上海微创心脉医疗科技（集团）股份有限公司于2026年1月19日召开第三届董事会第十二次会议，审议 通过使用不超过人民币100,000万元的暂时闲置募集资金进行现金管理，投资安全性高、流动性好的产 品，包括结构性存款、通知存款、定期存款、大额存单、收益凭证等，使用期限为自董事会审议通过之 日起12个月内，资金可滚动使用。该事项无需提交股东大会审议。公司承诺不影响募集资金投资计划正 常进行，所获收益将用于补足募投项目资金不足及日常经营流动资金。 截至2026年1月23日收盘，心脉医疗（688016）报收于98.1元，较上周的97.98元上涨0.12%。本周，心 脉医疗1月23日盘中最高价报98.67元。1月20日盘中最低价报95.37元。心脉医疗当前最新总市值120.92 亿元，在医疗器械板块市值排名30/127，在两市A股市值排名1779/5182。 本周关注点 公司公告汇总：心脉医疗拟使用不超过10亿元暂时闲置募集资金进行现金管理。 公司公告汇总 心脉医疗：关于使用部分暂时闲置募集资金进行现金管理的公告 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）股份有限公司使用部分暂时闲置募集资 金进行现金管理 ...

Core Viewpoint - The sixth batch of national organized high-value medical consumables centralized procurement results have been announced, including 12 types of medical consumables, with execution expected around May 2026. The long-term growth potential of the high-value consumables sector is viewed positively due to the continuous increase in surgical and diagnostic volumes driven by aging populations and gradual import substitution [1]. Group 1: Event Details - On January 13, the results of the sixth batch of national organized high-value medical consumables centralized procurement were announced in Tianjin, involving 12 types of medical consumables, with 496 products from 227 companies bidding and 440 products from 202 companies winning [1]. - The procurement includes drug-coated balloons and urological intervention consumables, with a high selection ratio for the bidding products [2]. Group 2: Selection Process Optimization - The selection rules have been optimized to ensure that clinically recognized and capable products are chosen, stabilizing clinical usage [3]. - For differentiated products with certain functional innovations, a pricing coefficient based on clinical value has been established to reflect price differences reasonably [3]. - The lowest price is not the sole criterion for selection; if the lowest price is excessively low, a control benchmark of 65% of the average entry price is applied [3]. Group 3: Related Listed Companies - Companies related to coronary drug balloons include Lepu Medical, Blue Sail Medical, and MicroPort Medical [4]. - For peripheral drug balloons, companies such as Xianruida Medical-B, Gree创通桥, Xinmai Medical, and Lepu Medical are involved [4]. - In the urological intervention category, companies like Weili Medical and Weigao Group have all won bids, with examples of winning prices showing moderate reductions compared to earlier procurements [4].

Core Viewpoint - The recent CE MDR certification of the Talos/通天眼直管型支架 by 心脉医疗 signifies compliance with stringent EU medical device standards, enhancing the company's product portfolio in the European market [1]. Group 1 - 心脉医疗's Talos/通天眼直管型胸主动脉覆膜支架系统 has received CE MDR certification [1]. - The certification indicates that the product meets the rigorous standards set by the European Union for medical devices [1]. - This development further enriches and completes 心脉医疗's product offerings in the European market [1].

Core Viewpoint - The company, Xinmai Medical, has received CE MDR certification for its Talos®/Tongtian Eye™ straight tube thoracic aortic stent system, indicating compliance with strict EU medical device standards and enhancing its product portfolio in the European market [1]. Group 1 - The Talos®/Tongtian Eye™ straight tube stent system has been certified under the EU Medical Device Regulation (EU 2017/745) [1]. - This certification signifies that the product meets the rigorous standards set by the European Union for medical devices [1]. - The approval further enriches and completes Xinmai Medical's product offerings in the European market [1].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management, focusing on high-security and liquid investment products to enhance fund efficiency and maximize shareholder returns [2][3][19]. Investment Overview - **Investment Purpose**: The company aims to maximize shareholder interests by efficiently using temporarily idle raised funds for cash management without affecting the normal investment plans [3]. - **Investment Amount**: The company plans to use no more than RMB 100,000 million (including principal) for cash management [4][13]. - **Funding Source**: As of June 30, 2025, the company has detailed the status of funds raised from its initial public offering in 2019 and subsequent fundraising activities [5][6]. Investment Method - **Investment Products**: The company intends to invest in high-security and liquid products, including but not limited to structured deposits, notice deposits, time deposits, large-denomination certificates of deposit, and income certificates [7][11]. - **Investment Duration**: The investment period is set for 12 months from the date of approval by the board of directors [8][13]. - **Implementation Method**: The board authorizes the management team to handle the purchase of investment products, with the finance department responsible for organizing the implementation [9][13]. Cash Management Returns - **Return Allocation**: The returns from cash management will be prioritized for supplementing any shortfall in investment amounts for projects and for the company's daily operational liquidity, adhering to regulatory requirements [10][19]. Recent Cash Management Situation - The company previously approved the use of up to RMB 130,000 million for cash management, maintaining the same focus on high-security and liquid products [11][12]. Review Procedures - The board of directors approved the cash management proposal on January 19, 2026, ensuring it does not impact the normal operation of investment plans [13][19]. Impact on the Company - The planned use of idle raised funds for cash management will not affect the normal turnover of funds or the operation of investment projects, and it aims to improve fund efficiency and provide better returns for shareholders [17][19].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to enhance the efficiency of fund usage and maximize shareholder returns while ensuring that the investment plans remain unaffected [3][20]. Investment Overview - **Investment Purpose**: The aim is to maximize shareholder interests by effectively utilizing temporarily idle raised funds for cash management without impacting the normal investment plans [3]. - **Investment Amount**: The company intends to use no more than RMB 100,000 million (including the principal) for cash management, with the funds being available for rolling use within this limit [4][13]. - **Funding Source**: As of June 30, 2025, the company has raised funds through its initial public offering, with specific amounts allocated to various projects [5][6]. Investment Method - **Investment Products**: The company plans to invest in high-safety, high-liquidity products, including but not limited to structured deposits, notice deposits, time deposits, large-denomination certificates of deposit, and income certificates [7][11]. - **Investment Duration**: The investment period is set for 12 months from the date of approval by the board of directors [8][13]. - **Implementation Method**: The board of directors has authorized the management team to handle the purchase of investment products, with the finance department responsible for organizing the implementation [9][13]. Cash Management Returns - The returns from cash management will be prioritized for supplementing any shortfall in investment amounts for projects and for the company's daily operational liquidity, adhering to regulatory requirements [10][21]. Recent Cash Management Situation - In the past 12 months, the company had previously approved the use of up to RMB 130,000 million for cash management, maintaining the same investment product criteria [11][12]. Review Procedures - The board of directors approved the cash management proposal on January 19, 2026, ensuring that it does not affect the normal operation of the investment plans [13][14]. Impact on the Company - The planned cash management will not affect the normal turnover of funds or the operation of investment projects, and it aims to improve fund efficiency and generate returns for shareholders [20]. Opinions of Intermediaries - The sponsor institution has confirmed that the cash management plan complies with legal procedures and regulations, ensuring that it does not alter the intended use of raised funds or negatively impact the company's main business [21][22].

