2025年4月30日，微电生理(688351.SH)发布2025年第一季报。截至2025年4月30日，共有19个机构投资 者披露持有微电生理A股股份，合计持股量达3.88亿股，占微电生理总股本的82.51%。其中，前十大机 构投资者包括宁波梅山保税港区铧杰股权投资管理有限公司-嘉兴华杰一号股权投资合伙企业(有限合 伙)、微创投资控股有限公司、上海生晖企业管理咨询中心(有限合伙)、天津爱德博瑞企业管理合伙企业 (有限合伙)、上海毓衡投资管理中心(有限合伙)、招商银行股份有限公司-汇添富医疗服务灵活配置混合 型证券投资基金、中国民生银行股份有限公司-汇添富达欣灵活配置混合型证券投资基金、中国银行股 份有限公司-华宝中证医疗交易型开放式指数证券投资基金、上海张江火炬创业投资有限公司、平安资 管-工商银行-鑫福34号资产管理产品，前十大机构投资者合计持股比例达80.50%。相较于上一季度，前 十大机构持股比例合计下跌了0.72个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括南方医药保健灵活配置混合A、华泰 柏瑞医疗健康A、农银专精特新混合A、汇添富达欣混合A，持股增加占比小幅上涨。本期较上一季度 ...

Group 1 - The A-share market shows a mixed performance with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index experiencing strong fluctuations [1] - The Sci-Tech Biomedicine Index ETF (588700) rose by 1.26% with a turnover rate of 4.66% and a trading volume exceeding 11 million yuan, indicating active trading [1] - The ETF closely tracks the Sci-Tech Biomedicine Index, which includes 50 large-cap companies in biomedicine, biomedical engineering, biopharmaceuticals, and other related sectors [1] Group 2 - The pharmaceutical sector has undergone a prolonged adjustment, with overall valuations at low levels and public fund holdings being underweight, suggesting potential for recovery [1] - The medical sector is highlighted as a key investment direction due to its strong safety profile amid international uncertainties and the continuous realization of catalysts for innovative drugs [2] - There are structural opportunities in the pharmaceutical sector, particularly with the integration of artificial intelligence in diagnostics and medical services, which may lead to sustained valuation improvements [1]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

上海微创电生理医疗科技股份有限公司 舆情管理制度 上海微创电生理医疗科技股份有限公司 舆情管理制度 第一章 总则 第一条 为提高上海微创电生理医疗科技股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理 各类舆情对公司股价、公司商业信誉及正常生产经营活动造成的影响，切实保 护投资者合法权益，根据《中华人民共和国公司法》《上海证券交易所科创板 股票上市规则》等相关法律法规及《上海微创电生理医疗科技股份有限公司章 程》（以下简称《公司章程》），结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面、不实报道； 第三条 本制度舆情类型包括： （一）重大舆情：传播范围较广，严重影响公司公众形象或正常经营活 动，使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易价 格变动的负面舆情； （二）一般舆情：除重大舆情外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应 对。 第五条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作 1 上海微创电生 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 104,099,813.81, representing a 16.77% increase compared to CNY 89,152,510.16 in the same period last year[4] - Net profit attributable to shareholders reached CNY 17,870,494.14, a significant increase of 328.63% from CNY 4,169,185.75 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0380, reflecting a 326.97% increase from CNY 0.0089 in the same quarter last year[4] - Operating profit for Q1 2025 was CNY 17,932,298.02, significantly up from CNY 6,181,921.57 in Q1 2024, marking a 189.5% increase[18] - Total comprehensive income for Q1 2025 was CNY 17,869,070.17, compared to CNY 4,169,185.75 in Q1 2024, an increase of 328.5%[19] Cash Flow - The net cash flow from operating activities surged to CNY 34,790,900.13, marking a 455.68% increase compared to CNY 6,260,970.00 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was CNY 123,477,571.15, compared to CNY 96,586,955.28 in Q1 2024, reflecting a 28.0% increase[19] - The net cash flow from investment activities was $34,944,133.15, a decrease from $129,739,268.51, indicating a decline in investment returns[20] - Cash inflow from financing activities was $379,881.15, with cash outflow totaling $899,061.79, leading to a net cash flow of -$519,180.64, down from -$2,414,583.20[20] - The net increase in cash and cash equivalents was $69,647,538.18, compared to $133,483,193.37 in the previous period, showing a decrease of approximately 47.9%[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,917,878,666.43, a 1.28% increase from CNY 1,893,682,970.18 at the end of the previous year[5] - The total current liabilities rose to RMB 117,874,688.02, compared to RMB 108,269,002.11 in the previous period, indicating an increase of about 8%[16] - The total liabilities of the company were reported at RMB 155,577,442.98, slightly up from RMB 151,946,998.96, marking a growth of around 2%[16] - The company's equity increased to RMB 1,762,301,223.45, compared to RMB 1,741,735,971.22, reflecting a growth of approximately 1.2%[16] Research and Development - Research and development expenses totaled CNY 20,692,617.34, a decrease of 10.80% from CNY 23,197,241.84, with R&D expenses accounting for 19.88% of operating revenue[5] - Research and development expenses decreased to CNY 13,417,634.91 in Q1 2025 from CNY 19,762,555.02 in Q1 2024, a reduction of 32.1%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 7,764, with the top ten shareholders holding a combined 73.23% of the shares[11] - The company has not reported any significant changes in shareholder relationships or actions among the top shareholders during the reporting period[13] Other Financial Metrics - The company reported non-recurring gains of CNY 5,310,185.97, primarily due to government subsidies and asset disposals[7] - The weighted average return on equity increased to 1.02%, up by 0.77 percentage points from 0.25%[4] - The company reported a foreign exchange loss of CNY 1,423.97 in Q1 2025[18] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[21]

