Core Insights - The company achieved a revenue of 224 million yuan in H1 2025, representing a year-over-year increase of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, up 92.02% year-over-year [1] - In Q2 alone, the company reported a revenue of 120 million yuan, with a year-over-year growth of 9.56%, and a net profit of 14.80 million yuan, reflecting a year-over-year increase of 15.22% [1] Revenue Growth - The company demonstrated steady revenue growth, with significant performance in overseas markets. The core products have seen increasing clinical recognition, particularly in the atrial fibrillation treatment sector [2] - By the end of H1 2025, the company had established a presence in over 1,000 hospitals for three-dimensional electrophysiology surgeries, completing over 80,000 procedures, ranking first among domestic manufacturers [2] - International market revenue grew by over 40% year-over-year in H1 2025, accounting for 31% of total revenue, driven by a focus on core product registrations and deepening distributor channels [2] Profitability and Cost Control - The company achieved a gross margin of 60.10% in H1 2025, an improvement from the previous year, with expectations for sustained high margins as new products are launched [3] - The operating expense ratio remained favorable, with sales expenses at 28.13% (up 0.48 percentage points year-over-year), management expenses at 9.28% (down 0.73 percentage points), and R&D expenses at 13.71% (down 5.71 percentage points), indicating improved operational quality [3] Product Development and Future Growth - The company is among the few globally with a full product line in electrophysiology devices and consumables, continuously increasing R&D investment to ensure long-term growth [3] - A joint venture has successfully launched a pulse ablation product approved by NMPA, enhancing the safety and effectiveness of atrial fibrillation treatments [3] - Ongoing projects include the registration application for pressure pulse catheters and intracardiac ultrasound catheters, with clinical enrollment for RDN products progressing smoothly [3] Future Outlook - The company is positioned as a leading domestic player in the electrophysiology sector, with significant product and technological advantages, expected to benefit from the rapidly expanding market [4] - Revenue forecasts for 2025-2027 have been adjusted to 497 million, 654 million, and 866 million yuan, respectively, with net profit forecasts of 73 million, 121 million, and 183 million yuan [4] - The company is anticipated to maintain a rapid growth trajectory, supported by swift overseas development and gradual domestic product rollout [4]

Group 1 - 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 net profit after deducting non-recurring gains and losses was 20.81 million yuan, showing a remarkable growth of 2157.4% year-on-year [1] Group 2 - The company achieved comprehensive commercialization breakthroughs in its three energy platforms: "Radiofrequency + Cryo + Pulsed Field Ablation (PFA)" [1] - The approval of the PFA product from the affiliated company, Shangyang Medical, completed the company's commercial landscape [1] - The company’s self-developed PulseMagic pressure pulse catheter is in the product registration approval stage, expected to be approved within 2025 [1] Group 3 - The company has established a strong position as a domestic leader in the electrophysiology field, with over 1,000 hospitals covered and more than 80,000 surgeries completed [2] - The company’s Magbot magnetic navigation catheter and PathBuilder adjustable guiding sheath were selected for the 2025 high-quality development project of the Pudong New Area biomedicine industry [2] - International market revenue grew over 40% year-on-year, with successful entries into markets in Mexico, the UK, and Rwanda [2]

