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 2024年4月 1 | 第一章 总则 | 4 | | --- | --- | | 第二章 经营宗旨和范围 | 5 | | 第三章 股份 | 5 | | 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 7 | | | 第四章 股东和股东大会 | 8 | | 第一节 股东 8 | | | 第二节 股东大会的一般规定 10 | | | 第三节 股东大会的召集 14 | | | 第四节 股东大会的提案与通知 15 | | | 第五节 股东大会的召开 17 | | | 第六节 股东大会的表决和决议 20 | | | 第五章 董事会 | 23 | | 第一节 董事 23 | | | 第二节 董事会 26 | | | 第三节 董事会秘书 31 | | | 第六章 总经理及其他高级管理人员 | 32 | | 第七章 监事会 | 34 | | 第一节 监事 34 | | | 第二节 监事会 35 | | | 第八章 财务会计制度、利润分配和审计 | 36 | | 第一节 财务会计制度 36 | | ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥89,152,510.16, representing a year-on-year increase of 71.01%[18] - The net profit attributable to shareholders for Q1 2024 was ¥4,169,185.75, with a non-applicable year-on-year comparison[18] - Total operating revenue for Q1 2024 reached ¥89,152,510.16, a significant increase from ¥52,132,729.40 in Q1 2023, representing a growth of approximately 70.9%[37] - The net profit for Q1 2024 was ¥4,169,185.75, a recovery from a net loss of ¥9,326,097.49 in Q1 2023[39] - The total comprehensive income attributable to the parent company was 4,169,185.75, compared to a loss of 9,326,097.49 in the previous period[40] - Basic and diluted earnings per share were both 0.0089, an improvement from -0.0198 in the prior period[40] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥1,843,460,584.28, reflecting a 1.11% increase from the end of the previous year[4] - The total liabilities of the company rose to ¥152,593,267.14, an increase from ¥138,210,343.16, reflecting a growth of approximately 10.5%[51] - The total owner's equity amounted to ¥1,690,867,317.14, slightly increasing from ¥1,685,058,042.94, showing a marginal growth of about 0.2%[51] - The company's non-current liabilities decreased to ¥38,581,071.98 from ¥41,774,873.20, a reduction of approximately 7.3%[51] - The company's estimated liabilities increased to ¥7,354,530.53 from ¥6,965,750.90, reflecting a growth of about 5.6%[51] Cash Flow - The net cash flow from operating activities for Q1 2024 was ¥6,260,970.00[18] - Net cash flow from operating activities was 6,260,970.00, a significant recovery from -13,787,510.55 in the previous period[41] - Cash inflow from investment activities totaled 1,069,080,977.50, up from 815,531,312.04 in the prior period[41] - Net cash flow from investment activities was 129,739,268.51, a recovery from -258,807,625.67 in the previous period[41] - The total cash and cash equivalents at the end of the period increased to 389,381,721.01, compared to 302,819,817.79 at the end of the previous period[43] Research and Development - Research and development expenses totaled ¥23,197,241.84, a decrease of 14.09% compared to the previous period[4] - The proportion of R&D expenses to operating revenue was 26.02%, down by 25.77 percentage points[4] - Research and development expenses for Q1 2024 amounted to ¥19,762,555.02, down from ¥23,452,627.63 in Q1 2023, reflecting a decrease of approximately 15.5%[37] Market Expansion and Sales - The company actively expanded its domestic and international markets, leading to a significant increase in product sales compared to the same period last year[23] - Sales revenue from goods and services received cash of ¥95,031,214.55 in Q1 2024, compared to ¥70,584,284.89 in Q1 2023, indicating a year-over-year increase of about 34.8%[56] Shareholder Information - The number of shares held by the top 10 shareholders includes significant stakes from various investment funds, with the largest being 23,139,884 shares held by Shanghai Yuheng Investment Management Center[27] - The company has engaged in securities lending, with 202,400 shares lent out by Shanghai Zhangjiang Torch Venture Capital Co., Ltd.[27]

