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 ...

Core Insights - The Shanghai Biopharmaceutical Industry M&A Fund has completed three investments since its establishment in March 2025, achieving 34% of its investment target within nine months [1] - The fund, with an initial scale of 5 billion yuan, is part of the Shanghai municipal state-owned capital fund matrix and aims to enhance strategic, leveraged, and platform functions while adhering to market-oriented operations [1] Investment Strategies - The fund employs three investment strategies: 1. Controlling acquisitions to gain majority stakes in companies 2. Active minority investments to significantly influence company governance and improve investor confidence 3. Restructuring based on pipelines and assets [2] - The completed investments include assisting Shanghai Pharmaceuticals in acquiring Shanghai Hengrui, strategic equity investment in MicroPort Medical, and equity investment in Kanghua Biotech [2] Market Context - The vaccine industry is currently experiencing a downturn, with the industry index dropping approximately 80% from its peak in 2022, attributed to supply-demand imbalances and overcapacity [3] - The fund's post-investment integration for Kanghua Biotech focuses on enhancing corporate governance, optimizing marketing structures, adjusting R&D strategies, and initiating capital operations [3] Policy Environment - The forum highlighted the importance of M&A as a tool for resource optimization and a pathway for deepening reforms in state-owned enterprises, with local state-owned listed companies showing significant progress in M&A activities since 2024 [4] - The supportive policy environment for M&A has led to a notable increase in transactions within the technology sector [5]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Group 1 - The core index of the Shenzhen-Hong Kong Stock Connect Medical Index (983035) closed at 4447.92 points, with a slight increase of 0.17% and a trading volume of 8.188 billion yuan, resulting in a turnover rate of 1.02% [1] - Among the constituent stocks, 31 companies experienced an increase, with MicroPort Medical leading the gain at 4.91%, while 22 companies saw a decline, with Yimai Sunshine leading the drop at 3.96% [1] Group 2 - The net outflow of main funds from the Shenzhen-Hong Kong Stock Connect Medical Index constituents totaled 154 million yuan, while retail investors saw a net inflow of 232 million yuan [2] - Over the past 10 days, there have been adjustments in the constituent stocks of the Shenzhen-Hong Kong Stock Connect Medical Index, with 2 new stocks added [2]