( 於開曼群島註冊成立的有限公司) (股票代碼: 00853) 2025 中期報告 公司概況 微創醫療科學有限公司（「本公司」或「微創®」）及其附屬公司（統稱「本 集團」）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。憑藉目前已在全球20,000*多家醫院使用的 多樣化產品組合，本集團在全球運營多個業務分部，包括心血管介 入業務、骨科醫療器械業務、心律管理（「心律管理」）業務、大動脈 及外周血管介入業務、神經介入業務、結構性心臟病業務、手術機 器人業務等。 本集團以人為本，我們堅定地信仰人人都有生而平等的醫療權、健 康權和追求活得更久的權利，並希冀與社會各界通力合作，為人人 享有這種權利而積極創造各種各樣的變革性醫療手段。我們通過創 新科學的實際應用，不斷開發出領先的科技與產品服務，為患者提 供能延長和重塑生命的可普惠化真善美方案。在世界範圍內，平 均每5秒就有一個微創®的產品被用於挽救和延長生命或提升生命品 質。 我們擁有一個大型且不斷豐富的知識產權庫以及一支強大的研究與 開發（「研發」）團隊。我們在全世界與國際知名醫生及科學家緊密合 作，開發出符合最高質量及臨床最高標準的一系 ...

Core Viewpoint - MicroPort Medical's stock transfer indicates a strategic shift among shareholders, with a market capitalization of HKD 18.57 billion, representing 7.40% of the company [1] Group 1: Company Performance - Morgan Stanley's report highlights ongoing domestic regulatory challenges faced by MicroPort Medical, but notes strong export momentum in surgical robots (Medbot), cardiovascular, and vascular intervention businesses [1] - The company is expected to achieve breakeven by 2026, driven by resolved obligations in cardiac rhythm management (CRM) [1] Group 2: Shareholder Actions - The transfer of shares from Citibank to Shanghai International Securities suggests a reallocation of investment among major stakeholders [1] - Major shareholder Otsuka has completed its exit from the company, which may influence future strategic directions [1] Group 3: Price Target and Valuation - Morgan Stanley has raised the target price for MicroPort Medical from HKD 8.6 to HKD 16, implying a projected price-to-earnings ratio of approximately 20 times for 2027 [1] - The rating remains "in line with the market," indicating a neutral outlook on the stock's performance relative to the broader market [1]

Core Viewpoint - MicroPort Medical's stock transfer from Citibank to Silver International Securities indicates a significant market movement, with a total value of HKD 18.57 billion, representing 7.40% of the company's shares [1] Group 1: Company Performance - Morgan Stanley's report highlights ongoing domestic regulatory challenges faced by MicroPort Medical, but notes strong export momentum in surgical robots (Medbot), cardiovascular, and vascular intervention businesses [1] - The company is expected to achieve breakeven by 2026, driven by resolved obligations in cardiac rhythm management (CRM) and the completion of major shareholder Otsuka's exit [1] Group 2: Stock Valuation - Morgan Stanley has raised the target price for MicroPort Medical from HKD 8.6 to HKD 16, which corresponds to a projected price-to-earnings ratio of approximately 20 times for 2027 [1] - The firm maintains a "Market Perform" rating for the stock, reflecting a cautious but optimistic outlook on the company's future performance [1]

Core Viewpoint - Morgan Stanley reports that MicroPort Medical (00853) faces ongoing domestic regulatory challenges but has strong export momentum in surgical robots (Medbot), cardiovascular, and vascular intervention businesses, with a projected break-even in 2026. The target price for the stock has been raised from HKD 8.6 to HKD 16, reflecting a forecasted price-to-earnings ratio of approximately 20 times for 2027. The rating remains "in line with the market" [1] Group 1 - MicroPort Medical's sales forecasts for 2025 to 2027 have been reduced by approximately 2%, indicating an 11% compound annual growth rate from 2024 to 2027 [1] - The expectation for net profit to break even in 2026 remains unchanged, with net profit forecasts for 2026 and 2027 being raised by 151% and 15% respectively from a low base [1] - The discount on the holding company has been narrowed from 40% to 30%, reflecting reduced liquidity concerns, and gross margin forecasts have been adjusted upwards based on guidance [1] Group 2 - Continuous cost-saving measures have led to a corresponding reduction in operating expense forecasts [1] - The company is now projected to achieve operational break-even in 2025 from a low base, with net losses expected to narrow by 93% to approximately USD 55 million in 2025 [1]

Core Viewpoint - Morgan Stanley reports that MicroPort Medical (00853) faces ongoing domestic regulatory challenges, but strong export momentum in surgical robots, cardiovascular, and vascular intervention businesses is expected to lead to breakeven by 2026. The target price is raised from HKD 8.6 to HKD 16, reflecting a projected 2027 P/E ratio of approximately 20 times [1] Group 1 - MicroPort Medical's sales forecasts for 2025 to 2027 have been reduced by about 2%, indicating an 11% CAGR from 2024 to 2027 [1] - The net profit forecast for 2026 remains at breakeven, with net profit estimates for 2026 and 2027 raised by 151% and 15% respectively from a low base [1] - The discount on the holding company has been narrowed from 40% to 30%, reflecting reduced liquidity concerns, and gross margin forecasts have been adjusted upwards based on guidance [1] Group 2 - Continuous cost-saving measures have led to a reduction in operating expense forecasts, with the company expected to achieve breakeven at the operating level in 2025 [1] - The net loss for 2025 is projected to narrow by 93% to approximately USD 55 million [1]

