Core Viewpoint - Xinpai Medical announced the appointment of Ms. Yan Dongmei as the new Secretary of the Board, following her completion of the training program at the Shanghai Stock Exchange for the Sci-Tech Innovation Board [1] Group 1 - Ms. Yan Dongmei has participated in the training and obtained the certification required for the position of Secretary of the Board [1] - Her qualifications have been officially recorded with the Shanghai Stock Exchange [1] - Ms. Yan will serve in this role until the end of the current term of the company's third Board of Directors [1] Group 2 - Mr. Zhu Qing, who previously held the position, will no longer act as the Secretary of the Board [1]

Group 1 - The core point of the article is that Xinpai Medical (688016) announced that Yan Dongmei has completed the training for the position of Secretary of the Board at the Shanghai Stock Exchange and has obtained the relevant certification [1] - Yan Dongmei's qualifications as Secretary of the Board have been filed with the Shanghai Stock Exchange [1] - Yan Dongmei will officially assume the responsibilities of the Secretary of the Board from the date of obtaining the certification until the expiration of the current Board's term [1]

邮政编码：201318 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。 为加强上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"） 内部运营管理效率，确保董事会工作正常运行，经公司董事长提名，董事会提名 委员会资格审查，公司于 2025 年 9 月 30 日召开第三届董事会第九次会议，审议 通过了《关于聘任董事会秘书的议案》，同意聘任严冬梅女士为公司董事会秘书， 具体详见公司于 2025 年 10 月 1 日发布的《关于副总经理兼董事会秘书离任暨聘 任董事会秘书的公告》（公告编号：2025-038）。 严冬梅女士已参加上海证券交易所举办的科创板董事会秘书任职培训，并取 得科创板董事会秘书任职培训证明。严冬梅女士的董事会秘书任职资格已在上海 证券交易所备案。严冬梅女士自取得科创板董事会秘书任职培训证明之日起正式 履行公司董事会秘书职责，任期至公司第三届董事会任期届满之日止。公司董事 兼总经理朱清先生不再代行董事会秘书职责。 严冬梅女士联系方式如下： 联系地址：上海市浦东新区康新公路 3399 弄 1 号楼 2 层 证 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-046 上海微创心脉医疗科技（集团）股份有限公司 关于参加 2025 年上海辖区上市公司三季报集体业绩 说明会的公告 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 11 月 06 日 （星期四） 至 11 月 12 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 irm@endovastec.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 13 日（星期四） 15:00-16:30 参加 2025 年上海辖区上市公司三季报集体业绩说 明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年第三季度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 ...

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 年第一次临时股东大会 会议资料 | 2025 年第一次临时股东大会会议须知 | 2 | | --- | --- | | 2025 年第一次临时股东大会会议议程 | 4 | | 2025 年第一次临时股东大会会议议案 | 6 | | 议案一：关于取消监事会并修订《公司章程》及办理工商变更登记的议案 | 6 | | 议案二：关于修订及新增公司部分管理制度的议案 | 7 | | 议案三：关于购买董事及高级管理人员责任险的议案 8 | | 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会议资料 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会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的 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 ...

Group 1 - The core viewpoint of the news is that Xinmai Medical has experienced a decline in stock price and financial performance, with a notable drop in net profit despite a slight increase in revenue [1][2]. - As of November 4, Xinmai Medical's stock price decreased by 2.00% to 100.20 CNY per share, with a market capitalization of 12.351 billion CNY [1]. - The company has seen a year-to-date stock price decline of 7.42%, with a 3.73% drop over the last five trading days and a 10.67% decline over the last 60 days [1]. Group 2 - For the period from January to September 2025, Xinmai Medical reported a revenue of 1.015 billion CNY, representing a year-on-year growth of 4.66%, while the net profit attributable to shareholders decreased by 22.46% to 429 million CNY [2]. - The company has distributed a total of 1.079 billion CNY in dividends since its A-share listing, with 817 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 8.73% to 16,000, while the average number of circulating shares per person increased by 9.56% to 7,708 shares [2].

Core Viewpoint - The report highlights the increasing accounts receivable among A-share pharmaceutical companies, with a significant number exceeding 10 billion yuan, indicating potential liquidity issues and financial health concerns in the industry [1][3]. Accounts Receivable Overview - As of the end of Q3, 14 A-share pharmaceutical companies reported accounts receivable exceeding 10 billion yuan, with Shanghai Pharmaceuticals leading at 88.783 billion yuan, followed by Jiuzhoutong at 39.09 billion yuan [3][4]. - The blood products sector has seen a notable increase in accounts receivable, with companies like Tiantan Biological and Boya Biological reporting significant year-on-year growth [5][6]. Industry Characteristics - The pharmaceutical distribution sector is primarily responsible for high accounts receivable, as public hospitals, which dominate the market, often negotiate longer payment terms, leading to increased receivables for distributors [3][10]. - Companies may adopt lenient credit policies to attract more clients, which can temporarily boost sales but also result in higher accounts receivable [3][10]. Financial Ratios - Eight companies have accounts receivable constituting over 50% of their total assets, with Renmin Tongtai having the highest ratio at 62.1% [8][9]. - *ST Suwu and Zhongyao Holdings follow, with accounts receivable ratios of 56.28% and significant increases compared to the previous year [9][10]. Performance Implications - High accounts receivable can lead to reduced cash flow and increased opportunity costs, potentially impacting profitability due to higher bad debt provisions [10]. - However, in certain scenarios, elevated accounts receivable may not be detrimental if they align with healthy revenue and profit growth, and if customer quality and payment terms are managed effectively [10].

Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Insights - The company's domestic business is stabilizing while its overseas business is accelerating. The significant revenue growth in Q3 is attributed to a low base from last year's price adjustments for aortic stents, with domestic market share for aortic intervention products remaining strong. The overseas revenue growth exceeded 65% year-on-year, with expansion into seven new countries [4][7]. - Cost reduction and efficiency improvements are beginning to show results, with an increase in gross margin expected due to enhanced production efficiency and automation. The company continues to invest heavily in R&D, with total R&D expenditure amounting to 89.1 million yuan, representing 8.78% of revenue [4][5]. - The company is focused on technological innovation and expanding its product pipeline, with several new products receiving approval and progressing through clinical trials both domestically and internationally [5][7]. Financial Summary - For the first three quarters of 2025, the company achieved revenue of 1.015 billion yuan, a year-on-year increase of 4.66%, and a net profit of 429 million yuan, a year-on-year decrease of 22.46%. In Q3 alone, revenue reached 300 million yuan, up 64.68% year-on-year, while net profit was 114 million yuan, down 23.63% year-on-year [3][4]. - The projected financials for 2024 to 2027 indicate a steady growth trajectory, with revenue expected to rise from 1.206 billion yuan in 2024 to 2.399 billion yuan in 2027, and net profit increasing from 605 million yuan to 943 million yuan over the same period [6][10].

公司公告汇总 心脉医疗于2024年10月28日至2025年10月27日期间实施第二期股份回购，累计回购股份1,333,943股，占 总股本1.08%，回购价格区间为84.26元/股至120元/股，支付资金总额1.40亿元（不含交易费用）。回购 股份将用于员工持股计划或股权激励，并在三年内使用完毕。 公司将于2025年11月14日召开第一次临时股东大会，审议取消监事会、修订公司章程及购买董高监责任 险等事项。股权登记日为2025年11月10日。 股本股东变化 截至2025年9月30日，心脉医疗股东户数为1.6万户，较6月30日减少1529户，减幅8.73%。户均持股数量 由上期7036股增至7709股，户均持股市值为86.03万元。 业绩披露要点 心脉医疗2025年三季报显示，前三季度实现营收10.15亿元，同比增长4.66%；归母净利润4.29亿元，同 比下降22.46%；扣非净利润3.72亿元，同比下降25.8%。2025年第三季度单季度营收3.00亿元，同比增 长64.68%；单季度归母净利润1.14亿元，同比下降23.63%；单季度扣非净利润1.02亿元，同比下降 11.84%。毛利率为70.4%，负债 ...

Core Viewpoint - The recent financial report of Xinmai Medical (688016) shows a mixed performance with a slight increase in total revenue but a significant decline in net profit, indicating potential challenges in cost management and profitability [1] Financial Performance - Total revenue for Q3 2025 reached 1.015 billion yuan, a year-on-year increase of 4.66% compared to 9.74 billion yuan in Q3 2024 [1] - Net profit attributable to shareholders for Q3 2025 was 429 million yuan, down 22.46% from 553 million yuan in Q3 2024 [1] - Gross margin decreased to 70.4%, down 6.75% year-on-year, while net margin fell to 41.69%, a decline of 26.13% [1] - Total expenses (selling, administrative, and financial) amounted to 204 million yuan, representing 20.05% of total revenue, an increase of 54.65% year-on-year [1] - Earnings per share (EPS) for Q3 2025 was 3.54 yuan, down 21.16% from 4.49 yuan in Q3 2024 [1] Accounts Receivable and Cash Flow - Accounts receivable increased significantly by 131.44% to 478 million yuan, raising concerns as it represents 95.24% of profit [2] - Cash flow per share decreased to 2.95 yuan, a decline of 3.26% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) was 12.3% last year, indicating strong capital returns, with a historical median ROIC of 20.58% since its listing [3] - The company maintains a healthy cash asset position, suggesting good debt repayment capability [3] Fund Holdings - Several funds have recently increased their holdings in Xinmai Medical, with the largest being Guotai Rong'an Multi-Strategy Flexible Allocation Mixed Fund, holding 101,600 shares [4] Innovation and Product Development - The company has made significant progress in its innovation projects, with multiple new products successfully launched and undergoing clinical applications [5][6] - As of the report date, the company has 31 products on the market and 9 products in the special review process for innovative medical devices [6][7] International Expansion - Overseas sales revenue grew by over 95% year-on-year, now accounting for 17% of total sales, with new product registrations in multiple countries [7]