Group 1 - The company announced an adjustment to the total cash dividend distribution for the first half of 2025, maintaining a cash dividend of 13 yuan (including tax) per 10 shares [1] - The total cash dividend amount was adjusted from 157,408,999.80 yuan (including tax) to 157,185,566.20 yuan (including tax) [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Insights - The company reported a revenue of 714 million yuan, a decrease of 9.24%, and a net profit attributable to shareholders of 315 million yuan, down 22.03% [1]. - The gross margin was under pressure due to policy adjustments, with a gross margin of 69.19%, down 7.38 percentage points [1]. - The company is experiencing growth in its international market, with revenue from international sales reaching 123 million yuan, an increase of 77.05%, contributing to 17.25% of total revenue [2]. Summary by Sections Financial Performance - The company achieved a revenue of 714 million yuan and a net profit of 315 million yuan in the latest half-year report, reflecting declines of 9.24% and 22.03% respectively [1]. - The gross margin decreased to 69.19%, while the net profit margin was 43.48%, down 7.28 percentage points [1]. - The company expects revenues of 1.48 billion yuan, 1.86 billion yuan, and 2.21 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 623 million yuan, 758 million yuan, and 904 million yuan [4]. Product and Market Development - The company is a leading player in the domestic aortic stent market and is expanding its peripheral intervention product line [4]. - The new generation of aortic stents has received regulatory approval, and the company is actively enhancing its product pipeline [3]. - The revenue from peripheral and other products increased significantly by 188.57%, reaching 200 million yuan [2]. Future Outlook - The company is expected to continue its growth trajectory, with a projected revenue increase of 22.36% in 2025 and a net profit growth of 24.17% [5]. - The company has expanded its sales coverage to 45 countries, indicating a strong international presence and growth potential [2].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688016 证券简称：心脉医疗 公告编号：2025-037 上海微创心脉医疗科技（集团）股份有限公司 关于调整 2025 年半年度利润分配现金分红总额的公 告 特此公告。 重要内容提示： 上海微创心脉医疗科技（集团）股份有限公司董事会 一、调整前2025年半年度利润分配方案 2025 年 9 月 17 日 具体内容详见公司于 2025 年 8 月 27 日刊登于上海证券交易所网站 （www.sse.com.cn）的《关于 2025 年半年度利润分配预案的公告》（公告编号： 2025-033）。 二、 调整后2025年半年度利润分配方案 自 2025 年 8 月 1 日起至本公告披露日，公司通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份 171,872 股。截至本公告披露日，公司总股本 123,262,117 股，其中回购专用证券账户中的股份数为 2,350,143 股，因此实际参 与公司本次利润分配的股份总数为 120,911,974 股。按照维持每股 ...

Core Viewpoint - The company, Xinmai Medical, has experienced a decline in revenue and net profit for the first half of 2025, attributed to product pricing and promotional strategy adjustments [2][3]. Group 1: Stock Performance - As of September 12, 2025, Xinmai Medical's stock closed at 108.69 yuan, up 1.77% from the previous week [1]. - The stock reached a high of 114.0 yuan and a low of 107.0 yuan during trading on September 8, 2025 [1]. - The company's current total market capitalization is 13.49 billion yuan, ranking 25th out of 126 in the medical device sector and 1410th out of 5153 in the A-share market [1]. Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 714 million yuan, a year-on-year decrease of 9.24% [2][3]. - The net profit attributable to shareholders was 315 million yuan, down 22.03% year-on-year [2][3]. - Research and development expenses totaled 63.25 million yuan, accounting for 8.85% of revenue [2][3]. Group 3: Corporate Governance - China International Capital Corporation is providing ongoing supervision for Xinmai Medical, confirming effective execution of corporate governance, internal controls, and information disclosure [2]. - The controlling shareholder holds 40.31% of the shares, with no pledges, freezes, or reductions reported [2][3].

Core Insights - The article discusses the evolution of policies supporting the development of the biomedical materials industry in China, highlighting a shift from basic research support to industrialization, innovation-driven growth, and high-quality development [1][3]. Policy Overview - Since 2015, multiple government departments, including the State Council and the National Health Commission, have issued various policies to support and regulate the biomedical materials industry, focusing on technology development, industry upgrades, quality standards, and centralized procurement [3][4]. - Key policies include the 2024 notification on centralized procurement of high-value medical consumables, aimed at enhancing procurement efficiency and reducing costs [4][5]. - The "14th Five-Year Plan" emphasizes the development of high-end medical devices and key technologies, aiming to improve supply capabilities and address gaps in high-end medical equipment [9][10]. Development Goals - The focus is on technological innovation in high-end implantable products, such as biodegradable vascular stents and artificial joints, as well as new materials like recombinant collagen and biodegradable materials [8][9]. - The government aims to optimize approval processes, promote bulk procurement, and enhance collaboration among academia, industry, and healthcare to boost competitiveness and domestic production levels [8][10]. - By 2025, the goal is to achieve comprehensive coverage of DRG/DIP payment methods in all eligible medical institutions, ensuring a more efficient healthcare financing system [10]. Regional Policies - Various provinces have introduced policies to promote the biomedical materials industry, with a focus on centralized procurement for orthopedic implants and other high-value medical consumables [12][13]. - Cities like Beijing and Shanghai are encouraging the development of new biomedical materials and technologies, including advanced manufacturing techniques and 3D bioprinting [13][14]. - The policies aim to strengthen the local manufacturing capabilities and foster innovation in the biomedical materials sector [14][17].