Core Insights - Shanghai MicroPort EP MedTech Co., Ltd. reported a revenue of 224 million yuan for the first half of 2025, representing a 12.80% increase from 198 million yuan in the same period last year [1] - The company's net profit attributable to shareholders reached 32.67 million yuan, a year-on-year increase of 92.02%, while the net profit after deducting non-recurring gains and losses was 20.81 million yuan, up 2157.44% [1] - The net cash flow from operating activities was 64.37 million yuan, reflecting a growth of 69.74% compared to the previous year [1] Revenue Growth - The revenue growth was primarily driven by the expansion of sales scale and continuous market penetration of products [1] - Overseas revenue saw a significant increase of over 40%, with products entering markets in Mexico, the UK, and Rwanda [1] Market Position - The company is one of the few globally that has completed a comprehensive layout of cardiac electrophysiology devices and consumables, and it is the first domestic manufacturer to provide a complete solution for three-dimensional cardiac electrophysiology devices and consumables [1] - The company aims to deepen market layout and provide integrated solutions for diagnosis and ablation treatment centered on precise interventional navigation, thereby consolidating its leading position in the field [1] Future Outlook - The company plans to continue focusing on technological innovation and breakthroughs, accelerate the commercialization of products, and further enhance market share while providing high-quality medical products and services to patients [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 31.18 [1][7]. Core Views - The company achieved revenue of RMB 224 million in 1H25, representing a year-on-year increase of 12.8%, and a net profit of RMB 32.67 million, up 92.0% year-on-year, aligning with performance expectations [1]. - The gross margin for 1H25 was 60.1%, an increase of 1.0 percentage points year-on-year, driven by the strong performance of high-end products [1]. - The company is expected to see rapid growth in overall performance in 2025 due to continuous improvement in its product matrix and active overseas sales efforts [1]. Revenue Breakdown - Catheter products generated revenue of RMB 161 million, with high-end catheter products showing rapid growth, completing over 3,000 surgeries in China by 1H25 [2]. - Equipment products contributed RMB 16.19 million, with expectations for positive development in 2025 amid recovering industry demand [2]. - Other products, mainly sheath products, achieved revenue of RMB 45.25 million, expected to grow alongside the overall increase in surgical volumes [2]. Overseas Expansion - Overseas revenue reached RMB 69.47 million, a year-on-year increase of over 40%, accounting for 31% of total revenue [3]. - The company has made significant progress in overseas commercialization, with three-dimensional surgeries implemented in over 20 countries by 1H25 [3]. - Domestic revenue was RMB 154 million, with expectations for growth driven by the release of high-end products [3]. Product Development - The company is making progress in new product development, including PFA products and intracardiac ultrasound, with expectations for domestic approval in 2025 and 2026, respectively [4]. - The RDN product is currently in clinical trials, with anticipated domestic approval in 2026 [4]. Profit Forecast and Valuation - The profit forecast has been adjusted, with expected net profits for 2025-2027 at RMB 84 million, RMB 118 million, and RMB 162 million, respectively, reflecting increases of 18%, 7%, and 1% compared to previous estimates [5]. - Using DCF valuation methods, the target price is set at RMB 31.18, up from a previous estimate of RMB 27.73 [5][17].

Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 4.26 billion yuan compared to the previous trading day, marking a continuous increase for 32 trading days [1] - The total margin balance on the Sci-Tech Innovation Board reached 216.09 billion yuan as of August 26, with a financing balance of 215.35 billion yuan and a securities lending balance of 745 million yuan [1] - The stocks with the highest financing balances include SMIC at 10.73 billion yuan, followed by Cambrian and Haiguang Information at 8.85 billion yuan and 6.59 billion yuan respectively [1] Financing Balance Summary - A total of 357 stocks saw an increase in financing balance, while 227 stocks experienced a decrease [1] - Notable increases in financing balance were observed in Wanyi Technology (57.81%), Jiewa (29.72%), and Microelectronic Physiology (26.53%) [1] - Significant decreases were noted in Songji Co., Ltd. (-27.60%), Ju Yi Technology (-19.67%), and Rendu Bio (-19.04%) [1] Securities Lending Balance Summary - The highest securities lending balance was recorded for Cambrian at 49 million yuan, followed by Haiguang Information and SMIC at 40 million yuan and 31 million yuan respectively [2] - A total of 132 stocks saw an increase in securities lending balance, while 140 stocks experienced a decrease [2] - The largest increases in securities lending balance were seen in Lianying Laser (298.30%), KQ Bio (165.45%), and Xidi Micro (102.79%) [2] - The largest decreases were recorded for Tiande Yu (-66.45%), China Electric Research (-61.43%), and Jucheng Co. (-58.81%) [2]

公司营业总收入为2.24亿元，较去年同报告期营业总收入增加2538.39万元，实现4年连续上涨，同比较 去年同期上涨12.80%。归母净利润为3266.81万元，较去年同报告期归母净利润增加1565.55万元，实现 4年连续上涨，同比较去年同期上涨92.02%。经营活动现金净流入为6436.64万元，在已披露的同业公司 中排名第31，较去年同报告期经营活动现金净流入增加2644.49万元，实现2年连续上涨，同比较去年同 期上涨69.74%。 公司最新资产负债率为8.80%，在已披露的同业公司中排名第5。 公司最新毛利率为60.10%，在已披露的同业公司中排名第30，较去年同期毛利率增加1.00个百分点。最 新ROE为1.84%，较去年同期ROE增加0.84个百分点。 2025年8月27日，微电生理(688351.SH)发布2025年中报。 公司摊薄每股收益为0.07元，较去年同报告期摊薄每股收益增加0.03元，同比较去年同期上涨91.71%。 公司最新总资产周转率为0.12次，较去年同期总资产周转率增加0.01次，实现2年连续上涨，同比较去年 同期上涨7.78%。最新存货周转率为0.67次，较去年同期存货周转 ...

