香港联交所最新资料显示，10月24日，微创脑科学(02172)股东将股票由建设亚洲转入国元证券经纪， 转仓市值8.56亿港元，占比12.94%。 微创脑科学公布2025年中期业绩，收入约3.83亿元，同比减少6.2%;公司权益股东应占溢利9292.3万元， 同比减少35.25%;每股盈利0.16元。截至报告期末，该集团共有8款产品实现出海，累计在34个海外国家 或地区实现商业化，涵盖9个神经介入手术量排名全球前十的国家。 ...

Core Viewpoint - The recent stock transfer of MicroPort NeuroTech (02172) indicates a significant shift in shareholder structure, while the company's mid-year performance shows a decline in revenue and profit, highlighting potential challenges in its growth trajectory [1] Group 1: Shareholder Activity - On October 24, MicroPort NeuroTech's shares were transferred from Construction Asia to Guoyuan Securities Brokerage, with a market value of HKD 856 million, representing 12.94% of the total shares [1] Group 2: Financial Performance - For the mid-year results of 2025, MicroPort NeuroTech reported revenue of approximately HKD 383 million, a year-on-year decrease of 6.2% [1] - The company's profit attributable to equity shareholders was HKD 92.923 million, reflecting a year-on-year decline of 35.25% [1] - Earnings per share stood at HKD 0.16 [1] Group 3: Product and Market Expansion - As of the reporting period, the company had eight products successfully commercialized in 34 overseas countries or regions [1] - The products cover nine countries that rank among the top ten globally for neuro-interventional procedures [1]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 微創腦科學有限公司 呈交日期: 2025年10月6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) | 02172 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The article highlights the collective rise of the MicroPort group stocks following the announcement of MicroPort Medical's restructuring of its cardiac rhythm management business, which aims to alleviate pressure related to meeting listing standards [1] Group 1: Stock Performance - MicroPort Medical (00853) increased by 8.47%, reaching HKD 14.21 [1] - HeartLink Medical-B (02160) rose by 4.55%, reaching HKD 1.38 [1] - MicroPort Robotics-B (02252) saw a 4.28% increase, reaching HKD 28.26 [1] - MicroPort Neuroscience (02172) grew by 2.88%, reaching HKD 12.52 [1] Group 2: Business Restructuring - MicroPort Medical announced the restructuring of its cardiac rhythm management business, with its subsidiary MicroPort HeartLink planning to merge with CRM Cayman [1] - Upon completion of the merger, CRM Cayman will become a wholly-owned subsidiary of MicroPort HeartLink, focusing on arrhythmia management solutions [1] - The pre-transaction equity value of CRM Cayman is reported to be USD 680 million [1] Group 3: Ownership and Investment - MicroPort Medical currently holds a 46.12% stake in HeartLink Medical and a 50.13% stake in CRM Cayman [1] - In July 2021, Hillhouse Capital, along with CPE and Springhill, invested USD 300 million in MicroPort's cardiac rhythm management subsidiary, acquiring a 26.3% stake [1] - There is an agreement that if CRM Cayman does not achieve a qualified listing and a market value of at least USD 1.5 billion by July 17, 2025, MicroPort must repurchase all shares at an annualized return of 8% [1]

