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]

Core Viewpoint - The company, Xinmai Medical, has shown significant growth in revenue and profit, with a focus on expanding its product offerings and international market presence. Financial Performance - For the reporting period, the company achieved operating revenue of 714 million yuan and a net profit attributable to shareholders of 315 million yuan, with basic earnings per share of 2.55 yuan [1][4] - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 157 million yuan [1] Product Development and Approvals - Several products have made breakthroughs in the first half of 2025, including the Cratos branched aortic stent system, which has been approved for clinical use in China [1] - The company has a total of 31 products available globally, with 5 receiving CE certification and 9 entering special review procedures for innovative medical devices in China [2] Market Expansion - The Cratos branched stent is priced under 100,000 yuan and has exceeded promotional expectations, with clinical studies initiated in Europe [3] - Overseas revenue has increased by over 95% year-on-year, accounting for 17% of total sales, driven by the integration of Lombard data and growth in international markets [3][4] Share Buyback Program - The company is conducting a second phase of share repurchase, with a budget of 100 million to 200 million yuan, aimed at employee stock ownership plans or equity incentives [5] - As of August 31, 2025, the company has repurchased 1,228,743 shares, representing 1.00% of total share capital, with a total expenditure of approximately 129 million yuan [5]

Industry Overview - In 2022, the structure of the upstream materials in China's biomedical materials industry showed a high proportion of metal and polymer materials. By 2024, composite materials and bio-derived materials are expected to gain market share due to advancements in 3D printing technology and increased demand in the medical aesthetics sector, while metal materials, polymer materials, and medical ceramics may see slight declines in market share due to substitution effects and market competition [1][2]. Competitive Landscape - The competitive landscape of the biomedical materials industry can be divided into three tiers based on revenue: - Tier 1 companies have revenues exceeding 2 billion yuan, including companies like Lepu Medical, Haohai Biological, and Dabo Medical. - Tier 2 companies have revenues between 1 billion and 2 billion yuan, represented by Weigao Orthopedics, Xinmai Medical, and Blue Sail Medical. - Tier 3 companies have revenues below 1 billion yuan, including Guoci Materials, Bairen Medical, and Zhenghai Biological [3][6]. Business Layout Comparison - Companies such as Aojing Medical, Weigao Orthopedics, and Haohai Biological derive nearly 100% of their revenue from biomedical materials, while others have a relatively low proportion of revenue from this segment [5][6]. Business Planning and Innovation - The business planning in the biomedical materials sector is characterized by diversification, focusing on technological innovation, market expansion, and industry chain integration. Leading companies are investing in R&D and international expansion, while smaller firms are seeking breakthroughs through differentiated technologies such as regenerative medicine and 3D printing. Future competitive cores are expected to revolve around biodegradable materials, smart devices, and precision medicine [7][9]. Company-Specific Strategies - Guoci Materials focuses on new material platforms, achieving a 70% market share in nano-alumina materials for dental implants and high-end aesthetic restorations, with products entering over 20 countries [9]. - Aojing Medical specializes in regenerative repair implants, with products widely used in various surgical fields and a strong international market presence [9]. - Weigao Orthopedics is adjusting its business model to address procurement policies and is expanding into new fields such as minimally invasive spine and arthroscopic surgery [10]. - Lepu Medical's core business is cardiovascular intervention materials, with products like the NeoVas bioabsorbable stent and MemoSorb® fully degradable occluders [10]. - Xinmai Medical is focusing on drug-coated stents and has entered special review channels for innovative medical devices [10]. Revenue and Market Share Insights - The revenue of key companies in the biomedical materials sector varies significantly, with Weigao Orthopedics reporting 14.51 billion yuan from its orthopedic materials, representing 100% of its total revenue [6]. - Lepu Medical generated 33.27 billion yuan from cardiovascular system materials, accounting for 54.51% of its total revenue [6]. Future Trends - The industry is expected to see increased emphasis on biodegradable materials and smart medical devices, driven by policy support and technological advancements [7].

Group 1: Company Insights - E Fund recently conducted research on seven listed companies, highlighting significant growth in revenue for Yuanjie Technology, particularly in the demand for 400G/800G optical modules, with expectations for substantial growth in the second half of 2025 [1] - Weisi Medical's lower limb exoskeleton device has been included in the medical insurance directory, and its electrical stimulation products are primarily used in obstetrics and gynecology departments [1] - Dekoli experienced rapid growth in computing power demand but faced challenges with capacity and supply chain resources, leading to insufficient order fulfillment [1] - Ningbo Jingda's performance was slightly impacted by international trade factors, but it saw a double-digit growth in orders in the second quarter, with a 70% increase in export orders after acquiring Wuxi Micro Research [2] - Xinmai Medical reported a revenue of 714 million yuan and a net profit of 315 million yuan, with overseas revenue growing over 95% [3] - Kehua Data achieved a revenue of 3.733 billion yuan, with a 0.06% year-on-year growth, and a 16.77% increase in data center business revenue [4] Group 2: Industry Trends - The demand for high-power CW light sources and high-speed EML technology is increasing, with companies focusing on core technology breakthroughs and maintaining high gross profit margins [1] - The integration of advanced technologies in manufacturing, such as high-frequency pipe-making and rolling machines, is being pursued to promote import substitution in the industry [2] - The development of new energy solutions, including 2000V450kW inverters, is being accelerated to serve various sectors, including state-owned enterprises [3] - The semiconductor industry is facing challenges with high R&D investments and increased financial costs, impacting profitability for companies like Dongxin [5]