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]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 微創醫療科學有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00853 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總 ...

Group 1 - The core point of the article is that southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 3.31 million shares on January 5, 2026, with a total net increase of 16.43 million shares over the past five trading days [1] - Over the last 20 trading days, there were 7 days of net reductions in holdings, totaling 1.05 million shares [1] - As of now, southbound funds hold 899 million shares of MicroPort Medical, accounting for 46.96% of the company's total issued ordinary shares [1] Group 2 - The total number of shares held by southbound funds on January 5, 2026, was 899 million, reflecting a change of 3.31 million shares, which is a 0.37% increase [2] - The previous trading days showed significant changes, with an increase of 9.10 million shares (1.03%) on January 2, 2026, and smaller increases on December 30, 2025 (0.28%), December 29, 2025 (0.16%), and December 23, 2025 (0.02%) [2] - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices, operating through eight divisions including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, and surgical robotics [2]

机构：光大证券 研究员：吴佳青 事件：公司近期公告1）根据微创医疗集团会计政策其无法控制微创脑科学但仍对其保持重大影响力， 故终止合并微创脑科学，构成须予披露交易。2）微创心通召开股东大会，审议通过并购微创心律管理 有限公司的重大资产重组议案。此次并购将推动微创医疗旗下结构性心脏病与心律管理两大核心业务板 块的深度整合。 点评： 盈利预测与评级：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，我们预计公司有望实 现持续减亏，我们上调25~26 年净利润预测为-30/96 百万美元（原值为-59/91 百万美元），新增27 年净 利润预测为133 百万美元。公司为国内高值耗材领军企业，研发实力强劲，维持"买入"评级。 风险提示。高值耗材降价超预期、骨科减亏低于预期、收购整合风险等。 治理结构改善注入新动能，出海业务成为核心增长引擎。公司治理层面，上实资本旗下基金成为公司重 要战略股东，有望在治理和业务发展方面注入新动能。公司近期完成心律管理与结构性心脏病业务的重 组，旨在打造综合心脏病平台，新公司将融合微创心律管理的AI 诊断及算法技术，与微创心通在结构 性心脏病介入治疗、输送系统及生物材料方面的技术积 ...

微创脑科学（02172）盘中涨超5%，截至发稿，股价上涨3.77%，报11.29港元，成交额637.89万港元。 微创医疗公布，终止合并微创脑科学，原因是微创脑科学在委任一名独立非执行董事后，公司根据会计 政策认为无法控制微创脑科学但仍保持重大影响力。终止合并预期将确认视同处置附属公司收益。 责任编辑：卢昱君 微创脑科学（02172）盘中涨超5%，截至发稿，股价上涨3.77%，报11.29港元，成交额637.89万港元。 微创医疗公布，终止合并微创脑科学，原因是微创脑科学在委任一名独立非执行董事后，公司根据会计 政策认为无法控制微创脑科学但仍保持重大影响力。终止合并预期将确认视同处置附属公司收益。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...

此外，马斯克近期发文表示，其旗下脑机接口公司Neuralink将于2026年启动脑机接口设备的大规模量 产，并同步推进手术流程的全自动化改造。国泰海通指出，伴随技术创新突破、政策支持引导、资本投 入等多重因素驱动，脑机接口行业有望迎来重要发展机遇，有望在医疗健康、生活消费等下游市场迎来 需求释放，市场前景可期。 本文源自：智通财经网 微创脑科学(02172)早盘涨超5%，截至发稿，涨3.03%，报11.21港元，成交额150.32万港元。 消息面上，微创医疗公布，终止合并微创脑科学，原因是微创脑科学在委任一名独立非执行董事后，公 司根据会计政策认为无法控制微创脑科学但仍保持重大影响力。终止合并预期将确认视同处置附属公司 收益。 ...

