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]

Core Viewpoint - The stock of Xinmai Medical (688016) has shown a decline in price and mixed capital flow, indicating potential volatility in investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of January 19, 2026, Xinmai Medical closed at 96.73 yuan, down 1.28% with a turnover rate of 1.17% and a trading volume of 14,500 hands, resulting in a transaction amount of 141 million yuan [1]. - Over the past five days, the stock has experienced a downward trend, with a total decline of 2.61% in main capital flow and a net outflow of 367.48 million yuan on January 19 [2]. Group 2: Financial Metrics and Industry Comparison - Xinmai Medical's total market capitalization is 11.923 billion yuan, slightly above the industry average of 11.393 billion yuan, ranking 30th out of 127 companies in the medical device sector [3]. - The company reported a net profit of 429 million yuan, significantly higher than the industry average of 208 million yuan, ranking 16th in the industry [3]. - The gross profit margin for Xinmai Medical stands at 70.4%, well above the industry average of 50.77%, indicating strong profitability [3]. Group 3: Recent Financial Performance - For the first three quarters of 2025, Xinmai Medical's main revenue reached 1.015 billion yuan, a year-on-year increase of 4.66%, while the net profit decreased by 22.46% to 429 million yuan [3]. - In Q3 2025, the company achieved a quarterly revenue of 300 million yuan, reflecting a substantial year-on-year increase of 64.68%, although the net profit for the quarter decreased by 23.63% [3]. Group 4: Analyst Ratings - In the last 90 days, eight institutions have provided ratings for Xinmai Medical, with seven recommending a buy and one suggesting an increase, indicating a generally positive outlook [4]. - The average target price set by institutions over the past 90 days is 136.03 yuan, suggesting potential upside from the current trading price [4].

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》《上海证券交易所科创板股票上市规则》《上市公 司募集资金监管规则》《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、投资情况概述 （一）投资目的 本着股东利益最大化的原则，为提高募集资金使用效率，在不影响募集资金投资计 划正常进行的前提下，合理利用部分暂时闲置募集资金进行现金管理，可以提高募集资 金使用效益，为公司及股东获取更多回报。 （二）投资金额 截至 2025 年 6 月 30 日，公司 2019 年首次公开发行股份募集资金情况如下： | 发行名称 | 2019 | | 年首次公开发行股份 | | --- | --- | --- ...

证券代码：688016 证券简称：心脉医疗 公告编号：2026-002 上海微创心脉医疗科技（集团）股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公 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： 投资种类：安全性高、流动性好的产品（包括但不限于结构性存款、 通知存款、定期存款、大额存单、收益凭证等） 投资金额：人民币 100,000 万元（包含本数） 已履行及拟履行的审议程序：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"）于 2026 年 1 月 19 日召开 第三届董事会第十二次会议，审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》。 特别风险提示：尽管公司选择安全性高、流动性好的投资产品，但金 融市场受宏观经济影响较大，不排除投资受到市场波动的影响，公司将根据 经济形势以及金融市场的变化适时适量介入。 一、投资情况概述 本着股东利益最大化的原则，为提高募集资金使用效率，在不影响募集资金 投资计划正常进行的前提下，合理利用部分暂时闲置募集 ...

格隆汇1月19日丨心脉医疗(688016.SH)公布，公司计划使用不超过人民币100,000万元（包含本数）的暂 时闲置募集资金进行现金管理，在上述额度范围内，资金可以滚动使用。 ...