Core Insights - Shanghai MicroPort EP MedTech Co., Ltd. reported a revenue of 336 million yuan for the first three quarters of 2025, representing a year-on-year growth of 15.65% [1] - The net profit attributable to shareholders was 41.92 million yuan, with a slight year-on-year increase of 0.46%, impacted by the timing of government subsidies related to Innovative Medical Devices [1] - The company achieved a non-GAAP net profit of 24.07 million yuan, marking a turnaround from losses compared to the previous year [1] Financial Performance - In Q3 2025, the company recorded a revenue growth of 21.78% year-on-year [1] - The non-GAAP net profit for Q3 reached 3.26 million yuan, indicating a return to profitability compared to the same quarter last year [1] Market Position and Strategy - MicroPort EP has been focused on the cardiac electrophysiology sector for over a decade, establishing a comprehensive product portfolio with over 30 products based on four major technological pathways [1] - The company has responded actively to national centralized procurement policies, which have laid a solid foundation for increasing market share [1] - The three-dimensional electrophysiology surgeries have been performed in over 1,000 hospitals, with more than 80,000 surgeries completed, ranking first among domestic manufacturers [1] International Expansion - In the first half of 2025, the company successfully expanded its overseas market, covering over 20 countries with a revenue growth rate exceeding 40% [1] - High-end pressure monitoring catheters have shown strong performance, with market penetration in three-dimensional surgeries surpassing that of domestic products [1] Product Innovation - The company has achieved significant breakthroughs in high-end procedures, with the proportion of high-end catheter products gradually increasing [2] - In February 2025, the first batch of Magbot robotic navigation surgeries was successfully completed, filling a technological gap in domestic magnetic-driven catheters and enhancing core performance metrics [2] - As of mid-2025, over 3,000 surgeries using high-end products like pressure ablation catheters have been completed in multiple medical centers, continuously capturing market share [2] Future Outlook - Currently, nine innovative products have entered the special approval process for national innovative medical devices, with five already approved [2] - The company aims to leverage both domestic and international markets to enhance its capabilities, focusing on breakthroughs in high-end atrial fibrillation procedures and aspiring to upgrade from a domestic leader to a global technology player [2]

Core Insights - Microelectrophysiology reported a revenue of 336 million yuan for the first three quarters of 2025, representing a year-on-year growth of 15.65% [1] - The net profit attributable to shareholders was 41.92 million yuan, with a slight increase of 0.46% year-on-year, while the net profit after deducting non-recurring items turned positive at 24.07 million yuan [1] - In Q3 alone, the company achieved a revenue growth of 21.78% year-on-year, indicating a sustained improvement in performance post "U removal" [1] Financial Performance - For the first three quarters, the company’s revenue reached 336 million yuan, with a year-on-year increase of 15.65% [1] - The net profit attributable to shareholders was 41.92 million yuan, reflecting a year-on-year growth of 0.46% [1] - The net profit after deducting non-recurring items was 24.07 million yuan, marking a turnaround from losses [1] - In Q3, the company reported a net profit of 3.26 million yuan after non-recurring items, indicating a year-on-year recovery [1] Market Position and Strategy - Microelectrophysiology has established a comprehensive product layout in the cardiac electrophysiology field with over 30 products [1] - The company has actively responded to national centralized procurement policies, enhancing its market share [1] - The company’s three-dimensional electrophysiology surgeries have been performed in over 1,000 hospitals, with more than 80,000 surgeries completed, ranking first among domestic manufacturers [1] Product Development and Innovation - The company has made significant breakthroughs in high-end catheter products, increasing their market share in a field traditionally dominated by international firms [2] - The first batch of Magbot robotic navigation surgeries was successfully completed in February 2025, filling a technological gap in domestic magnetic-driven catheters [2] - The company’s self-developed pressure pulse catheter is in the NMPA registration phase, expected to be approved this year [2]

