证券代码：688351 证券简称：微电生理 公告编号：2025-030 上海微创电生理医疗科技股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 （一） 股东会类型和届次 2025年第二次临时股东会 召开日期时间：2025 年 12 月 22 日 14 点 30 分 召开地点：上海市浦东新区周浦镇天雄路 588 弄 23 号楼 3 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 22 日 至2025 年 12 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 ...

上海微创电生理医疗科技股份有限公司董事会提名委员会 1、经审阅张东先生、李亦争先生、丁建东先生的个人履历等相关资料，其 与公司第一大股东、持股 5%以上股东及其他董事、高级管理人员之间不存在关 联关系，不存在《公司法》等法律法规及《公司章程》规定的不得担任上市公司 独立董事的情形，符合中国证监会《上市公司独立董事管理办法》及公司《独立 董事工作制度》对于上市公司独立董事的任职资格与独立性要求。 2、张东先生、李亦争先生、丁建东先生具有丰富的专业知识，熟悉相关法 律、行政法规、部门规章及其他规范性文件，其教育背景、工作经历及专业经验 均能够胜任独立董事的职责要求。 综上，我们同意提名张东先生、李亦争先生、丁建东先生为公司第四届董事 会独立董事候选人，并同意将该事项提交公司第三届董事会第十八次会议审议。 上海微创电生理医疗科技股份有限公司 关于公司独立董事候选人任职资格的审查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董 事管理办法》《上海证券交易所科创板股票上市规则》《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、规范性文件以及《上海 微创电生理医 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has received approval for its self-developed PFA product, enhancing its electrophysiology product matrix [5] - Revenue forecasts for 2025-2027 are projected at 478 million, 604 million, and 807 million RMB, with year-on-year growth rates of 15.62%, 26.50%, and 33.60% respectively [5] - The net profit attributable to the parent company is expected to be 69 million, 98 million, and 147 million RMB for the same years, with growth rates of 32.01%, 42.02%, and 50.63% respectively [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 336 million RMB, a year-on-year increase of 15.65%, and a net profit of 42 million RMB, with a non-recurring net profit of 24 million RMB [7] - The third quarter revenue was 113 million RMB, reflecting a year-on-year growth of 21.78%, while the net profit was 9 million RMB, down 62.56% year-on-year [7] - The gross margin for the first three quarters was 59.09%, with a sales expense ratio of 28.33% and a management expense ratio of 9.31% [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 478 million, 604 million, and 807 million RMB, with corresponding growth rates of 15.62%, 26.50%, and 33.60% [6] - The net profit attributable to the parent company is forecasted to be 69 million, 98 million, and 147 million RMB for 2025-2027, with growth rates of 32.01%, 42.02%, and 50.63% [6] - The price-to-earnings ratio (P/E) is projected to be 157x, 111x, and 73x for 2025, 2026, and 2027 respectively [5][6]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Summary of Medical Device and Healthcare Services Industry Conference Call Industry Overview - The medical device and healthcare services industry is expected to continue its recovery, with long-term investment opportunities emerging for 2026. [1][2] - The impact of centralized procurement is gradually diminishing, with some demand expected to be delayed until 2025. [1][2] Key Insights and Arguments - **Growth Drivers**: The industry is projected to experience steady growth in 2026 due to inventory clearance, new product launches, and growth in overseas markets. [1][2] - **Cautious Outlook from Leading Companies**: Some leading companies have provided cautious performance guidance for the upcoming periods. [1][2] - **Focus Areas**: Specific segments such as orthopedics (e.g., Spring Medical) and e-commerce connections (e.g., New Pulse Medical) are highlighted as areas of interest. [1][3] - **RVD Sector**: The RVD sector is expected to perform well in 2026, driven by a high proportion of overseas revenue (40%). [1][3] - **Electrophysiology**: Companies like Huatai are noted for their cost-effective valuations, with expectations of significant growth driven by new products. [1][5] - **IVD Sector**: The IVD sector is anticipated to face challenges in 2025 but is expected to gradually recover starting in Q4. [1][10] Company-Specific Developments - **Huatai**: Despite recent stock price adjustments, Huatai is expected to see a profit growth rate of over 25% in 2026, supported by the launch of its innovative product TFA. [5] - **Aohua Endoscopy**: The company is expected to see revenue growth due to improved bidding data and the introduction of competitive new products. [6] - **Mindray**: Aiming to penetrate over 2,000 key hospitals in the IVD sector, with potential market share growth due to acquisitions. [11] - **New Industry**: Expected to maintain over 20% growth in overseas markets despite domestic pricing pressures. [11] Investment Opportunities - **Current Market Position**: Many medical device companies, including Mindray and Huatai, are viewed as having long-term value and low valuation opportunities. [7][8] - **Potential High-Growth Companies**: Companies like Microelectrophysiology and Ruimaite are highlighted as having potential for exceeding expectations in business growth. [8] - **2026 Performance Expectations**: The medical device sector is expected to accelerate in 2026, with companies like Mindray and Kaidiya projected to improve performance due to better bidding trends and reduced inventory pressure. [9] Challenges and Risks - **IVD Sector Challenges**: The IVD sector is facing price pressures and a decline in volume in 2025, but is expected to stabilize in 2026. [10] - **High-Value Consumables**: The sector is experiencing challenges due to centralized procurement policies, but opportunities for valuation recovery exist in segments where risks have not fully cleared. [13][14] Future Outlook - **Serious Medical vs. Consumer Medical**: Serious medical is under pressure but expected to recover in the long term, particularly in oncology. Consumer medical is seen as having significant growth potential due to low penetration rates. [19] - **International Expansion**: Domestic companies are increasingly focusing on international markets, with various strategies being employed to enhance their global presence. [17][18] This summary encapsulates the key points discussed in the conference call regarding the medical device and healthcare services industry, highlighting growth prospects, company-specific developments, investment opportunities, and potential challenges.

