Company Overview - Microelectrophysiology, a company based in Shanghai, specializes in innovative medical devices for electrophysiological intervention and ablation therapy, with a total market capitalization of 11.285 billion yuan as of November 20 [1] - The company was established on August 31, 2010, and went public on August 31, 2022 [1] - Revenue composition includes catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [1] Stock Performance - On November 20, the stock price increased by 5.45%, reaching 23.98 yuan per share, with a trading volume of 63.1665 million yuan and a turnover rate of 2.19% [1] Shareholder Information - Huabao Fund's Huabao Zhongzheng Medical ETF (512170) is among the top ten circulating shareholders, having reduced its holdings by 574,900 shares in the third quarter, now holding 4.0374 million shares, which is 3.23% of the circulating shares [2] - The ETF has a current scale of 26.404 billion yuan and has achieved a year-to-date return of 8.3% [2] Fund Management - The fund manager of Huabao Zhongzheng Medical ETF is Hu Jie, who has a tenure of 13 years and 39 days, managing assets totaling 100.204 billion yuan [3] - The best fund return during Hu Jie's tenure is 183.07%, while the worst return is -98.01% [3]

Core Viewpoint - The stock of Shanghai Microelectronic Physiological Technology Co., Ltd. has experienced fluctuations, with a current price of 23.31 CNY per share, reflecting a year-to-date increase of 22.43% but a recent decline of 4.47% over the last five trading days [1] Group 1: Company Overview - Shanghai Microelectronic Physiological Technology Co., Ltd. was established on August 31, 2010, and went public on August 31, 2022. The company specializes in the research, development, production, and sales of innovative medical devices in the field of electrophysiological intervention and ablation therapy [1] - The company's revenue composition includes catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 336 million CNY, representing a year-on-year growth of 15.65%. The net profit attributable to shareholders was 41.92 million CNY, with a slight increase of 0.46% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 9,580, up by 9%. The average number of circulating shares per person decreased by 8.26% to 13,033 shares [2] - The top circulating shareholder is Huatai-PineBridge Innovation Medicine Mixed A, holding 4.7284 million shares, an increase of 308,600 shares from the previous period. Other notable shareholders include Huatai-PineBridge Medical Service Flexible Allocation Mixed A and Hua Bao Zhong Zheng Medical ETF, with varying changes in their holdings [3]

证券代码：688351 证券简称：微电生理 公告编号：2025-027 上海微创电生理医疗科技股份有限公司 2025年第一次临时股东大会决议公告 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 本次会议召开及表决方式符合《中华人民共和国公司法》（以下简称《公司 法》）及《上海微创电生理医疗科技股份有限公司章程》（以下简称《公司章程》） 的有关规定。本次会议由公司董事会召集，公司董事长顾哲毅先生主持。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 12 日 （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 23 号楼 3 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 | 61 | | --- | --- | | 普通股股东人数 | 61 | | 2、出席会议的股东所持有的表决权数量 | 358,487,873 | | 普通股股东所持有表 ...

北京世辉律师事务所 关于上海微创电生理医疗科技股份有限公司 2025 年第一次临时股东大会的 致：上海微创电生理医疗科技股份有限公司 北京世辉律师事务所（以下简称"本所"）为具有从事法律业务资格的律师事 务所。本所接受上海微创电生理医疗科技股份有限公司（以下简称"公司"）的委 托，指派本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》（以 下简称"《证券法》"）《上市公司股东会规则》等有关法律、法规、规范性文件 （以下统称"法律法规"）及《上海微创电生理医疗科技股份有限公司章程》（以 下简称"《公司章程》"）的规定，就公司 2025 年第一次临时股东大会（以下简 称"本次股东大会"）相关事宜出具本法律意见书。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 为出具本法律意 ...

Core Viewpoint - The stock of Microelectrophysiology has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 25.53% [1][2]. Company Overview - Shanghai Microelectrophysiology Medical Technology Co., Ltd. was established on August 31, 2010, and went public on August 31, 2022. The company specializes in innovative medical devices for electrophysiological intervention and ablation treatment [2]. - The revenue composition of the company includes catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 336 million yuan, representing a year-on-year growth of 15.65%. The net profit attributable to the parent company was 41.92 million yuan, with a slight increase of 0.46% year-on-year [2]. Stockholder Information - As of September 30, 2025, the number of shareholders increased to 9,580, while the average circulating shares per person decreased by 8.26% to 13,033 shares [2]. - The top circulating shareholders include: - Huatai-PineBridge Innovation Medicine Mixed A (006113) as the largest shareholder with 4.7284 million shares, an increase of 308,600 shares from the previous period [3]. - Huatai-PineBridge Medical Service Flexible Allocation Mixed A (001417) as the second-largest shareholder with 4.2609 million shares, a decrease of 298,360 shares [3]. - Hong Kong Central Clearing Limited entered as a new shareholder with 1.8701 million shares [3].

