证券日报网讯8月4日晚间，心脉医疗发布公告称，2025年7月份，公司通过集中竞价交易方式已累计回 购公司A股股份137，330股，占公司总股本的比例为0.11%。 ...

Group 1 - As of August 4, 2025, the stock price of Xinmai Medical is 113.44 yuan, an increase of 3.74 yuan or 3.41% from the previous trading day [1] - On the same day, the trading volume was 29,521 hands, with a transaction amount of 328 million yuan [1] - Xinmai Medical primarily engages in the research, development, production, and sales of interventional medical devices for aorta and peripheral blood vessels [1] Group 2 - In Q1 2025, the company achieved operating revenue of 332 million yuan and a net profit of 130 million yuan [1] - As of July 31, 2025, Xinmai Medical has repurchased a total of 1.09 million shares, accounting for 0.89% of the total share capital, with a repurchase amount of 113 million yuan [1] - The repurchase price range was between 84.26 yuan/share and 119.82 yuan/share [1] Group 3 - On August 4, 2025, the net inflow of main funds was 29.44 million yuan, while the net outflow over the past five days was 24.67 million yuan [1]

重要内容提示： | 回购方案首次披露日（第二期） | 2024/10/30 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限（第二期） | 2024 年 10 月 10 | 28 | 日~2025 | 年 | 月 | 27 | 日 | | 预计回购金额（第二期） | 10,000万元~20,000万元 □减少注册资本 | | | | | | | | 回购用途 | √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数（第二期） | 1,091,171股 | | | | | | | | 累计已回购股数占总股本比例 | 0.89% | | | | | | | | （第二期） | | | | | | | | | 累计已回购金额（第二期） | 113,259,321.90元 | | | | | | | | 实际回购价格区间（第二期） | 84.26元/股~119.82元/股 | ...

Core Viewpoint - The company, Xinmai Medical (688016.SH), has announced its share repurchase program, indicating a commitment to enhancing shareholder value through stock buybacks [1] Summary by Categories Share Repurchase Details - As of July 31, 2025, the company has repurchased a total of 1.0912 million shares through the Shanghai Stock Exchange's centralized bidding system in the second phase of its buyback program [1] - The highest price paid for the repurchased shares was 119.82 RMB per share, while the lowest price was 84.26 RMB per share [1] - The total amount spent on the share repurchase reached 113 million RMB, excluding transaction fees such as stamp duty and commissions [1]

8月1日，沪深两融数据显示，心脉医疗获融资买入额0.31亿元，居两市第545位，当日融资偿还额0.29亿 元，净买入223.38万元。 最近三个交易日，30日-1日，心脉医疗分别获融资买入0.61亿元、0.59亿元、0.31亿元。 融券方面，当日融券卖出0.06万股，净卖出0.06万股。 来源：金融界 ...

7月30日，心脉医疗今日收盘111.61元，下跌2.09%，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30.75倍，总市值137.57亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均55.15倍，行业中值37.48倍，心脉医疗排 名第61位。 股东方面，截至2025年3月31日，心脉医疗股东户数18176户，较上次增加523户，户均持股市值35.28万 元，户均持股数量2.76万股。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13心脉医疗30.7527.403.58137.57亿行业平均 55.1550.114.80115.74亿行业中值37.4836.822.6955.61亿1九安医疗11.0711.200.87186.87亿2英科医疗 14.0715.171.25222.33亿3新华医疗15.9114.751.30101.98亿4振德医疗16.1515.221.0358.62亿5山东药玻 16.2116.261.86153.29亿6奥美医疗16.3215.991.6858.96亿7康德莱17.1917.201.4237.04亿8九强生物 17.5016.272. ...

融券方面，当日融券卖出0.04万股，净卖出0.04万股。 来源：金融界 7月29日，沪深两融数据显示，心脉医疗获融资买入额0.35亿元，居两市第599位，当日融资偿还额0.35 亿元，净卖出25.82万元。 最近三个交易日，25日-29日，心脉医疗分别获融资买入0.63亿元、0.61亿元、0.35亿元。 ...

