[Important Notice and Profit Distribution Plan](index=2&type=section&id=Important%20Notice%20and%20Profit%20Distribution%20Plan) This report confirms the semi-annual report's integrity, highlights major risks, and details the 2025 semi-annual profit distribution plan, including a 13.00 yuan cash dividend per 10 shares - The report is unaudited, and all directors attended the board meeting, declaring the financial report to be true, accurate, and complete[5](index=5&type=chunk) - The company has detailed potential risks in Section III "Management Discussion and Analysis", "IV. Risk Factors" of this report[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash Dividend per 10 Shares (tax incl.) (yuan) | 13.00 | | Total Proposed Cash Dividend (tax incl.) (yuan) | 157,408,999.80 | | Total Cash Dividend and Repurchase Amount (yuan) | 236,817,953.61 | | As % of H1 2025 Net Profit Attributable to Parent | 75.26% | | Total Cash Dividend and Repurchase and Cancellation Amount (yuan) | 157,408,999.80 | | As % of H1 2025 Net Profit Attributable to Parent | 50.03% | [Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section defines common and professional terms, including company names, regulatory bodies, medical technologies, and policies, for clear report understanding - Common terms include company and related party names such as "CardioFlow Medical", "Shanghai Lanmai", "MicroPort Medical", and regulatory and certification terms like "NMPA" and "CE Certificate"[13](index=13&type=chunk) - Professional terms cover anatomical concepts like "aorta", "thoracic aorta", "abdominal aorta", "aortic arch", "peripheral vessels", and medical technologies and policies such as "aortic dissection", "TEVAR procedure", "TIPS", and "DRGs payment policy"[13](index=13&type=chunk)[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines company basics, stock info, and key financial indicators for H1 2025, noting a year-on-year decline in revenue and net profit [I. Company Basic Information](index=6&type=section&id=I.%20Company%20Basic%20Information) This section details the company's registration, contact information, stock overview, and information disclosure channels - The company's full name is Shanghai MicroPort CardioFlow Medical Technology (Group) Co., Ltd., abbreviated as CardioFlow Medical, with Zhu Qing as its legal representative[16](index=16&type=chunk) - The company's stock code is **688016**, listed on the STAR Market of the Shanghai Stock Exchange[20](index=20&type=chunk) - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily, with the semi-annual report available at http://www.sse.com.cn[19](index=19&type=chunk) [II. Key Accounting Data and Financial Indicators](index=7&type=section&id=II.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) H1 2025 saw revenue, total profit, and net profit decline, with basic and diluted EPS also decreasing, alongside reduced ROE and R&D intensity Key Accounting Data (Jan-Jun 2025 vs Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 714,429,779.98 | 787,174,656.18 | -9.24 | | Total Profit (yuan) | 366,935,691.12 | 471,155,238.14 | -22.12 | | Net Profit Attributable to Listed Company Shareholders (yuan) | 314,647,223.94 | 403,523,612.05 | -22.03 | | Net Cash Flow from Operating Activities (yuan) | 318,603,321.20 | 342,138,859.57 | -6.88 | Key Financial Indicators (Jan-Jun 2025 vs Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 2.55 | 3.27 | -22.02 | | Diluted EPS (yuan/share) | 2.55 | 3.27 | -22.02 | | Weighted Average ROE (%) | 8.16 | 10.15 | Decrease by 1.99 percentage points | | R&D Investment as % of Operating Revenue (%) | 8.85 | 11.98 | Decrease by 3.13 percentage points | Balance Sheet Data (Current Period End vs Prior Year End) | Indicator | Current Period End | Prior Year End | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders (yuan) | 4,030,319,620.37 | 3,791,843,035.70 | 6.29 | | Total Assets (yuan) | 4,604,264,927.34 | 4,291,597,451.31 | 7.29 | [III. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=III.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) There are no differences in the company's accounting data under domestic and overseas accounting standards during the reporting period - There are no differences in the company's accounting data under domestic and overseas accounting standards[24](index=24&type=chunk) [IV. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=IV.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists H1 2025 non-recurring gains and losses, totaling 43,821,611.68 yuan, primarily from government grants and financial asset fair value changes Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 44,905,553.42 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets/Liabilities Held by Non-Financial Enterprises (Excluding Effective Hedging Related to Normal Operations) | 7,659,856.97 | | Non-Current Asset Disposal Gains/Losses | -3,956.26 | | Other Non-Operating Income and Expenses Apart from the Above | -170,595.42 | | Less: Income Tax Impact | 7,325,665.13 | | Minority Interest Impact (After Tax) | 1,243,581.90 | | **Total** | **43,821,611.68** | [V. Net Profit After Deducting Share-Based Payment Impact (Optional for Companies with Equity Incentive/Employee Stock Ownership Plans)](index=9&type=section&id=V.%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact%20(Optional%20for%20Companies%20with%20Equity%20Incentive%2FEmployee%20Stock%20Ownership%20Plans)) Net profit attributable to shareholders after deducting share-based payment impact for H1 2025 was 322,883,294.70 yuan, a 21.64% year-on-year decrease Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact (yuan) | 322,883,294.70 | 412,043,720.68 | -21.64 | [VI. Explanation of Non-GAAP Performance Indicators](index=9&type=section&id=VI.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) The company has no non-GAAP performance indicators to explain during the reporting period - The company has no non-GAAP performance indicators to explain[28](index=28&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, operations, core competencies, and risks, noting leading market position but declining H1 revenue and profit due to market changes [I. Industry and Main Business Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company leads in aortic and peripheral vascular interventional devices, expanding globally, but H1 2025 revenue and profit declined due to market and pricing adjustments - The company's main business covers R&D, production, sales, and services of aortic and peripheral vascular interventional medical devices, committed to providing medical solutions for blood circulation diseases[29](index=29&type=chunk) - The company has a comprehensive product portfolio and leading scale in aortic interventional medical devices, successfully developing several domestically first-of-its-kind or globally first products, such as Castor® Branched Aortic Stent Graft[29](index=29&type=chunk)[30](index=30&type=chunk) - In H1 2025, Cratos® Bran