Core Viewpoint - The stocks of the MicroPort group have collectively risen, driven by the announcement of a restructuring in the cardiac rhythm management business, which aims to alleviate pressure related to meeting listing standards [1] Group 1: Stock Performance - MicroPort Medical (00853) increased by 8.47%, reaching HKD 14.21 [1] - HeartLink Medical-B (02160) rose by 4.55%, reaching HKD 1.38 [1] - MicroPort Robotics-B (02252) saw a 4.28% increase, reaching HKD 28.26 [1] - MicroPort Neuroscience (02172) grew by 2.88%, reaching HKD 12.52 [1] Group 2: Business Restructuring - MicroPort Medical announced the restructuring of its cardiac rhythm management business, with a subsidiary, MicroPort HeartLink, planning to merge with CRM Cayman [1] - Post-merger, CRM Cayman will become a wholly-owned subsidiary of MicroPort HeartLink, focusing on solutions for arrhythmia management, with a pre-transaction equity value of USD 680 million [1] - MicroPort Medical currently holds a 46.12% stake in HeartLink Medical and a 50.13% stake in CRM Cayman [1] Group 3: Strategic Intent - The restructuring is seen as a strategy to mitigate the pressure of meeting the "qualified listing" requirements for the cardiac rhythm management business [1] - In July 2021, Hillhouse Capital, along with CPE and Springhill, invested USD 300 million in MicroPort's cardiac rhythm management subsidiary, acquiring a 26.3% stake [1] - An agreement was made that if CRM does not achieve a qualified listing and a market value of at least USD 1.5 billion by July 17, 2025, MicroPort must repurchase all shares at an annualized return of 8% [1]

Investment Rating - The industry rating is "Overweight" [4] Core Insights - The Chinese neurointerventional medical device market is expected to grow from CNY 4.9 billion in 2019 to CNY 37.1 billion by 2030, with a compound annual growth rate (CAGR) of 20.2% from 2019 to 2030 [16][22] - The number of ischemic stroke treatment surgeries in China is projected to increase from 45,800 in 2019 to 881,300 by 2030, representing a CAGR of 30.8% [22] - The market for neurointerventional devices in China is growing at a faster rate compared to the U.S., with a surgical penetration rate of only 9.1% in 2020, compared to 62.3% in the U.S. [22][24] Summary by Sections 1. Market Outlook for Vascular Diseases - Neurovascular diseases are a leading cause of death in China, accounting for over 20% of total deaths in 2019, and the prevalence of peripheral vascular diseases is increasing due to aging [14] - The interventional treatment market is in an emerging stage in China, driven by increased health awareness, rising cardiovascular disease rates, and supportive government policies [14] 1.1 Neurovascular Disease Market Outlook - The neurointerventional medical device market in China is projected to grow significantly, with a market size increase from CNY 2.6 billion in 2015 to CNY 4.9 billion in 2019, and expected to reach CNY 37.1 billion by 2030 [16] - The number of neurointerventional surgeries is expected to rise from 46,200 in 2015 to 740,500 by 2026, with a CAGR of 28.9% [17] 1.1.1 Neurointerventional Market Outlook - The market for neurointerventional devices is expected to grow significantly, with a projected CAGR of 20.2% from 2019 to 2030 [16] 1.1.2 Ischemic Neurovascular Disease Market Outlook - The number of ischemic stroke cases in China is expected to rise from 2.8 million in 2015 to 5.8 million by 2030, with a CAGR of 5.0% [22] 1.1.3 Hemorrhagic Neurovascular Disease Market Outlook - The penetration rate for hemorrhagic stroke neurointerventional surgeries in China is expected to increase from 9.1% in 2020 to 31.7% by 2026 [24] 1.2 Peripheral Vascular Disease Surgery Market Outlook - The number of peripheral artery disease patients in China is projected to grow from 53.05 million in 2022 to 62.92 million by 2030 [30] - The number of peripheral vascular interventions is expected to increase from 178,000 in 2022 to 623,000 by 2030, with a CAGR of 13.7% from 2026 to 2030 [31] 1.2.1 Peripheral Artery Disease Market Outlook - The prevalence of peripheral artery disease is increasing, with a projected growth in patient numbers due to aging [29] 1.2.2 Peripheral Venous Market Outlook - The market for peripheral venous intervention devices in China is expected to grow from CNY 1.01 billion in 2021 to CNY 4.99 billion by 2030, with a CAGR of 19.5% [35] 2. Companies Related to Neurovascular Diseases - MicroPort NeuroScience (02172.HK) is a leading company in neurointerventional consumables in China [2] - Guichuang Tongqiao (02190.HK) focuses on peripheral and neurovascular intervention devices [2] - Sino Medical (688108.SH) covers key areas in cardiovascular and neurovascular interventions [2] - Xinwei Medical (06609.HK) provides comprehensive solutions for stroke treatment and prevention [2]

