金融界消息 截至2025年8月11日收盘，心脉医疗（688016）报收于118.17元，上涨6.47%，换手率 3.99%，成交量4.92万手，成交金额5.81亿元。 资金流向方面，今日主力资金净流出2201.47万元，占比成交额3.79%。其中，超大单净流出1060.45万 元、占成交额1.83%，大单净流出1141.02万元、占成交额1.96%，中单净流出流入847.72万元、占成交 额1.46%，小单净流入1353.75万元、占成交额2.33%。 心脉医疗最新一期业绩显示，截至2025一季报，公司营业总收入3.32亿元、同比减少7.23%，归属净利 润1.30亿元，同比减少29.66%，扣非净利润1.22亿元，同比减少31.27%，流动比率6.284、速动比率 5.773、资产负债率13.00%。 通过天眼查大数据分析，上海微创心脉医疗科技(集团)股份有限公司共对外投资了5家企业，参与招投 标项目355次，知识产权方面有商标信息41条，专利信息202条，此外企业还拥有行政许可162个。 来源：金融界 天眼查商业履历信息显示，上海微创心脉医疗科技(集团)股份有限公司，成立于2012年，位于上海市， 是一家 ...

证券之星消息，截至2025年8月12日收盘，心脉医疗(688016)报收于120.0元，上涨1.55%，换手率 3.4%，成交量4.19万手，成交额5.07亿元。 8月12日的资金流向数据方面，主力资金净流出3803.64万元，占总成交额7.51%，游资资金净流出 168.02万元，占总成交额0.33%，散户资金净流入3971.65万元，占总成交额7.84%。 近5日资金流向一览见下表： | 指标 | 心脉医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 147.91亿元 | 120.28亿元 | 23 123 | | 净资产 | 38.85亿元 | 38.99亿元 | 39 123 | | 净利润 | 1.3亿元 | 7927.36万元 | 18 123 | | 市盈率(动) | 28.52 | 69.5 | 27 123 | | 市净率 | 3.89 | 3.99 | 84 123 | | 毛利率 | 69.61% | 51.34% | 22 123 | | 净利率 | 38.53% | 10.86% | 5 123 | | ROE | 3. ...

上海微创心脉医疗科技(集团)股份有限公司的主营业务是主动脉及外周血管介入医疗器械的研发、生产 和销售。公司的主要产品是胸主动脉覆膜支架系统、腹主动脉覆膜支架系统、术中支架类、球囊类、支 架类。公司获评上海市政府质量金奖、科创板公司价值30强、首届"未来20·中国A股上市公司成长力年 度企业"；子公司鸿脉、蓝脉、拓脉获评"科技型中小企业"，蓝脉首次通过高新技术企业认定并获评"张 江年度新锐"企业；Castor分支型胸主动脉覆膜支架进入国家知识产权局《第二十五届中国专利金奖预 获奖项目》公示名录;静脉支架等入选《上海市"新优药械"产品目录》和《浦东新区创新药械产品推荐 目录》，另有5个项目获评浦东职工科技创新项目。总裁朱清入选"明珠领军人才"，刘梦钦、王金耀、 屠春霖、樊亚明入选"明珠工程师"。 最新一期业绩显示，2025年一季报，公司实现营业收入3.32亿元，同比-7.23%；净利润1.30亿元，同 比-29.66%，销售毛利率69.61%。 8月12日，心脉医疗今日收盘120.0元，上涨1.55%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到33.06倍，创162天以来新低，总市值147.91 ...

上周政策端进一步体现出对创新医疗药械的支持力度，工业和信息化部、国家发展改革委、教育部、国 家卫生健康委、国务院国资委、中国科学院、国家药监局七部门发布《关于推动脑机接口产业创新发展 的实施意见》。国内将加强基础软硬件攻关，打造高性能产品，将在2027年和2030年分阶段展现出成 果。 永赢基金表示，脑机接口赛道应用场景多元化、产品及研发路径丰富，未来潜在空间巨大，在国内政策 加持下有望加速实现商业化普及。全球产品研发布局企业众多， 国内部分头部企业已经集中在非侵入 式领域产品取得多项技术突破，产品将迎来巨大的商业化潜力。 中证网讯 在创新医疗器械政策支持下，国产医疗器械企业出海持续加速。Wind数据显示，8月12日盘 中，全市场同类产品规模最大的医疗器械ETF（159883）涨超2%，资金申购超2亿份，近一周，该ETF 份额增长14.8亿份，连续5个交易日实现净申购。 消息面上，近日心脉医疗的Hercules®-LP直管型覆膜支架及输送系统在马来西亚成功完成首例临床植 入，标志着这款产品正式在该国进入临床应用，进一步丰富了心脉医疗在该市场的产品线布局。此前， 赛诺医疗发布子公司产品获美国FDA突破性医疗器械 ...