Summary of Key Points from the Conference Call Industry Overview - The medical device sector is experiencing accelerated approval policies, which are beneficial for the industry, driven by innovation, internationalization, and mergers and acquisitions [1][2] - Companies like Xinmai Medical, Nanwei Medical, and Chunli Medical are actively transforming and showing significant growth in international business, contributing to valuation recovery in the sector [1][2] Core Insights and Arguments - The optimization of centralized procurement policies is shifting focus from low prices to supporting innovative medical devices, which is expected to benefit the development and valuation of related companies [2][5] - The orthopedic industry is seeing a shift towards increased domestic production rates and concentration among leading companies, with significant growth potential in overseas markets [3][10] - Specific companies such as Xinmai Medical and Nanwei Medical are experiencing valuation recovery, with projected valuations around 22-25 times for 2025 [4][6] Future Opportunities in the Medical Device Industry - Future opportunities in the medical device industry are primarily in innovation, internationalization, and frequent mergers and acquisitions [5][7] - High-value consumables are expected to benefit from policy support, particularly in areas like aortic stents, digestive interventions, and minimally invasive surgical consumables [7][9] Performance Expectations for 2025 - The medical device sector is expected to show positive growth across various sub-sectors in 2025, with companies like Huatai Medical and Weidian Medical anticipated to see performance turning points [8][9] - Companies such as Union Medical and Mindray are expected to achieve significant growth in the third quarter, driven by improved bidding data and product performance [8][9] Specific Company Recommendations - Recommended companies include Xinmai Medical, Nanwei Medical, and Guichuang Tongqiao, which are expected to perform well due to their growth potential and favorable market conditions [6][20] - In the Hong Kong market, companies like Guichuang Tongqiao and Weikang Medical are highlighted for their strong performance and innovation capabilities [18][19] Notable Trends and Developments - The IVD sector is facing challenges due to previous rounds of centralized procurement, but there is optimism for gradual improvement in performance in the latter half of the year [28][29] - The high-value consumables sector, particularly in electrophysiology, is expected to see significant growth, with companies like Huatai Medical benefiting from product launches and market acceptance [26][27] Conclusion - The medical device industry is poised for recovery and growth, driven by policy support, innovation, and international expansion. Investors are encouraged to focus on companies demonstrating strong growth potential and favorable market dynamics [1][5][20]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xinmai Medical, which closed at 101.93 yuan with a PE ratio of 28.08, significantly lower than the industry average of 53.52 [1][3] - Xinmai Medical specializes in the research, production, and sales of interventional medical devices for aortic and peripheral blood vessels, with key products including stent systems and balloon catheters [2] - The company has received several accolades, including the Shanghai Government Quality Gold Award and recognition as one of the top 30 companies in the Sci-Tech Innovation Board [2] Group 2 - As of the first quarter of 2025, Xinmai Medical reported a revenue of 3.32 billion yuan, a year-on-year decrease of 7.23%, and a net profit of 1.30 billion yuan, down 29.66%, with a gross margin of 69.61% [2] - The company ranks 57th in terms of PE ratio within its industry, indicating a relatively lower valuation compared to peers [1][3] - Four institutions hold shares in Xinmai Medical, with a total of 89,200 shares valued at 0.08 billion yuan [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The company's performance in the first half of 2025 is expected to be under pressure due to the impact of price adjustments on aortic stents, but its competitiveness in the aortic field remains intact. The company is continuously enhancing its layout in peripheral and tumor intervention fields [2][12]. - The company anticipates a revenue of 7.08 to 7.87 billion yuan for the first half of 2025, representing a year-on-year decline of 10% to 0%. The net profit attributable to the parent company is expected to be between 3.04 and 3.61 billion yuan, down 24.78% to 10.52% year-on-year [12][13]. - The report highlights the successful launch of several innovative products and steady progress in R&D projects, which are expected to contribute positively to future growth [12][13]. Financial Summary - Total revenue is projected to grow from 1,187 million yuan in 2023 to 2,301 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.7% [4]. - Net profit attributable to the parent company is expected to increase from 492 million yuan in 2023 to 915 million yuan in 2027, reflecting a CAGR of about 21.3% [4]. - The earnings per share (EPS) is forecasted to rise from 3.99 yuan in 2023 to 7.42 yuan in 2027 [4]. Market Data - The company's total market capitalization is approximately 12,641 million yuan, with a 52-week stock price range of 79.81 to 128.30 yuan [7][12]. - The target price for the stock is set at 122.06 yuan, based on a price-to-earnings (PE) ratio of 25 times for 2025 [6][12]. Product and R&D Developments - The company has successfully launched multiple new products, including the Castor branched aortic stent and the Minos abdominal aortic stent, which have shown rapid growth in hospital admissions and terminal implant volumes [12][13]. - The company has received EU CE MDR certification for its Minos abdominal aortic stent and Hercules balloon dilation catheter, enhancing its global market presence [12][13].