微电生理：一季度净利润同比增长328.63% 智通财经4月29日电，微电生理(688351.SH)公告称，2025年第一季度营业收入1.04亿元，同比增长 16.77%；归属于上市公司股东的净利润1787.05万元，同比增长328.63%。主要系报告期内公司销售规模 增长，以及实施降本增效措施带来的利润增长。 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

Core Insights - As of April 21, 2024, 2,246 companies have released their annual reports, with 1,197 reporting a year-on-year increase in net profit, while 1,049 reported a decline [1] - A total of 1,341 companies saw an increase in operating revenue, whereas 904 experienced a decrease [1] - Companies that reported simultaneous growth in both net profit and operating revenue include 940 firms, while 648 companies saw declines in both metrics [1] - Notably, 234 companies achieved a net profit growth rate exceeding 100%, with Zhengdan Co., Ltd. leading at an impressive 11,949.39% increase [1] Company Performance Summary - Zhengdan Co., Ltd. (300641) reported earnings per share of 2.35 yuan, with a net profit of 1,189.89 million yuan, reflecting a year-on-year increase of 11,949.39%, and operating revenue of 348.02 million yuan, up 126.31% [1] - Guangxi Energy (600310) reported earnings per share of 0.043 yuan, with a net profit of 62.99 million yuan, a significant increase of 3,704.04%, but a decline in operating revenue by 76.48% to 393.16 million yuan [1] - Siwei (688213) achieved earnings per share of 0.98 yuan, with a net profit of 39.27 million yuan, marking a 2,662.76% increase, and operating revenue of 596.81 million yuan, up 108.87% [1] - Other notable performers include Andis (600299) with a net profit of 120.43 million yuan (up 2,208.66%) and operating revenue of 1,553.43 million yuan (up 17.83%) [1] - Companies like Huabei Pharmaceutical (600812) and Jiangsu Suo (600746) also reported significant changes in their financial metrics, with varying trends in net profit and operating revenue [1][2]

华泰联合证券有限责任公司 关于上海微创电生理医疗科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：上海微创电生理医疗科技 | | --- | --- | | | 股份有限公司 | | 保荐代表人姓名：肖斯峻 | 联系电话：021-38966545 | | 保荐代表人姓名：任雅静 | 联系电话：021-38966545 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则（2024 年 4 月修订）》等有关法律、法规的规定，华泰联合 证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为上海微创电 生理医疗科技股份有限公司（以下简称"微电生理"、"公司"或"发行人"） 首次公开发行股票的保荐人，对微电生理进行持续督导，并出具 2024 年度（以 下简称"报告期"）持续督导跟踪报告： 一、保荐人和保荐代表人发现的问题及整改情况 （一）募集资金使用中存在的问题 2024 年 12 月 6 日，因相关工作人员误操作，公司误从募集资金专户转出 3,434.50 元，发现上述情况后，公司已于 2024 年 12 月 9 ...

Summary of Conference Call Company Overview - The conference call involved Tianming Technology, which specializes in the design, research, production, and sales of automotive modification components, particularly for off-road vehicles like SUVs and pickups [2][3]. Key Financial Highlights - For the fiscal year 2024, Tianming Technology reported revenue of 250 million, representing a year-on-year growth of 12% [3]. - Net profit attributable to shareholders increased by 7%, while the net profit excluding non-recurring items grew by 15% [3]. - The company has maintained a steady growth trajectory since its listing nearly three years ago [3]. Market Dynamics - The company has shifted its market focus from primarily overseas to a more balanced approach, with overseas sales currently accounting for approximately 70% of total revenue [6]. - North America and Europe represent over 50% of the overseas market share [6]. - The company is expanding its customer base in the domestic market, establishing long-term partnerships with major automotive manufacturers like Great Wall Motors and Dongfeng Motors [2]. Product and Market Strategy - Tianming Technology is actively developing new products and increasing its investment in technology research and development [4]. - The company is the first supplier of electric footboards to domestic OEMs, with a significant market share in this segment [8][19]. - The electric footboard and electric pedal products are positioned as high-end offerings, with a focus on quality and performance [9][10]. Challenges and Risks - The company faces challenges related to increased tariffs, particularly in the North American market, which could impact pricing and customer relationships [5][7]. - The impact of tariffs has led to a period of adjustment for both the company and its customers, with ongoing discussions about how to manage these costs [5][6]. - The gross margin has seen a decline of approximately 8.75% due to pricing pressures in the domestic market [10]. Future Outlook - The company anticipates continued growth in 2025, primarily driven by the introduction of new products and expansion into new markets [27]. - There is a cautious optimism regarding the overall market environment, with expectations of stable demand despite external pressures [21][27]. - The company is also exploring opportunities related to the Belt and Road Initiative, although it acknowledges limited familiarity with this market [26]. Additional Insights - The company has experienced a shift in its customer base, with the largest customer now accounting for over 40% of revenue, indicating a successful transition to new partnerships [17]. - The automotive modification market is described as large but fragmented, with significant potential for growth in the off-road vehicle segment [18][20]. - The company is committed to maintaining a high level of product quality and competitive pricing, which is crucial for sustaining its market position [20]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market strategies, challenges, and future outlook.