MicroPort NeuroScientic Corporation 微創腦科學有限公司 （於開曼群島註冊成立的有限公司） 股份代號：2172 2025 中期報告 (Incorporated in the Cayman Islands with limited liability) Stock Code：2172 MicroPort NeuroScientic Corporation 微創腦科學有限公司 INTERIM REPORT MicroPort NeuroScientic Corporation 2025 微創腦科學有限公司 INTERIM REPORT 2025 中期報告 目錄 | | | 5 公司資料 7 總裁致辭 9 財務摘要 10 管理層討論及分析 34 企業管治及其他資料 43 獨立核數師報告 44 綜合損益表 45 綜合損益及其他全面收益表 46 綜合財務狀況表 48 綜合權益變動表 51 簡明綜合現金流量表 52 未經審核中期財務報告附註 釋義 於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義。 | 「審核委員會」 | 指 | 董事會審核委員會 | | --- | --- | - ...

机构：东北证券 集采等因素下销售压力致使分销成本提升，研发成本持续优化。报告期内，公司①毛利率73.39% （+1.12pct）；②期间费用率：分销成本率20.81%（+7.06pct）、绝对值0.80 亿元（+41.98%），主要系 海内外加大市场销售活动力度；行政开支率8.28%（+1.24pct）、绝对值0.32 亿元（+10.25%），主要系 股份支付开支增长；研发成本率9.67%（-2.17pct）、绝对值0.37 亿元（-23.38%）主要系集团层面持续 优化成本；③利润率：年内溢利率24.22%（-10.10pct），经调整净溢利率39.05%（+0.04pct），主要系 25H1确认Rapid Medical 投资减值亏损。 研究员：叶菁/古翰羲 国内业务受集采影响，海外市场增长迸发。①出血性脑卒中产品收入2.34亿元（-5.51%），主因密网支 架受集采影响，但弹簧圈全球销售维持高速增长；②狭窄类产品收入1.15 亿元（-11.52%）主要系代理 产品停止合作和集采影响；③缺血性脑卒中产品收入0.29 亿元（+0.84%），中间导管受集采影响，取 栓产品和抽吸导管则快速增长；④出海业务收入0 ...

Investment Rating - The report assigns a "Buy" rating to the company [5][7]. Core Insights - The company experienced a revenue decline of 6.20% year-on-year, totaling 383 million yuan, while net profit decreased by 33.80% to 93 million yuan. Adjusted net profit was 150 million yuan, down 6.10% [1][2]. - The gross margin improved to 73.39%, an increase of 1.12 percentage points, despite rising distribution costs due to intensified sales activities domestically and internationally [2]. - The company is a leading player in China's neuro-interventional market, with a diverse product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic stenosis, and is expected to benefit from the commercialization of several innovative products [5]. Financial Performance Summary - Revenue for the first half of 2025 was 383 million yuan, with a net profit of 93 million yuan. The adjusted net profit was 150 million yuan [1]. - The gross margin was 73.39%, while the profit margin was 24.22%, reflecting a decrease of 10.10 percentage points [2]. - The company’s revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, respectively, with net profits of 238 million, 275 million, and 322 million yuan [5][6]. Product Development and Market Expansion - The company has made significant progress in product approvals and registrations, including the Numen Nest detachable coil and NeuroHawk Medibox thrombectomy stent, which received NMPA approval [4]. - The overseas business showed strong growth, with revenue increasing by 67.39% to 47 million yuan, and the company has commercialized eight products in 34 countries/regions [3][4].

截至月份: 2025年8月31日 狀態: 重新提交 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 致：香港交易及結算所有限公司 公司名稱: 微創腦科學有限公司 | 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) | 02172 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 呈交日期: 2025 ...