Core Insights - In 2025, Microelectrophysiology achieved its first comprehensive profit in Q3, driven by its main business after successfully commercializing the three major energy platforms of "Ice, Fire, and Electricity" [1] - The company reported a revenue of 336 million yuan for the first three quarters, a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 41.92 million yuan, with a slight increase of 0.46% year-on-year [1] - The company has established a complete product layout with over 30 products in the cardiac electrophysiology field, focusing on four major technical paths [1] Financial Performance - For Q3, the company achieved a revenue growth of 21.78% year-on-year, indicating a positive trend [1] - The net profit attributable to shareholders after deducting non-recurring gains reached 3.26 million yuan in Q3, marking a turnaround from losses [1] - The company’s net profit excluding non-recurring items for the first three quarters was 24.07 million yuan, indicating a return to profitability [1] Market Dynamics - The domestic electrophysiology device market is expected to reach 15.73 billion yuan by 2025, driven by an aging population and increasing prevalence of arrhythmias [2] - The company is responding to national procurement policies, which have strengthened its market share and clinical application opportunities [2] - Microelectrophysiology has covered over 1,000 hospitals with its three-dimensional electrophysiology surgeries, completing over 80,000 procedures, ranking first among domestic manufacturers [2] Technological Advancements - The company has made significant breakthroughs in high-end catheter products, including the successful completion of the first Magbot robotic navigation surgeries in February 2025 [3] - High-end products like pressure ablation catheters have been used in over 3,000 surgeries across multiple medical centers, contributing to market share growth [3] - The company is advancing in the PFA (Pulsed Field Ablation) field, with new products entering the market and gaining regulatory approval [4] Strategic Expansion - Microelectrophysiology is expanding its international presence, with three-dimensional surgeries covering over 20 countries and a revenue growth rate exceeding 40% in overseas markets [5] - The company has nine innovative products in the special approval process for national innovative medical devices, with five already approved [5] - The company aims to leverage both domestic and international markets to enhance its competitive edge in high-end arrhythmia procedures [5][6]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 29.79 RMB [7]. Core Insights - The company reported a revenue of 336 million RMB for the first three quarters of 2025, representing a year-over-year increase of 15.7%. The net profit attributable to the parent company was 41.92 million RMB, up 0.5% year-over-year. In Q3 2025, revenue reached 113 million RMB, showing a year-over-year growth of 21.8% but a quarter-over-quarter decline of 5.9%. The decrease in net profit in Q3 2025 was primarily due to a significant reduction in other income, mainly government subsidies [1][2]. - The gross margin for the first three quarters of 2025 was 59.1%, an increase of 0.3 percentage points year-over-year, driven by a higher proportion of revenue from high-end products. The company is actively enhancing its commercialization capabilities while improving R&D efficiency [2]. - The overseas revenue is expected to continue its rapid growth due to improved commercialization capabilities and the approval of high-end products for CE certification, while domestic revenue is anticipated to stabilize as external industry factors are resolved [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 336 million RMB, with a year-over-year growth of 15.7%. The net profit attributable to the parent company was 41.92 million RMB, reflecting a slight increase of 0.5% year-over-year. In Q3 2025, revenue was 113 million RMB, marking a year-over-year increase of 21.8% but a quarter-over-quarter decrease of 5.9% [1]. - The gross margin for the first three quarters of 2025 was 59.1%, up 0.3 percentage points year-over-year, supported by a growing share of high-end product sales [2]. Product and Market Development - The company is seeing strong growth in high-end catheter products, with over 5,000 procedures completed for its pressure ablation catheter by Q3 2025. The overall revenue from this segment is expected to maintain rapid growth in 2025 [4]. - The company’s overseas revenue is projected to grow significantly due to enhanced commercialization efforts and the introduction of high-end products in new markets. Domestic revenue is expected to recover as external factors affecting the industry are alleviated [3]. Profitability and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 0.14, 0.19, and 0.29 RMB, respectively, reflecting a downward revision of 22%, 26%, and 16% compared to previous estimates. The target price is set at 29.79 RMB, down from 31.18 RMB [5][17].