随着科创板开市三周年临近，首批25家上市公司三年限售期的首发前股份将迎来解禁。7月15日晚 间，首批公司齐发公告，其中9家公司股东表示延长锁定期6个月或12个月，或承诺解禁后6个月内不减 持。 接受《证券日报》记者采访的专家认为，多家公司股东主动延长锁定期、承诺一定期间不减持等， 印证了科创板"关键少数"对公司中长期价值的坚定信心。解禁不等于减持，大股东、董监高减持需遵循 减持规则，3个月内可通过集中竞价减持的占比较低，对二级市场影响有限。此外，科创板公司成长性 良好，具备长期投资价值，解禁后有望迎来长线资金入驻。 对中长期发展有信心 9家公司关键股东"惜售" 除上述9家公司股东外，天准科技的实际控制人因前期增持股份，此次限售股解禁后在11月17日前 不减持。 开源证券副总裁、研究所所长孙金钜在接受《证券日报》记者采访时表示，由于解禁以及后续潜在 的减持压力，基本面较弱的个股在大规模解禁时往往表现不佳。但是多家科创板公司控股股东延长锁定 期或者承诺一定时间内不减持，可以增强各方对公司未来发展和行业前景的信心，减少市场情绪带来的 抛压。 "9家公司股东表态延长锁定期或不减持，减小了解禁对公司股价的压力，有助于科 ...

政策上，上周政策端进一步体现出对创新医疗药械的支持力度，工业和信息化部、国家发展改革委、教 育部、国家卫生健康委、 国务院国资委、中国科学院、国家药监局七部委发布《关于推动脑机接口产 业创新发展的实施意见》。国内将加强基 础软硬件攻关，打造高性能产品，将在 2027 年和 2030 年分 阶段展现出成果。其中，脑机接口赛道应用场景多元化、 产品及研发路径丰富，未来潜在空间巨大， 在国内政策加持下有望加速实现商业化普及。全球产品研发布局企业众多， 国内部分头部企业已经集 中在非侵入式领域产品取得多项技术突破，产品将迎来巨大商业化潜力 反内卷也在持续利好医疗器械行业的发展：7月3日，国家药监局关于发布优化全生命周期监管支持高端 医疗器械创新发展有关举措的公告，提出十大举措全力支持高端医疗器械重大创新。 近日，在政策反内卷号召、创新医疗器械支持下，国产医疗器械企业出海持续加速，今日盘中，全市场 规模最大的$医疗器械ETF(159883)$涨超2%，资金申购超1亿份，近一周份额增长14.8亿份，连续5天净 申购，资金持续疯狂涌入！ | 序号 | 代码 | 名称 | 涨跌幅 ▼ | | --- | --- | --- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Views - The impact of the aortic stent price adjustment is gradually diminishing, and the company maintains its long-term growth potential. The company is positioned in a high-growth segment of high-value consumables [5][6]. - The company has completed over half of its annual equity incentive targets, reflecting confidence in future growth [6][37]. - The company is expanding its product offerings, with new products expected to drive revenue growth in the peripheral intervention segment [10][20]. Company Overview - The company focuses on the research, production, sales, and service of aortic and peripheral vascular interventional medical devices. As of September 2024, its products are used in over 2,400 hospitals in China and have entered 40 countries, saving over 330,000 lives globally [4][20]. - The company has a total market capitalization of 138 billion yuan and a total share capital of 1.23 billion shares [3]. Financial Performance - The company expects revenues of 1.519 billion yuan, 1.894 billion yuan, and 2.331 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 25%, and 23% [5][12]. - The projected net profit attributable to the parent company for the same years is 617 million yuan, 737 million yuan, and 904 million yuan, with growth rates of 23%, 20%, and 23% [5][12]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 22.27, 18.72, and 15.25, respectively [5][12]. Product Development - The company has launched new products, including the Cratos branched stent, which is expected to enhance market acceptance and replace older models [7][10]. - The company is set for a significant year in 2025 for the release of new peripheral products, which are anticipated to become a new growth engine [10][20]. Market Position - The company holds a leading position in the domestic market for aortic interventional products, with a market share of 29% as of 2021 [20]. - The company’s aortic intervention stent revenue has shown a compound annual growth rate (CAGR) of 39% from 2016 to 2023 [20][26].