Core Viewpoint - The report from Everbright Securities indicates that MicroPort Medical (00853) is expected to achieve continuous loss reduction due to factors such as the impact of centralized procurement, cost reduction measures, and a focus on core business, with net profit forecasts for 2025 and 2026 adjusted to -30 million and -96 million USD respectively, and a new forecast for 2027 set at 133 million USD [1] Group 1: Company Announcements - The company recently announced that it will terminate the consolidation of MicroPort Brain Science due to its inability to control it, while still maintaining significant influence [2] - MicroPort Heart Communication held a shareholders' meeting to approve a major asset restructuring proposal for the acquisition of MicroPort Rhythm Management, which will enhance the integration of its structural heart disease and rhythm management core business segments [2] Group 2: Governance and Growth - The governance structure has improved with the strategic investment from a fund under Shanghai Shenda Capital, which is expected to inject new momentum into governance and business development [3] - The recent restructuring of the rhythm management and structural heart disease business aims to create a comprehensive heart disease platform, integrating AI diagnostic and algorithm technology with existing treatment technologies [3] - The company is actively building a global commercialization platform to support the international expansion of its products, with overseas revenue reaching 59.8 million USD in the first half of 2025, a year-on-year increase of 57.3% [3] Group 3: Financial Performance - The company has significantly improved its profitability through a focus on core business and resource optimization, with a revenue of 548 million USD in the first half of 2025, a year-on-year decrease of 2.0% [4] - The net loss narrowed significantly from 107 million USD in the same period last year to 36.36 million USD, indicating a turning point in operations [4] - The improvement in profitability is attributed to effective cost control, with operational expense ratio optimized by 8.1 percentage points and R&D expense ratio reduced from 20.6% to 13.2% [4] - The company has set performance targets to limit net losses to no more than 110 million USD in the first half of 2025 and no more than 55 million USD for the entire year, with a target of achieving net profits of at least 45 million USD in the first half of 2026 and at least 90 million USD for the full year [4]

微创脑科学(02172)早盘涨超5%，截至发稿，涨3.03%，报11.21港元，成交额150.32万港元。 消息面上，微创医疗公布，终止合并微创脑科学，原因是微创脑科学在委任一名独立非执行董事后，公 司根据会计政策认为无法控制微创脑科学但仍保持重大影响力。终止合并预期将确认视同处置附属公司 收益。 此外，马斯克近期发文表示，其旗下脑机接口公司Neuralink将于2026年启动脑机接口设备的大规模量 产，并同步推进手术流程的全自动化改造。国泰海通指出，伴随技术创新突破、政策支持引导、资本投 入等多重因素驱动，脑机接口行业有望迎来重要发展机遇，有望在医疗健康、生活消费等下游市场迎来 需求释放，市场前景可期。 ...

公司研究 心律管理业务重组合并，母公司亏损如期收窄中 2025 年 12 月 31 日 ——微创医疗（0853.HK）跟踪点评 要点 事件：公司近期公告 1）根据微创医疗集团会计政策其无法控制微创脑科学但仍 对其保持重大影响力，故终止合并微创脑科学，构成须予披露交易。2）微创心 通召开股东大会，审议通过并购微创心律管理有限公司的重大资产重组议案。此 次并购将推动微创医疗旗下结构性心脏病与心律管理两大核心业务板块的深度 整合。 点评： 治理结构改善注入新动能，出海业务成为核心增长引擎。公司治理层面，上实资 本旗下基金成为公司重要战略股东，有望在治理和业务发展方面注入新动能。公 司近期完成心律管理与结构性心脏病业务的重组，旨在打造综合心脏病平台，新 公司将融合微创心律管理的 AI 诊断及算法技术，与微创心通在结构性心脏病介 入治疗、输送系统及生物材料方面的技术积累，打造"结构性心脏病+心律管理 +心衰管理"一体化平台。公司亦公告终止合并微创脑科学，我们认为治理改善 持续推进中。同时，公司积极搭建全球通商业化平台，助力各业务板块产品出海， 25H1 出海业务收入已达 5,980 万美元，同比增长 57.3%，有效对 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 微創醫療科學有限公司* （股份代號：00853） 須予披露交易 終止合併 茲提述微創腦科學有限公司（「目標公司」）日期為二零二五年十二月二十九日的公告，內容有關委任 一名獨立非執行董事加入其董事會。於委任前，本公司控制目標公司的董事會。於委任後，本公司 已根據本公司及其他股東在目標公司所持股權比例，評估目標公司董事會平衡的變化。本公司認 為，根據本集團會計政策其無法控制目標公司但仍對目標公司保持重大影響力，故終止合併目標公 司屬適當。根據上市規則，終止合併目標公司構成本公司一項須予披露交易。 有關各方的資料 本公司 本公司於開曼群島註冊成立，其股份於聯交所主板上市。本公司連同其附屬公司是一家領先的醫療 器械集團，專注於在全球範圍內創新、製造及銷售高端醫療器械產品，業務分部包括心血管介入業 務、骨科醫療器械業務、大動脈及外周血管介入業務、結構性心臟介入業務及心律管理業務、手術 機器人業務及其他業務。 1 ...