Core Viewpoint - Microelectrophysiology (688351.SH) reported a year-on-year revenue increase of 15.65% for the first three quarters of 2025, reaching 336 million yuan, while net profit attributable to shareholders rose by 0.46% to 41.92 million yuan, with basic earnings per share at 0.0891 yuan [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 336 million yuan, reflecting a 15.65% increase compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 41.92 million yuan, showing a slight year-on-year growth of 0.46% [1] - Basic earnings per share stood at 0.0891 yuan [1]

Core Viewpoint - The company has announced the nomination of Mr. Zhu Xiaoming as a candidate for the third board of directors [1] Group 1 - The board of directors has approved the nomination [1]

上海微创电生理医疗科技股份有限公司 关于董事辞职暨补选董事候选人的公告 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。 一、关于董事辞职的情况 上海微创电生理医疗科技股份有限公司（以下简称"公司")于近日收到公 司董事张国旺先生递交的辞职报告。张国旺先生因个人原因申请辞去第三届董事 会董事及下属战略与发展委员会委员职务，辞职后，张国旺先生不在公司担任任 何职务。根据《中华人民共和国公司法》《公司章程》等有关规定，张国旺先生 辞去公司董事职务不会导致公司董事会人数低于法定最低人数，不会影响公司董 事会正常运行，辞职报告自送达公司董事会之日起生效。 证券代码：688351 证券简称：微电生理 公告编号：2025-024 截至本公告披露日，张国旺先生未直接持有公司股份。辞职后，张国旺先生 承诺将继续遵守《上海证券交易所科创板股票上市规则》等有关法律法规的规定 与要求，以及履行与公司首次公开发行相关的承诺。 张国旺先生在公司任职期间恪尽职守、勤勉尽责，为公司发展做出了卓越的 贡献，公司及公司董事会为张国旺先生任职期间的辛勤付出表示衷心 ...

证券代码：688351 证券简称：微电生理 公告编号：2025-023 上海微创电生理医疗科技股份有限公司 关于取消监事会、修订《公司章程》并办理工商变 更登记、修订及制定公司部分治理制度的公告 一、取消监事会的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司章程指 引》的有关规定，上市公司将不再设置监事会及监事，由董事会审计委员会行使 《公司法》规定的监事会的职权。因此，公司拟取消监事会，由公司董事会审计 委员会行使《公司法》规定的监事会的职权，公司《监事会议事规则》相应废止， 公司各项规章制度中与公司监事、监事会相关的规定不再适用。 在公司股东大会审议通过取消监事会的事项前,公司第三届监事会及监事仍 将继续遵守《公司法》《中华人民共和国证券法》及上海证券交易所原有规则和 制度中关于监事会或监事的规定。 1 二、修订《公司章程》并办理工商变更登记 根据《公司法》《上市公司章程指引》《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》（以下简称"《规范运作》"）等法律法规的相关规定，结合公司 实际情况，现 ...

（一） 股东大会类型和届次 证券代码：688351 证券简称：微电生理 公告编号：2025-025 上海微创电生理医疗科技股份有限公司 关于召开2025年第一次临时股东大会的通知 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 2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大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 （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大会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 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 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 12 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 1 股东大会召开日期：2025年11月12日 本次股东大会采用的网络投票系统：上海证券 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Microelectrophysiology (SH 688351), which reported a revenue increase of 15.65% year-on-year for the first three quarters of 2025, amounting to approximately 336 million yuan [1] - The net profit attributable to shareholders for the same period was about 41.92 million yuan, reflecting a slight increase of 0.46% year-on-year [1] - The basic earnings per share for the company stood at 0.0891 yuan, which is an increase of 0.45% compared to the previous year [1] Group 2 - As of the report, the market capitalization of Microelectrophysiology is valued at 10.8 billion yuan [1]