2024 年 10 月 28 日，公司召开第三届董事会第二次会议，审议通过了《关于 以集中竞价交易方式第二期回购公司股份方案的议案》,同意公司以自有资金和/或 自筹资金通过上海证券交易所系统以集中竞价交易方式回购公司已发行的部分人 民币普通股（A 股）股票，并在未来适宜时机全部用于股权激励或员工持股计划。 公司本次回购价格不超过人民币180元/股（含），回购资金总额不低于人民币10,000 万元（含），不超过人民币 20,000 万元（含），回购股份的实施期限自董事会审议 通过本次回购方案之日起 12 个月内。具体内容详见公司于 2024 年 10 月 30 日刊 登在上海证券交易所网站（www.sse.com.cn）的相关公告。 公司因实施 2024 年半年度权益分派，本次回购股份价格上限由人民币 180 元 证券代码：688016 证券简称：心脉医疗 公告编号：2025-008 上海微创心脉医疗科技（集团）股份有限公司 关于以集中竞价交易方式第二期回购股份的进展公告 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 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Financial Performance - Total revenue for 2024 reached CNY 1,206,473,183.51, a year-on-year increase of 1.6%[3] - Operating profit was CNY 658,339,261.63, reflecting a growth of 14.7% compared to the previous year[3] - Net profit attributable to shareholders was CNY 497,858,188.25, up 1.1% year-on-year[3] - The net profit excluding non-recurring gains and losses decreased by 15.3% to CNY 391,420,967.56[3] - Basic earnings per share fell by 40.7% to CNY 4.04[3] - Total assets at the end of the reporting period amounted to CNY 4,297,194,192.53, a 1.2% increase from the beginning of the year[3] Sales and Market Expansion - Overseas sales revenue exceeded CNY 160 million, growing by over 50% and accounting for more than 13% of total revenue[6] - The company launched multiple new products in the aortic and peripheral business, including balloon occlusion catheters and venous stent systems[8] - The company’s products are now sold in 37 countries and regions, with several achieving first implants in new markets[7] - The company is actively pursuing international market expansion and product registration, including CE and FDA approvals[8]

证券代码：688016 证券简称：心脉医疗 公告编号：2025-006 上海微创心脉医疗科技（集团）股份有限公司 关于以集中竞价交易方式第二期回购股份的进展公告 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： | 回购方案首次披露日（第二 | 2024/10/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 期） | | | | | | | | 回购方案实施期限（第二期） | 2024 年 10 月 日~2025 | 28 | 年 | 10 | 月 27 | 日 | | 预计回购金额（第二期） | 万元~20,000 万元 10,000 | | | | | | | 回购用途 | □减少注册资本 √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） | 股 726,989 | | | | | | | ...

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 2024 年度持续督导工作现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引 第11号——持续督导》等有关法律、法规的规定，中国国际金融股份有限公司（以下简 称"保荐机构"、"中金公司"）作为正在履行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"）持续督导工作的保荐机构，对公司2024年 1月1日至2024年12月31日期间（以下简称"本持续督导期间"）的规范运作情况进行了 现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资、公司经营状况等。 （六）现场检查手段:对公司副总经理兼董事会秘书、财务总监等进行访谈；查看公 司主要经营、管理场所；查阅并取得公司公告、公司治理文件、重大合同、公司定期报 告等文件；查阅并取得公司募集资金使用凭证等原始凭证、募集资金专户银行对账单等 资料；查阅公司 ...

上海微创心脉医疗科技（集团）股份有限公司 市值管理制度 上海微创心脉医疗科技（集团） 股份有限公司 市值管理制度 二零二五年一月 1 上海微创心脉医疗科技（集团）股份有限公司 市值管理制度 上海微创心脉医疗科技(集团)股份有限公司 市值管理制度 第一章 总 则 第一条 为加强上海微创心脉医疗科技（集团）股份有限公司（以下简称"公 司"）市值管理，切实推动公司投资价值提升，增强投资者回报，维护投资者利 益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息 披露管理办法》《上市公司监管指引第10号——市值管理》等法律法规、规范性 文件和《上海微创心脉医疗科技（集团）股份有限公司章程》（以下简称"《公 司章程》"）等规定，特制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司 投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则包括： (一) 系统性原则。影响公司市值的因素众多，公司应当按照系统思维、整体 推进的原则，协同公司各业务体系以系统化方式持续开展市值管理工作； (二) 科学性原则。公司的市值管理有其规律，应当依其规律进行科学管理， 科学研 ...

