—— 2025 年中报业绩点评 | 市场数据 | 2025-08-29 | | --- | --- | | 股票代码 | 688016.SH | | A 股收盘价(元) | 108.58 | | 上证指数 | 3857.93 | | 总股本(万股) | 12326.21 | | 实际流通 A 股(万股) | 12326.21 | | 流通 A 股市值(亿元) | 133.84 | | 相对沪深 300 表现图 | 2025-08-29 | | 维持 | | --- | 程培 孟熙 ⚫ ⚫ ⚫ ⚫ ⚫ 公司点评报告 · 医药行业 中国银河证券|CGS 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1206.33 | 1459.32 | 1756.74 | 2105.39 | | 收入增长率% | 1.61 | 20.97 | 20.38 | 19.85 | | 归母净利润(百万元) | 502.10 | 603.85 | 729.13 | 879.82 | | 利润增速% | ...

—— 2025 年中报业绩点评 | 维持 | | --- | 程培 孟熙 | 市场数据 | 2025-08-29 | | --- | --- | | 股票代码 | 688016.SH | | A 股收盘价(元) | 108.58 | | 上证指数 | 3857.93 | | 总股本(万股) | 12326.21 | | 实际流通 A 股(万股) | 12326.21 | | 流通 A 股市值(亿元) | 133.84 | | 相对沪深 300 表现图 | 2025-08-29 | ⚫ ⚫ ⚫ ⚫ ⚫ · 医药行业 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1206.33 | 1459.32 | 1756.74 | 2105.39 | | 收入增长率% | 1.61 | 20.97 | 20.38 | 19.85 | | 归母净利润(百万元) | 502.10 | 603.85 | 729.13 | 879.82 | | 利润增速% | 1.96 | 20.27 | 20.75 | 20.6 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8] Core Views - The company is experiencing revenue decline due to domestic price reductions but is expanding its market presence both domestically and internationally. The overseas sales revenue for H1 2025 reached 1.23 billion yuan, a year-on-year increase of 95.22%, accounting for 17.25% of total revenue [5][8] - The company is focused on continuous innovation and product development, with several new products recently approved for the market. The gross profit margin for H1 2025 was 69.19%, a decrease of 7.38 percentage points year-on-year, but is expected to stabilize as new products are launched [6][8] - The company has adjusted its net profit forecasts for 2025-2027 to 6.22 billion yuan, 7.64 billion yuan, and 9.33 billion yuan respectively, reflecting confidence in its growth potential driven by innovative products and international market expansion [8] Financial Performance Summary - For H1 2025, the company reported operating revenue of 714 million yuan, a year-on-year decrease of 9.24%, and a net profit of 315 million yuan, down 22.03% year-on-year. The second quarter alone saw revenues of 382 million yuan and a net profit of 185 million yuan, representing a year-on-year decline of 15.61% [4][8] - The company’s revenue projections for the upcoming years are as follows: 1,206 million yuan in 2024, 1,519 million yuan in 2025, 1,908 million yuan in 2026, and 2,399 million yuan in 2027, with expected growth rates of 32.4% in 2023 and 25.9% in 2025 [6][11] - The company maintains a strong financial position with a total market value of 13.4 billion yuan and a low debt ratio of 11.9% [7][11]

截至2025年8月29日收盘，心脉医疗（688016）报收于108.58元，较上周的121.1元下跌10.34%。本周， 心脉医疗8月25日盘中最高价报121.99元。8月28日盘中最低价报107.2元。心脉医疗当前最新总市值 133.84亿元，在医疗器械板块市值排名25/126，在两市A股市值排名1415/5152。 本周关注点 股本股东变化 截至2025年6月30日，心脉医疗股东户数为1.75万户，较3月31日减少657户，减幅3.61%。户均持股数量 由6782股增至7036股，户均持股市值为62.21万元。 业绩披露要点 心脉医疗2025年中报显示，主营收入7.14亿元，同比下降9.24%；归母净利润3.15亿元，同比下降 22.03%；扣非净利润2.71亿元，同比下降29.96%。2025年第二季度单季度主营收入3.82亿元，同比下降 10.92%；单季度归母净利润1.85亿元，同比下降15.61%；单季度扣非净利润1.48亿元，同比下降 28.84%。负债率11.87%，毛利率69.19%，财务费用-875.26万元，投资收益765.99万元。基本每股收益 2.55元/股，同比下降22.02%。研 ...

Summary of Heart Medical's Conference Call Company Overview - **Company**: Heart Medical - **Industry**: Medical Devices, specifically focusing on interventional cardiology and oncology Key Financials - **Revenue**: In the first half of 2025, Heart Medical reported revenue of 714 million RMB, with domestic revenue around 600 million RMB and overseas revenue approximately 123 million RMB, marking a year-on-year growth of over 95% in overseas sales [2][3][10] - **Net Profit**: The net profit attributable to shareholders was 315 million RMB, with a basic earnings per share of 2.55 RMB [3] - **Dividend**: The company plans to distribute a cash dividend of 13 RMB for every 10 shares, totaling 157 million RMB (including tax) [3] Product Development and Market Strategy Aortic Intervention - **New Products**: The Coretex branched aortic stent system has been approved for domestic use, while the AG42 abdominal aortic stent system has completed pre-market clinical follow-up [4] - **Market Trends**: The company anticipates that the revenue share from aortic stent systems will drop below 50% next year due to centralized procurement, potentially leading to a 40-50% decline in aortic revenue [4][27] - **R&D Investment**: The company expects R&D investment to stabilize at around 10% of revenue, with a focus on developing differentiated products to mitigate procurement risks [4][22] Peripheral Intervention - **Product Pipeline**: The company is advancing several products, including a detachable fiber embolization spring coil currently under domestic registration review and a drug-coated balloon catheter that has completed pre-market clinical follow-up [6][14] - **Market Share**: The current market share for peripheral products is approximately 20%, with expectations for growth through centralized procurement [16] Oncology Intervention - **New Approvals**: The transjugular intrahepatic portosystemic shunt (TIPS) stent system has been approved for domestic use, with additional products under review [7] Global Expansion Strategy - **Market Penetration**: Heart Medical has entered over 2,700 hospitals across 31 provinces in China and is actively pursuing market access in Europe, Latin America, and Asia-Pacific [2][9] - **International Revenue Growth**: The overseas revenue growth is attributed to the consolidation of Longba's data and rapid growth in international business, with plans to enter approximately 10 new countries annually [24][30] Regulatory Environment and Competitive Landscape - **Policy Impact**: The company is optimistic about the government's stance against excessive price cuts, which may favor innovative products while maintaining quality [15][29] - **Market Dynamics**: The company is focusing on developing new differentiated products to enhance market competitiveness and reduce risks associated with centralized procurement [29][30] Future Outlook - **Profitability Goals**: Management is confident in achieving a profit target of 600 million RMB for 2025, with ongoing efforts to meet annual goals [22] - **R&D Focus**: Future R&D investments will prioritize market promotion and international expansion, with a stable investment ratio expected [23][24] - **U.S. Market Entry**: Heart Medical plans to conduct its first implant surgery in the U.S. within the next two to three months, marking its official entry into the U.S. market [32] Conclusion Heart Medical is strategically positioned for growth in both domestic and international markets, with a strong focus on product innovation and regulatory compliance. The company's proactive approach to market expansion and adaptation to policy changes will be critical in navigating the competitive landscape of the medical device industry.

Core Viewpoint - The stock of Xinmai Medical (688016) has experienced a decline of 5.22% as of August 27, 2025, closing at 112.1 yuan, with significant net outflows from major funds and a mixed performance from retail investors [1][2]. Financial Performance - Xinmai Medical reported a main revenue of 714 million yuan for the first half of 2025, a year-on-year decrease of 9.24% - The net profit attributable to shareholders was 315 million yuan, down 22.03% year-on-year - The net profit after deducting non-recurring items was 271 million yuan, a decline of 29.96% year-on-year - In Q2 2025, the company recorded a single-quarter main revenue of 382 million yuan, down 10.92% year-on-year, and a net profit of 185 million yuan, down 15.61% year-on-year [5][6]. Market Activity - On August 27, 2025, the stock had a trading volume of 59,800 lots and a transaction amount of 688 million yuan - Major funds had a net outflow of 63.02 million yuan, accounting for 9.16% of the total transaction amount, while retail investors had a net inflow of 56.06 million yuan, representing 8.15% of the total transaction amount [1][2]. Financing and Margin Trading - On August 27, 2025, the financing balance was 577 million yuan, with a net purchase of 28.30 million yuan - The margin trading balance stood at 579 million yuan, with a short selling volume of 0 shares and a remaining short selling amount of 17,200 shares [3][6]. Industry Comparison - Xinmai Medical's total market value is 13.818 billion yuan, compared to the industry average of 12.081 billion yuan, ranking 25th in the industry - The company has a net asset of 4.058 billion yuan, a net profit of 315 million yuan, and a price-to-earnings ratio of 21.96, significantly lower than the industry average of 73.16, ranking 12th in the industry [4][5].

1H25 业绩符合我们预期 公司公布1H25 业绩：收入7.14 亿元，同比-9.2%，环比+70.4%；归母净利润3.15 亿元，同比-22.0%，环 比+219.2%。1H25 业绩符合我们的预期。 发展趋势 主动脉支架业务环比明显企稳。根据公告，1H25 主动脉业务收入5.14 亿元，我们判断环比有大幅提 升，在2H24 降价影响基本出清、集采悲观预期有所好转的情况下，我们判断公司国内主动脉业务呈现 明显企稳趋势，未来或将继续环比修复。外周及其他收入2.00 亿元，同比维持增长态势，我们预计 2H25 及以后或将持续受益于外周支架集采落地、外周药物球囊集采等，持续提升份额。此外，根据公 告，公司本次拟向全体股东每10 股派发现金红利13.00 元，拟派发现金红利总额1.57 亿元（含税）。 海外加速放量。1H25 海外销售收入1.23 亿元，同比+95.22%，收入占比提升至17.25%，截至1H25，公 司目前已销售覆盖45 个国家， 业务拓展至欧洲、拉美、亚太及非洲等其他国家和地区；其中，Castor 分支型胸主动脉覆膜支架在欧亚及拉美等27 个国家实现植入；Minos 腹主动脉覆膜支架在欧亚及拉美 ...

Group 1 - Aofei Data achieved a net profit of 87.89 million yuan in the first half of 2025, a year-on-year increase of 16.09% [1] - Aofei Data's revenue for the same period was 1.148 billion yuan, up 8.20% year-on-year [1] - The company specializes in IDC services, internet business, system integration, and distributed photovoltaic energy-saving services [1] Group 2 - Meilan De reported a net profit of 63.92 million yuan, a year-on-year decrease of 11.96% [1] - The company's revenue was 241 million yuan, reflecting a growth of 5.62% year-on-year [1] - Meilan De focuses on the research, production, sales, and service of medical devices related to pelvic and obstetric rehabilitation [1] Group 3 - Jiuan Medical posted a net profit of 920 million yuan, a significant year-on-year increase of 52.91% [1] - The company's revenue decreased by 43.35% to 765 million yuan [1] - Jiuan Medical specializes in the research, production, and sales of home medical devices [2] Group 4 - Hanbang Technology's net profit fell by 26.24% to 27.80 million yuan [2] - The company achieved a revenue of 349 million yuan, a growth of 5.99% year-on-year [2] - Hanbang Technology provides professional separation and purification equipment, consumables, and technical solutions for the pharmaceutical and life sciences sectors [2] Group 5 - Jinjing Environment reported a net profit of 78.69 million yuan, a year-on-year increase of 13.73% [2] - The company's revenue was 782 million yuan, reflecting a growth of 1.70% [2] - Jinjing Environment focuses on investment operation management services and equipment manufacturing in the environmental sanitation sector [2] Group 6 - Tianbao Infrastructure achieved a net profit of 118 million yuan, a remarkable year-on-year increase of 2106.58% [3] - The company's revenue decreased by 8.31% to 486 million yuan [3] - Tianbao Infrastructure is involved in real estate development, property leasing, and management [4] Group 7 - Weihuaxin Materials reported a net profit of 83.15 million yuan, a year-on-year decrease of 52.91% [5] - The company's revenue was 437 million yuan, down 30.71% year-on-year [5] - Weihuaxin Materials specializes in the research and production of chlorotoluene and trifluoromethylbenzene products [5] Group 8 - Tianchen Medical posted a net profit of 48.21 million yuan, a year-on-year increase of 67.10% [6] - The company's revenue was 156 million yuan, reflecting a growth of 17.66% [6] - Tianchen Medical focuses on the research, innovation, and production of high-end surgical staplers [6] Group 9 - Greenland Holdings reported a net loss of 3.506 billion yuan in the first half of 2025 [8] - The company's revenue was 9.45 billion yuan, down 18.06% year-on-year [8] - Greenland Holdings is involved in various financial services including securities, futures, and trust [8] Group 10 - Wukuang Capital's net profit decreased by 41.47% to 525 million yuan [9] - The company achieved a total revenue of 623 million yuan, a significant increase of 144.86% [9] - Wukuang Capital operates in the financial sector, providing services such as securities and leasing [9] Group 11 - Yutong Technology reported a net profit of 554 million yuan, a year-on-year increase of 11.42% [10] - The company's revenue was 7.876 billion yuan, reflecting a growth of 7.10% [10] - Yutong Technology specializes in the research, design, production, and sales of paper packaging products [10] Group 12 - Wewei Co. posted a net profit of 120 million yuan, a year-on-year decrease of 20.14% [11] - The company's revenue was 1.521 billion yuan, down 12.76% year-on-year [11] - Wewei Co. focuses on the production and sales of various food and beverage products [11] Group 13 - Tongfang Co. reported a net loss of 256 million yuan in the first half of 2025 [12] - The company's revenue was 5.667 billion yuan, down 10.09% year-on-year [12] - Tongfang Co. is engaged in the development of smart technology and nuclear technology applications [12] Group 14 - Liugang Co. achieved a net profit of 368 million yuan, a year-on-year increase of 579.54% [13] - The company's revenue was 34.675 billion yuan, down 8.32% [13] - Liugang Co. specializes in coke, sintering, iron, steel smelting, and steel processing [13] Group 15 - China National Petroleum Corporation reported a net profit of 83.993 billion yuan, with a proposed dividend of 0.22 yuan per share [14] - The company's revenue was 1.45 trillion yuan, down 6.7% year-on-year [14] - The company is involved in oil and gas exploration, production, refining, and sales [14] Group 16 - Fangda Carbon's net profit decreased by 68.31% to 54.53 million yuan [15] - The company's revenue was 1.690 billion yuan, down 28.13% year-on-year [15] - Fangda Carbon specializes in the research, production, and sales of graphite and carbon materials [15] Group 17 - Xinmai Medical reported a net profit of 31.5 million yuan, a year-on-year decrease of 22.03% [18] - The company's revenue was 714 million yuan, down 9.24% year-on-year [18] - Xinmai Medical focuses on the research, production, and sales of vascular intervention medical devices [18] Group 18 - Hengbao Co. posted a net profit of 35.35 million yuan, a year-on-year decrease of 44.41% [19] - The company's revenue was 430 million yuan, down 8.64% year-on-year [19] - Hengbao Co. specializes in high-end intelligent products and digital security solutions [19] Group 19 - Zhongji Xuchuang reported a net profit of 3.995 billion yuan, a year-on-year increase of 69.40% [20] - The company's revenue was 14.789 billion yuan, reflecting a growth of 36.95% [20] - Zhongji Xuchuang specializes in high-end optical communication modules and devices [20] Group 20 - Guangxian Media achieved a net profit of 2.229 billion yuan, a year-on-year increase of 371.55% [21] - The company's revenue was 3.242 billion yuan, up 143.00% year-on-year [21] - Guangxian Media focuses on investment, production, and distribution of film projects [21] Group 21 - Huarun Pharmaceutical reported a net profit of 37.33 million yuan, a year-on-year decrease of 49.01% [23] - The company's revenue was 624 million yuan, down 19.13% year-on-year [23] - Huarun Pharmaceutical specializes in pharmaceuticals, medical devices, and health products [23] Group 22 - Huawai Technology posted a net profit of 12.7 million yuan, a year-on-year increase of 56.18% [24] - The company's revenue was 937 million yuan, reflecting a growth of 32.62% [24] - Huawai Technology focuses on the research, production, and sales of high-end elastic components [24]

信息披露及备置地点变更情况简介 公司选定的信息披露报纸名称 中国证券报、上海证券报、证券时报、证券日报 登载半年度报告的网站地址 http://www.sse.com.cn 公司半年度报告备置地点 公司董事会办公室 报告期内变更情况查询索引 不适用 公司股票/存托凭证简况 (一) 公司股票简况 √适用 □不适用 公司股票简况 股票上市交易所 股票种类 股票简称 股票代码 变更前股票简称 及板块 人民币普通股（A 上海证券交易所 心脉医疗 688016 不适用 股） （科创板） (二) 公司存托凭证简况 □适用 √不适用 其他有关资料 □适用 √不适用 二、 公司主要会计数据和财务指标 (一) 主要会计数据 单位：元 币种：人民币 本报告期 本报告期比上年 主要会计数据 上年同期 （1－6月） 同期增减(%) 营业收入 714,429,779.98 787,174,656.18 -9.24 利润总额 366,935,691.12 471,155,238.14 -22.12 归属于上市公司股东的净利润 314,647,223.94 403,523,612.05 -22.03 归属于上市公司股东的扣除非经常性 27 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2025-031 本公司监事会及全体监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。 一、监事会召开情况 上海微创心脉医疗科技（集团）股份有限公司（以下简称"公司"）第三届监 事会第七次会议（以下简称"本次会议"或"会议"）于2025年8月26日在公司会议 室以现场表决与通讯结合的方式在公司会议室召开。本次会议通知及相关资料已 于2025年8月15日以通讯方式送达全体监事。本次会议由公司监事会主席梁敏女 士召集并主持，会议应出席监事3名，实际出席监事3名。本次会议的召集、召开 方式符合相关法律、行政法规、部门规章、规范性文件和《上海微创心脉医疗科 技（集团）股份有限公司章程》（以下简称"《公司章程》"）的规定，会议决 议合法、有效。 二、监事会会议审议情况 经与会监事审议表决，形成的会议决议如下： （一）审议通过《公司2025年半年度报告及其摘要》 监事会对公司2025年半年度报告及其摘要进行审核并发表书面意见，监事会 认为： （1）公司严格按照各项法律、法规、规章等的要求规范运作，公司2 ...