证券代码：688351 证券简称：微电生理 公告编号：2024-018 上海微创电生理医疗科技股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 6 月 18 日 二、 议案审议情况 （一） 非累积投票议案 （二） 股东大会召开的地点：上海市浦东新区周浦镇天雄路 588 弄 15 号楼 1 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 | 8 | | --- | --- | | 普通股股东人数 | 8 | | 2、出席会议的股东所持有的表决权数量 | 363,140,457 | | 普通股股东所持有表决权数量 | 363,140,457 | | 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 | 77.1654 | | 例（%） | | | 普通股股东所持有表决权数 ...

上海微创电生理医疗科技股份有限公司 关于上海证券交易所 2023 年年度报告的 信息披露监管问询函回复的说明 大华核字[2024]0011014200 号 大 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Da Hua Certified Public Accountants（Special General Partnership） ［右键单击上一行首，选择更新域键入公司名称的全称］ ［右键单击上一行首，选择更新域键入公司名称的简称］ 上海微创电生理医疗科技股份有限公司 关于上海证券交易所 2023 年年度报告的 信息披露监管问询函回复的说明 目 录 页 次 一、 关于上海证券交易所 2023 年年度报告的 信息披露监管问询函回复的说明 1-11 大华核字[2024]0011014200 号 上海证券交易所： 由上海微创电生理医疗科技股份有限公司（以下简称"公司"、"本公司"或 "微电生理"）转来的《关于上海微创电生理医疗科技股份有限公司 2023 年年度 报告的信息披露监管问询函》（上证科创公函【2024】0169 号）奉悉。我们已对 相关事项进行了审慎核查，现汇报如下： 一、关于业务经营 1 ...

证券代码：688351 证券简称：微电生理 公告编号：2024-017 1、年报披露，公司 2023 年度营业收入 32,919.49 万元，同比增长 26.46%。 其中，主营业务收入 31,998.58 万元，其他业务收入 920.90 万元。扣非后归属 母公司股东的净利润-3547.02 万元，同比下滑 211.33%。本年度毛利率 63.07%， 较 2022 年减少 6.64 个百分点。请你公司：（1）结合产品定价、收入构成、成本 费用等情况，具体说明 2023 年度营业收入增长，但扣非后净利润大幅下滑的具 体原因。（2）补充披露 2023 年其他业务收入的具体明细、交易金额、交易内容、 回款情况，并说明交易对方与公司是否存在关联关系。（3）具体说明你公司最近 1 三年营业收入持续上升，但毛利率、净利润呈下降趋势的原因及合理性，毛利率 变动趋势与同行业可比公司是否存在较大差异。 回复： 一、公司对问询问题的回复 一、关于业务经营 上海微创电生理医疗科技股份有限公司 关于 2023 年年度报告信息披露 监管问询函的回复公告 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 ...

关于上海证券交易所《关于上海微创电生理医疗科技股份有限公司 2023 年年度报告的信息披露监管问询函》有关事项之核查意见 上海证券交易所科创板公司管理部： 2024 年 6 月 7 日，贵部下发《关于上海微创电生理医疗科技股份有限公司 2023 年年度报告的信息披露监管问询函》（上证科创公函[2024]0169 号，以下简 称"问询函"），就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" 或"公司"于 2024 年 3 月 30 日披露的《2023 年年度报告》涉及的相关事项予 以问询。根据问询函相关要求，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"）作为微电生理的保荐人，本着勤勉尽责和诚实守信的原 则，就问询函中涉及的相关事项进行了认真核查和回复，现提交贵部，请予审核。 本问询函回复的字体说明如下： | 问询函所列问题 | 黑体 | | --- | --- | | 对问询函所列问题的回复 | 宋体 | 本问询函回复部分表格中单项数据加总数与表格合计数可能存在微小差异， 均因计算过程中的四舍五入所形成。 华泰联合证券有限责任公司 1 一、关于业务经营 1、年报披露，公司 2023 ...

微电生理 2023 年年度股东大会会议资料 证券代码：688351 证券简称：微电生理 上海微创电生理医疗科技股份有限公司 2023 年年度股东大会会议资料 2024 年 6 月 18 日 1 / 30 微电生理 2023 年年度股东大会会议资料 目 录 | 2023 年年度股东大会会议须知 3 | | | --- | --- | | 2023 年年度股东大会会议议程 5 | | | 议案一：关于 2023 | 年度董事会工作报告的议案 7 | | 议案二：关于 2023 | 年度监事会工作报告的议案 12 | | 议案三：关于 2023 | 年度独立董事履职情况报告的议案 16 | | 议案四：关于 2023 | 年年度报告及其摘要的议案 17 | | 议案五：关于 | 2023 年度财务决算报告的议案 18 | | 议案六：关于 2023 | 年度利润分配预案的议案 25 | | 议案七：关于 2024 | 年度日常关联交易预计的议案 26 | | 议案八：关于董事、监事 2023 年度薪酬奖金及 | 2024 年薪酬方案的议案 27 | | 议案九：关于拟变更公司经营范围及修订《公司章程》的议案 28 ...

