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。 ...

Group 1 - The core viewpoint of the article highlights that the optimization of the national procurement rules for medical consumables signals a positive trend towards "anti-involution" and stabilizing expectations, with limited short-term disruption to the industry price system, while benefiting leading companies with strong product capabilities and nationwide supply capacity in the medium to long term [1] - The sixth batch of national centralized procurement for high-value medical consumables will take place on January 13, 2026, involving 12 types of medical consumables, with 496 products from 227 companies bidding, and 440 products from 202 companies selected [1] - The introduction of a "reference price" mechanism aims to rationalize price competition, with 8 out of 20 competitive groups triggering this rule, effectively curbing extreme low-price behaviors by some companies [2] Group 2 - The multi-layer selection rules significantly increased the selection rate, with an overall selection rate of 89% for both companies and products, supporting functional innovation products with reasonable pricing space [3] - The ongoing push for domestic substitution is particularly prominent in the urology intervention sector, with market share increasingly shifting towards domestic companies like Guichuang Tongqiao and Weili [4] - The distribution mechanism strengthens the revenue predictability for leading companies, with different rules corresponding to 70%-100% of demand allocation, which is expected to enhance industry concentration in the medium to long term [5]

Core Viewpoint - Xinmai Medical (688016) has shown mixed financial performance with a slight increase in revenue but a significant decline in net profit for the first three quarters of 2025 [2] Financial Performance - For the first three quarters of 2025, Xinmai Medical reported a total revenue of 1.015 billion yuan, representing a year-on-year increase of 4.66% [2] - The net profit attributable to shareholders decreased by 22.46% to 429 million yuan [2] - The net profit excluding non-recurring items fell by 25.8% to 372 million yuan [2] - In Q3 2025, the company achieved a quarterly revenue of 300 million yuan, marking a substantial year-on-year increase of 64.68% [2] - The quarterly net profit attributable to shareholders was 114 million yuan, down 23.63% year-on-year [2] - The quarterly net profit excluding non-recurring items was 102 million yuan, a decline of 11.84% [2] - The company's debt ratio stands at 15.85%, with investment income of 11.6 million yuan and financial expenses of -7.8584 million yuan [2] - The gross profit margin is reported at 70.4% [2] Market Activity - As of January 13, 2026, Xinmai Medical's stock closed at 98.82 yuan, with a slight increase of 0.39% [1] - The trading volume was 26,400 hands, with a total transaction value of 262 million yuan [1] - The net inflow of main funds was 7.5162 million yuan, accounting for 2.87% of the total transaction value [1] - Retail investors experienced a net outflow of 14.0856 million yuan, representing 5.38% of the total transaction value [1] Analyst Ratings - Over the past 90 days, eight institutions have provided ratings for Xinmai Medical, with seven giving a "buy" rating and one an "increase" rating [2] - The average target price set by institutions in the last 90 days is 1.3603 billion yuan [2]

Group 1 - The core viewpoint of the news is that Xinmai Medical (688016) has shown mixed financial performance, with revenue growth but a decline in net profit for the first three quarters of 2025 [2] - As of January 9, 2026, Xinmai Medical's stock closed at 97.94 yuan, up 1.25%, with a turnover rate of 1.42% and a trading volume of 17,500 hands, resulting in a transaction amount of 171 million yuan [1] - In terms of capital flow on January 9, 2026, the main funds had a net outflow of 838,300 yuan, accounting for 0.49% of the total transaction amount, while retail investors had a net inflow of 2.57 million yuan, accounting for 1.51% of the total transaction amount [1] Group 2 - Xinmai Medical's financial results for the first three quarters of 2025 show a main revenue of 1.015 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 429 million yuan, a year-on-year decrease of 22.46% [2] - The company's gross profit margin stands at 70.4%, with a debt ratio of 15.85% and investment income of 11.6 million yuan [2] - In the last 90 days, 8 institutions have rated the stock, with 7 buy ratings and 1 hold rating, and the average target price set by institutions is 136.03 yuan [2]