Core Insights - The article highlights the top three companies with the highest short positions as of September 5, which are ZTE Corporation (00763), COSCO Shipping Holdings (01919), and CATL (03750) with short ratios of 14.96%, 14.17%, and 13.57% respectively [1][2] Group 1: Companies with Highest Short Positions - ZTE Corporation (00763) has a short position of 14.96%, down from 124 million shares to 113 million shares [2] - COSCO Shipping Holdings (01919) has a short position of 14.17%, increasing from 401 million shares to 408 million shares [2] - CATL (03750) has a short position of 13.57%, decreasing from 21.6451 million shares to 21.1551 million shares [2] Group 2: Companies with Largest Increase in Short Positions - Shandong Gold (01787) saw the largest increase in short position, rising by 3.06% from 9.61% to 12.66% [2] - Horizon Robotics-W (09660) increased by 2.33% from 3.27% to 5.60% [2] - BOE Technology Group (00710) increased by 1.62% from 3.80% to 5.41% [2] Group 3: Companies with Largest Decrease in Short Positions - Ganfeng Lithium (01772) experienced the largest decrease in short position, down by 1.84% from 12.46% to 10.63% [3] - ZTE Corporation (00763) decreased by 1.51% from 16.47% to 14.96% [3] - Crystal International Holdings (02228) decreased by 1.36% from 4.00% to 2.64% [3]

Core Viewpoint - The report emphasizes the sustained high growth in the innovative pharmaceutical and medical device sectors, recommending continued investment in these areas [1]. Investment Highlights - The report maintains a recommendation for innovative pharmaceuticals and medical devices, highlighting the potential for value re-evaluation in the Pharma sector, with specific buy ratings for companies such as 恒瑞医药, 翰森制药, 三生制药, and 华东医药 [2]. - It continues to recommend Biopharma/Biotech companies that are gradually realizing their innovative pipelines and entering a performance growth phase, with buy ratings for 科伦博泰生物, 信达生物, 康方生物, 新诺威, 映恩生物, 京新药业, 微芯生物, 特宝生物, 我武生物, and 来凯医药 [2]. - The report also suggests investment in CXO and upstream pharmaceutical companies benefiting from innovation and recovery, maintaining buy ratings for 百普赛斯, 药明康德, 药明合联, 泰格医药, and 美诺华 [2]. - It recommends leading medical device companies expected to recover, with buy ratings for 微创医疗, 联影医疗, and 惠泰医疗 [2]. Market Performance - In the first week of September 2025, the A-share pharmaceutical sector outperformed the broader market, with the SW pharmaceutical and biotech index rising by 1.4% while the Shanghai Composite Index fell by 1.2% [3]. - Within the biopharmaceutical sector, the chemical preparations segment saw a notable increase of 4.5%, while biological products and medical services rose by 1.9% and 1.7%, respectively [3]. - The top-performing stocks included 海辰药业 (+28.7%), 长春高新 (+24.2%), and 百花医药 (+21.3%), while the worst performers were 舒泰神 (-24.0%), 广生堂 (-15.8%), and 塞力医疗 (-15.6%) [3]. - In the Hong Kong market, the healthcare sector also outperformed, with the Hang Seng Healthcare index rising by 7.0% and the biotech index by 7.3%, compared to a 1.4% increase in the Hang Seng Index [3]. - The top gainers in the Hong Kong market were 三叶草生物-B (+99%), 圣诺医药-B (+62%), and 加科思-B (+41%), while the biggest losers included 美中嘉和 (-11%), 科笛-B (-9%), and 思路迪医药股份 (-6%) [3]. - In the US market, the healthcare sector performed in line with the broader market, with the S&P Healthcare Select Sector Index increasing by 0.3%, matching the S&P 500's performance [4]. - The top gainers in the US healthcare sector included 德康医疗 (+7%), 生物基因 (+6%), and 环球健康服务 (+5%), while the largest declines were seen in KENVUE (-10%), REVVITY (-4%), and MOLINA HEALTHCARE (-3%) [4].

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

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8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: 2025年9月4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/註冊股本總額 ...

Core Viewpoint - MicroPort Medical's stock dropped over 7% due to pressure on its main business revenue in the first half of 2025, and the company plans to undergo a business restructuring [1][2] Group 1: Financial Performance - For 1H25, MicroPort Medical reported revenue of $548 million, a year-on-year decrease of 2% [1] - The company recorded a net loss attributable to shareholders of $47 million, an improvement from a loss of $97 million in the same period last year, representing a 52% reduction in loss [1] - Despite revenue challenges, effective cost control and contributions from foreign exchange gains and asset disposals led to a narrower loss than expected [1] Group 2: Business Segment Performance - Major business revenue faced varying degrees of pressure: - Coronary revenue decreased by 2.1%, with domestic revenue remaining stable - Balloon and accessory revenues increased by 38% and 21% respectively - Overseas revenue fell by 10% due to factors like Middle East conflicts and channel adjustments - Orthopedic revenue declined by 3.7% - Arrhythmia management revenue decreased by 1.4% - Revenue from large artery and peripheral segments dropped by 9.2% due to centralized procurement or price reductions - Neurointervention revenue fell by 6.2% [1] Group 3: Strategic Initiatives - The company announced that its board is considering a non-binding proposal for a strategic restructuring of its arrhythmia management business, which may lead to a merger with MicroPort Heart's operations [2] - The company is also planning to sell several properties and other assets, and is in discussions with multiple potential investors for direct investments in its subsidiaries or other assets [2] - These initiatives are expected to help improve the group's debt and cash flow situation [2]