Core Points - Shanghai MicroPort EP MedTech Co., Ltd. has received approval from the National Medical Products Administration for its disposable pressure monitoring cardiac pulsed electric field ablation catheter [1] - The product utilizes strain gauge technology for pressure sensing, combined with pulsed electric field technology, magnetic positioning technology, and saline infusion technology, aimed at treating arrhythmias [1] - The approval enhances the company's portfolio of ablation energy products, which includes radiofrequency, cryoablation, and pulsed electric field technologies, thereby strengthening its competitive edge and market expansion capabilities [1] Product Details - The catheter is designed to work with cardiac pulsed electric field ablation devices and can provide real-time measurements of contact pressure between the catheter tip and the heart wall when used with a three-dimensional cardiac electrophysiology mapping system [1] - The registration certificate obtained signifies the product's qualification for market access in China, although actual sales performance post-launch will be influenced by multiple factors [2]

Group 1 - The company, Shanghai MicroPort EP MedTech Co., Ltd., has announced that its single-use pressure monitoring cardiac pulsed field ablation catheter has received registration approval from the National Medical Products Administration (NMPA) [2] - The registration number for the catheter is 20253012351, indicating regulatory compliance and readiness for market entry [2] - This approval is a significant milestone for the company, potentially enhancing its product portfolio in the cardiac medical device sector [2]

Group 1: Shareholding Changes - Company Zhaoyi Innovation announced that several directors and senior management personnel plan to reduce their holdings by a total of 249,000 shares, with specific reductions from the vice chairman and general manager, as well as other vice presidents [1] - Company Super Aerospace announced a stock suspension due to its controlling shareholders planning a significant matter that may lead to a change in control [2] - Company Haosai is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [5] Group 2: Major Contracts and Projects - Company Dajin Heavy Industry's wholly-owned subsidiary signed a contract worth approximately 1.339 billion yuan for a European offshore wind farm project, which represents 35.41% of the company's audited revenue for 2024 [3] - Company Ruifeng New Materials plans to increase capital by 200 million yuan in a related party to advance a lithium hexafluorophosphate project [6] Group 3: Regulatory Actions - Company Jushi Chemical received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [4] - Company Huosai is also under investigation by the CSRC for similar reasons [5] Group 4: Investment and Acquisitions - Company Gao Neng Environment plans to acquire 45.2% equity in three mining companies [7] - Company Aerospace Electric intends to purchase 32% equity in Shenzhen Aerospace Electric Motor System Co., Ltd. through public bidding [8]

Core Viewpoint - The company has received registration approval from the National Medical Products Administration for its single-use pressure monitoring cardiac pulsed electric field ablation catheter, enhancing its product portfolio in arrhythmia treatment [1] Group 1: Product Development - The newly approved product utilizes a strain gauge-based pressure sensor design combined with pulsed electric field technology, magnetic field positioning technology, and saline infusion technology [1] - This catheter is designed to work in conjunction with cardiac pulsed electric field ablation devices for arrhythmia treatment [1] Group 2: Market Positioning - The product can provide real-time measurement of contact pressure between the catheter tip and the heart wall, as well as positional information within the heart when used with a three-dimensional cardiac electrophysiology mapping system [1] - The registration of this medical device allows the company to synergize its three major ablation energy products: radiofrequency, cryoablation, and pulsed electric field, thereby offering more treatment options for arrhythmia [1] - This development is expected to enhance the company's core competitiveness and market expansion capabilities [1]

证券代码：688351 证券简称：微电生理 公告编号：2025-028 上海微创电生理医疗科技股份有限公司 关于一次性使用压力监测心脏脉冲电场消 融导管获批上市的自愿披露公告 上海微创电生理医疗科技股份有限公司董事会 2025 年 11 月 22 日 1 近日，上海微创电生理医疗科技股份有限公司（以下简称"公司"）一次性 使用压力监测心脏脉冲电场消融导管获得国家药品监督管理局注册申请（国械注 准 20253012351）。该产品基于应变片原理的压力传感器设计，结合脉冲电场技 术、磁场定位技术、盐水灌注技术，与心脏脉冲电场消融设备配合使用，可用于 心律失常治疗；与三维心脏电生理标测系统配合使用，可提供导管在心内的位置 信息以及进行导管头端和心壁之间触点压力的实时测量。上述医疗器械注册证的 取得，实现了公司"射频+冷冻+脉冲"三大消融能量产品的协同布局，为心律失 常治疗提供了更多选择，有利于进一步增强公司的核心竞争力和市场拓展能力。 上述注册申请的取得仅代表一次性使用压力监测心脏脉冲电场消融导管获 得国内市场准入资格，产品上市后的实际销售情况受到多重因素影响，目前尚无 法预测其对公司未来业务的具体影响。敬请广大投 ...