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].

Core Viewpoint - The company reported a mixed performance in Q3 2025, with revenue growth but a decline in net profit, primarily due to product price changes and fluctuations in investment income [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.015 billion, a year-on-year increase of 4.66%, while net profit attributable to shareholders was 429 million, a decrease of 22.46% [1] - In Q3 2025, the company recorded revenue of 300 million, a significant year-on-year increase of 64.68%, but net profit decreased by 23.63% to 114 million [1] - The gross profit margin for the first three quarters of 2025 fell by 5.10 percentage points to 70.40%, mainly due to product price reductions [4] International Business Growth - The company has been actively expanding its international business, achieving over 95% growth in overseas sales revenue in the first half of 2025, with international sales accounting for 17% of total revenue [1] - As of mid-2025, the company obtained 8 new product registration certificates overseas, bringing the total to over 100, covering 45 countries and regions [2] R&D Progress - The company has made significant advancements in R&D, with several products in various stages of approval and clinical trials, including the Cratos branched aortic stent and Hector multi-branch aortic stent system [3] - The company is also progressing in the peripheral artery intervention and oncology intervention fields, with multiple products undergoing clinical applications and regulatory reviews [3] Expense and Profitability Analysis - The company experienced an increase in expense ratios, with sales expense ratio rising by 5.40 percentage points to 14.92% due to increased overseas promotion efforts [4] - In Q3 2025, the overall net profit margin saw a significant decline of 44.05%, influenced by changes in investment income [4] Future Outlook - The company forecasts revenue growth for 2025-2027, with expected revenues of 1.489 billion, 1.852 billion, and 2.350 billion, representing year-on-year growth rates of 23.43%, 24.38%, and 26.89% respectively [5] - The projected net profit for the same period is expected to be 603 million, 755 million, and 964 million, with corresponding growth rates of 20.14%, 25.08%, and 27.80% [5]

Summary of Key Points Core Viewpoint - The company, Xinmai Medical, is undergoing significant governance changes, including the cancellation of its supervisory board and the introduction of new management policies, which may impact its operational structure and risk management strategies [1][3]. Trading Information - On November 5, 2025, Xinmai Medical's stock closed at 98.15 yuan, down 1.2%, with a turnover rate of 1.3% and a trading volume of 16,000 hands, resulting in a transaction value of 1.58 billion yuan [1]. - The net outflow of main funds on the same day was 11.473 million yuan, accounting for 7.27% of the total transaction value [1][3]. - Retail investors showed a net inflow of 18.9695 million yuan, representing 12.03% of the total transaction value [1]. Company Announcements - Xinmai Medical will hold its first extraordinary general meeting of shareholders on November 14, 2025, to discuss three key proposals: 1. The cancellation of the supervisory board, with its functions transferred to the audit committee of the board of directors, along with amendments to the company's articles of association and necessary business registration changes. 2. Amendments to eight management regulations, including the rules for shareholder meetings and board meetings, in accordance with the new Company Law and relevant regulatory requirements. 3. The proposal to purchase liability insurance for directors and senior management with an annual coverage of 50 million yuan and a premium not exceeding 300,000 yuan, with a 12-month insurance period [1].

Group 1: Company Highlights - Aihuilong has completed the prototype of its second-generation sequencing project, achieving full self-research and production of core reagents, auxiliary reagents, and auxiliary enzyme reagents, with various patented technologies [1] - Aibo Medical has developed the Puno Tong AI digital fitting system independently [1] - Xinmai Medical reported a revenue of 300 million yuan and a net profit of 114 million yuan for Q3 2025, with a 60% year-on-year increase in net profit after excluding government subsidies [2] - Zhonglian Heavy Industry possesses a national A-level and international T3+ level supercomputing center, with a GPU computing power of 59P, supporting 1,000 cabinets and 10,000 servers [3] Group 2: Financial Performance - Xinmai Medical's domestic sales growth rate remains above 20% for the first three quarters, with overseas revenue increasing by over 65%, accounting for 18% of total revenue [2] - Xinmai Medical expects its annual gross margin to recover to over 70% due to improved production efficiency and cost optimization [2] - Guangfa Fund has an asset management scale of 1,540.246 billion yuan, ranking 3rd among 211 [3] Group 3: Market Activities - Guangfa Fund participated in various company performance briefings and site visits, indicating active engagement in the market [1][2][3] - The latest public fund product launched by Guangfa Fund is the Guangfa CSI 300 Index Quantitative Enhancement A, with a subscription period from November 3 to November 21, 2025 [3]

Core Viewpoint - The company Xinmai Medical (688016) is set to hold its first extraordinary general meeting of shareholders on November 14, 2025, to discuss significant proposals, including the cancellation of the supervisory board and the transfer of its powers to the audit committee of the board of directors [1] Group 1: Stock Performance - As of the close on November 4, 2025, Xinmai Medical's stock price was 99.34 yuan, down 2.85% from the previous trading day [1] - The stock opened at 101.98 yuan, reached a high of 102.2 yuan, and a low of 99.03 yuan, with a trading volume of 1.66 billion yuan and a turnover rate of 1.34% [1] Group 2: Shareholder Meeting Proposals - The extraordinary general meeting will review multiple important proposals, with the most notable being the proposed cancellation of the supervisory board, transferring its powers to the audit committee of the board [1] - The company plans to amend eight internal regulations, including the rules for shareholder meetings and board meetings, in accordance with the new Company Law and relevant regulatory requirements [1] - To enhance risk management, the company intends to purchase liability insurance for directors and senior management with a coverage amount of 50 million yuan per year, and an annual premium not exceeding 300,000 yuan [1]

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]