Core Viewpoint - CICC maintains the profit forecast for MicroPort Medical (00853) for 2025/26 at -0.39/+0.74 billion USD, with an outperform rating and a target price of 17 HKD, indicating a 40% upside potential from the current price [1] Group 1: Revenue Performance - The company's revenue for 1H25 was 5.48 billion USD, a year-on-year decrease of 2% [1] - Major business segments faced revenue pressure, with coronary revenue down 2.1%, orthopedic revenue down 3.7%, and arrhythmia management revenue down 1.4% [2] - Structural heart disease revenue increased by 2.7%, surgical robot revenue surged by 77%, and surgical revenue rose by 42.8% [2] - The overseas business revenue grew by 57.3%, reaching 0.60 billion USD [2] Group 2: Loss Reduction and Cost Management - The orthopedic segment's net loss narrowed by 57.9%, with EBITDA increasing by 28.5% [3] - The company achieved a positive EBITDA in the arrhythmia management business [3] - Overall, the company's total expenses decreased by 14.5%, and the operating expense ratio improved by 8.1 percentage points [3] - R&D expense ratio decreased from 20.6% to 13.2% [3] - Overall EBITDA increased to 1.28 billion USD, compared to 0.59 billion USD in 1H24 [3] Group 3: Business Restructuring Plans - The company is considering a non-binding proposal for a strategic restructuring of the arrhythmia management business, potentially merging it with MicroPort Heart [4] - The company plans to sell several properties and other assets, engaging with multiple potential investors for direct investments [4] - These activities are expected to improve the company's debt and cash flow situation [4]

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a high of 3879.05 points, closing at 3862.65 points, up 0.12% [2] - The Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.55% respectively [2] Gold Market - The precious metals sector saw significant gains, with international gold prices reaching new highs; COMEX gold peaked at $3552 per ounce, marking a year-to-date increase of approximately 35% [6][8] - London spot gold prices also rose, reaching $3486.16 per ounce, just shy of the historical high of $3500 from April [8] - A-share gold stocks surged, with Western Gold hitting the daily limit, and several other stocks like Xiaocheng Technology and Hunan Gold also showing strong gains [8][9] AI Computing Sector - The AI computing sector exhibited mixed performance; stocks like Xuanji Information and Liyang Chip hit the daily limit, while Cambrian experienced a decline of nearly 3% [10][11] - Cambrian's stock fluctuated significantly, dropping over 8% before stabilizing to a decrease of 2.98% by midday [11][12] - Reports indicated that rumors about Alibaba purchasing 150,000 Cambrian GPUs were unfounded [12] Alibaba's Market Activity - Alibaba's stock surged over 16% in Hong Kong, with a market capitalization increase of approximately HKD 400 billion, reaching a total market value of HKD 2.59 trillion [15][16] - The company reported a revenue of RMB 247.65 billion for Q1 of the 2026 fiscal year, with a net profit of RMB 43.12 billion, reflecting a 76% year-on-year increase [15][17] - Alibaba plans to invest RMB 380 billion over three years in AI infrastructure, which is expected to drive demand for computing power [17] Innovative Drug Sector - The innovative drug sector saw significant activity, with MicroPort Medical rising over 14% and achieving a year-to-date increase of over 109% [18] - MicroPort's new stent technology demonstrated clinical advantages, reducing treatment duration and complications [18] - The approval of 43 innovative drugs in the first half of the year indicates a growing focus on drug development in China, with the biotech index showing a year-to-date increase of over 101% [18]

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

Core Viewpoint - MicroPort Medical reported a revenue of approximately $547.5 million for the first half of 2025, reflecting a year-on-year decrease of 2% while the company narrowed its net loss to $46.6 million, a reduction of 51.9% compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 was approximately $547.5 million, down 2% year-on-year [1] - The net loss attributable to equity shareholders was $46.6 million, which represents a 51.9% reduction in losses compared to the same period last year [1] - Basic loss per share was 2.53 cents [1] Cost Management - The total expenses for sales, management, and research and development decreased by 14.5% compared to the same period in 2024 [1] - The operating expense ratio improved by 8.1 percentage points year-on-year [1] - The research and development expense ratio decreased from 20.6% to 13.2% [1] Non-Core Business Disposal - The company completed the disposal of several non-core businesses during the reporting period, resulting in a positive gain of $26.1 million [1]

