花旗指出，微创医疗基本面持续改善，公司2025年上半年，净亏损按年收窄66%，该行预计公司将在 2025年下半年录得盈利。另外，该行预期高增长的海外平台将在2025年按年实现70%至80%，且增长趋 势或在2026年持续。公司亦获得合并后的协同效应，将成为公司的上行潜力。光大证券认为，综合考虑 集采影响、公司降低各项费用、聚焦核心业务等因素，预计微创医疗有望实现持续减亏，上调25-26年 净利润预测为-30/96百万美元（原值为-59/91百万美元）。 微创医疗此前发布公告，微创心通的独立股东已于2025年12月15日举行的微创心通股东特别大会上批准 合并协议及其项下拟进行的交易。预期合并将于2025年12月19日或前后完成，公告称，本次战略合并是 本公司优化资源配置、提升整体竞争力的关键举措，旨在全面强化双方在结构性心脏病及心律管理领域 的协同效应。 花旗指出，微创医疗基本面持续改善，公司2025年上半年，净亏损按年收窄66%，该行预计公司将在 2025年下半年录得盈利。另外，该行预期高增长的海外平台将在2025年按年实现70%至80%，且增长趋 势或在2026年持续。公司亦获得合并后的协同效应，将成为公司 ...

花旗指出，微创医疗基本面持续改善，公司2025年上半年，净亏损按年收窄66%，该行预计公司将在 2025年下半年录得盈利。另外，该行预期高增长的海外平台将在2025年按年实现70%至80%，且增长趋 势或在2026年持续。公司亦获得合并后的协同效应，将成为公司的上行潜力。光大证券认为，综合考虑 集采影响、公司降低各项费用、聚焦核心业务等因素，预计微创医疗有望实现持续减亏，上调25-26年 净利润预测为-30/96百万美元(原值为-59/91百万美元)。 智通财经APP获悉，微创医疗(00853)涨超4%，截至发稿，涨4.34%，报12.27港元，成交额7953.15万港 元。 消息面上，微创医疗此前发布公告，微创心通的独立股东已于2025年12月15日举行的微创心通股东特别 大会上批准合并协议及其项下拟进行的交易。预期合并将于2025年12月19日或前后完成，公告称，本次 战略合并是本公司优化资源配置、提升整体竞争力的关键举措，旨在全面强化双方在结构性心脏病及心 律管理领域的协同效应。 ...

Core Viewpoint - Southbound funds reduced their holdings in MicroPort Medical (00853.HK) by 1.2836 million shares on January 13, while experiencing a net increase of 9.0865 million shares over the past five trading days [1] Group 1: Southbound Fund Activity - In the last 20 trading days, MicroPort Medical saw southbound funds increase their holdings on 12 occasions, resulting in a total net increase of 4.915 million shares [1] - Currently, southbound funds hold 908 million shares of MicroPort Medical, which represents a certain percentage of the company's total issued ordinary shares [1] Group 2: Company Overview - MicroPort Medical Science Co., Ltd. is primarily engaged in the sales, production, research, and development of medical devices [1] - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, large artery and peripheral vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [1]

Core Viewpoint - The article discusses the evolving landscape of the Chinese healthcare sector, particularly in the context of the upcoming JP Morgan Healthcare Conference, highlighting the diversification of Chinese companies and their strategic positioning in the global market [4][29]. Group 1: Conference Overview - The JP Morgan Healthcare Conference is the largest and most informative international healthcare investment and business development meeting, scheduled for January 12-15, 2026, in San Francisco [4]. - Approximately 22 Chinese companies are participating, categorized into four distinct roles: transaction-oriented innovative drug companies, disclosure companies at commercialization or regulatory milestones, supply-side platforms for global R&D and production outsourcing, and device companies focusing on efficiency and international expansion [4]. Group 2: Supply-Side Platforms - Supply-side platform companies are becoming essential in the global innovation chain, as they focus on delivering stable and efficient R&D and production capabilities, especially during periods of increased volatility in innovative drug companies [6][8]. - WuXi Biologics is shifting its focus from project quantity to project quality, emphasizing capacity utilization and long-term contract stability as key indicators of its value in the global biopharmaceutical supply chain [8]. Group 3: Cross-Border Licensing and Outbound Companies - The pricing logic for Chinese innovative drugs in cross-border licensing has evolved, with a focus on the overall deliverable capabilities rather than just the individual molecules [14]. - Companies like Kelun-Blotech and BaiLi Tianheng are exemplifying this trend by integrating their platforms into global R&D systems and establishing long-term collaborations with multinational pharmaceutical companies [16][18]. Group 4: Regulatory and Commercialization Companies - Companies that have accumulated clinical data and registration progress are transitioning towards verifiable sales and profit curves, shifting their valuation logic from future expectations to tangible cash flows [19]. - Zai Lab and Antengene are in the early commercialization stages, with their success hinging on their products' acceptance in clinical settings and the speed of prescription growth [21][23]. Group 5: Medical Device Companies - Mindray Medical is recognized for its comprehensive coverage of hospital workflows, with a focus on multi-product synergy rather than single-device performance, which is crucial for establishing long-term customer relationships [26]. - MicroPort Scientific is navigating a challenging environment where operational efficiency and cash flow management are critical for sustaining long-term clinical validation and international expansion [28]. Group 6: Industry Trends and Insights - The Chinese healthcare sector is transitioning from a phase of visibility to one of selection, where companies must clearly define their positions and deliverables in a high-intensity global exchange [29]. - The differentiation among Chinese companies in the global system is accelerating, with a clear divide between transaction-oriented innovative drug companies and those that have crossed critical regulatory milestones, focusing on verifiable growth [31].

