates primarily in the healthcare equipment sector with sales across America, Europe and Asia, targeting pharmaceutical companies, healthcare professionals and consumers for respiratory therapies. Recent developments include U.S. FDA 510(k) clearance in July 2025 for AdheResp as the world's first adaptive breath-actuated mesh nebulizer with built-in connectivity; FDA approval in March 2024 for Pulmogine use with Pulmozyme for cystic fibrosis; appointment of Chris Vernall as Executive Vice President of Business Development in March 2025; establishment of HCmed UK operations in 2023; and listing on the Taiwan Emerging Stock Exchange in June 2024.