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 ...

Group 1 - The core viewpoint of the news is that Microelectrophysiology experienced a decline of 5.1% on September 4, with a stock price of 22.35 yuan per share and a total market capitalization of 10.518 billion yuan [1] - The company, Shanghai Microelectrophysiology Medical Technology Co., Ltd., was established on August 31, 2010, and went public on August 31, 2022. Its main business involves 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 72.52%, other products at 19.55%, equipment products at 6.40%, and supplementary items at 1.52% [1] Group 2 - From the perspective of fund holdings, one fund under Bank of China holds Microelectrophysiology as a significant position. The fund, Bank of China CSI 1000 Index Enhanced A (019555), held 41,500 shares in the second quarter, accounting for 0.75% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a total scale of 80.3401 million yuan and has achieved a year-to-date return of 26.6%, ranking 1444 out of 4222 in its category. Over the past year, it has returned 62.72%, ranking 1154 out of 3789 [2] - The fund manager, Yao Jin, has been in the position for 1 year and 268 days, with the fund's total assets amounting to 18.6 million yuan. The best return during his tenure is 50.4%, while the worst return is 2.5% [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated steady revenue growth in Q2 2025, with a 12.80% year-on-year increase in revenue to 224 million yuan and a significant 92.02% increase in net profit to 32.67 million yuan [1] - The international market continues to show strong growth, with key product approvals progressing steadily [3] - The company is advancing its research pipeline, with a diverse product matrix that supports long-term stable development [4] Financial Performance - In Q2 2025, the company achieved revenue of 120 million yuan, a year-on-year increase of 9.56%, and a net profit of 14.80 million yuan, up 15.22% year-on-year [1][2] - The gross margin for Q2 2025 was 59.70%, an increase of 1.78 percentage points year-on-year, driven by changes in product structure and reduced costs of new products [2] - The company’s revenue by product line for H1 2025 included catheter products generating 161 million yuan with a gross margin of 62.58%, equipment products generating 16.19 million yuan with a gross margin of 52.87%, and other products generating 45.25 million yuan with a gross margin of 55.82% [2] Revenue Forecast - The company is projected to achieve revenues of 488 million yuan, 621 million yuan, and 795 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 18.0%, 27.4%, and 27.9% [4][5] - The forecasted net profits for the same years are 84 million yuan, 129 million yuan, and 182 million yuan, with year-on-year growth rates of 60.9%, 53.9%, and 41.5% respectively [4][5] Product Development - As of H1 2025, the company has nine products in the special approval process for innovative medical devices, enhancing its product matrix [4] - Notable products include the Magbot™ catheter, which fills a technological gap in domestic magnetic-guided catheters, and the EasyEcho™ catheter, which is currently under registration with the National Medical Products Administration [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a significant improvement in profitability, with H1 2025 revenue of 224 million yuan (+12.8%) and net profit attributable to shareholders of 33 million yuan (+92.0%), indicating a substantial enhancement in profitability [5] - The company is the leading domestic provider of three-dimensional electrophysiology surgeries, with over 80,000 surgeries completed across more than 1,000 hospitals [6] - The international market revenue grew by over 40% in H1 2025, with successful entries into markets such as Mexico, the UK, and Rwanda [7] - The company has a rich pipeline of products under development, including a pulse ablation product that has received NMPA approval [8] - Revenue projections for 2025-2027 are 537 million yuan, 688 million yuan, and 892 million yuan, with corresponding net profits of 72 million yuan, 104 million yuan, and 144 million yuan [9] Financial Summary - For 2025, the company expects revenue growth of 30.0%, with net profit growth of 37.3% [12] - The gross margin is projected to improve from 58.7% in 2024 to 60.0% by 2027 [12] - The earnings per share (EPS) is forecasted to increase from 0.11 yuan in 2024 to 0.31 yuan in 2027 [12]

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Shanghai Micro-electrophysiology Medical Technology Co., Ltd., including stock price movements and trading volumes [1][2] - On September 1, the stock price of Micro-electrophysiology increased by 3.78%, with a trading volume of 160 million yuan, and a net financing purchase of 2.25 million yuan [1] - As of September 1, the total margin balance for Micro-electrophysiology reached 213 million yuan, indicating a high level of financing activity [1] Group 2 - For the first half of 2025, Micro-electrophysiology reported a revenue of 224 million yuan, representing a year-on-year growth of 12.8%, and a net profit of 32.67 million yuan, which is a 92.02% increase compared to the previous period [2] - The number of shareholders increased by 13.2% to 8,789, while the average circulating shares per person decreased by 11.66% to 14,206 shares [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Micro-electrophysiology included notable funds such as Huatai-PineBridge Healthcare Flexible Allocation Mixed A, which held 7.24 million shares, a decrease of 1.19 million shares from the previous period [3] - New shareholders included Huatai-PineBridge Innovative Medicine Mixed A, which held 4.42 million shares, and China Europe Science and Technology Innovation Theme Mixed A, which also entered the top ten list [3]

Core Insights - 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 company has seen a substantial rise in its non-recurring net profit, which grew by 2157.44% to 20.81 million yuan [1] Financial Performance - In Q2 2025, the company achieved a revenue of 120 million yuan, marking a year-on-year growth of 9.56% [1] - The net profit for Q2 was 14.80 million yuan, reflecting a year-on-year increase of 15.22% [1] - The non-recurring net profit for Q2 was 8.25 million yuan, with a remarkable growth of 262.86% [1] - The overall gross margin for the first half of 2025 was 60.10%, with a net profit margin of 14.60%, up by 6.02 percentage points year-on-year [2] Product Development and Market Expansion - The company has expanded its three-dimensional electrophysiology surgery to over 1,000 hospitals, completing more than 80,000 surgeries, ranking first among domestic manufacturers [1] - The clinical acceptance of the disposable pressure monitoring magnetic positioning radiofrequency ablation catheter continues to rise, with over 3,000 procedures completed [1] - The company has received NMPA approval for its disposable magnetic positioning pressure monitoring radiofrequency ablation catheter, enhancing its clinical application [1] - The company is actively expanding into overseas markets, with three-dimensional surgeries being implemented in over 20 countries, including successful cases in Germany and Azerbaijan [2] - The IceMagic? cryoablation product line has received CE certification and is now being promoted in European markets [2] Cost Structure and Profitability - The company has optimized its cost structure, with sales expense ratio at 28.13%, management expense ratio at 9.28%, and R&D expense ratio at 13.71% [2] - The financial expense ratio was reported at -1.76%, indicating a favorable cost environment [2] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 472 million, 617 million, and 809 million yuan, with respective growth rates of 14%, 31%, and 31% [2] - The net profit forecasts for the same period are set at 79 million, 103 million, and 133 million yuan, with growth rates of 51%, 31%, and 29% respectively [2] - The company maintains a "strongly recommended" rating despite short-term disruptions in revenue growth due to external industry factors [2]

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].