[Table_MainInfo] 公司研究/医药与健康护理 证券研究报告 微电生理-U（688351）公司年报点评 2024 年 06 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -24.29% -10.29% 3.71% 17.71% 31.71% 2023/6 2023/9 2023/12 2024/3 微电生理-U 海通综指 分析师:余文心 三维手术量保持高增长，电生理国产替代 加速 [Table_Summary] 投资要点： 三维手术量保持高增长，导管类产品增速超 32%。2023 年公司导管类产品 收入 2.19 亿元，同比增长 32.03%，设备类收入 0.17 亿元，同比减少 60.00%， 其他产品收入 0.84 亿元，同比增长+68.87%。TrueForce 压力导管自上市以 来，已在多家中心完成了 1000 余例压力监测指导下的射频消融手术， IceMagic 球囊型冷冻消融导管及 IceMagic 冷冻消融设备已完成 20 多个省份 的挂网，并在多个中心开展试用。截至 2023 年末，公司产品累计覆盖全国 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2]. Core Insights - The company has been deeply engaged in the electrophysiology field for over a decade, with its products entering a harvest phase [4]. - The electrophysiology industry is experiencing rapid growth, with significant potential for domestic substitution [4]. - The company is innovating to break the import monopoly and is establishing a solid product moat [4]. - New technologies are expected to yield fruitful results in the near future, with promising products anticipated to launch by 2025 [4]. - The company's financial forecasts indicate a positive outlook for profitability and valuation [4]. Summary by Sections 1. Company Development - The company has a clear equity structure and an experienced management team [4]. - Innovative products are being launched, driving revenue into a high growth phase [4]. 2. Industry Growth - Electrophysiology procedures for treating rapid arrhythmias show significant advantages [4]. - The patient base for cardiac electrophysiology is large, but the penetration rate is low, laying the foundation for rapid industry growth [4]. - The market is currently dominated by imported manufacturers, but domestic companies are actively expanding, indicating vast potential for domestic substitution [4]. 3. Innovation and R&D - The company is introducing new three-dimensional electrophysiology equipment, enhancing installation rates through a "sales + deployment + follow-up" strategy [4]. - High-density mapping catheters are breaking the import monopoly, and the company has launched the first domestic pressure monitoring catheter [4]. - The company is also focusing on a dual layout of radiofrequency and cryoablation catheters, with a gentle price reduction expected from centralized procurement [4]. 4. Future Technologies - The company is developing promising new technologies, such as pulsed ablation, which is expected to launch in 2025 [4]. - Renal denervation (RDN) is emerging as a new therapy for hypertension, with a vast market potential [4]. 5. Financial Forecasts and Valuation - The report includes profitability forecasts and key assumptions, indicating a positive trend in financial performance [4]. - The company’s gross margin has improved from 60.28% in 2015 to 72.43% in 2021, with fluctuations due to product mix changes and price reductions from centralized procurement [14]. - The average cost of catheter products has decreased by 10.52% in 2023, with expectations for continued improvement in profitability as sales scale up [14].