智通财经APP讯，微创医疗(00853)公布，《新英格兰医学杂志》(NEJM)近日全文刊登集团自主研发的 Firehawk®╱火鹰®冠脉雷帕霉素药物靶向洗脱支架系统(Firehawk╱火鹰支架)进行的欧洲 TARGET- FIRST临床研究结果;在西班牙召开的欧洲心脏病学2025年会(ESC 2025)以"最新突破性临床试验(HOT LINE)"专场同步发布了该项研究结果，即：对于植入Firehawk╱火鹰支架达到完全血运重建的低风险急 性心肌梗死(AMI)患者而言，双联抗血小板治疗(DAPT)疗程可从12个月缩短至1个月，不仅没有增加缺 血风险，而且还可大幅降低出血并发症。 《新英格兰医学杂志》以高影响因子、严格的同行评审和强大的全球学术影响力著称，位居世界医学四 大顶级期刊之首，其权威性被公认为评价科创和临床成果的最高标准。欧洲心脏病学年会亦是全球顶尖 的心血管学术盛会。这种通过"顶级期刊快速通道+顶级学术会议核心专场"同步亮相的情况极为罕见， 仅限于突破性强、能迅速改变全球临床实践和具有重大公共卫生意义的开创性研究成果; TARGET- FIRST研究获此殊荣和礼遇，充分体现其学术份量以及Firehaw ...

Firehawk╱火鹰支架是该集团自主研发的第三代冠脉药物洗脱支架系统，兼具了药物洗脱支架"低再狭 窄率"的特性和裸金属支架"极低晚期血栓率"的优势。该系统采用间断式单面凹槽载药与药聚合物控释 设计，严密包裹在槽内的药物╱涂层聚合物在抵达血管病变区后才释出，实现雷帕霉素"定向、定时、 定量"靶向释放。药物载荷仅为常规的三分之一，涂层面积也仅占金属总面积的5%左右，基本保持了裸 支架的结构形态，从而使Firehawk╱火鹰支架在保持其药物支架属性和基本功能的同时，实现与裸支架 相当的快速内皮化愈合效果。TARGET-FIRST研究进一步验证了在涂层面积和载药量方面尽可能迫近裸 支架这一集团独特设计理念的系统性临床获益。 《新英格兰医学杂志》以高影响因子、严格的同行评审和强大的全球学术影响力著称，位居世界医学四 大顶级期刊之首，其权威性被公认为评价科创和临床成果的最高标准。欧洲心脏病学年会亦是全球顶尖 的心血管学术盛会。这种通过"顶级期刊快速通道+顶级学术会议核心专场"同步亮相的情况极为罕见， 仅限于突破性强、能迅速改变全球临床实践和具有重大公共卫生意义的开创性研究成果;TARGET- FIRST研究获此殊荣和礼 ...

格隆汇9月1日丨微创医疗(00853.HK)宣布，《新英格兰医学杂志》(NEJM)近日全文刊登本集团自主研 发的Firehawk®╱火鹰®冠脉雷帕霉素药物靶向洗脱支架系统(「Firehawk®╱火鹰®支架」)进行的欧洲 TARGET-FIRST临床研究结果；在西班牙召开的欧洲心脏病学2025年会(ESC 2025)以「最新突破性临床 试验(HOT LINE)」专场同步发布了该项研究结果，即：对于植入Firehawk®╱火鹰®支架达到完全血运 重建的低风险急性心肌梗死(AMI)患者而言，双联抗血小板治疗(DAPT)疗程可从12个月缩短至1个月， 不仅没有增加缺血风险，而且还可大幅降低出血并发症。 ...

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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 微創醫療科學有限公司* Firehawk®╱火鷹®支架先前的一項歐洲臨床試驗TARGET AC，曾因解決了晚期血栓這一困惑醫學界 多年的難題而在全球頂級期刊《柳葉刀》發表，並引發了對該中國造產品的全球性關注。在歐洲實施 的兩個完全獨立的大規模臨床研究，不僅證實了Firehawk®╱火鷹®支架的臨床獲益，也佐證了其有一 定的經濟性潛力和人道化優勢。因其具備了實質性影響心血管領域臨床實踐和綜合治療策略的關鍵 因素，Firehawk®╱火鷹®支架有望成為破局「高品質－經濟性－可及性」不可能三角的稀有醫療方案之 一。本集團始終致力於研發創新型醫療器械和技術，並與世界一流的研究人員合作，讓中國造產品 在世界舞台上依靠數字大膽說話，以堅實的臨床證據驗證安全性和有效性，讓更多患者得以受益於 我們的技術。 關於Firehawk®╱火鷹®支架 Firehawk®╱火鷹®支架是本集團自主研發的第三代冠脈藥物洗脫支架系統，兼具 ...

报告期内，集团面对复杂多变的地缘政治及国际贸易冲突、医保费用精细化管理的持续推进、部分业务 集采执行落地晚于预期等外部挑战，以及集团近年密集获批新产品尚处于准入及/或培育期、产品结构 短期调整带来的新旧动能衔接存在一定时滞性等影响，集团收入增长阶段性承压，报告期内，录得收入 5.48亿美元，同比下降2.2%(剔除汇率影响)。 格隆汇8月30日丨微创医疗(00853.HK)发布公告，截至2025年6月30日止六个月，实现收益5.48亿美元， 同比减少2.2%；公司权益股东应占亏损为4660.2万美元，上年同期公司权益股东应占亏损为9683万美 元；基本每股亏损2.53美分。 ...