` [Definition of Terms](index=4&type=section&id=Definition%20of%20Terms) This section defines common terms used in the report, including company names, related parties, key industry competitors, and critical medical technology terms, ensuring accuracy and consistency in reading the report - Company Abbreviation: Everpace Medical[10](index=10&type=chunk) - Reporting Period: First half of 2025[10](index=10&type=chunk) - Complete Solution for 3D Cardiac Electrophysiology Equipment and Consumables: A comprehensive solution covering all necessary equipment and consumables for 3D cardiac electrophysiology procedures, including 3D electrophysiology mapping systems, mapping catheters, 3D radiofrequency ablation catheters, radiofrequency ablation generators, irrigation pumps, and guiding sheaths[10](index=10&type=chunk) - PFA (Pulsed Field Ablation): A technique that applies short-duration, high-voltage pulsed electric fields to target tissue, disrupting cell lipid bilayers to form irreversible micropores, ultimately leading to cell apoptosis or necrosis, thereby ablating abnormal myocardial tissue and blocking abnormal electrical signal conduction[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance for the first half of 2025 [I. Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This section introduces the company's basic information, including its Chinese name, abbreviation, legal representative, registered address, office address, website, and email address - Company Chinese Name: Shanghai MicroPort EP Medical Technology Co., Ltd[13](index=13&type=chunk) - Legal Representative: YIYONG SUN[13](index=13&type=chunk) - Company Website: www.everpace.com[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email - Board Secretary: Zhu Yu[14](index=14&type=chunk) - Contact Number: 021-60969600-53608[15](index=15&type=chunk) - Email: investors@everpace.com[15](index=15&type=chunk) [III. Information Disclosure and Location Change Brief](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Location%20Change%20Brief) This section discloses the company's selected newspapers for information disclosure, the website address for semi-annual reports, and the location where reports are kept - Company's Selected Newspapers for Information Disclosure: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily[16](index=16&type=chunk) - Website Address for Semi-Annual Reports: www.sse.com.cn[16](index=16&type=chunk) [IV. Company Stock/Depositary Receipt Summary](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Summary) This section introduces the listing exchange, stock abbreviation, and stock code for the company's A-shares - Stock Type: A-shares[17](index=17&type=chunk) - Stock Exchange and Board: Shanghai Stock Exchange STAR Market[17](index=17&type=chunk) - Stock Code: 688351[17](index=17&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section outlines the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue, total profit, and net profit, especially a substantial increase in net profit after deducting non-recurring gains and losses 2025 First Half Key Accounting Data and Financial Indicators | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 223,748,530.83 | 198,364,587.44 | 12.80 | | Total Profit | 32,816,628.64 | 17,032,732.92 | 92.67 | | Net Profit Attributable to Shareholders of Listed Company | 32,668,127.26 | 17,012,670.68 | 92.02 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 20,806,323.47 | 921,677.69 | 2,157.44 | | Net Cash Flow from Operating Activities | 64,366,377.38 | 37,921,452.48 | 69.74 | | Basic Earnings Per Share (RMB/share) | 0.0694 | 0.0362 | 91.71 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.0442 | 0.0020 | 2,110.00 | | R&D Investment as % of Operating Revenue | 20.64 | 22.56 | Decrease of 1.92 percentage points | - Total profit, net profit attributable to shareholders of the listed company, net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses, basic earnings per share, diluted earnings per share, and net cash flow from operating activities all significantly increased compared to the same period last year, primarily due to sales scale growth and profit growth from cost reduction and efficiency improvement during the reporting period[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, with an explanation for the one-time recognition of share-based payment expenses 2025 First Half Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the reversal of impairment provisions for assets | 726,244.50 | | Government subsidies recognized in current profit and loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss | 5,757,847.08 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding effective hedging activities related to the company's normal business operations | 9,866,334.97 | | Other non-operating income and expenses apart from the above items | -2,154,072.97 | | Other profit and loss items that meet the definition of non-recurring gains and losses (one-time recognized share-based payment expenses) | -2,334,549.79 | | Total | 11,861,803.79 | - One-time recognized share-based payment expenses (RMB -2,334,549.79) are classified as non-recurring gains and losses because if shares are immediately granted or transferred without explicit vesting periods or other restrictions, share-based payment expenses should generally be recognized in the period of occurrence as an incidental item and included in non-recurring gains and losses[25](index=25&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's operations, financial performance, core competitiveness, and risk factors during the reporting period [I. Industry and Main Business Overview during the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) This section elaborates on the company's industry positioning, main business, and market prospects in the field of electrophysiology interventional diagnosis and ablation therapy, highlighting its status as the first domestic manufacturer to provide a complete solution for 3D cardiac electrophysiology equipment and consumables, and noting that population aging will drive increased demand in the electrophysiology market - The company primarily engages in the research, development, production, and sales of innovative medical devices in the field of electrophysiology interventional diagnosis and ablation therapy[27](index=27&type=chunk) - The company is one of the few manufacturers in the global market with a complete product line for both electrophysiology equipment and consumables, and the first domestic manufacturer capable of providing a complete solution for 3D cardiac electrophysiology equipment and consumables[27](index=27&type=chunk) - As of the end of 2024, China's elderly population aged 65 and above reached 220 million, accounting for 15.6% of the total population, with population aging expected to further increase the number of atrial fibrillation patients, leading to a rapid increase in demand for the electrophysiology market[28](index=28&type=chunk) - In 2023, China had 11.132 million hospitalized patients with arrhythmias, with approximately 347,000 ablation procedures performed for various arrhythmias, including 338,000 interventional catheter ablations, and 147,000 ablation procedures for atrial tachycardia/atrial flutter/atrial fibrillation[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company focused on advantageous products, accelerated international expansion, and deepened budget control, achieving steady growth in operating revenue and net profit attributable to the parent company. Clinical recognition of core domestic products improved, especially with significant breakthroughs in atrial fibrillation treatment, while multi-technology routes synergistically advanced, showcasing innovative achievements on the international stage. The company continued

