Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.47 CNY, reflecting a potential upside from the current price of 22.48 CNY [3][5]. Core Insights - The company's performance aligns with expectations, showing a revenue of 2.2 billion CNY in H1 2025, a year-on-year increase of 12.8%, driven by balanced domestic and international market strategies and rapid growth in pressure catheter sales [9]. - The company leads in domestic three-dimensional electrophysiology surgeries, with over 80,000 cases performed and a market share among domestic manufacturers [9]. - The overseas business is expanding rapidly, with a revenue of 0.7 billion CNY in H1 2025, representing a growth rate exceeding 40%, attributed to increased penetration of pressure monitoring catheters and successful market entries in countries like Mexico, the UK, and Rwanda [9]. - The company continues to innovate, with multiple products approved for market entry both domestically and internationally, enhancing its product matrix [9]. Financial Forecasts - The company forecasts net profits of 0.70 billion CNY, 1.08 billion CNY, and 1.51 billion CNY for 2025, 2026, and 2027 respectively, reflecting a positive growth trajectory [3]. - Revenue projections for 2025 to 2027 are 532 million CNY, 687 million CNY, and 888 million CNY, with year-on-year growth rates of 28.7%, 29.2%, and 29.1% respectively [4][11]. - The gross margin is expected to decline slightly to 58.5% in 2025, with net profit margins improving to 13.1% [4][11].

Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

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 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 2025 年半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（2025 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，并出具本持续督导跟踪报 告： 二、重大风险事项 截至本跟踪报告出具日，公司目前面临的风险因素主要如下： （一）创新技术与产品的研发风险 创新技术的发展及产品的迭代均会带来市场格局的变化，公司只有通过持续 准确把握行业发展的技术趋势 ...

Core Viewpoint - The article discusses the termination of the concerted action relationship between MicroPort Investment and Shanghai Shenghui, which does not affect their respective shareholdings in the company [1][2]. Group 1 - MicroPort Investment and Shanghai Shenghui signed a share transfer agreement on December 16, 2018, where Shanghai Shenghui acquired 3.5 million shares for 20.755 million yuan, with a commitment to act in concert with MicroPort Investment during shareholder meetings [1]. - The concerted action relationship was automatically terminated after Shanghai Shenghui fully paid the share transfer amount, and both parties signed a termination agreement on September 10, 2025 [1]. - Following the termination, MicroPort Investment holds 153,940,915 shares, representing 32.71% of the total share capital, while Shanghai Shenghui holds 15,171,799 shares, representing 3.22% of the total share capital [2]. Group 2 - The termination of the concerted action relationship does not change the number of shares or the shareholding percentages held by either MicroPort Investment or Shanghai Shenghui [2]. - The company remains without a controlling shareholder or actual controller, as no single shareholder or their concerted parties can exert control over the company [2].

格隆汇9月11日丨微电生理(688351.SH)公布，2018年12月16日，微创投资控股有限公司（简称"微创投 资"）与上海生晖企业管理咨询中心（有限合伙）（简称"上海生晖"）签署了《股权转让协议》及《股 权转让协议之补充协议》，约定上海生晖以2,075.5万元受让微创投资持有的350万股上海微创电生理医 疗科技股份有限公司股份，同时，上海生晖承诺在对依据公司章程规定的股东大会决议事项进行表决 时，将在依据《股权转让协议》受让的全部公司股份范围内与微创投资保持一致行动，做出一致决定； 上海生晖在根据《股权转让协议》将50%的公司股份转让款向微创投资支付完毕时，前述微创投资与上 海生晖的一致行动关系自动解除。 本次一致行动关系解除后，微创投资与上海生晖直接持有的公司股份数量和持股比例均保持不变，微创 投资仍持有公司股份153,940,915股，占公司总股本的32.71%；上海生晖仍持有公司股份15,171,799股， 占公司总股本的3.22%。本次一致行动关系解除后，公司任意单一股东及其一致行动人仍无法对公司实 施控制，公司仍无控股股东、无实际控制人。 近日，上海生晖向微创投资全额支付了前述《股权转让协议》中 ...

上市公司名称：上海微创电生理医疗科技股份有限公司 股票简称：微电生理 上海微创电生理医疗科技股份有限公司 简式权益变动报告书 信息披露义务人1：微创投资控股有限公司 住所及通讯地址： 中国（上海）自由贸易试验区张东路1661号11幢B区5层 505室 信息披露义务人2：上海生晖企业管理咨询中心（有限合伙） 住所及通讯地址： 上海市崇明区长兴镇江南大道1333弄11号楼3783室（临 港长兴科技园） 股份变动性质： 本次权益变动系信息披露义务人解除一致行动关系所致。 签署日期：2025年9月10日 1 股票代码：688351 股票上市地点：上海证券交易所 信息披露义务人信息 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》 "）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《公开 发行证券的公司信息披露内容与格式准则第15号-权益变动报告书》（以下简称 "《准则15号》"）及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-022 上海微创电生理医疗科技股份有限公司 关于股东解除一致行动关系暨权益变动的 提示性公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次权益变动不涉及股东各方直接持股数量的增减，系公司股东解除一 致行动关系所致，未触及要约收购； 本次一致行动关系解除后，不会导致公司控股权、控制权发生变更，公 司仍无控股股东、无实际控制人，不会影响公司经营情况； 本次权益变动未违反相关股东已做出的公开承诺； 上海生晖企业管理咨询中心（有限合伙）承诺，自解除一致行动关系之 日起，其所持有的公司股份将继续锁定 6 个月。 一、关于微创投资及其一致行动人解除一致行动关系的情况 1、一致行动关系的形成情况 2018 年 12 月 16 日，微创投资控股有限公司（以下简称"微创投资"）与上 海生晖企业管理咨询中心（有限合伙）（以下简称"上海生晖"）签署了《股权转 让协议》及《股权转让协议之补充协议》（以下统称"《股权转让协议》"），约定 上海生晖以 2,075.5 ...

Group 1 - The core viewpoint of the news is the performance and financial status of Shanghai MicroPort CardioFlow Medtech Co., Ltd., which saw a stock price decline of 5.07% to 22.66 CNY per share, with a total market capitalization of 10.664 billion CNY [1] - The company specializes in innovative medical devices for electrophysiology intervention and ablation treatment, with its main revenue sources being catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [1] - The company was established on August 31, 2010, and went public on August 31, 2022 [1] Group 2 - Huatai-PB Healthcare A Fund holds a significant position in MicroPort CardioFlow, with 374,000 shares, unchanged from the previous period, representing 2.97% of the fund's net value [2] - The fund has reported a floating loss of approximately 452,600 CNY today [2] - The fund was established on June 25, 2018, with a current size of 241 million CNY and has achieved a year-to-date return of 34.54% [2]

证券代码：688351 证券简称：微电生理 公告编号：2025-021 上海微创电生理医疗科技股份有限公司 关于参加2025年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 10 日 （星期三） 至 09 月 16 日 （星期二）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 investors@everpace.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。 上海微创电生理医疗科技股份有限公司（以下简称"公司")已于 2025 年 8 月 27 日发布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果、财务状况，公司将于 2025 年 9 月 17 日（星期三） 15:00-17:00 参加由上海证券交易所主办的 2025 年半年度科创板医疗器械及医 疗设备行业集体业绩说明会，就投资者关心的问题进行交流。 一、 说明会类 ...