微创医疗科学有限公司是一家主要从事医疗器械的销售、生产、研究及开发（R&D）的投资控股公 司。该公司通过八个分部开展业务。心血管介入业务分部包括植入器械、通路器械等产品。骨科医疗器 械业务分部包括关节重建、脊柱等器械。心律管理（CRM）业务分部包括起搏器、除颤器等器械。大 动脉及外周血管介入业务分部包括"L-REBOA"主动脉阻断球囊等产品。神经介入业务分部包括脑动脉 粥样硬化狭窄、弹簧圈等产品。结构性心脏病业务分部包括经导管主动脉瓣植入术等产品。手术机器人 业务分部从事手术机器人器械的制造及研发。外科医疗器械业务分部从事外科医疗器械的制造及研发。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月12日南向资金增持340.93万股微创医疗（00853.HK）。近5个交易日中，获南向资金 增持的有5天，累计净增持1368.47万股。近20个交易日中，获南向资金增持的有13天，累计净增持 195.21万股。截至目前，南向资金持有微创医疗（00853.HK）9.09亿股，占公司已发行普通股的nan%。 | 交易日 | 持 ...

Core Viewpoint - Southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 3.4078 million shares on January 8, 2026, indicating a positive trend in investor sentiment towards the company [1]. Group 1: Shareholding Changes - Over the past five trading days, Southbound funds have increased their holdings for five days, with a total net increase of 20.3882 million shares [1]. - In the last twenty trading days, there were seven days of net reduction in holdings, totaling 442,100 shares [1]. - As of now, Southbound funds hold 904 million shares of MicroPort Medical, accounting for 47.24% of the company's total issued ordinary shares [1]. Group 2: Shareholding Data - On January 8, 2026, the total number of shares held was 904 million, with a change of 3.4078 million shares, reflecting a 0.38% increase [2]. - On January 7, 2026, the total number of shares held was 901 million, with a change of 2.0976 million shares, reflecting a 0.23% increase [2]. - On January 5, 2026, the total number of shares held was 898 million, with a change of 3.3146 million shares, reflecting a 0.37% increase [2]. - On January 2, 2026, the total number of shares held was 2,556.8 million, with a change of 9.0958 million shares, reflecting a 1.03% increase [2]. - On December 30, 2025, the total number of shares held was 886 million, with a change of 2.4725 million shares, reflecting a 0.28% increase [2]. Group 3: Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices, operating through eight divisions [2]. - The cardiovascular intervention division includes products such as implantable devices and access devices [2]. - The orthopedic medical device division includes instruments for joint reconstruction and spinal applications [2]. - The cardiac rhythm management (CRM) division includes devices such as pacemakers and defibrillators [2]. - The aortic and peripheral vascular intervention division includes products like the "L-REBOA" aortic occlusion balloon [2]. - The neuro-intervention division includes products for treating cerebral artery atherosclerosis and coils [2]. - The structural heart disease division includes products for transcatheter aortic valve implantation [2]. - The surgical robotics division is involved in the manufacturing and R&D of surgical robotic instruments [2]. - The surgical medical device division focuses on the manufacturing and R&D of surgical medical devices [2].

