Core Viewpoint - The company, Shanghai MicroPort CardioFlow Medtech Co., Ltd., has successfully held its first extraordinary general meeting of shareholders in 2025, where significant resolutions were passed, including the cancellation of the supervisory board and amendments to the company's articles of association [1][2][3] Group 1: Stock Performance - As of the market close on November 14, 2025, the stock price of MicroPort CardioFlow was 102.25 yuan, reflecting a 4.62% increase from the previous week's price of 97.73 yuan [1] - The stock reached a peak price of 105.94 yuan during the trading session on November 14, 2025, and a low of 97.5 yuan on November 10, 2025 [1] - The company's current total market capitalization stands at 12.604 billion yuan, ranking 25th out of 126 in the medical device sector and 1537th out of 5165 in the overall A-share market [1] Group 2: Shareholder Meeting Outcomes - The extraordinary general meeting on November 14, 2025, was conducted with both in-person and online voting, presided over by Chairman Jonathan Chen, and the voting results were deemed legally valid [2] - Key resolutions passed included the cancellation of the supervisory board, amendments to the articles of association, and the purchase of liability insurance for directors and senior management, with the cancellation of the supervisory board requiring a special resolution that received over two-thirds approval from voting shareholders [2][3] - Additionally, a workers' representative meeting was held on the same day, resulting in the election of Yuan Zhenyu as a worker representative director for the third board of directors, with his term starting immediately upon approval [2]

Core Points - The company held its first extraordinary general meeting of shareholders on November 14, 2025, where it approved the cancellation of the supervisory board and the amendment of the company's articles of association [1][4] - The company elected Yuan Zhenyu as the employee representative director for the third board of directors, with his term starting from the approval date of the election [1][2] Group 1: Shareholder Meeting Details - The extraordinary general meeting was held on November 14, 2025, at the company's meeting room in Shanghai [5] - The meeting was conducted with both on-site and online voting, presided over by the chairman, Jonathan Chen, and complied with relevant laws and regulations [5][6] - All current directors and supervisors attended the meeting, ensuring a quorum [5] Group 2: Resolutions Passed - The following resolutions were approved during the meeting: 1. Cancellation of the supervisory board and amendment of the articles of association [6] 2. Revision and addition of certain management systems [6] 3. Purchase of liability insurance for directors and senior management [6][7] - The first resolution required a two-thirds majority to pass, while the other resolutions were approved by a simple majority [7] Group 3: Election of Employee Representative Director - Yuan Zhenyu was elected as the employee representative director, meeting all legal and regulatory requirements [2][3] - His background includes a Ph.D. from Shanghai Jiao Tong University and extensive experience in the company since 2007 [3]

Core Viewpoint - On November 14, 2025, Xinmai Medical (688016) held its first extraordinary general meeting of shareholders, where significant resolutions were passed, including the cancellation of the supervisory board and amendments to the company's articles of association [1]. Group 1: Stock Performance - As of the market close on November 14, 2025, Xinmai Medical's stock price was 102.25 yuan, reflecting a 0.25% increase from the previous trading day [1]. - The stock opened at 101.31 yuan, reached a high of 105.94 yuan, and a low of 101.31 yuan, with a trading volume of 2.12 billion yuan and a turnover rate of 1.65% [1]. Group 2: Shareholder Meeting Resolutions - The extraordinary general meeting approved the proposal to cancel the supervisory board and amend the company's articles of association, which required a special resolution with more than two-thirds of the voting rights held by attending shareholders [1]. - The meeting also included the proposal to purchase liability insurance for directors and senior management, which was voted on separately for minority investors [1].

Core Viewpoint - The company announced the election of Mr. Yuan Zhenyu as the employee representative director for the third board of directors during the employee representative meeting scheduled for November 14, 2025 [2] Group 1 - The employee representative meeting will take place on November 14, 2025 [2] - Mr. Yuan Zhenyu has been nominated for the position of employee representative director [2]

