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7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: 微创心通医疗科技有限公司 呈交日期: 2025年8月5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) | 02160 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： US ...

Company Overview - MicroPort CardioFlow Medtech Co., Ltd. is a leading innovative medical device company in the field of structural heart disease in China, originating from a valve pre-research project established in 2009 and listed on the Hong Kong Stock Exchange in February 2021 [2] - The company has successfully launched its self-developed transcatheter aortic valve implantation (TAVI) series and related surgical products in over 700 core hospitals across more than 20 countries and regions, treating over 10,000 patients with structural heart disease [2] - The VitaFlow Liberty transcatheter aortic valve and its reusable delivery system became the first domestically developed TAVI system to receive EU CE certification in 2024, accelerating the company's global strategic layout [2] Financial Performance - As of December 31, 2024, MicroPort CardioFlow reported total operating revenue of 362 million yuan, a year-on-year increase of 7.54% [1] - The net profit attributable to the parent company was -49.446 million yuan, showing a significant year-on-year increase of 89.51% [1] - The gross profit margin stood at 69.48%, with a debt-to-asset ratio of 16.97% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for MicroPort CardioFlow [1] - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -2.24 times, with a median of 1.4 times [1] - MicroPort CardioFlow's P/E ratio is -61 times, ranking 61st in the industry, compared to other companies such as Jingjiu Medical (0.38 times), Star Medical Holdings (0.45 times), and others [1]

Group 1 - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index dropped by 1.57%. The morning trading volume in Hong Kong stocks was HKD 148.2 billion [1] - The Hang Seng Biotechnology Index rose by 1.77%, with notable gains from MicroPort Medical (00853) up 9.7%, MicroPort NeuroScience (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1] - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% after announcing the construction of a modular biomanufacturing facility in Singapore [1] Group 2 - Mindray Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure the MicroPort cardiac rhythm management business, enhancing its product pipeline [2] - Insurance stocks continued to rise, with New China Life Insurance (01336) up 4.47% and China Life Insurance (02628) increasing by 1.5% [3] Group 3 - 361 Degrees (01361) rose by 6.5%, with the company showing steady revenue growth, and institutions expect strong revenue growth for the full year [4] - Dreamscape (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a long-term strategic partner [5] Group 4 - GAC Group-B (01167) surged over 20% as a concerted action party increased its holdings by over 60,000 shares, raising its stake to 25.36% [6] - Semiconductor stocks collectively declined, with Hua Hong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74% [6]

Market Overview - The Hang Seng Index fell by 0.43%, down 109 points, while the Hang Seng Tech Index decreased by 1.57%. The early trading volume in Hong Kong stocks was HKD 148.2 billion [1]. Biotechnology Sector - The Hang Seng Biotechnology Index rose by 1.77%. Notable gainers included MicroPort Medical (00853) up 9.7%, MicroPort NeuroTech (02172) up over 8%, and Innovent Biologics (01801) up 4.85% [1]. - WuXi AppTec (02359) increased by 2.24%, WuXi Biologics (02126) rose by 6.5%, and WuXi Biologics (02269) saw an increase of over 3% following the announcement of the construction of a modular biologics manufacturing facility in Singapore [1]. - Fosun Pharma (02196) gained over 5% after acquiring exclusive rights for the innovative Alzheimer's drug AR1001 [1]. - HeartCare Medical-B (02160) surged by 8.8% as the company is expected to acquire and restructure MicroPort's cardiac management business, enhancing its product pipeline [1]. Insurance Sector - Insurance stocks continued their upward trend, with New China Life Insurance (01336) rising by 4.47% to reach a new high, and China Life Insurance (02628) increasing by 1.5% [2]. Consumer Sector - 361 Degrees (01361) rose by 6.5%, with institutions expecting strong revenue growth for the full year [3]. - Dreamland (01119) increased by 3.5% after signing a capitalization agreement with Playrix, bringing in a strategic shareholder from the upstream development sector [4]. Semiconductor Sector - Gako Technology-B (01167) surged over 20% as a concerted action party increased its stake by over 60,000 shares, raising its total holding to 25.36% [5]. - Semiconductor stocks collectively declined, with Huahong Semiconductor (01347) down 5.3%, SMIC (00981) down 3.9%, and ASMPT (00522) down 2.74%. Nvidia's order for 300,000 H20 chips and Morgan Stanley's comments on the potential impact of the 520 unlock on local industry sentiment contributed to this decline [5].