格隆汇8月26日｜心脉医疗公告，2025年上半年营业收入7.14亿元，同比下降9.24%。净利润3.15亿元， 同比下降22.03%。公司拟向全体股东每10股派发现金红利13元（含税），拟派发现金红利总额为1.57亿 元（含税）。现金分红和回购金额合计2.37亿元，占2025年上半年归属于上市公司股东净利润的比例为 75.26%。 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-032 上海微创心脉医疗科技（集团）股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况专 项报告 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）印发的《上市公 司募集资金监管规则》（证监会公告[2025]10号）、《上海证券交易所科创板上 市公司自律监管指引第1号——规范运作》等相关法律法规的规定及要求，上海 微创心脉医疗科技（集团）股份有限公司（以下简称"公司"、"本公司"或"心脉 医疗"）董事会将公司2025年半年度募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金情况 1、2019年首次公开发行股票 根据上海微创心脉医疗科技（集团）股份有限公司2019年3月12日召开的第 一届董事会第三次会议决议和2019年3月27日召开的2019年第一次临时股东大会 决议，并于2019年7月2日经中国证券监督管理委员会《关于同意上海微创心脉医 疗科技股份有限公司首次公开 ...

上海微创心脉医疗科技（集团）股份有限公司 关于 2025 年度"提质增效重回报"行动方案的半年 度评估报告 为贯彻中央经济工作会议、中央金融工作会议精神，践行"以投资者为本" 的上市公司发展理念，推动上海微创心脉医疗科技（集团）股份有限公司（以下 简称"公司"）持续优化经营、规范治理和积极回报投资者，大力提高公司质量， 助力信心提振、资本市场稳定和经济高质量发展，基于对公司未来发展前景的信 心、对公司价值的认可和切实履行社会责任，公司于 2025 年 3 月 29 日发布了 《2025 年度"提质增效重回报"专项行动方案》，以进一步提升公司经营效率， 强化市场竞争力，保障投资者权益，稳定股价，树立良好的资本市场形象。现对 公司 2025 年度"提质增效重回报"行动方案半年度实施情况及效果进行评估总结， 具体如下： 一、聚焦主动脉及外周血管介入领域，巩固提升核心竞争力 报告期内，公司实现营业总收入 71,442.98 万元，比上年同期下降 9.24%； 营业成本 22,013.40 万元，比上年同期增长 19.37%；销售费用、管理费用与上年 同期相比分别增加了 53.68%、32.00%，主要由于收购整合 L ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-035 上海微创心脉医疗科技（集团）股份有限公司 关于参加 2025 年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 09 月 10 日 （星期三） 至 09 月 16 日 （星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 irm@endovastec.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 17 日 （星期三） 15:00-17:00 参与 2025 年 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-034 上海微创心脉医疗科技（集团）股份有限公司 关于取消监事会、修订《公司章程》并办理工商变更 登记、修订及新增公司部分管理制度的公告 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。 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）于2025 年8月26日召开第三届董事会第八次会议，审议通过了《关于取消监事会并修订< 公司章程>及办理工商变更登记的议案》、《关于修订及新增公司部分管理制度 的议案》，于2025年8月26日召开第三届监事会第七次会议审议通过了《关于取 消监事会并修订<公司章程>及办理工商变更登记的议案》，其中《关于取消监 事会并修订<公司章程>及办理工商变更登记的议案》及《关于修订及新增公司 部分管理制度的议案》中部分公司管理制度尚需提交公司2025年第一次临时股东 大会审议。现将有关情况公告如下： 一、取消监事会的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 章程指引》的有关规定，上市公司将不再设置监事 ...