证券代码：688016 证券简称：心脉医疗 公告编号：2025-048 上海微创心脉医疗科技（集团）股份有限公司 关于选举第三届董事会职工代表董事的公告 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。 2025 年 11 月 15 日 附：袁振宇个人简历 袁振宇，男，1977 年出生，中国国籍，无境外永久居留权，上海交通大学 工学博士研究生学历。2007 年 3 月至 2014 年 12 月，先后担任上海微创大动脉 研发工程师、研发主管、研发经理；2015 年 1 月至今，先后担任心脉医疗研发 资深经理、研发总监、研发高级总监、资深总监、副总经理，目前同时担任上海 蓝脉、上海鸿脉、上海拓脉总经理。 截至本公告日，袁振宇先生未持有公司股份；与公司控股股东及持有公司 5%以上股份的股东、其他公司董事和高级管理人员之间不存在关联关系；未受 过中国证监会及其他有关部门的处罚和证券交易所纪律处分，未因涉嫌犯罪被司 法机关立案侦查或者涉嫌违法违规被中国证监会立案稽查；不存在重大失信等不 良记录；符合《公司章程》《公司法》及其他法律法规 ...

北京市嘉源律师事务所 关于上海微创心脉医疗科技（集团）股份有限公司 2025 年第一次临时股东大会的法律意见书 雪务所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 源 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安ＸI'AN 致:上海微创心脉医疗科技(集团)股份有限公司 嘉源·法律意见书 整,所发表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者重大遗 漏,并承担相应法律责任。 北京市嘉源律师事务所 关于上海微创心脉医疗科技(集团) 股份有限公司 2025年第一次临时股东大会的法律意见书 嘉源(2025)-04-821 北京市嘉源律师事务所(以下简称"本所")接受上海微创心脉医疗科技(集 团)股份有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》 (以下简称"《公司法》")《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《上海微创心脉医疗科技(集团)股份有限公司章程》(以下简 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-047 上海微创心脉医疗科技（集团）股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 14 日 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会采用现场投票和网络投票相结合的方式召开，会议由董事会召集， 董事长 Jonathan Chen 先生主持，本次会议的召集、召开程序符合《公司法》、 《证券法》、《公司章程》的规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | ...

Core Points - The Shanghai Composite Index is at 3997.29 points, with a slight decline of 0.53%, and the total trading volume of A-shares is 16,305.61 billion yuan [1] - A total of 39 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates, including Zhu Laoliu at 14.52%, Visionox at 3.99%, and Zhongbai Group at 3.82% [1] Summary by Category Stock Performance - Zhu Laoliu has a price increase of 23.11% and a turnover rate of 19.24%, with the latest price at 24.77 yuan and a deviation rate of 14.52% from the annual line [1] - Visionox shows a price increase of 9.98%, a turnover rate of 0.54%, with a latest price of 10.25 yuan and a deviation rate of 3.99% [1] - Zhongbai Group has increased by 5.06%, with a turnover rate of 17.87%, latest price at 8.10 yuan and a deviation rate of 3.82% [1] Additional Stocks with Notable Performance - ST Nachuan has increased by 4.62% with a deviation rate of 3.79% [1] - *ST Zhongdi has a price increase of 2.72% and a deviation rate of 2.60% [1] - Guobai shares increased by 4.50% with a deviation rate of 1.99% [1] Other Stocks with Minor Deviations - Stocks like ST Panda and Wenfeng shares have minor deviations of 1.40% and 1.23% respectively, indicating they have just crossed the annual line [1]

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Investment Rating - Maintain Outperform rating with a target price of RMB 122.06, reflecting a target PE of 25X for 2025 [4][12]. Core Insights - The company faced short-term pressure on performance due to aortic stent price adjustments, but its competitive edge in the aortic field remains strong, with ongoing expansion in peripheral and tumor intervention sectors [1][4]. - Revenue for the first three quarters of 2025 reached RMB 1.02 billion, with a net profit attributable to shareholders of RMB 429 million, marking a 60% year-over-year increase in net profit after excluding government subsidies and other investment income [4][12]. - The company has established a significant domestic market presence, with products entering nearly 2900 hospitals across 31 provinces and regions, maintaining a leading market share in aortic intervention products [4][12]. Financial Summary - Total revenue projections show a growth trajectory from RMB 1,187 million in 2023 to RMB 2,257 million by 2027, with a compound annual growth rate (CAGR) of approximately 22.3% [3][5]. - Net profit attributable to shareholders is expected to increase from RMB 492 million in 2023 to RMB 915 million in 2027, reflecting a CAGR of about 21.4% [3][5]. - The gross profit margin (GPM) is projected to recover, with Q3 2025 GPM at 73.28% and net profit margin (NPM) at 37.44%, driven by improved production efficiency and reduced material costs [4][12].