Core Viewpoint - The stock of HeartLink Medical-B (02160) has increased by over 7%, currently trading at 1.45 HKD with a transaction volume of 19.13 million HKD, following the announcement of a potential restructuring with the CRM business of the parent company, MicroPort Medical [1] Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the CRM business to enhance resource integration and competitiveness [1] - The CRM business, in which MicroPort Medical holds a 50.13% stake, focuses on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers and defibrillators [1] Group 2: Financial Insights - In 2018, MicroPort Medical acquired LivaNova's cardiac rhythm management business for 190 million USD, which generated 250 million USD in revenue in 2016 [1] - The projected revenue for MicroPort's cardiac rhythm management in 2024 is 220 million USD, with a loss of 88.05 million USD [1] Group 3: Strategic Implications - The integration of HeartLink Medical is expected to create a platform company addressing structural heart diseases and rhythm management, leveraging shared international sales channels to enhance market presence and influence [1]

Core Viewpoint - HeartLink Medical-B (02160) has seen a significant increase of over 7%, currently trading at 1.45 HKD with a transaction volume of 19.13 million HKD, following the announcement of a potential restructuring with the group's CRM business to enhance competitiveness and resource integration [1]. Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the group's CRM business to improve internal resource integration and collaboration [1]. - The CRM business, in which the group holds a 50.13% stake, focuses on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers, defibrillators, and cardiac resynchronization therapy devices [1]. - In 2018, MicroPort Medical acquired LivaNova's arrhythmia management business for 190 million USD, which generated 250 million USD in revenue in 2016, while the projected revenue for MicroPort's arrhythmia management in 2024 is 220 million USD, with a loss of 88.05 million USD [1]. Group 2: Market Impact - The integration of HeartLink Medical is expected to create a platform company covering structural heart disease and arrhythmia management, leveraging shared international sales channels to generate synergies between the two business areas [1]. - This restructuring aims to establish a stronger sales network and market influence globally, enhancing the competitive position of the combined entity [1].

Core Viewpoint - HeartLink Medical (02160) has seen a significant increase in stock price, rising 7.41% to HKD 1.45, with a trading volume of HKD 19.1345 million, following the announcement of a potential restructuring with the group's CRM business to enhance competitiveness and resource integration [1] Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the group's CRM business to improve internal resource integration and collaboration [1] - The CRM business is a subsidiary in which the group holds a 50.13% stake, focusing on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers and defibrillators [1] Group 2: Financial Insights - In 2018, MicroPort Medical acquired LivaNova's cardiac rhythm management business for USD 190 million, which generated USD 250 million in revenue in 2016 [1] - The projected revenue for MicroPort's cardiac rhythm management in 2024 is USD 220 million, with an expected loss of USD 88.05 million [1] Group 3: Strategic Implications - The integration of HeartLink Medical is expected to create a platform company covering structural heart disease and rhythm management, leveraging shared international sales channels to generate synergies between the two business areas [1] - This restructuring aims to establish a stronger sales network and market influence globally [1]

Group 1 - Meituan-W (03690) rose nearly 4% as regulatory discussions with food delivery platforms suggest a slowdown in subsidy wars, which may benefit Meituan's user experience rebound [1] - The Yarlung Tsangpo River hydropower project commenced with an investment of 1.2 trillion yuan, equivalent to the construction of three Three Gorges projects [1] - Cement stocks surged in the Hong Kong market, with Huaxin Cement (06655) increasing over 29% following the hydropower project announcement [1] - Stablecoin concept stocks strengthened after Trump signed a stablecoin bill, with Huajian Medical (01931) rising over 23% [1] - UBTECH (09880) saw a nearly 10% increase after winning a major procurement order for humanoid robots worth nearly 100 million yuan [1] Group 2 - Nongfu Spring (09633) increased over 3% as analysts believe the company will benefit from competitive public sentiment, indicating a strong business recovery [2] - Xintong Medical-B (02160) rose over 5% as MicroPort plans to inject its CRM business into Xintong Medical, aiding in the establishment of a heart disease product platform [2] - Oil stocks generally rose, with Sinopec (00386) increasing nearly 4% after Goldman Sachs raised its oil price forecast for the second half of the year [2] - Chinese brokerage stocks remained active, with major brokerages reporting a year-on-year net profit growth of 50%-80% for the first half of the year [2] Group 3 - Netflix (NFLX.US) fell over 5% as investors had overly high expectations for Q2 performance, despite revenue growth of 15.9% year-on-year to $11.08 billion [3] - Interactive Brokers (IBKR.US) rose 7.77% as Q2 profits and revenues increased [4] - Blaize Holdings (BZAI.US) surged 58.75% after securing a $120 million AI infrastructure contract [4] - OpenDoor Technologies (OPEN.US) jumped 36.36% as interest in the platform surged significantly on social media [4] - Talen Energy (TLN.US) rose 24.48% to a record high after announcing a $3.5 billion acquisition of two gas power plants, expected to boost free cash flow per share by over 40% [4] - Futu Holdings (FUTU.US) increased 7% as Barclays highlighted its potential for accelerated growth as a leading online brokerage in Asia [4]