Group 1 - The medical sector in A-shares is experiencing a surge, with the largest medical ETF (512170) seeing a volume increase of 2% and over 5 billion yuan in transactions, indicating strong buying interest [1] - Medical device stocks are leading the gains, with Nanwei Medical rising nearly 11% and Xinmai Medical increasing by nearly 8% [1] - The CXO concept is also active, with Zhaoyan New Drug up over 3% and Tigermed up over 2% [1] Group 2 - In July, the National Medical Products Administration announced support for high-end medical device innovation, focusing on areas like medical robots and AI medical devices, with ten key support measures proposed [3] - The adjustment of centralized procurement policies is expected to help medical device companies maintain reasonable sales prices and profit margins, enhancing the competitive advantage of leading companies with strong product performance and brand power [3] - According to CITIC Securities, the optimization of procurement policies and improving bidding data suggest that the medical device sector may see performance turning points from the second half of this year into next year [3] Group 3 - The market is shifting funds from high-valued sectors to reasonably valued ones, indicating a potential expansion of the medical market from innovative drugs to lower-valued medical devices [3] - The largest medical ETF (512170) focuses on "medical devices (52%) + medical services (40%)" and is highly correlated with AI medical applications, covering six leading CXO stocks [3]

Core Viewpoint - The article provides a comprehensive overview of the Chinese biomedical materials industry, highlighting key listed companies, their business segments, revenue projections, and strategic planning for future growth. Group 1: Overview of Listed Companies - The A-share listed companies in the biomedical materials sector include Guocera Materials, Weigao Orthopedics, Haohai Biological Technology, Lepu Medical, Lanfang Medical, and Xinmai Medical [1] - The industry is characterized by a diverse range of companies focusing on various segments such as biocomposite materials, biopolymers, and biometals [2][3] Group 2: Revenue Projections - For 2024, key revenue figures for selected companies include: - Guocera Materials: 40.47 billion CNY from dental ceramics and biomedical materials [4] - Weigao Orthopedics: 14.51 billion CNY from orthopedic implants [10] - Lepu Medical: 61.03 billion CNY from cardiovascular materials [5] - The overall revenue for the biomedical materials sector is projected to grow, driven by increasing demand for advanced medical solutions [11] Group 3: Business Layout and Performance - Companies like Aojing Medical, Weigao Orthopedics, and Dabo Medical derive nearly 100% of their revenue from biomedical materials, indicating a focused business strategy [9] - The production and sales rates for biomedical materials are generally below 100%, with companies like Aojing Medical and Weigao Orthopedics showing lower production efficiency [11] Group 4: Strategic Planning and Innovation - Leading companies are focusing on technological innovation, market expansion, and integration of the supply chain to maintain competitive advantages [13] - Companies such as Guocera Materials and Weigao Orthopedics are investing in R&D and international market penetration to enhance their product offerings and market share [14][15]

心脉医疗 20250805 摘要 心脉医疗在主动脉支架市场占据重要地位，尤其在单分支胸主动脉支架 领域，其 Cast 产品曾长期独占市场，并推出迭代款 Cratus 以优化性能 和价格梯度，应对市场竞争。 国家集采对主动脉支架价格产生影响，但心脉医疗通过灵活的产品定价 策略和广泛的产品覆盖范围，有效应对集采带来的挑战，预计短期内集 采概率较小。 公司通过收购 Lombard 拓展海外市场，尤其在复杂胸主动脉病变领域， 其多分之胸主 CMD 已在欧洲获批，并积极推进创新产品 Hector 的临床 试验。 心脉医疗预计未来两到三年收入增速分别为 24%和 17%，这一预测已 考虑集采因素，并认为实际影响可能比预期更温和，无需过度担忧集采 风险。 外周介入市场潜力巨大，但国内渗透率和国产化率较低，心脉医疗在该 领域已形成领先的产品布局，预计今明两年将有多款新产品获批。 Q&A 心脉医疗的主要产品有哪些，市场表现如何？ 心脉医疗主要产品分为主动脉介入类和外周介入类。主动脉介入是公司的核心 业务，2024 年收入占比约 75%，也是公司目前产品出海的主力品种。外周介 入自 2020 年进入市场，2024 年营收占比不到 ...