Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

证券代码：688351 证券简称：微电生理 公告编号：2025-033 上海微创电生理医疗科技股份有限公司 关于选举公司第四届董事会职工代表董事 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。 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所 科创板股票上市规则》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》"）等法律法规、规范性文件的要求，上海微创电生理医疗科 技股份有限公司（以下简称"公司"）于2025年12月22日召开2025年第一次职工 代表大会并做出决议，选举顾宇倩女士（简历详见附件）为公司第四届董事会职 工代表董事，任期自公司职工代表大会决议之日起至第四届董事会任期届满之日 止。本次选举完成后，兼任公司高级管理人员以及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一，符合相关法律法规、规范性文件及《公司章 程》的规定。 特此公告。 上海微创电生理医疗科技股份有限公司董事会 2025 年 12 月 23 日 1 附：顾宇倩女士简历 顾宇倩，1983 年 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-032 上海微创电生理医疗科技股份有限公司 关于完成董事会换届选举及聘任高级管理人员、 证券事务代表的公告 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所 科创板股票上市规则》（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》等法律法规和规范性文件以及《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》"）等相关规 定，上海微创电生理医疗科技股份有限公司（以下简称"公司"）于2025年12月 22日分别召开2025年第二次临时股东会及2025年第一次职工代表大会，选举产生 公司第四届董事会成员。同日，公司召开第四届董事会第一次会议，选举产生董 事长、各专门委员会委员及主任委员（召集人），并聘任高级管理人员。现将相 关情况公告如下： 一、董事会换届选举情况 （一）董事换届选举情况 公司第四届董事会非职工代表董事的个人简历详见公司于 20 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-031 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 22 日 （二） 股东会召开的地点：上海市浦东新区周浦镇天雄路 588 弄 23 号楼 3 楼会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 94 | | --- | --- | | 普通股股东人数 | 94 | | 2、出席会议的股东所持有的表决权数量 | 365,235,100 | | 普通股股东所持有表决权数量 | 365,235,100 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 77.6105 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 77.6105 | 上海微创电生理医疗科技股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否 ...

北京世辉律师事务所 关于上海微创电生理医疗科技股份有限公司 2025 年第二次临时股东会的 法律意见书 致：上海微创电生理医疗科技股份有限公司 北京世辉律师事务所（以下简称"本所"）为具有从事法律业务资格的律师 事务所。本所接受上海微创电生理医疗科技股份有限公司（以下简称"公司"） 的委托，指派本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司股东会规则》等有关法律、法规、规范 性文件（以下统称"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》"）的规定，就公司 2025 年第二次临时股东会 （以下简称"本次股东会"）相关事宜出具本法律意见书。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 1 为出 ...

Company Research - Microelectrophysiology (688351.SH) is a leading domestic company in cardiac electrophysiology, providing a comprehensive three-dimensional solution with strong technical barriers. The acceleration of domestic substitution and favorable policies are expected to drive significant performance growth. Additionally, the company's layout in pulse ablation and other sectors is anticipated to contribute to future growth potential [4]. - Taihe Co., Ltd. (301665.SZ) possesses global leading technology and production capacity in core products such as Bacillus thuringiensis and 2,4-D. In the first three quarters of 2025, the company's core product prices rebounded, leading to significant performance improvement. The newly registered pesticide, cyhalofop-butyl, is expected to contribute to additional performance. The company is also enhancing its product matrix by leveraging core processes to develop functional chemicals like tetrachloroethylene and m-phenylenediamine [5]. - Geekplus Technology (2590.HK) is recognized as a global leader in AMR warehousing, with expectations for a value reassessment driven by a "data-algorithm flywheel." The company has a solid position in the global market, with continuous commercialization capabilities. Its full-stack technology creates core barriers, leading to industry-leading efficiency. The effectiveness of its global layout is notable, with a profitability inflection point approaching, and it is entering the embodied intelligence sector, opening up long-term growth opportunities [6].

Core Viewpoint - The company is a leader in the domestic three-dimensional electrophysiology market, and despite short-term impacts from delayed domestic procurement, the long-term growth logic remains clear with expected revenue and profit growth by 2026 [1] Group 1: Growth Potential - Short-term growth is affected by the delay in procurement renewal, but the penetration of high-end products continues to improve [2] - The company has accelerated the commercialization of new products, with a robust pipeline that supports long-term growth [2] - The overseas expansion is accelerating, with overseas revenue share increasing to 31% in the first half of 2025, driven by faster market access for high-end products [3] Group 2: Profitability - Gross margin showed short-term fluctuations, with a gross margin of 59.1% in the first three quarters of 2025, a year-on-year increase of 0.3 percentage points [4] - The company achieved a significant improvement in non-recurring profit, turning a profit with a net profit of 0.24 billion yuan in the first three quarters, driven by revenue growth and scale effects [4] Group 3: Revenue and Profit Forecast - Projected revenues for 2025-2027 are 4.96 billion, 6.17 billion, and 7.72 billion yuan, with year-on-year growth rates of 20.0%, 24.4%, and 25.2% respectively [5] - Expected net profits for the same period are 0.65 billion, 0.91 billion, and 1.35 billion yuan, with corresponding year-on-year growth rates of 24.7%, 40.8%, and 48.0% [5]

