Group 1 - The core viewpoint of the news is that Xinmai Medical (688016) has shown mixed financial performance in its recent quarterly report, with revenue growth but a decline in net profit [2] - As of December 22, 2025, Xinmai Medical's stock closed at 92.76 yuan, with a slight decrease of 0.04% and a trading volume of 7417 lots, amounting to a total transaction value of 68.92 million yuan [1] - In the recent funding flow data, there was a net outflow of 0.96 thousand yuan from main funds, while retail investors experienced a net outflow of 325.15 thousand yuan, indicating a shift in investor sentiment [1] Group 2 - For the first three quarters of 2025, Xinmai Medical reported a main revenue of 1.015 billion yuan, reflecting a year-on-year increase of 4.66%, while the net profit attributable to shareholders decreased by 22.46% to 429 million yuan [2] - The third quarter of 2025 saw a significant increase in revenue, reaching 300 million yuan, which is a 64.68% year-on-year growth, although the net profit for the quarter still declined by 23.63% to 114 million yuan [2] - The company has a debt ratio of 15.85% and a gross profit margin of 70.4%, indicating a strong financial position despite the profit decline [2]

Group 1 - The company's domestic business is progressing steadily, while its international subsidiary Lombard is expected to turn profitable this year. The improvement in profitability is attributed to enhanced production efficiency and a domestic raw material utilization rate exceeding 85%, leading to an anticipated overall gross margin recovery to over 70% for the year [4]. - In Q3 2025, the company's revenue grew by 64.68% year-on-year, primarily due to a low base effect from the previous year when major products were impacted by price governance. However, profit declined year-on-year mainly due to product price adjustments. The overseas business has become a significant growth engine, with revenue growth exceeding 65% in the first three quarters, now accounting for 18% of total revenue, and the overall gross margin for overseas operations has improved to 50% [4]. Group 2 - The company is continuously optimizing its R&D investment structure to enhance the R&D output ratio. Significant progress has been made across various product pipelines, providing momentum for medium to long-term development. The Hector thoracic aortic multi-branch stent system successfully completed the first pre-market clinical implantation in November. Other products, such as the Aegis II abdominal aortic stent system and IBD iliac branch stent, are progressing as planned. Key peripheral products are expected to receive approval for market launch within the next year [5].

Investment Rating - The report maintains a "No Rating" status for the company [5] Core Insights - Domestic business is progressing steadily while international business is experiencing rapid growth. The subsidiary Lombard is expected to turn profitable this year. The company's gross margin is anticipated to recover to over 70% for the year, driven by improved production efficiency and a domestic raw material utilization rate exceeding 85% [1] - In Q3 2025, revenue grew by 64.68% year-on-year, primarily due to a low base effect from the previous year. However, profit declined year-on-year mainly due to product price adjustments. The overseas business has become a significant growth driver, with revenue growth exceeding 65% in the first three quarters, accounting for 18% of total revenue, and an overall gross margin of 50% for international operations [1] - The R&D pipeline is progressing steadily, with several key products expected to be launched soon. The Hector thoracic aortic multi-branch stent system has successfully completed its first clinical implantation in November, and other products are on track for approval within the next year [2] Financial Forecasts and Valuation - The company is a leader in the domestic aortic and peripheral intervention fields. Revenue in Q3 2025 achieved high growth from a low base, with ongoing expansion in overseas and peripheral businesses. The net profit forecasts for 2025 and 2026 have been adjusted downwards to 633 million and 705 million yuan respectively, with a new forecast for 2027 at 848 million yuan. The net profit growth rates for 2025 to 2027 are projected at 26.0%, 11.4%, and 20.3% respectively. The current stock price corresponds to a PE ratio of approximately 16 times for 2026 [3][4]

最新公告列表 《心脉医疗：2025年第二次临时股东会会议资料》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年12月18日收盘，心脉医疗（688016）报收于92.49元，较前一交易日下跌0.05%，最新总市值 为114.01亿元。该股当日开盘92.53元，最高92.77元，最低91.72元，成交额达7333.76万元，换手率为 0.64%。 近日，心脉医疗发布公告称，公司董事会于2025年12月15日收到董事长Jonathan Chen先生和董事霍庆福 先生的辞职报告，二人因个人原因辞去公司职务，辞职后不再担任公司任何职务。辞职不会导致董事会 成员低于法定人数，但会使董事会人数低于公司章程规定的最低人数。为保证董事会正常运作，董事会 拟将董事人数由8名增至9名，并提名孙洪斌、梁敏、刘旭东为第三届董事会非独立董事候选人，任期至 本届董事会任期届满。该议案已提交公司2025年第二次临时股东会审议。 ...