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 使用暂时闲置募集资金进行现金管理事项的核查意见 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"）作为上海微创心 脉医疗科技（集团）股份有限公司（以下简称"心脉医疗"或"公司"）的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《上海证券交易所科创板股票上市规则》《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》等有关法律、行政法规、部门规章及 业务规则的要求，对心脉医疗本次使用部分暂时闲置募集资金进行现金管理的事项进行 了认真、审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2019 年 7 月 2 日出具的《关于同意上海微创心脉 医疗科技股份有限公司首次公开发行股票注册的批复》（证监许可[2019]1179 号）（以 下简称"首次公开发行"），公司获准向社会公开发行人民币普通股 1,800 万股，每股 面值为人民币 1.00 元，每股发行价格为人民币 46.23 元，募集资金总额为人民币 832,140, ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-004 上海微创心脉医疗科技（集团）股份有限公司 第三届监事会第四次会议决议公告 本公司监事会及全体监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。 《关于使用部分暂时闲置募集资金进行现金管理的公告》（公告编号：2025-005）、 《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 使用部分闲置募集资金进行现金管理的核查意见》。 特此公告。 经与会监事审议表决，形成的会议决议如下： （一）审议通过《关于使用部分暂时闲置募集资金进行现金管理的议案》 公司全体监事同意公司使用不超过人民币130,000万元（包含本数）的闲置募 集资金，使用期限自公司第三届董事会第五次会议审议通过之日起12个月内。在 上述额度及有效期内，资金可以循环滚动使用。同时同意公司董事会授权管理层 行使现金管理投资决策权并签署相关合同文件，包括但不限于选择优质合作银行、 明确现金管理金额、期间、选择现金管理产品品种、签署合同及协议等。具体事 项由公司财务部负责组织实施。 表决结果：3 票同意 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company forecasts a revenue of RMB 1.188 billion to RMB 1.306 billion for 2024, representing a year-on-year growth of 0% to 10%, and a net profit of RMB 493 million to RMB 541 million, also reflecting a growth of 0% to 10% [1]. - The company is experiencing short-term pressure on performance due to product price adjustments, but expects gradual recovery driven by innovative products and increased overseas market efforts [2]. - The new employee stock ownership plan sets ambitious profit targets, reflecting the company's confidence in future growth, with net profit targets of no less than RMB 600 million for 2025 and cumulative net profits of RMB 2.184 billion for 2025-2027 [3]. Summary by Sections Performance Overview - The company anticipates a revenue range of RMB 1.188 billion to RMB 1.306 billion for 2024, with a net profit forecast of RMB 493 million to RMB 541 million, indicating stable growth expectations [1]. Operational Analysis - The company is facing short-term challenges due to price adjustments but expects recovery through innovative products and increased international sales, projecting over RMB 150 million in overseas sales for 2024 [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 503 million, RMB 615 million, and RMB 789 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 4.08, RMB 4.99, and RMB 6.40, reflecting a positive growth trajectory [4].

Revenue and Profit Projections - The company expects 2024 annual revenue to be between 1,187.50 million and 1,306.00 million CNY, representing a year-on-year increase of 0.02% to 10.01%[3]. - The projected net profit attributable to the parent company for 2024 is estimated to be between 492.50 million and 541.00 million CNY, reflecting a year-on-year increase of 0.01% to 9.86%[3]. Product Development and Market Expansion - The company launched innovative products such as the Castor branched aortic stent graft and the Minos abdominal aortic stent graft, with significant growth in hospital admissions and terminal implant volumes[6]. - The company is actively expanding into city-level and county-level hospitals in response to national healthcare resource policies, enhancing its domestic market presence[6]. - The overseas sales revenue is expected to exceed 150 million CNY in 2024, further increasing its share of total revenue[6]. - The company is pursuing global partnerships with leading regional clients to promote its aortic and peripheral intervention products in Europe, Latin America, and Asia-Pacific[6]. - The company is advancing preclinical trials for new products in Europe and Japan, aiming for market entry[6]. Market Environment and Financial Data - The company has adjusted its product pricing and promotion strategies due to changes in the market environment in the second half of the year, impacting sales growth and profits[6]. - The financial data provided is preliminary and subject to final audit in the 2024 annual report[8]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[7].