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 29.58 CNY, reflecting the company's growth potential and market positioning [15][19]. Core Insights - The company, Micro Electrical Physiology (688351), is a leading domestic player in the cardiac electrophysiology market, having established a comprehensive product lineup that includes both radiofrequency and cryoablation technologies. It is one of the few global manufacturers to offer a complete solution for three-dimensional cardiac electrophysiology equipment and consumables [11][20]. - The company has demonstrated robust revenue growth, with a CAGR of 31.41% from 2015 to 2023, achieving a revenue of 329 million CNY in 2023, a year-on-year increase of 26.46% [11][69]. - The report highlights the significant market potential for electrophysiology, with over 30 million patients suffering from arrhythmias in China. The demand for catheter ablation procedures is expected to grow rapidly, driven by advancements in technology and increasing clinical adoption [11][20]. Summary by Sections Company Overview - Micro Electrical Physiology was established in 2010 and focuses on innovative medical devices for electrophysiology intervention and ablation treatment. The company has made significant technological advancements, breaking the long-standing foreign monopoly in this field [61][62]. - The company has a diverse shareholder structure with no controlling shareholder, ensuring a balanced governance model [64]. Financial Overview - The company has maintained steady revenue growth, with a notable recovery post-pandemic. The revenue for 2023 was impacted by centralized procurement policies, but future growth is expected as these pressures ease [69]. - The net profit for 2023 reached 5.47 million CNY, marking an 84.06% increase from the previous year, indicating improving profitability as the company navigates the procurement landscape [69]. Market Potential - The report emphasizes the vast unmet demand in the electrophysiology market, with a projected increase in catheter ablation procedures. The market for atrial fibrillation ablation is expected to grow significantly, with the number of procedures projected to reach 252,000 by 2024 [10][11]. - The company is well-positioned to capitalize on this growth, with a strong pipeline of innovative products and a focus on expanding its market share domestically and internationally [11][20]. Product Development - Recent product approvals, including the TrueForce® pressure catheter and the Columbus® three-dimensional electrophysiology mapping system, enhance the company's competitive edge and market presence [11][62]. - The company is actively developing new technologies, including pulse field ablation and renal denervation, which are expected to open new growth avenues in the future [11][20].

持续督导跟踪报告 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 2023 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》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 2023 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）部分募集资金投资项目的投入比例较低 截至 2023 年 12 月 31 日，公司募集资金投资项目使用募集资金情况如下： | 金额单位：人民币万元 | | --- | | 序号 | 项目名称 ...

[Table_Title] 微电生理（688351）2023年报点评 2024 年 04 月 16 日 海内外市场加速拓展，三维手术量保持高速增长。国内市场方面，公 司福建省际联盟集采顺利实施，北京集采压力导管、星型标测导管等 产品全线中标，京津冀"3+N"联盟集采冷冻消融系列产品在内的 4 个组套及单品部件全部中标。公司首款国产压力导管 TrueForce® 自 上市以来已在多家中心完成了 1000 余例手术，开启房颤术式国产化 替代进程。公司国产首个 IceMagic® 冷冻消融系列产品于 23 年 8 月 获批上市，目前已完成 20 多个省份的挂网，并在多个中心开展试用。 23 年公司产品已累计覆盖国内 1000 余家医院，三维手术累计突破 5 万例。海外方面实现营收增长超过 50%，公司重点加强代理渠道建立， 提高海外临床使用量，积极参会展示产品和技术，国际市场知名度稳 步提升。23 年 8 月公司 TrueForce® 压力导管获得欧盟 MDR 认证和英 国 UKCA 认证，与国内房颤市场拓展协同推进。 挖掘价值 投资成长 证券分析师：何玮 证书编号：S1160517110001 联系人：殷明伦 电 ...