Core Viewpoint - MicroPort Medical plans to merge its CRM business with MicroPort CardioTech to create a comprehensive cardiac product platform, enhancing its market presence and product offerings [1][6]. Group 1: Background of the Restructuring - MicroPort Medical is a leading medical device group with a diverse portfolio including cardiovascular intervention, orthopedic devices, CRM, and surgical robots [4]. - The CRM business focuses on developing, manufacturing, and selling products for diagnosing and managing arrhythmias and heart failure, including pacemakers and defibrillators [4]. Group 2: Reasons for the Restructuring - Establishing a cardiac product platform: The merger aims to create a strong platform offering a complete range of cardiac products from CRM devices to structural heart disease solutions [6]. - Sharing international marketing and sales channels: The merger will enable better resource sharing and collaboration in global markets, enhancing market influence [8]. - Expanding business scale and growth potential: The merger is expected to create synergies that will increase business scale, revenue, and cash flow [8]. - Enhancing capital market recognition: The diversified product platform is anticipated to improve international market recognition of the combined business's value and growth potential [8]. Group 3: Company Overview - MicroPort Medical, established in 1998 and headquartered in Shanghai, is a global high-end medical device group focused on innovative medical device development and sales [10]. - The company’s products are used in over 20,000 hospitals across more than 100 countries, with overseas revenue increasing from 15% in 2020 to 28% in 2023 [10]. - The company holds over 6,000 global patents, including more than 1,500 PCT international patents [10]. Group 4: Financial Data - In 2024, the company achieved revenue of $1.031 billion, a year-on-year increase of 9.6%, driven by strong growth in its proprietary products [11]. - The net loss for 2024 was $269 million, a significant reduction of 58.6% compared to the previous year, with EBITDA turning positive [11]. - The CRM business accounted for 21.4% of the company's revenue in 2024 [11].

Core Viewpoint - MicroPort Medical (0853.HK) is shifting from its previous strategy of spin-offs to focus on mergers and restructuring, specifically planning to merge its cardiac rhythm management business with its subsidiary, HeartLink Medical (2160.HK) [1][2]. Group 1: Merger Announcement - On July 17, MicroPort Medical announced the plan to merge its cardiac rhythm management business with HeartLink Medical, aiming to establish a cardiac product platform and share international marketing and sales channels [2]. - The merger proposal is currently non-binding and uncertain, with MicroPort Medical advising shareholders and potential investors to act cautiously when trading its securities [3]. Group 2: Financial Implications - Following the announcement, MicroPort Medical and HeartLink Medical saw stock price increases of 6.6% and 7.21%, respectively [4]. - If the merger proceeds successfully, HeartLink Medical's performance could significantly improve, as it currently faces challenges with a projected revenue of 362 million RMB and a net loss of 49 million RMB for 2024 [4]. - In contrast, MicroPort Medical's cardiac rhythm management business is already substantial, with expected revenue of 221 million USD (approximately 1.588 billion RMB) for 2024, and strong overseas market performance contributing over 80% of its revenue [4]. Group 3: Strategic Considerations - The integration of the cardiac rhythm management business into HeartLink Medical could enhance the latter's financial performance [5]. - The primary entity responsible for the cardiac rhythm management business is MicroPort Heart Rhythm Management Co., which had previously planned an IPO but has not progressed since May 2023 [6]. - The merger may be influenced by a contractual obligation to investors, as MicroPort Medical had agreed to redeem shares if the cardiac rhythm management business did not go public by July 17, 2025, with a market cap of at least 1.5 billion USD [7][8]. Group 4: Previous Transactions - This is not the first time HeartLink Medical has acquired assets from MicroPort Medical; in August of the previous year, it purchased real estate from MicroPort Medical for approximately 360 million RMB [9]. - The acquisition of significant assets by HeartLink Medical, which is not yet profitable and requires funding for research and development, raises questions about the feasibility and valuation of such transactions [10][11].