上海微创电生理医疗科技股份有限公司 累积投票制实施细则 上海微创电生理医疗科技股份有限公司 累积投票制实施细则 第一章 总则 第一条 为进一步完善上海微创电生理医疗科技股份有限公司（以下简 称"公司"）法人治理结构，规范公司董事的选举，切实保障公司所有股东充 分行使权利，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司治理准则》《上海证券交易所科创板股票上市规则（2025年4月修 订）》（以下简称"《上市规则》"）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》"）等有关规定，结合公司实际情况， 制定本细则。 第二条 本细则所称累积投票制，是指股东会选举董事时，每一股份拥 有与应选董事总人数相同的表决权，股东拥有的表决权可以集中使用。 意，除董事会已公告的非独立董事、独立董事候选人之外，满足以下条件的股 东可在距股东会召开10日之前提交新的董事候选人提案： （一）公司董事会、单独或者合计持有公司1%以上股份的股东有权提名非 独立董事候选人； 第三条 股东会在董事选举中应当积极推行累积投票制。单一股东及其 一致行动人拥有权益的股份比例在30%及以上的公司，股东会选举2名 ...

上海微创电生理医疗科技股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善上海微创电生理医疗科技股份有限公司（以下 简称"公司"）法人治理结构，充分发挥独立董事在公司规范运作中的作用， 维护公司整体利益，保障全体股东特别是中小股东的合法权益不受侵害，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司治理准则》《上 市公司独立董事管理办法》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》（以下简称"《上市规则》"）、《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作（2025 年 5 月修订）》等法律、法规、规范性文件以 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》"）， 特制定本制度。 上海微创电生理医疗科技股份有限公司 独立董事工作制度 在公司连续任职独立董事已满6年的，自该事实发生之日起36个月内不得被 提名为公司独立董事候选人。首次公开发行上市前已任职的独立董事，其任职 1 上海微创电生理医疗科技股份有限公司 独立董事工作制度 时间连续计算。 第六条 公司董事会成员中应当至少包括 1/3 独立董事，其中至少包括 一名 ...

上海微创电生理医疗科技股份有限公司 章 程 上海微创电生理医疗科技股份有限公司 章 程 2025年10月 1 | 第一节 | 股份发行 | 5 | | --- | --- | --- | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 8 | | | 第一节 | 股东 9 | | | 第二节 | 控股股东和实际控制人 11 | | | 第三节 | 股东会的一般规定 | 13 | | 第四节 | 股东会的召集 | 18 | | 第五节 | 股东会的提案与通知 20 | | | 第六节 | 股东会的召开 21 | | | 第七节 | 股东会的表决和决议 25 | | | 第一节 | 董事 28 | | | 第二节 | 董事会 | 32 | | 第三节 | 独立董事 38 | | | 第四节 | 董事会专门委员会 41 | | | 第五节 | 董事会秘书 43 | | | 第七章 | 财务会计制度、利润分配和审计 | 46 | | 第一节 | 财务会计制度 46 | | | --- | --- | --- | | 第二节 | 内部审计 | 50 | | 第三节 | 会计师事务所的聘任 | 50 ...

上海微创电生理医疗科技股份有限公司 股东会议事规则 上海微创电生理医疗科技股份有限公司 上海微创电生理医疗科技股份有限公司 股东会议事规则 第一章 总则 股东会议事规则 2025年10月 1 | | | 第一条 为促进上海微创电生理医疗科技股份有限公司（以下简称"公 司"）规范运作，提高股东会议事效率，保障股东合法权益，明确股东会的职 责和权限，保证股东会规范、高效、平稳运作及依法行使职权，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上海证券交易所科创板股票上市规则（2025 年4月修订）》（以下简称"《上市规则》"）、《上海证券交易所科创板上市 公司自律监管指引第1号——规范运作（2025年5月修订）》《上市公司股东会 规则》和《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》"）等规定，并结合公司实际情况，特制订本规则。 第二条 公司应当按照法律、行政法规、规范性文件、《公司章程》和本 规则的规定召开股东会，保证股东能够依法行使权利。公司董事会应当切实履 行职责，认真、按时组织股东会。公司全体董事应当勤勉尽责，确保股东 ...

Core Insights - Microelectrophysiology shares rose by 5.22% on October 22, reaching a price of 22.36 CNY per share, with a trading volume of 89.29 million CNY and a turnover rate of 3.25%, resulting in a total market capitalization of 10.52 billion CNY [1] Company Overview - Shanghai Microelectrophysiology Medical Technology Co., Ltd. was established on August 31, 2010, and went public on August 31, 2022. The company specializes in the research, development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [1] - The revenue composition of the company includes catheter products at 71.77%, other products at 20.22%, equipment products at 7.24%, and leasing services at 0.77% [1] Shareholder Information - Huabao Fund's Huabao CSI Medical ETF (512170) is among the top ten circulating shareholders of Microelectrophysiology, having increased its holdings by 159,200 shares in the second quarter, totaling 4.61 million shares, which represents 3.69% of the circulating shares. The estimated floating profit today is approximately 5.12 million CNY [2] - The Huabao CSI Medical ETF (512170) was established on May 20, 2019, with a current scale of 26.15 billion CNY. Year-to-date returns are 14.17%, ranking 3282 out of 4218 in its category; one-year returns are 9.8%, ranking 3287 out of 3869; and since inception, returns are 11.88% [2]