证券代码：688351 证券简称：微电生理 公告编号：2024-011 上海微创电生理医疗科技股份有限公司 关于参加 2023 年度医用耗材 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 4 月 17 日(星期三) 16:00 前通过邮件、电话、传真等形 式将需要了解和关注的问题提前提供给公司。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 2024 年 3 月 30 日发布公司 2023 年年度报告，为便于广大投资者更全面深入了解公司 2023 年经营成果、财务状况，公司参与了由上交所主办的 2023 年度医用耗材集体业 绩说明会，此次活动将采用网络互动方式举行，投资者可登录上海证券交易所上 证路演中心（http://roadshow.sseinfo.com/）参与线上互动交流。 （一） 会议召开时间：2024 年 4 月 18 日（星期四）15:00-17:00 （二） 会议召开地点：上证路 ...

2024 年 04 月 07 日 微电生理 -U ——2023 年业绩符合预期，看好公司三维手术放量及新 品和海外高增 相关研究 陈烨远 A0230521050001 chenyy@swsresearch.com 联系人 陈烨远 (8621)23297818× chenyy@swsresearch.com 上 市 公 司 医药生物 | --- | --- | |----------------------------------|-------------------------------| | 基础数据 : | 2023 年 12 月 31 日 | | | 3.58 | | 每股净资产（元） | | | 资产负债率 % | 7.58 | | 总股本 / 流通 A 股（百万） | 471/122 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 报告原因：有业绩公布需要点评 买入（维持）投资要点： 公司 2023 年业绩符合预期：公司发布 2023 年年报，报告期内实现营业收入 3.29 亿元， 同比增长 27%；实现归母净利润 0.06 亿元，同比增长 85%，公司 2023 年业绩符合预 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18][30]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of 329 million yuan in 2023, representing a year-on-year increase of 26.46%. The net profit attributable to shareholders was 6 million yuan, up 85.17% year-on-year [13][27]. - The company is rapidly expanding its domestic and international markets, aiming to create a comprehensive "Ice and Fire Electricity" solution [25][29]. - The company has successfully implemented bulk procurement across 27 provinces in China and has made significant strides in international markets, covering 35 countries and regions with multiple product certifications [4][14]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 477 million yuan, 671 million yuan, and 903 million yuan, respectively, with year-on-year growth rates of 44.79%, 40.80%, and 34.50% [18][27]. - The net profit forecast for the same years is 49 million yuan, 90 million yuan, and 158 million yuan, with substantial growth rates of 761.11%, 82.85%, and 76.34% [18][27]. - The earnings per share (EPS) are expected to rise from 0.10 yuan in 2024 to 0.34 yuan in 2026 [18][27]. Market Position and Product Development - The company has established a strong product matrix, including the TrueForce® pressure catheter and EasyStars™ mapping catheter, which have been well-received in the market [3][4]. - The company is advancing its research and development capabilities, with projects like the pressure pulse ablation catheter and renal denervation (RDN) expected to receive regulatory approval between 2025 and 2026 [4][17]. - The company is also collaborating with Stereotaxis to develop advanced navigation systems for cardiac procedures, enhancing its technological edge in the market [17].

法律主体 声明 识别风险，发现价值 请务必阅读末页的免责声明 6 / 7 [Table_Page] 年报点评|医疗器械 [Table_Title] 微电生理-U（688351.SH） [Table_Summary] 核心观点： 临床入组，已进入随访阶段；肾动脉消融项目进入临床试验阶段；对已 上市产品 TrueForce®导管、EasyStars™标测导管、 IceMagic®冷冻 消融导管等重点产品进行持续优化迭代研发；公司持续推进与 Stereotaxis 的合作，其核心产品第五代"泛血管介入手术机器人磁导航 系统"已由公司提交注册申请，预计 24 年获得 NMPA 注册批准。 盈利预测与投资建议。预计 24-26 年营业收入分别为 4.66 亿元，6.80 盈利预测： | --- | --- | |----------------------------|------------| | | | | [ 公司评级 Table_Invest] | 买入 | | 当前价格 | 24.06 元 | | 合理价值 | 25.73 元 | | 前次评级 | 买入 | | 报告日期 | 2024-04-07 | -30 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 3580、6894 万元，同比增长 178.6%、125.9%、92.6%，EPS 分别为 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...