Summary of Key Points Core Viewpoint - The company, Xinmai Medical, reported a decline in both revenue and net profit for the first half of 2025, attributed to adjustments in product pricing and marketing strategies [1][2]. Trading Information - As of September 9, 2025, Xinmai Medical's stock closed at 110.5 yuan, down 2.32%, with a turnover rate of 1.63% and a trading volume of 20,100 shares, amounting to a total transaction value of 224 million yuan [1]. Fund Flow - On September 9, the main funds experienced a net outflow of 7.86 million yuan, accounting for 3.51% of the total transaction value. Retail investors saw a net inflow of 8.39 million yuan, representing 3.75% of the total transaction value [1][2]. Company Announcements - Xinmai Medical's revenue for the first half of 2025 was 714 million yuan, reflecting a year-on-year decrease of 9.24%. The net profit attributable to shareholders was 315 million yuan, down 22.03% year-on-year, primarily due to changes in product pricing and promotional strategies [1][2]. - The company invested a total of 63.25 million yuan in research and development, which is 8.85% of its revenue. The company faces risks related to new product development, technology iteration, talent retention, market competition, and centralized procurement policies [1]. - The use of raised funds is compliant, with the controlling shareholder holding 40.31% of the shares, and there are no pledges, freezes, or reductions in holdings reported [1].

一、持续督导工作情况 中国国际金融股份有限公司 关于上海微创心脉医疗科技（集团）股份有限公司 2025 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《证 券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市规则》和《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定对上海微 创心脉医疗科技（集团）股份有限公司（以下简称"心脉医疗"、"公司"或"上 市公司"）进行持续督导，针对心脉医疗 2025 年 1 月 1 日至 2025 年 6 月 30 日（以 下简称"报告期"）经营情况，出具本持续督导半年度跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的持 | 保荐机构已建立并有效执 | | | | 行了持续督导制度，并制定 | | | 续督导工作制定相应的工作计划 | 了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与上 | 保荐机构已与公司签订《保 | | | | 荐协议》，该协议明确了双 | | ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and product pipeline developments [1][3]. Core Viewpoints - The company reported a total revenue of 714 million yuan for the first half of 2025, a year-over-year decrease of 9.24%, with a net profit of 315 million yuan, down 22.03% year-over-year [1][3]. - The revenue from peripheral vascular products increased significantly by 188.57% year-over-year, driven by new product launches [3]. - The overseas revenue reached 123 million yuan, reflecting a growth of 77.05% year-over-year, attributed to the consolidation of Lombard and expanded market reach [3]. - The company has a robust product pipeline with several new products approved and in various stages of clinical trials, which is expected to drive future growth [3]. Financial Summary - For 2025, the company is projected to achieve revenues of 1.454 billion yuan, with a year-over-year growth rate of 20.5% [4]. - The net profit for 2025 is estimated at 607 million yuan, representing a growth of 20.8% year-over-year [4]. - The gross margin is expected to decline slightly from 76.5% in 2023 to 69.9% in 2025 [4]. - The earnings per share (EPS) is projected to increase from 3.99 yuan in 2023 to 4.92 yuan in 2025 [4].

Group 1 - The core viewpoint of the news is that Xinmai Medical's stock has seen a rise of 5.34%, reaching a price of 112.50 CNY per share, with a total market capitalization of 13.867 billion CNY [1] - Xinmai Medical, established on August 17, 2012, specializes in the research, production, and sales of interventional medical devices for aortic and peripheral blood vessels, with 71.94% of its revenue coming from aortic products and 28.04% from peripheral and other products [1] - The trading volume for Xinmai Medical was 1.33 billion CNY, with a turnover rate of 0.98% [1] Group 2 - According to data, Bosera Fund's ETF, which is among the top ten circulating shareholders of Xinmai Medical, reduced its holdings by 16,300 shares in the second quarter, now holding 524,800 shares, representing 0.43% of the circulating shares [2] - The Bosera Science and Technology Innovation Board 100 ETF Link A (019857) has achieved a year-to-date return of 40.62% and a one-year return of 84.94%, ranking 603 out of 4222 and 516 out of 3795 respectively [2] - The fund manager of Bosera's ETF is Tang Yibing, who has been in the position for 3 years and has overseen a total fund asset size of 9.874 billion CNY [3]

Group 1 - The core viewpoint of the report is that Xinpai Medical (688016.SH) is rated as a buy due to its promising growth prospects and strong revenue performance [1] - The company has shown significant progress in research and development, indicating a solid reserve of growth momentum for the future [1] - Xinpai Medical's revenue nearly doubled year-on-year in the first half of the year, reflecting successful international expansion [1] - The gross profit margin has been affected by product price reductions and increased expenses [1] Group 2 - The report highlights potential risks including price reduction from centralized procurement, slow bidding process, and underperformance in consumable promotion [1]