证券代码：688351 证券简称：微电生理 公告编号：2025-020 上海微创电生理医疗科技股份有限公司 关于续聘会计师事务所公告 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。 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审计委员会第十四次会议、第三届董事会第十六次会议 审议通过了《关于续聘 2025 年度会计师事务所的议案》，公司拟续聘立信会计师 事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年度审计机构，本事项 尚需提交公司股东大会审议。现将相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业 1 务许可证，具有 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-018 上海微创电生理医疗科技股份有限公司 关于2025 年度"提质增效重回报" 行动方案的公告 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。 为落实国务院《关于加强监管防范风险推动资本市场高质量发展的若干意 见》《关于进一步提高上市公司质量的意见》相关要求，践行"以投资者为本" 的发展理念，进一步提高公司经营质量，增强投资者回报信心，提升投资者获得 感，上海微创电生理医疗科技股份有限公司（以下简称"公司"）制定了《2025 年度"提质增效重回报"行动方案》，并于 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该方案。方案内容具体如下： 一、深耕电生理领域，提升核心竞争力 公司以研发和提供心脏电生理介入诊疗领域的完整解决方案为核心，持续推 动技术创新，是全球少数同时拥有电生理设备和耗材全产品线生产能力的厂商。 依托多年技术积累，公司攻克了三维磁电双定位技术、磁导航定位等关键技术， 成为国内首个实现三维电生理设备和耗材全面布局的企业。截 ...

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。 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 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 关于聘任证券事务代表的公告 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 8 月 27 日 1 附：林艺珊女士简历 林艺珊，女，1993 年 11 月出生，中 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-017 上海微创电生理医疗科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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。 重要内容提示： 1 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海微创电生理医疗科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2022]1587 号）核准，公司向社 会公开发行人民币普通股（A 股）7,060 万股，发行价格为 16.51 元/股，募集资 金总额为人民币 116,560.60 万元，扣除发行费用 9,572.61 万元后，实际募集资 金净额为 106,987.99 万元。上述募集资金实际到位时间为 2022 年 8 月 25 日， 已经大华会计师事务所（特殊普通合伙）审验，并出具了《上海微创电生理医疗 科技股份有限公司发行人民币普通股（A 股）7,060 万股后实收股本的验资报告》 （大华验字[2022]000559 号）。 基本情况 | 投资金额 | 65,000 万元（含本数） | | ...

证券代码：688351 证券简称：微电生理 公告编号：2025-016 上海微创电生理医疗科技股份有限公司 2025 年半年度募集资金存放与实际使用 情况的专项报告 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。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海微创电生理医疗科技 股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1587 号），公 司向社会公开发行人民币普通股（A 股）7,060 万股，发行价格为 16.51 元/股， 募集资金总额为人民币 116,560.60 万元，扣除发行费用 9,572.61 万元后，实际 募集资金净额为 106,987.99 万元。上述募集资金实际到位时间为 2022 年 8 月 25 日，已经大华会计师事务所（特殊普通合伙）审验，并出具了《上海微创电 生理医疗科技股份有限公司发行人民币普通股（A 股）7,060 万股后实收股本的 验资报告》（大华验字[2022]000559 号）。 二、募集资金管理情况 为规范募集资金的管理和使用，保护投资者权益 ...

上海微创电生理医疗科技股份有限公司的主营业务是电生理介入诊疗与消融治疗领域创新医疗器械研 发、生产和销售，致力于提供具备全球竞争力的"以精准介入导航为核心的诊断及消融治疗一体化解决 方案"。公司的主要产品是Columbus三维心脏电生理标测系统、EasyFinder3D磁定位型可调弯标测导 管、EasyLoop3D一次性使用磁定位环形标测导管、EasyLoop环肺静脉标测导管、EasyLoop一次性使用 心内标测电极导管、EasyFinder一次性使用可调弯标测导管、EasyFinder一次性使用固定弯标测导管、 EasyStars一次性使用星型磁电定位标测导管、FireMagicCool3D冷盐水灌注射频消融导管、FireMagic3D 磁定位型心脏射频消融导管、FireMagicPreciSense3D一次性使用磁定位微电极射频消融导管、 FireMagicTrueForce一次性使用压力监测磁定位射频消融导管等。公司冷冻消融设备、球囊型冷冻消融 导管、一次性使用压力监测磁定位射频消融导管凭借卓越性能与创新技术，获批纳入《2024年度上海市 生物医药"新优药械"产品目录》；同时，冷冻消融设备、球囊型冷冻消 ...