Core Viewpoint - Microelectrophysiology experienced a decline of 1.11% on October 13, with a trading volume of 75.54 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On October 13, the financing buy amount for Microelectrophysiology was 7.43 million yuan, while the financing repayment was 7.98 million yuan, resulting in a net financing buy of -0.55 million yuan [1] - As of October 13, the total financing and securities lending balance for Microelectrophysiology was 225 million yuan, which accounts for 8.47% of the circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had a securities lending repayment of 1,600 shares and a securities lending sell of 1,500 shares on October 13, with a sell amount of 31,900 yuan, while the securities lending balance was 121,900 yuan, which is below the 10th percentile level over the past year [1] Business Performance - As of June 30, the number of shareholders for Microelectrophysiology was 8,789, an increase of 13.20% from the previous period, while the average circulating shares per person decreased by 11.66% to 14,206 shares [2] - For the first half of 2025, Microelectrophysiology reported a revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, which is a significant increase of 92.02% year-on-year [2] Shareholding Structure - As of June 30, 2025, the largest circulating shareholder of Microelectrophysiology was Huatai-PineBridge Medical Service Flexible Allocation Mixed A, holding 7.24 million shares, a decrease of 1.19 million shares from the previous period [3] - The third-largest shareholder was Hua Bao Zhong Zheng Medical ETF, holding 4.61 million shares, which increased by 159,200 shares compared to the previous period [3] - New shareholders included Huatai-PineBridge Innovative Medicine Mixed A, holding 4.42 million shares, and China Europe Science and Technology Innovation Theme Mixed (LOF) A, holding 1.89 million shares [3]

Core Viewpoint - Microelectrophysiology experienced a decline of 2.14% on October 10, with a trading volume of 77.26 million yuan, indicating market volatility and investor sentiment towards the company [1] Financing Summary - On October 10, the financing buy-in amount for Microelectrophysiology was 8.11 million yuan, while the financing repayment was 4.55 million yuan, resulting in a net financing buy-in of 3.56 million yuan [1] - As of October 10, the total financing and securities lending balance for Microelectrophysiology was 226 million yuan, which accounts for 8.40% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had no securities lending repayment or sales on October 10, with a remaining securities lending volume of 5,824 shares and a balance of 125,400 yuan, which is below the 10th percentile level of the past year, suggesting low short-selling interest [1] Company Performance - As of June 30, the number of shareholders for Microelectrophysiology was 8,789, an increase of 13.20% from the previous period, while the average circulating shares per person decreased by 11.66% to 14,206 shares [2] - For the first half of 2025, Microelectrophysiology reported a revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, which is a significant increase of 92.02% year-on-year [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder of Microelectrophysiology was Huatai-PineBridge Medical Service Flexible Allocation Mixed A, holding 7.24 million shares, a decrease of 1.19 million shares from the previous period [3] - The third-largest shareholder, Hua Bao Zhong Zheng Medical ETF, increased its holdings by 159,200 shares to 4.61 million shares [3] - New institutional investors included Huatai-PineBridge Innovation Medicine Mixed A, holding 4.42 million shares, and China Europe Science and Technology Innovation Theme Mixed (LOF) A, holding 1.89 million shares [3]

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The cardiovascular medical device market, particularly for arrhythmia-related devices, is substantial, with the Chinese market for cardiac electrophysiology devices expected to grow from 6.58 billion RMB in 2021 to 15.73 billion RMB by 2025, and further to 41.97 billion RMB by 2032 [15][18] - The global market for cardiac rhythm management devices has seen a compound annual growth rate (CAGR) of 1.8% from 2016 to 2021, with expectations to reach 12.8 billion USD by 2030 [19] - The aortic stent market in China is also expanding, with the number of aortic interventions projected to increase significantly by 2030 [28] Summary by Sections 1. Cardiovascular Disease Market Outlook - Cardiovascular diseases are a leading cause of death globally, with a significant increase in intervention procedures expected due to rising health awareness and government policies promoting domestic products [13][14] - The Chinese market for cardiac electrophysiology devices is projected to grow at a CAGR of 24.34% from 2021 to 2025 [15] 2. Arrhythmia Market - The market for cardiac electrophysiology devices in China reached 6.58 billion RMB in 2021, with expectations to grow to 15.73 billion RMB by 2025 [15] - The global cardiac electrophysiology market is expected to reach 32.45 billion USD by 2032, with a CAGR of 12.21% from 2025 to 2032 [18] 3. Coronary Artery Disease Market - The number of patients with coronary artery disease in China is projected to reach 31.67 million by 2030, with a CAGR of 2.0% from 2026 to 2030 [24] - The market for coronary artery interventions is expected to grow significantly, driven by increasing patient numbers and intervention rates [24] 4. Aortic Stent Market - The aortic stent market in China was valued at 2.4 billion RMB in 2021, with projections to reach 4.31 billion RMB by 2030 [28] - The number of aortic interventions is expected to increase to 180,400 by 2030, indicating strong growth potential in this segment [28] 5. Heart Valve Market - The market for transcatheter aortic valve replacement (TAVR) in China is expected to grow from 911.5 million RMB in 2021 to 4.86 billion RMB by 2025, with a CAGR of 52.0% [35] - The number of transcatheter mitral valve interventions is projected to increase significantly, indicating a growing market for heart valve treatments [38][41] 6. Key Companies to Watch - Microelectrophysiology (688351.SH) is highlighted as a leading manufacturer in the cardiac electrophysiology sector [3] - Bairen Medical (688198.SH) is recognized for its excellence in surgical and interventional valve products [3] - Jianxi Technology (09877.HK) is noted for its advancements in transcatheter valve technologies [3]

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].