Summary of the Conference Call for Xinwei Medical Company Overview - **Company**: Xinwei Medical - **Industry**: Brain-Computer Interface (BCI) and Neurointervention Key Points and Arguments Product Development and Technology - Xinwei Medical employs a minimally invasive endovascular approach to implant electrode stents via the internal jugular vein to capture motor cortex signals, reducing the risks associated with open brain surgery and improving signal stability. Animal experiments show stable signals even after 18 months [2][3] - The company plans to complete the registration application for its brain-computer interface product by 2028 and finish human clinical trials by 2027, with an expected recruitment of 30-50 patients for motor function recovery [2][4][5] - A collaboration with J.T. Medical aims to develop a new endovascular brain-computer interface that addresses the issue of electrode displacement in traditional invasive systems. Xinwei Medical is responsible for the design and development of the stent [2][6] Financial and Operational Aspects - Xinwei Medical anticipates having nearly 800 million yuan in cash by the end of 2025, with operating cash flow exceeding 100 million yuan, sufficient to cover the R&D costs of the brain-computer interface project, estimated at several tens of millions [3][17] - The estimated cost for mass production of the electrode stent is around 3,000-4,000 yuan, with total costs expected to remain under 10,000 yuan, potentially decreasing to a few thousand yuan in the future [9] Clinical Trials and Regulatory Pathway - The clinical trial plan is not fully finalized but is expected to follow a model similar to that of Boruikang, which conducted approximately 32 human experiments. The first patient recruitment is set to begin in the second half of this year [5][12] - The company is in communication with regulatory bodies to establish industry standards for the registration process, with patient recruitment expected to start in 2026 [14] Market and Competitive Landscape - The company aims to collaborate with leading consumer electronics companies like Huawei and Xiaomi to develop software functionalities for their products once the new indications are established [11] - The invasive brain-computer interface is designed for specific applications, primarily targeting patients with motor function impairments, with potential future applications in vision, language, and emotional control [10][22] Team and Resource Allocation - Xinwei Medical currently has a team of about 10 people focused on the brain-computer interface project, with plans to expand the team, particularly in signal decoding [8][7] - The company is actively seeking partnerships with software teams, universities, and research institutions to enhance its capabilities in software development [8] Future Outlook - The company is optimistic about the future of the brain-computer interface market, with a positive sentiment reflected in recent financing activities in the sector [16] - Xinwei Medical's neurointervention business is expected to grow at an annual rate of 30%-35% in the coming years, contributing to overall revenue growth [22] Challenges and Considerations - The main challenges in patient recruitment include ensuring safety and acceptance of the new technology among medical professionals and potential patients, particularly those with severe motor function impairments [12][18] - The company is preparing for potential overseas market entry, contingent on successful domestic registration and compliance with international regulations [20][21] Additional Important Information - The company is focused on optimizing its product, with static samples already available and dynamic samples expected to be showcased soon [13] - The reimbursement policies for invasive procedures are still being defined, with expectations that insurance coverage could reach 70%-80% once the product proves its safety and efficacy [15]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company achieved a revenue of 1.015 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.66%. However, the net profit attributable to the parent company decreased by 22.46% to 429 million yuan [4] - In Q3 2025, the company reported a revenue of 300 million yuan, a significant year-on-year increase of 64.68%, while the net profit attributable to the parent company fell by 23.63% to 114 million yuan [4] - The company's gross margin improved quarter-on-quarter due to enhanced production efficiency and reduced material costs, with expectations for the annual gross margin to recover to over 70% [5] - The overseas business is projected to grow by over 60% for the year, with strong clinical recognition of products in Europe, South America, and the Asia-Pacific region [6] Financial Performance - Revenue forecasts for 2025-2027 are 1.518 billion yuan, 1.839 billion yuan, and 2.205 billion yuan, with year-on-year growth rates of 25.85%, 21.16%, and 19.87% respectively. Net profit attributable to the parent company is expected to be 597 million yuan, 705 million yuan, and 843 million yuan for the same period, with growth rates of 18.86%, 18.14%, and 19.62% respectively [7] - The company's PE ratios for 2025-2027 are projected to be 19.87, 16.82, and 14.06, while PEG ratios are expected to be 1.05, 0.93, and 0.72 [7]

Core Viewpoint - The stock of Xinmai Medical (688016) has shown a positive performance with a closing price of 95.84 yuan, reflecting a 4.56% increase as of January 5, 2026, indicating strong market interest and potential growth in the medical device sector [1]. Financial Performance - Xinmai Medical reported a total revenue of 1.015 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.66% [4]. - The net profit attributable to shareholders for the same period was 429 million yuan, showing a decline of 22.46% year-on-year [4]. - The company achieved a gross margin of 70.4%, significantly higher than the industry average of 51.02% [4]. Market Position - Xinmai Medical's total market capitalization stands at 11.813 billion yuan, which is above the industry average of 11.28 billion yuan [4]. - The company ranks 16th in net profit within the medical device industry, with a net profit of 429 million yuan, compared to the industry average of 210 million yuan [4]. - The price-to-earnings (P/E) ratio for Xinmai Medical is 20.65, which is considerably lower than the industry average of 81.51, indicating a potentially undervalued stock [4]. Investment Sentiment - Over the past 90 days, 7 institutions have rated Xinmai Medical, with 6 giving a "buy" rating and 1 an "accumulate" rating, suggesting strong institutional confidence in the stock [5]. - The average target price set by institutions for Xinmai Medical is 136.03 yuan, indicating a potential upside from the current trading price [5]. Trading Activity - On January 5, 2026, the net inflow of main funds was 8.6933 million yuan, accounting for 3.74% of the total trading volume, while retail investors showed a net inflow of only 42,500 yuan [1]. - The financing data indicates a net purchase of 2.943 million yuan on the same day, reflecting positive investor sentiment towards the stock [2].