图表 7:公司近年海外增速高于国内增速 电生理手术优势逐步得到验证，三维心脏电生理手术成为重要发展趋势。随着 临床证据的不断积累和丰富，导管消融术凭借创口小、有效性和安全性高、并发症 少、手术时间短等优势在临床中迅速推广。对于阵发性、持续性房颤，导管消融手 术的治疗成功率约较药物治疗有明显的较高的治疗成功率;对于室上速,多项专家 共识推荐电生理手术为一线治疗手段。 随着电生理手术术式的逐步成熟,三维标测系统的出现使得患者能够得到更加 精准的手术治疗。三维心脏电生理手术可实现短时间内精准定位，以低剂量射线辐 射开展"绿色电生理"手术，具有极大地提升手术的成功率等优势。三维电生理手 术量从 2015年的 7.1 万例增长至 2020年的 16.4万例,二维电生理手术量整体趋势 下滑，未来三维心脏电生理手术将成为重要发展方向，有望带动电生理手术渗透率 提升。 试信专业 发现价值 公司成立于 2010 年，专注于电生理介入诊疗与消融治疗领域，坚持自主创新驱 动战略，掌握并突破了电生理介入诊疗与消融治疗领域相关的核心设计与制造技术， 以技术跃迁成为首个能够提供三维心脏电生理设备与耗材完整解决方案的国产厂商， 并实现了" ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [3][15]. Core Viewpoints - The company is a pioneer in domestic electrophysiology devices, being one of the few manufacturers to complete the layout of both cardiac electrophysiology equipment and consumables, with multiple first-of-its-kind products in China [3][15]. - The company has successfully participated in various regional bulk procurement initiatives, validating the price-for-volume strategy for domestic enterprises [3][15]. - The company is expected to achieve significant growth in the atrial fibrillation market, moving from 0 to 1 breakthroughs in future procurement rounds [3][15]. Financial Summary - In 2023, the company achieved operating revenue of 329 million yuan, a year-on-year increase of 26.46%, and a net profit attributable to shareholders of 6 million yuan [8][10]. - For Q4 2023, the company reported operating revenue of 93 million yuan, a year-on-year increase of 36.11% [8][10]. - In Q1 2024, the company achieved operating revenue of 89 million yuan, a year-on-year increase of 71.01%, and a net profit attributable to shareholders of 4 million yuan, a year-on-year increase of 144.70% [8][10]. Revenue Forecast - The forecast for net profit attributable to shareholders is 48 million yuan in 2024, 90 million yuan in 2025, and 139 million yuan in 2026, reflecting substantial growth rates [3][15]. - The projected operating revenue for 2024 is 476 million yuan, with a year-on-year growth rate of 44.7% [3][15]. Market Performance - The company has made significant progress in both domestic and international markets, with domestic revenue reaching 251 million yuan, a year-on-year increase of 17.15%, and international revenue reaching 69 million yuan, a year-on-year increase of 59.50% [11][12]. - The company has successfully established a comprehensive marketing network, covering over 1,000 hospitals across 31 provinces in China by the end of 2023 [12][13]. Product Development - The company has developed a complete range of electrophysiology solutions, including the first-generation three-dimensional cardiac mapping system, which received NMPA approval in 2016 [9][10]. - New products such as the TrueForce® pressure catheter and IceMagic® cryoablation products have been launched, marking significant advancements in the domestic market [12][13]. International Expansion - The company has achieved rapid growth in international markets, with over 50% year-on-year revenue growth, and has obtained various international certifications for its products [13][15]. - The company actively participates in international conferences to enhance its global presence and brand recognition [13].

Investment Rating - The investment rating for the company is "Buy" [4]. Core Views - The company is expected to experience significant growth driven by the successful launch of high-end new products and a robust pipeline of ongoing projects. The domestic market is showing strong performance with a projected increase in surgical procedures and successful procurement in key regions [1][3][17]. - The company reported a substantial increase in Q1 2024 revenue, with a year-on-year growth of 71.01%, and a net profit increase of 144.70%. The domestic revenue saw a remarkable growth of 117% [3][17]. - The company is maintaining a strong competitive position in the electrophysiology market, with a focus on expanding both domestic and international markets, which is expected to contribute to a second growth curve [17]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 89.15 million yuan, representing a 71.01% increase year-on-year, and a net profit of 4.17 million yuan, up 144.70% [3]. - The sales, management, and R&D expense ratios were 27.49%, 11.50%, and 22.17%, respectively, showing a decrease compared to the previous year, which has improved the profit margin [3]. - The gross profit margin was reported at 60.54%, with a slight decline due to procurement policies, but is expected to recover as product volumes increase [3]. Product Development and Market Expansion - The company has made significant progress in its product pipeline, including successful clinical trials and certifications for various medical devices, which are expected to enhance market penetration [1][3][17]. - The company’s three-dimensional catheter revenue grew approximately 130% year-on-year, indicating strong demand for its innovative products [3]. - The company is actively working on expanding its presence in overseas markets, with plans to conduct 1,000 to 1,500 surgeries in 2024 following the recent CE certification [1][3]. Earnings Forecast - The company forecasts revenues of 464.44 million yuan, 646.86 million yuan, and 889.13 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 28.80 million yuan, 70.54 million yuan, and 122.60 million yuan [18]. - The expected earnings per share (EPS) for the next three years are projected to be 0.06 yuan, 0.15 yuan, and 0.26 yuan [18].