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Core Insights - The company 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 the parent company was 42 million yuan, with a slight increase of 0.46% year-on-year, while the net profit excluding non-recurring gains and losses surged by 3297.94% to 24 million yuan [1] - In Q3 2025 alone, the company achieved a revenue of 113 million yuan, marking a year-on-year increase of 21.78%, but the net profit attributable to the parent company decreased by 62.56% to 9 million yuan [1] Business Performance - The company ranks first among domestic manufacturers in three-dimensional electrophysiology surgery, with over 1,000 hospitals covered and more than 80,000 surgeries completed [2] - The FireMagic? Trueforce? disposable pressure monitoring magnetic positioning radiofrequency ablation catheter has seen increasing clinical acceptance, with over 3,000 radiofrequency ablation surgeries completed in multiple medical centers [2] - International market revenue grew by over 40% year-on-year in H1 2025, with successful market entries in Mexico, the UK, and Rwanda [2] Product Development - The company has a rich pipeline of products, with its self-developed pressure pulse PFA product submitted for registration and expected to be approved within the year [3] - The second-generation nanosecond pulse product from the affiliated company Shangyang Medical has completed clinical enrollment and is in the follow-up stage [3] - The company’s ICE and RDN products have been included in the national green channel for innovative products, indicating strong future growth potential [3] Financial Projections - Revenue projections for 2025-2027 are 463 million yuan, 631 million yuan, and 829 million yuan, with year-on-year growth rates of 12.18%, 36.24%, and 31.36% respectively [3] - Net profit attributable to the parent company is expected to be 72 million yuan, 108 million yuan, and 157 million yuan for the same period, with growth rates of 37.79%, 50.92%, and 45.10% respectively [3] - Corresponding PE ratios for 2025-2027 are projected at 165x, 109x, and 75x, with PEG ratios of 4.37, 2.15, and 1.67 [3]

Investment Rating - The report assigns a rating of "Increase" for the stock, indicating an expected relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [2][13]. Core Insights - The company has shown continuous improvement in profitability, with a significant increase in net profit excluding non-recurring items, which grew by 3297.94% year-on-year in the first three quarters of 2025 [4][5]. - The company ranks first among domestic manufacturers in three-dimensional electrophysiology surgeries, with over 8,000 surgeries completed across more than 1,000 hospitals [5]. - International market revenue has seen robust growth, with a year-on-year increase of over 40% in the first half of 2025, and successful market entries in Mexico, the UK, and Rwanda [5]. - The company has a rich pipeline of products under development, including self-developed pressure pulse PFA products and ICE products, which are expected to contribute to future revenue growth [6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 336 million yuan, a year-on-year increase of 15.65%, and a net profit attributable to the parent company of 42 million yuan, up 0.46% [4]. - The projected revenues for 2025 to 2027 are 463 million yuan, 631 million yuan, and 829 million yuan, with year-on-year growth rates of 12.18%, 36.24%, and 31.36% respectively [6][9]. - The net profit attributable to the parent company is expected to reach 72 million yuan, 108 million yuan, and 157 million yuan for the same period, with growth rates of 37.79%, 50.92%, and 45.10% respectively [6][9].

Investment Rating - Maintain Outperform rating [4][13] Core Views - Revenue for the first three quarters of 2025 was RMB 336 million, with net profit attributable to shareholders at RMB 42 million and recurring NPAtS at RMB 24 million. Q3 revenue was RMB 113 million, net profit attributable to shareholders was RMB 9 million, and recurring NPAtS was RMB 3 million [4][13] - Given stable performance and successful overseas expansion, EPS forecasts for 2025-2027 remain at RMB 0.16/0.25/0.37. With sector valuation rising, 2025 target PS is 28X, target price is RMB 29.22, maintaining Outperform rating [4][13] - R&D layout improves, self-developed PFA expected to be approved in 2025. The PFA product of the associate company Shangyang Medical was approved in April 2025, with nationwide listing nearly complete by October 2025. Commercial surgeries are progressing well [4][13] - The company's self-developed pressure pulse PFA product has applied for registration with the National Medical Products Administration, expected approval in 2025 [4][13] - Overseas market grows rapidly, with expansion in Europe, Middle East and Africa, Latin America, and Asia-Pacific. In the first three quarters of 2025, the top three regions had similar market shares, with the highest growth in Latin America, Europe, and Middle East and Africa [4][13] Financial Summary - Total revenue for 2023A is RMB 329 million, with a projected increase to RMB 491 million in 2025E, reflecting a growth rate of 26.5% in 2023A and 18.9% in 2025E [3][4] - Net profit attributable to shareholders is projected to grow from RMB 6 million in 2023A to RMB 76 million in 2025E, with an impressive growth rate of 815.4% in 2024A [3][4] - Gross profit margin (GPM) stable at 59.09% with a slight increase of 0.30 percentage points, while net profit margin (NPM) at 12.46% shows a decrease of 1.88 percentage points [4][13]

Core Viewpoint - The company, Shanghai MicroPort EP MedTech Co., Ltd., has shown a positive performance in terms of stock price and financial results, indicating growth potential in the medical device sector, particularly in electrophysiology intervention and ablation treatment [1][2]. Financial Performance - As of September 30, 2025, the company achieved a revenue of 336 million yuan, representing a year-on-year growth of 15.65% [2]. - The net profit attributable to shareholders for the same period was 41.92 million yuan, with a slight increase of 0.46% year-on-year [2]. Stock Performance - The stock price of MicroPort EP fell by 2.07% to 24.63 yuan per share on November 10, with a total market capitalization of 11.591 billion yuan [1]. - Year-to-date, the stock has increased by 29.36%, with a 1.78% rise over the last five trading days, 15.63% over the last 20 days, and 9.13% over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 9,580, while the average circulating shares per person decreased by 8.26% to 13,033 shares [2]. - The largest shareholder is Huatai-PineBridge Innovation Medical Mixed A, holding 4.7284 million shares, an increase of 308,600 shares from the previous period [3]. Business Overview - The company specializes in the research, development, production, and sales of innovative medical devices in the field of electrophysiology intervention and ablation treatment [1]. - The revenue composition includes catheter products (71.77%), other products (20.22%), equipment (7.24%), and leasing services (0.77%) [1].