Trading Information - On January 19, 2026, the stock of Xinmai Medical (688016) closed at 96.73 yuan, down 1.28%, with a turnover rate of 1.17% and a trading volume of 14,500 shares, resulting in a transaction amount of 141 million yuan [1]. Fund Flow - On January 19, the net outflow of main funds was 3.67 million yuan, while the net inflow of retail funds was 10.35 million yuan, and the net outflow of individual investors was 6.67 million yuan [1][3]. Company Announcement - Xinmai Medical announced the approval to use up to 1 billion yuan of temporarily idle raised funds for cash management, investing in high-security and high-liquidity products such as structured deposits, notice deposits, fixed-term deposits, large certificates of deposit, and income certificates. The investment period is within 12 months from the date of board approval, and the funds can be rolled over [1]. - The company committed that this action will not affect the normal implementation of the fundraising investment plan, and the income generated will be used to supplement funding shortages for investment projects and daily operational liquidity [1]. - China International Capital Corporation (CICC) provided a review opinion stating that the planned use of idle funds for cash management does not change the purpose of the raised funds, does not affect the normal implementation of investment projects, and is beneficial for improving fund utilization efficiency without harming the interests of the company and its shareholders [1].

Core Viewpoint - The company, Xinmai Medical, has announced the use of part of its temporarily idle raised funds for cash management, ensuring that this will not affect its investment plans and will support operational liquidity and project funding needs [1]. Group 1: Stock Performance - As of January 19, 2026, Xinmai Medical's stock closed at 96.73 yuan, down 1.28% from the previous trading day, with a total market capitalization of 11.923 billion yuan [1]. - The stock opened at 97.93 yuan, reached a high of 98.5 yuan, and a low of 96.66 yuan, with a trading volume of 1.41 billion yuan and a turnover rate of 1.17% [1]. Group 2: Fund Management Announcement - The company held its 12th meeting of the 3rd Board of Directors on January 19, 2026, where it approved the use of up to 1 billion yuan of temporarily idle raised funds for cash management [1]. - The investment will focus on high safety and liquidity products, including structured deposits, notice deposits, time deposits, large certificates of deposit, and income certificates [1]. - The usage period for these funds is within 12 months from the date of board approval, and the funds can be rolled over [1]. - The company has committed that this action will not impact the normal execution of its fundraising investment plans, and any earnings will be used to cover funding shortfalls for investment projects and daily operational liquidity [1].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the high-value medical consumables sector [1]. Core Insights - The sixth batch of national centralized procurement for high-value medical consumables was held on January 13, 2026, with 12 types of medical consumables included, resulting in 440 products from 202 companies being selected [1]. - The selection rules were optimized to ensure that clinically recognized and capable products were chosen, emphasizing a "de-involution" approach [2]. - The report highlights the long-term growth potential of the high-value consumables sector post-price reduction expectations, driven by an aging population and increasing surgical and diagnostic volumes [2]. Summary by Sections Procurement Results - The procurement included drug-coated balloons and urological intervention consumables, with a high selection rate: all 42 products from 32 companies in the drug-coated balloon category were selected, and 398 products from 170 companies in the urological intervention category were chosen [2]. - Specific products with unique functions were also selected, meeting clinical needs [2]. Selection Rules - The selection process ensured that products with high clinical recognition and strong supply capabilities were prioritized [2]. - A pricing mechanism was introduced to reflect clinical value, avoiding a simple lowest-price selection method [2]. Company Analysis - Key companies involved include Lepu Medical, MicroPort Medical, and others, with notable price reductions in selected products compared to previous procurements [2]. - The report suggests monitoring companies such as Lepu Medical, MicroPort Medical, and others for investment opportunities [2]. Valuation Table - A valuation table is provided, showing market capitalization and projected profits for various companies, indicating their financial performance and P/E ratios for 2026 and 2027 [3].

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management, with a maximum amount of RMB 1 billion [1] Group 1 - The company announced that it will hold the 12th meeting of the third board of directors on January 19, 2026 [1] - The proposal to use idle raised funds for cash management was approved during the board meeting [1] - The funds can be used on a rolling basis within the specified limit [1]