Core Insights - The company, Microelectrophysiology, was founded in 2010 with a focus on cardiac electrophysiology, aiming to introduce advanced arrhythmia treatment solutions to China [2] - The company has achieved significant milestones, including the development of the first domestic and third global magnetic positioning three-dimensional cardiac electrophysiology system, breaking the reliance on imports in this field [3] - In 2022, the company was successfully listed on the Sci-Tech Innovation Board, marking a new chapter in its development [3] - The company has established a comprehensive treatment platform integrating "radiofrequency, cryoablation, and pulsed field" technologies, providing a wide range of quality options for clinical applications [3] - The company has expanded its market presence, with products entering numerous core tertiary hospitals in China and being exported to over 30 countries and regions globally [3] Future Outlook - The company plans to continue its strategy of "technological breakthroughs and global development," focusing on the cardiac electrophysiology field and aiming to launch more leading products and solutions [4] - The company is committed to enhancing its global business layout and contributing to the high-quality development of China's medical device industry [4]

Core Viewpoint - The article highlights the rapid growth and opportunities in the domestic electrophysiology market, driven by favorable policies and technological advancements, with a focus on the company's comprehensive solutions in cardiac electrophysiology [4][5]. Industry Overview - The domestic electrophysiology market is experiencing a high growth period, with significant increases in traditional radiofrequency and cryoablation technologies, as well as new pulse ablation technologies injecting vitality into the market [5]. - The market share of foreign brands like Johnson & Johnson is decreasing, with the industry's CR5 dropping from 93% in 2020 to 72% in 2024, indicating a shift towards domestic alternatives [5]. - Policies such as the "14th Five-Year" medical equipment industry development plan are key drivers for market growth, while DRG and volume-based procurement are opening up channels for domestic products [5]. Company Performance - The company, established in 2010, specializes in electrophysiological intervention and ablation treatment, achieving a revenue of 413 million yuan in 2024, a year-on-year increase of 25.51%, and a net profit of 52 million yuan, up 815.36% year-on-year [4]. - The company has a complete product line covering two-dimensional and three-dimensional series, with a leading matrix of measurement, ablation, equipment, and accessories [7]. - The company's ablation catheter products are deeply compatible with the core Columbus three-dimensional mapping system, creating synergistic advantages [7]. Technological Advancements - The company is driving breakthroughs in multiple fields through independent research and development, creating several domestically innovative products that cover key areas such as radiofrequency, cryoablation, pulse ablation, and three-dimensional mapping [7]. - The company has achieved over 1100 hospital coverage for three-dimensional surgeries, with a cumulative total of over 70,000 cases by 2024 [7]. - The company is also making strides in emerging fields, with the PulseMagic catheter for pulse ablation expected to be approved in November 2025, and a self-developed catheter for renal artery treatment [7].

Investment Rating - The report gives the company an "Accumulate" rating for the first time [6][14]. Core Viewpoints - The company is a leading domestic player in cardiac electrophysiology, providing a comprehensive three-dimensional cardiac electrophysiology solution, with strong technical barriers and a complete product matrix [4][14]. - The domestic electrophysiology market is experiencing rapid growth, driven by favorable policies and increasing demand for innovative technologies, with the company positioned to capture significant market share [2][3]. Company Overview - The company, established in 2010, focuses on innovative medical devices for electrophysiology intervention and ablation therapy, becoming the first domestic manufacturer to offer a complete solution in this field [21]. - The company has a stable shareholding structure, with no single shareholder holding more than 10%, ensuring balanced governance [24][27]. Financial Performance - The company is projected to achieve revenue of 413 million yuan in 2024, representing a year-on-year growth of 25.51%, and a net profit of 52 million yuan, with a staggering growth of 815.36% [5][14]. - Earnings per share (EPS) are forecasted to be 0.13, 0.18, and 0.26 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 187, 131, and 88 [4][5]. Market Dynamics - The domestic electrophysiology market is expected to grow significantly, with the market share of foreign brands decreasing from 93% in 2020 to 72% in 2024, indicating a strong trend towards domestic substitution [2][3]. - The company has successfully participated in multiple provincial procurement programs, demonstrating its clinical recognition and market competitiveness [2][3]. Product Development - The company has a comprehensive product line covering two-dimensional and three-dimensional systems, with several products filling domestic gaps and matching foreign competitors in performance [3][4]. - The company is actively developing new products in emerging fields such as pulse ablation and renal artery treatment, enhancing its growth potential [3][12]. Profitability Forecast - The company’s revenue from catheter products is expected to grow at rates of 16.00%, 28.00%, and 27.00% from 2025 to 2027, driven by increased market penetration and procurement benefits [10]. - The gross margin is anticipated to stabilize above 60% starting in 2025, following the launch of high-margin new products [11].