微电生理8月26日报收25.18元，较前一交易日下跌2.55%。盘中最高触及26.58元，最低下探至25.06元， 成交金额1.97亿元。 微电生理属于医疗器械行业，主营业务为心脏电生理介入诊疗器械的研发、生产和销售。公司产品主要 包括三维心脏电生理标测系统、心脏射频消融导管等。 公司8月26日披露的2025年半年报显示，上半年实现营业收入2.24亿元，同比增长12.80%；归属于上市 公司股东的净利润3266.81万元，同比增长92.02%。公司表示业绩增长主要源于销售规模扩大及降本增 效措施见效。同日公司公告聘任林艺珊女士为证券事务代表。 8月26日微电生理主力资金净流入158.58万元，近五个交易日主力资金累计净流出2679.34万元。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - The supervisory board of Shanghai MicroPort CardioFlow Medtech Corp. held its 16th meeting of the third session on August 26, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1][2] - The supervisory board approved the company's 2025 semi-annual report, stating that it accurately reflects the company's operational status without any false records or omissions [1][2] - The board confirmed that the company has managed and used raised funds in accordance with regulations, ensuring no harm to shareholder interests [2][3] Group 2 - The supervisory board agreed to use part of the temporarily idle raised funds for cash management, which is expected to enhance fund efficiency without affecting normal operations or investment projects [2][3] - The decision to manage idle funds was unanimously supported by the supervisory board, with all votes in favor [2][3]

Core Viewpoint - The company plans to utilize temporarily idle raised funds (including oversubscription funds) for cash management, with an investment amount of up to 650 million yuan, focusing on high-safety and liquid financial products [1][4][6]. Fundraising Basic Situation - The company raised a total of 1,165.606 million yuan from the public offering of 70.6 million shares at a price of 16.51 yuan per share, with a net amount of 1,069.8799 million yuan after deducting issuance costs [2]. - The actual funds were received on August 25, 2022, and have been verified by an accounting firm [2]. Previous Cash Management - In August 2024, the company approved the use of up to 750 million yuan of temporarily idle raised funds for cash management, with the authorization period ending on August 19, 2025 [3][4]. Current Cash Management Situation - The purpose of using idle funds is to enhance the efficiency of fund utilization without affecting the normal operation of investment projects [4][6]. - The company intends to invest in safe and liquid products, including structured deposits, notice deposits, time deposits, large certificates of deposit, and income certificates [4][5]. - The cash management amount is capped at 650 million yuan, with a validity period of 12 months from the board's approval [4][5]. Impact on Daily Operations - The cash management will not affect the company's main business operations and aims to improve the efficiency of fund usage, benefiting the company and all shareholders [5][6]. Risk Control Measures - The company will select high-safety and liquid cash management products and will monitor market conditions to manage investment risks [6][7]. Decision-Making Procedures - The board and supervisory board approved the cash management proposal on August 26, 2025, ensuring compliance with relevant laws and regulations [7][8].

公司证券事务代表联系方式如下： 联系电话：021-60969600-53608 电子邮箱：investors@everpace.com 联系地址：上海市浦东新区周浦镇天雄路588弄1-28号第28幢 特此公告。 证券代码：688351 证券简称：微电生理 公告编号：2025-019 上海微创电生理医疗科技股份有限公司 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。 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8月26 日召开第三届董事会第十六次会议，审议通过了《关于聘任证券事务代表的议案》， 同意聘任林艺珊女士（简历详见附件）为公司证券事务代表，协助董事会秘书开 展日常工作。任期自本次董事会审议通过之日起至第三届董事会任期届满之日止。 林艺珊女士已取得上海证券交易所科创板董事会秘书资格证书，具备担任公 司证券事务代表的专业知识和履职能力，其任职资格符合《上海证券交易所科创 板股票上市规则》等相关要求。 上海微创电生理医疗科技股份有限公司董事会 附：林艺珊女士简历 林艺珊，女，1993 年 11 月出生，中 ...