花旗发布研报称，微创医疗(00853)的基本面持续改善，因此已重新覆盖该股，予"买入"评级和目标价 16港元，相当于2026年及2027年市盈率39倍及24倍，并列为行业首选股之一。 报告提到，微创医疗2025年上半年，净亏损同比收窄66%，该行预计公司将在2025年下半年录得盈利。 另外，该行预期高增长的海外平台将在2025年同比实现70%至80%，且增长趋势或在2026年持续。公司 亦获得合并后的协同效应，将成为公司的上行潜力。 花旗维持微创医疗2025至2027财年的收入预测，分别为10.98亿、12.53亿及14.22亿元人民币。盈利方 面，该行上调公司2025财年预测17%至亏损4,100万元人民币，但维持2026及2027财年的盈测9,500万和 1.54亿元人民币。 ...

花旗维持微创医疗2025至2027财年的收入预测，分别为10.98亿、12.53亿及14.22亿元人民币。盈利方 面，该行上调公司2025财年预测17%至亏损4,100万元人民币，但维持2026及2027财年的盈测9,500万和 1.54亿元人民币。 报告提到，微创医疗2025年上半年，净亏损同比收窄66%，该行预计公司将在2025年下半年录得盈利。 另外，该行预期高增长的海外平台将在2025年同比实现70%至80%，且增长趋势或在2026年持续。公司 亦获得合并后的协同效应，将成为公司的上行潜力。 智通财经APP获悉，花旗发布研报称，微创医疗(00853)的基本面持续改善，因此已重新覆盖该股， 予"买入"评级和目标价16港元，相当于2026年及2027年市盈率39倍及24倍，并列为行业首选股之一。 ...

花旗发表研究报告指，微创医疗的基本面持续改善，因此已重新覆盖该股，予"买入"评级和目标价16港 元，并列为行业首选股之一。报告提到，微创医疗2025年上半年净亏损按年收窄66%，该行预计公司将 在2025年下半年录得盈利。另外，该行预期高增长的海外平台将在2025年按年实现70%至80%，且增长 趋势或在2026年持续。公司亦获得合并后的协同效应，将成为公司的上行潜力。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The treatment equipment industry in China has experienced significant growth, with the market size increasing from 375.23 billion RMB in 2019 to 621.39 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 13.44% [9] - The market is expected to continue growing, with projections indicating an increase to 872.09 billion RMB by 2028, at a CAGR of 6.12% [10] - The integration of AI and advanced technologies is driving innovation and efficiency in treatment devices, enhancing diagnostic accuracy and treatment precision [31] Market Background - The medical device sector includes instruments and software for diagnosis, monitoring, and treatment, with a notable increase in clinical trial institutions from 1,176 in 2022 to 1,340 in 2023, a growth of 13.8% [5] - The treatment equipment category encompasses surgical instruments and rehabilitation devices, which are crucial for patient recovery [6][7] Market Status - The treatment equipment market is expanding due to improved regulatory frameworks and increased domestic innovation, with a total of 13,260 medical device registrations in 2023, a 25.4% increase from 2022 [9] - The demand for treatment devices is rising, driven by an aging population and increased surgical procedures, with PCI surgeries growing from 915,000 in 2018 to 1,636,000 in 2023, a 26.4% year-on-year increase [13] Market Competition - The competitive landscape features a tiered structure, with leading companies like Mindray Medical and MicroPort in the first tier, and others like Qizhi Laser and Yuyue Medical in subsequent tiers [17][18] - The total R&D investment among the top 20 listed medical device companies reached 11.18 billion RMB in 2023, up 14.9% from 2022, indicating a strong focus on innovation [18] Recommended Brands - Mindray Medical is recognized for its leadership in ultrasound imaging and life information support, with a significant market share in high-end ultrasound products [19] - MicroPort specializes in minimally invasive intervention technologies, particularly in cardiovascular and neurological fields [20] - Yuyue Medical leads in home medical devices, with a dominant market position in respiratory therapy and blood glucose monitoring [22] Development Trends - The industry is undergoing a technological revolution with AI, 5G, and IoT integration, enhancing diagnostic and treatment capabilities [31] - The shift towards tiered medical services is optimizing the structure of healthcare consumption, with increased procurement of high-end devices by tertiary hospitals [32] - National policies are fostering domestic innovation and internationalization in the medical device sector, with a focus on streamlining approval processes for innovative products [33]