Group 1 - The core viewpoint of the news is that Xinmai Medical (688016) has experienced a decline in stock price and financial performance, indicating potential challenges ahead for the company [1][3] - As of August 25, 2025, Xinmai Medical's stock closed at 119.19 yuan, down 1.58%, with a turnover rate of 3.49% and a trading volume of 43,000 hands, amounting to a transaction value of 511 million yuan [1] - The net outflow of main funds today was 52.23 million yuan, accounting for 10.21% of the transaction amount, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, Xinmai Medical reported total operating revenue of 332 million yuan, a year-on-year decrease of 7.23%, and a net profit attributable to shareholders of 130 million yuan, down 29.66% year-on-year [1] - The company's current ratio is 6.284, quick ratio is 5.773, and debt-to-asset ratio is 13.00%, indicating a strong liquidity position [1] - Xinmai Medical, established in 2012 and based in Shanghai, has a registered capital of 1.23 billion yuan and has made investments in five companies, participated in 355 bidding projects, and holds 41 trademarks and 202 patents [2]

Core Viewpoint - The company, Shanghai MicroPort CardioFlow Medtech Co., Ltd., is experiencing a decline in revenue and net profit, with a notable drop in its stock price and market valuation compared to industry averages [1][2]. Company Overview - The main business of the company includes the research, production, and sales of interventional medical devices for aortic and peripheral blood vessels [2]. - Key products include thoracic aortic stent graft systems, abdominal aortic stent graft systems, intraoperative stents, balloon catheters, and stents [2]. - The company has received several awards, including the Shanghai Government Quality Gold Award and recognition as one of the top 30 value companies on the Sci-Tech Innovation Board [2]. Financial Performance - For Q1 2025, the company reported revenue of 332 million yuan, a year-on-year decrease of 7.23%, and a net profit of 130 million yuan, down 29.66% [2]. - The gross profit margin stands at 69.61% [2]. Market Position - As of the latest data, the company's rolling price-to-earnings (PE) ratio is 32.83, while the industry average PE is 55.91, indicating a lower valuation compared to peers [1][3]. - The total market capitalization of the company is 14.692 billion yuan [1].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for the sector over the next 6 to 12 months [5][42]. Core Insights - The innovative pharmaceutical and medical device sectors are experiencing significant growth, with several leading companies reporting positive earnings for the first half of the year. The report emphasizes a strong belief in the investment potential of innovative drugs, particularly in international markets [6][13]. - The report highlights that the overall pharmaceutical sector has shown resilience, with a year-to-date return of 26.33%, outperforming the Shanghai Composite Index by 15.07 percentage points [18]. - Key segments within the pharmaceutical industry, such as traditional Chinese medicine, medical devices, and biological products, have shown positive growth trends, with respective increases of 2.86%, 2.37%, and 2.22% [6][18]. Summary by Sections Industry Overview - The report notes that the pharmaceutical industry comprises 494 listed companies with a total market capitalization of approximately 76,735.11 billion [2]. - The report indicates that the innovative drug sector is the main driver of market activity, with significant developments in clinical trials for several domestic innovative drugs [6][13]. Market Performance - The report details that the Shanghai Composite Index rose by 4.18% while the pharmaceutical sector increased by 1.05%, ranking 29th among 31 sub-industries [6][18]. - The report provides a breakdown of sub-sector performance, with traditional Chinese medicine and medical devices leading the gains [6][18]. Key Recommendations - The report suggests focusing on specific segments with potential catalysts, including second-generation immune-oncology drugs, GLP-1 drugs, and small nucleic acid therapies [8][13]. - It recommends monitoring companies involved in innovative medical devices and high-demand consumables, as well as CRO/CDMO firms that support the pharmaceutical supply chain [8][13]. Company Performance - The report highlights several companies with strong earnings growth, including 35.85 billion in revenue for a leading company, reflecting a 15.14% year-on-year increase [31]. - It also notes significant foreign investment in domestic innovative drug companies, indicating growing international recognition of their capabilities [7][13].

融券方面，当日融券卖出0.00万股，净买入0.02万股。 来源：金融界 8月22日，沪深两融数据显示，心脉医疗获融资买入额0.29亿元，居两市第893位，当日融资偿还额0.27 亿元，净买入227.70万元。 最近三个交易日，20日-22日，心脉医疗分别获融资买入0.44亿元、0.29亿元、0.29亿元。 ...