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 ...

Core Viewpoint - The company, Xinmai Medical, is experiencing a decline in stock price and financial performance, with a current PE ratio significantly lower than the industry average, indicating potential undervaluation in the context of the medical device sector [1][2]. Company Overview - Xinmai Medical specializes in the research, production, and sales of interventional medical devices for aortic and peripheral blood vessels, with key products including thoracic and abdominal aortic stent graft systems, intraoperative stents, 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]. Financial Performance - For Q1 2025, Xinmai Medical 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% from the previous year, with a gross margin of 69.61% [2]. - The current stock price is 111.61 yuan, with a PE ratio of 30.75, compared to the industry average of 55.15 and a median of 37.48 [1][3]. Shareholder Information - As of March 31, 2025, Xinmai Medical has 18,176 shareholders, an increase of 523 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1].

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].

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, suggesting that the sector will experience a reversal in 2025 [4]. Core Views - The innovative drug sector continues to be the main investment theme, with a focus on dual/multi-antibody drugs for various cancers and chronic disease drugs that meet unmet clinical needs [2][4]. - The report highlights the strong performance of leading pharmaceutical companies, such as China Biologic Products and Hansoh Pharmaceutical, following the clearance of procurement risks after multiple rounds of generic drug procurement [12]. - The report emphasizes the potential of the rose acne treatment market, with the announcement of CKBA cream's acceptance for clinical trials, indicating a significant opportunity for innovative therapies in this area [38][45]. Summary by Sections Pharmaceutical Sector - The innovative drug market is showing strong upward momentum, with the A-share innovation drug index rising over 6% and the H-share index increasing over 14% [19]. - The report notes that 48 out of 52 listed companies in the A-share innovative drug sector experienced stock price increases, with an average rise of 10.5% [22]. - The report suggests focusing on innovative drug pipelines that address chronic diseases and unmet clinical needs, particularly in the context of potential overperformance in semi-annual reports [2][4]. Biologics - The approval of semaglutide for chronic kidney disease (CKD) indicates a growing interest in GLP-1 class drugs beyond weight management and type 2 diabetes [2]. Medical Devices - Domestic innovative products continue to receive approvals, with leading companies like Xinmai Medical showing promising recovery in performance [3]. Traditional Chinese Medicine - Companies in the traditional Chinese medicine sector are actively seeking new growth points through new drug pipelines, particularly in weight loss and diabetes treatment [3]. Market Potential - The global market for rosacea treatment is projected to grow from approximately $2.12 billion in 2024 to around $4.23 billion by 2034, with a compound annual growth rate of 7.14% [45][47]. - The report highlights the lack of effective treatments for rosacea, indicating a significant unmet need and potential for innovative therapies [48].

Core Viewpoint - Recently, Xinmai Medical announced a forecast for its 2025 semi-annual performance, indicating a decline in both revenue and net profit, attributed to market environment changes and adjustments in product pricing and promotion strategies [1][2]. Financial Performance - Xinmai Medical expects revenue for the first half of 2025 to be between 708 million and 787 million yuan, a year-on-year decrease of 0% to 10% [1]. - The forecasted net profit attributable to shareholders is estimated to be between 304 million and 361 million yuan, reflecting a year-on-year decline of 10.52% to 24.78% [1]. - The company has experienced a continuous decline in revenue growth, with a 4% year-on-year drop in Q2 2024 and a 15% decline in net profit [2]. Market and Product Analysis - Xinmai Medical operates in the field of aortic and peripheral vascular interventional medical devices, with a market size of 372 billion yuan in 2021, projected to reach 1,402 billion yuan by 2030, representing a compound annual growth rate of 15.9% [4]. - The company’s innovative products, such as the Castor and Minos stents, have shown growth in hospital admissions and terminal implant volumes, but overall sales growth is impacted by market conditions [1][4]. Pricing and Regulatory Challenges - There is significant concern regarding the price disparity between the factory price and the terminal sales price of the Castor stent, which has drawn regulatory scrutiny [5][6]. - The National Medical Insurance Administration has issued inquiries regarding the high pricing of the Castor stent, with factory prices around 50,000 yuan and terminal prices exceeding 120,000 yuan [5]. - A price adjustment plan was proposed by the company, but the price difference remains significant [5]. Sales Model and Distribution Changes - The company has shifted its sales model to include regional distributors, which has lengthened the sales chain and increased the proportion of total sales attributed to these distributors [6][7]. - In 2023, major distributors accounted for nearly 40% of the company's revenue, indicating a significant change in the sales structure [6][7]. Impact of Centralized Procurement - Xinmai Medical's products are participating in multiple centralized procurement projects, which may lead to further price reductions in the market [8]. - The company’s primary revenue source, aortic stents, accounted for over 70% of its income in 2024, making it vulnerable to the impacts of centralized procurement policies [8]. New Product Development - The company has several new products expected to launch in 2025, including the Cratos® stent system and the Tipspear® kit, which may help mitigate some of the negative impacts from pricing pressures [9]. Compliance and Tax Issues - Xinmai Medical faced compliance issues leading to the cancellation of its high-tech enterprise status, resulting in a tax payment of approximately 60 to 70 million yuan, which is expected to impact net profit by over 10% [12]. - The company has since regained its high-tech enterprise certification, allowing it to continue benefiting from a reduced tax rate [12].