Group 1 - The total margin financing balance of the Sci-Tech Innovation Board increased by 4.98 billion yuan, with a total balance of 2026.42 billion yuan as of August 21, marking a continuous increase for 29 trading days [1][2] - The highest margin financing balance is held by SMIC at 9.088 billion yuan, followed by Cambrian and Haiguang Information with balances of 6.823 billion yuan and 5.351 billion yuan respectively [1][2] - A total of 322 stocks saw an increase in margin financing balance, while 262 stocks experienced a decrease [1] Group 2 - The highest margin short-selling balance is held by Cambrian at 0.33 billion yuan, followed by Haiguang Information and SMIC with balances of 0.29 billion yuan and 0.21 billion yuan respectively [2] - 118 stocks saw an increase in margin short-selling balance, while 156 stocks experienced a decrease [2] - The stocks with the largest increases in margin short-selling balance include Kaisa Bio, Weigao Orthopedics, and Lexin Technology, with increases of 97.37%, 91.21%, and 85.81% respectively [2]

Summary of Key Points from the Conference Call Industry Overview - The China SMID-cap medtech sector has seen a year-to-date increase of 47%, lagging behind the HKHSBIO Index which has gained over 100% [2][20] - The medtech space is characterized by innovation and globalization, similar to the biotech sector, indicating potential for further growth [2][5] Company Focus: MicroPort - MicroPort is identified as a prime beneficiary of positive trends in the medtech sector, with expectations to reach break-even by the second half of FY25 due to improved hospital procurement and cost control [2][20] - The strategic investment from Shanghai Industrial Investment Corp (SIIC) has reduced risk and is expected to enhance investor interest, contributing to a 60% rally in MicroPort's share price since the investment [20][24] - Sales forecasts for MicroPort have been raised by 1-3% for 2025-2027, with a price target increase from HK$8.60 to HK$17.20, extending the timeframe to June 2026 [20][25] Financial Performance and Projections - MicroPort's revenue is projected to grow from HK$1,031 million in FY24 to HK$1,602 million by FY27, reflecting a compound annual growth rate (CAGR) of approximately 20% [37] - The company aims to reduce its operating expenses/sales ratio from 96% in 2023 to below 50% by 2026, which is expected to improve profitability [24][29] - Adjusted net income is anticipated to turn positive by FY26, with a projected net margin of 5.1% by FY27 [37] Market Dynamics - Recent policy changes favor innovation in the medtech sector, with a significant increase in approvals for innovative medical devices by the NMPA, up 87% year-over-year in 1H25 [5][20] - The globalization of China's medtech sector is accelerating, with overseas sales of top Chinese medtech companies expected to grow significantly [5][20] Risks and Considerations - Key risks include potential earnings volatility, higher-than-expected financial obligations, and geopolitical risks that could impact the medtech sector [35][36] - Price cut risks remain a concern, particularly for products subject to volume-based procurement (VBP) [42] Conclusion - The outlook for the China SMID-cap medtech sector, particularly for MicroPort, remains positive, driven by strategic investments, favorable policy changes, and anticipated improvements in financial performance [2][20][24]

Group 1 - The core viewpoint of the news is that Shanghai MicroPort CardioFlow Medtech Corp. (微电生理) has shown significant financial growth in its latest quarterly report, with a notable increase in revenue and net profit [1] - As of August 19, 2025, the company's stock price closed at 26.68 yuan, reflecting a 3.81% increase, with a trading volume of 12.54 million shares and a transaction amount of 328 million yuan [1] - The company reported total revenue of 104 million yuan for the first quarter of 2025, representing a year-on-year growth of 16.77%, and a net profit attributable to shareholders of 17.87 million yuan, which is a 328.63% increase year-on-year [1] Group 2 - The company has a strong liquidity position, with a current ratio of 12.972 and a quick ratio of 11.841, indicating robust financial health [1] - The company has a low debt level, with an asset-liability ratio of 8.11%, suggesting minimal financial risk [1] - Shanghai MicroPort CardioFlow Medtech Corp. was established in 2010 and is primarily engaged in the manufacturing of specialized medical equipment, with a registered capital of 47.06 million yuan [1] Group 3 - The company has made investments in 7 enterprises and has participated in 197 bidding projects, indicating active engagement in business development [2] - The company holds 38 trademark registrations and 324 patents, showcasing its commitment to innovation and intellectual property [2] - Additionally, the company possesses 98 administrative licenses, reflecting its compliance and operational capabilities [2]