上海微创心脉医疗科技（集团）股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688016 证券简称：心脉医疗 上海微创心脉医疗科技（集团）股份有限公司 2025 年第二次临时股东会 会议资料 二零二五年十二月 | 2025 | 年第二次临时股东会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 4 | | 2025 | 年第二次临时股东会会议议案 | 6 | | | 议案一：关于变更非独立董事暨新增非独立董事的议案 6 | | 上海微创心脉医疗科技（集团）股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的顺 利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股 东会规则》以及《上海微创心脉医疗科技（集团）股份有限公司章程》、《上海微创心 脉医疗科技（集团）股份有限公司股东会议事规则》等相关规定，上海微创心脉医疗科 技（集团）股份有限公司（以下简称"公司"）特制定本次股东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格， ...

截至2025年12月15日收盘，心脉医疗（688016）报收于91.05元，较前一交易日下跌0.33%，最新总市值 为112.23亿元。该股当日开盘90.88元，最高91.86元，最低90.8元，成交额达7160.64万元，换手率为 0.64%。 近日，心脉医疗发布公告称，公司将于2025年12月31日召开2025年第二次临时股东会，会议将采用现场 投票与网络投票相结合的方式进行，网络投票通过上海证券交易所系统开展。本次会议审议的议案包括 关于变更非独立董事暨新增非独立董事的议案，具体内容为选举孙洪斌、梁敏、刘旭东为第三届董事会 非独立董事。股权登记日为2025年12月24日，A股股东可参与投票。会议对中小投资者单独计票，不涉 及关联股东回避表决。 最新公告列表 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《心脉医疗：关于非独立董事辞任及补选非独立董事、选举董事长暨调整专门委员会成员的公 告》 《心脉医疗：关于召开2025年第二次临时股东会的通知》 ...

证券日报网讯12月15日晚间，心脉医疗发布公告称，同意选举孙洪斌为公司第三届董事会董事长。 ...

北京商报讯12月15日，心脉医疗发布公告称，公司董事长Jonathan Chen、董事霍庆福均因个人原因，申 请辞去各自担任的公司董事长、董事及董事会专门委员会相关职务，辞职后不再担任公司任何职务。 心脉医疗于12月15日召开董事会会议，同意将公司董事会人数由8名增加至9名，并同意提名孙洪斌、梁 敏、刘旭东为公司第三届董事会非独立董事候选人，同意选举孙洪斌为公司第三届董事会董事长，并以 2025年第二次临时股东会审议通过其为公司董事为生效前提，任期自其上任公司董事之日起至第三届董 事会任期届满之日止。 （文章来源：北京商报） ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-049 上海微创心脉医疗科技（集团）股份有限公司 关于非独立董事辞任及补选非独立董事、选举董事长 暨调整专门委员会成员的公告 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： | | | | | | | 是否继 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 存在 | | | | | | 原定任 | 离 | 续在上 | 未履 | | | | | | | 任 | 市公司 | | | 姓名 | 离任职务 | 离任时间 | | 期到期 | | | 行完 | | | | | | 日 | 原 | 及其控 | 毕的 | | | | | | | 因 | 股子公 | | | | | | | | | 司任职 | 公开 | | | | | | | | | 承诺 | | | 第三届董事会董事 | | | | 个 | | | | | 长、董事会战略与发 | 年 | | 2027 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-050 （一） 股东会类型和届次 2025年第二次临时股东会 召开日期时间：2025 年 12 月 31 日 13 点 00 分 召开地点：上海市浦东新区康新公路 3399 弄 1 号楼 1 层公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 31 日 至2025 年 12 月 31 日 上海微创心脉医疗科技（集团）股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 股东会召开日期：2025年12月31日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （ ...