中银中证1000指数增强A（019555）基金经理为姚进。 9月4日，微电生理跌5.1%，截至发稿，报22.35元/股，成交9509.26万元，换手率3.31%，总市值105.18 亿元。 资料显示，上海微创电生理医疗科技股份有限公司位于上海市浦东新区周浦镇天雄路588弄1-28号第28 幢，成立日期2010年8月31日，上市日期2022年8月31日，公司主营业务涉及电生理介入诊疗与消融治疗 领域创新医疗器械研发、生产和销售。主营业务收入构成为：导管类产品72.52%，其他产品19.55%， 设备类产品6.40%，其他(补充)1.52%。 从基金十大重仓股角度 数据显示，中银基金旗下1只基金重仓微电生理。中银中证1000指数增强A（019555）二季度持有股数 4.15万股，占基金净值比例为0.75%，位居第五大重仓股。根据测算，今日浮亏损失约4.99万元。 中银中证1000指数增强A（019555）成立日期2023年12月12日，最新规模8034.01万。今年以来收益 26.6%，同类排名1444/4222；近一年收益62.72%，同类排名1154/3789；成立以来收益50.4%。 截至发稿，姚进累计任职 ...

观点：25Q2 收入端稳健增长，产品结构变化及新产品成本下降驱动毛利率提升， 收入规模扩大带动期间费用率改善。国际市场延续高增，海外重点产品准入持续 推进。在研管线推进顺利，产品矩阵持续丰富，为公司长期稳健发展奠定根基。 25Q2 收入端稳健增长，毛利率提升及期间费用率改善驱动盈利能力持续增强。 证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 微电生理（688351.SH） 25Q2 经营稳健，海外市场延续高增，产品矩阵持续丰富 微电生理发布 2025 年半年度报告。2025H1 公司实现营业收入 2.24 亿元，同比 增长 12.80%；归母净利润 3267 万元，同比增长 92.02%；扣非后归母净利润 2081 万元，同比增长 2157.44%。分季度看，2025Q2 实现营业收入 1.20 亿元，同比增 长 9.56%；归母净利润 1480 万元，同比增长 15.22%；扣非后归母净利润 825 万 元，同比增长 262.86%。 2025H1 公司收入端稳健增长，分产品线来看：1）导管类产品收入 1.61 亿元，毛 利率 62.58%；2）设备类产品收入 1 ...

微电生理（ [Table_StockNameRptType] 688351） 公司点评 利润端持续改善，海外市场加速拓展 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-09-03 | | | [Table_BaseData] 收盘价（元） | | 23.88 | | 近 12 个月最高/最低（元） | | 27.80/ | | | | 16.14 | | 总股本（百万股） | | 471 | | 流通股本（百万股） | | 125 | | 流通股比例（%） | | 26.53 | | 总市值（亿元） | | 112 | | 流通市值（亿元） | | 30 | [公司价格与沪深 Table_Chart] 300 走势比较 -27% -8% 11% 29% 48% 9/24 12/24 3/25 6/25 微电生理 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@ ...

9月1日，微电生理涨3.78%，成交额1.60亿元。两融数据显示，当日微电生理获融资买入额1396.01万 元，融资偿还1171.18万元，融资净买入224.83万元。截至9月1日，微电生理融资融券余额合计2.13亿 元。 融资方面，微电生理当日融资买入1396.01万元。当前融资余额2.12亿元，占流通市值的6.88%，融资余 额超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，微电生理十大流通股东中，汇添富医疗服务灵活配置混合A （001417）位居第一大流通股东，持股724.45万股，相比上期减少119.04万股。华宝中证医疗ETF （512170）位居第三大流通股东，持股461.24万股，相比上期增加15.92万股。汇添富创新医药混合A （006113）位居第四大流通股东，持股441.98万股，为新进股东。汇添富达欣混合A（001801）位居第 五大流通股东，持股315.15万股，相比上期减少245.23万股。南方医药保健灵活配置混合A（000452） 位居第八大流通股东，持股203.32万股，相比上期减少8.44万股。汇添富医药保健混合（470006）位居 第九大流通股东 ...

公司发布2025 年半年度报告：2025 年上半年实现营业收入2.24 亿元，同比增长12.80%；归母净利润 3266.81 万元，同比增长92.02%；扣非净利润2080.63万元，同比增长2157.44%。 费用率结构优化，净利率显著提升。2025 年上半年，公司的综合毛利率、销售费用率、管理费用率、 研发费用率、财务费用率分别为60.10%、28.13%、9.28%、13.71%、-1.76%，同比分别变动+1.00pts、 +0.48pts、-0.74pts、-5.71pts、-0.78pts。综合影响下，公司整体净利率同比提升6.02pts 至14.60%。 盈利预测与投资建议：国内行业外部因素对收入增速造成短期扰动，我们下调公司2025-2027 年营业收 入分别为4.72/6.17/8.09 亿元，同比增速分别为14%/31%/31%； 归母净利润分别为0.79/1.03/1.33 亿元， 分别增长51%/31%/29%，维持"强烈推荐"评级。 风险提示：降价幅度超预期的风险、医疗反腐等行业政策风险影响医院招标的风险、市场竞争激烈程度 加剧的风险、技术颠覆性风险、新品研发、注册及认证不及预期的 ...

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Core Insights - The company achieved a revenue of 224 million yuan in H1 2025, representing a year-over-year increase of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, up 92.02% year-over-year [1] - In Q2 alone, the company reported a revenue of 120 million yuan, with a year-over-year growth of 9.56%, and a net profit of 14.80 million yuan, reflecting a year-over-year increase of 15.22% [1] Revenue Growth - The company demonstrated steady revenue growth, with significant performance in overseas markets. The core products have seen increasing clinical recognition, particularly in the atrial fibrillation treatment sector [2] - By the end of H1 2025, the company had established a presence in over 1,000 hospitals for three-dimensional electrophysiology surgeries, completing over 80,000 procedures, ranking first among domestic manufacturers [2] - International market revenue grew by over 40% year-over-year in H1 2025, accounting for 31% of total revenue, driven by a focus on core product registrations and deepening distributor channels [2] Profitability and Cost Control - The company achieved a gross margin of 60.10% in H1 2025, an improvement from the previous year, with expectations for sustained high margins as new products are launched [3] - The operating expense ratio remained favorable, with sales expenses at 28.13% (up 0.48 percentage points year-over-year), management expenses at 9.28% (down 0.73 percentage points), and R&D expenses at 13.71% (down 5.71 percentage points), indicating improved operational quality [3] Product Development and Future Growth - The company is among the few globally with a full product line in electrophysiology devices and consumables, continuously increasing R&D investment to ensure long-term growth [3] - A joint venture has successfully launched a pulse ablation product approved by NMPA, enhancing the safety and effectiveness of atrial fibrillation treatments [3] - Ongoing projects include the registration application for pressure pulse catheters and intracardiac ultrasound catheters, with clinical enrollment for RDN products progressing smoothly [3] Future Outlook - The company is positioned as a leading domestic player in the electrophysiology sector, with significant product and technological advantages, expected to benefit from the rapidly expanding market [4] - Revenue forecasts for 2025-2027 have been adjusted to 497 million, 654 million, and 866 million yuan, respectively, with net profit forecasts of 73 million, 121 million, and 183 million yuan [4] - The company is anticipated to maintain a rapid growth trajectory, supported by swift overseas development and gradual domestic product rollout [4]

Group 1 - The company reported a revenue of 224 million yuan for the first half of 2025, representing a year-on-year growth of 12.80% [1] - The net profit attributable to shareholders reached 32.67 million yuan, with a significant year-on-year increase of 92.02% [1] - The net profit after deducting non-recurring gains and losses was 20.81 million yuan, showing a remarkable growth of 2157.4% year-on-year [1] Group 2 - The company achieved comprehensive commercialization breakthroughs in its three energy platforms: "Radiofrequency + Cryo + Pulsed Field Ablation (PFA)" [1] - The approval of the PFA product from the affiliated company, Shangyang Medical, completed the company's commercial landscape [1] - The company’s self-developed PulseMagic pressure pulse catheter is in the product registration approval stage, expected to be approved within 2025 [1] Group 3 - The company has established a strong position as a domestic leader in the electrophysiology field, with over 1,000 hospitals covered and more than 80,000 surgeries completed [2] - The company’s Magbot magnetic navigation catheter and PathBuilder adjustable guiding sheath were selected for the 2025 high-quality development project of the Pudong New Area biomedicine industry [2] - International market revenue grew over 40% year-on-year, with successful entries into markets in Mexico, the UK, and Rwanda [2]

报告期内，公司的盈利能力实现了显著突破。报告期内，归属于上市公司股东的净利润为3266.81万 元，同比增长92.02%；扣除非经常性损益后，归属于上市公司股东的净利润达2080.63万元，同比增长 了2157.44%；现金流方面，公司经营活动产生的现金流量净额为6436.64万元，同比增长69.74%。同时 海外收入同比增长超40%，产品进入墨西哥、英国、卢旺达等市场。 微电生理是全球市场中少数同时完成心脏电生理设备与耗材完整布局的厂商之一，也是国内首个能够提 供三维心脏电生理设备与耗材完整解决方案的国产厂商。公司持续深化市场布局，致力于提供"以精准 介入导航为核心的诊断及消融治疗一体化解决方案"，不断巩固其在该领域的领先地位。 公司方面表示，未来将继续坚持技术创新与突破，加速产品商业化进程，进一步提升市场份额，持续为 患者提供更优质的医疗产品和服务。 本报讯 （记者金婉霞）8月27日，上海微创电生理医疗科技股份有限公司（以下简称"微电生理"）披露 2025年半年报。上半年，微电生理营业收入2.24亿元，较去年同期的1.98亿元增长了12.80%。这一增长 主要得益于公司销售规模的扩大和产品市场的持续渗透。 ...

证券研究报告 微电生理 (688351 CH) 业绩符合预期，海外加速拓展 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 医疗器械 | 目标价(人民币): | 31.18 | 公司 1H25 实现收入 2.24 亿元（yoy+12.8%）、归母净利 3267 万元 （yoy+92.0%），扣非归母净利 2081 万元（yoy+2157.4%），符合业绩预 告预期。公司 1H25 毛利率为 60.1%（yoy+1.0pct），高端产品持续放量带 动整体毛利率稳中有升。公司 1H25 经营性现金流量净额 6437 万元 （yoy+69.7%），现金流水平积极提升。考虑公司产品矩阵持续完善且海内 外销售积极发力，看好公司 25 年业绩整体实现较快增长。维持"买入"。 高端导管产品快速放量，积极驱动整体收入增长 1）导管类产品：收入 1.61 亿元；公司高端导管产品呈现快速放量态势，其 压力消融导管截至 1H25 已在国内完成手术超 3000 例（vs 我们 ...