Core Viewpoint - Microelectrophysiology's stock price has shown a significant increase this year, with a 31.67% rise, indicating strong market interest and potential growth in the medical device sector [1][2]. Financial Performance - For the period from January to September 2025, Microelectrophysiology reported a revenue of 336 million yuan, reflecting a year-on-year growth of 15.65% [2]. - The net profit attributable to shareholders for the same period was 41.92 million yuan, showing a slight increase of 0.46% year-on-year [2]. Stock Market Activity - As of November 7, the stock price of Microelectrophysiology was 25.07 yuan per share, with a trading volume of 1.03 billion yuan and a turnover rate of 3.23%, leading to a total market capitalization of 11.798 billion yuan [1]. - The stock has experienced a 5.03% increase over the last five trading days and a 16.39% increase over the last 20 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 9,580, while the average number of tradable shares per person decreased by 8.26% to 13,033 shares [2][3]. - The largest shareholder is Huatai-PineBridge Innovation Medicine Mixed A, holding 4.7284 million shares, an increase of 308,600 shares from the previous period [3].

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]

微电生理 2025 年第一次临时股东大会会议资料 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 2025 年第一次临时股东大会会议资料 2025 年 11 月 12 日 1 / 13 微电生理 2025 年第一次临时股东大会会议资料 | | | | 年第一次临时股东大会会议须知 2025 | 3 | | --- | --- | | 2025 年第一次临时股东大会会议议程 | 5 | | 议案一：关于取消监事会、修订《公司章程》及办理工商变更登记的议案 | 7 | | 议案二：关于修订及制定部分公司治理制度的议案 | 9 | | 议案三：关于补选第三届董事会非独立董事的议案 | 11 | | 议案四：关于续聘会计师事务所的议案 | 13 | 2 / 13 微电生理 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保上海微创电生理医疗科技股份有限公司 （以下简称"公司"）股东大会的正常秩序和议事效率，保证大会的顺利进行， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》 及《公司章程》《公司股东 ...

Core Viewpoint - Microelectrophysiology has seen a significant stock price increase, with a 5.16% rise on November 5, reaching 25.90 CNY per share, and a total market capitalization of 12.189 billion CNY [1] Group 1: Company Overview - Shanghai Microelectrophysiology Medical Technology Co., Ltd. was established on August 31, 2010, and went public on August 31, 2022 [1] - The company specializes in the research, development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation therapy [1] - Revenue composition includes catheter products at 71.77%, other products at 20.22%, equipment at 7.24%, and leasing services at 0.77% [1] Group 2: Fund Holdings - One fund under China Europe Fund has a significant holding in Microelectrophysiology, specifically the China Europe CSI 1000 Index Enhanced A (017919), which held 97,300 shares, accounting for 0.42% of the fund's net value [2] - The fund has realized a floating profit of approximately 123,600 CNY today and 291,000 CNY during the five-day price increase [2] - The fund was established on March 2, 2023, with a current size of 239 million CNY and has achieved a year-to-date return of 29.63% [2] Group 3: Fund Manager Performance - The fund manager Qian Yating has a tenure of 4 years and 4 days, with a total asset size of 5.022 billion CNY and a best return of 60.5% during her tenure [3] - Co-manager Song Ting has been in position for 258 days, managing assets of 2.731 billion CNY, with a best return of 30.43% [3]

Core Viewpoint - Microelectrophysiology has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth in the medical device sector [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 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]. Financial Performance - For the period from January to September 2025, Microelectrophysiology achieved a revenue of 336 million yuan, representing a year-on-year growth of 15.65%. The net profit attributable to shareholders was 41.92 million yuan, with a slight increase of 0.46% year-on-year [2]. Stock Performance - As of November 5, the stock price of Microelectrophysiology increased by 31.99% year-to-date, with a 9.88% rise over the last five trading days, 13.56% over the last 20 days, and 12.84% over the last 60 days [1]. - The stock was trading at 25.13 yuan per share, with a market capitalization of 11.826 billion yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 9,580, while the average number of tradable shares per person decreased by 8.26% to 13,033 shares [2]. - The largest shareholder is Huatai-PineBridge Innovation Medicine Mixed A, holding 4.7284 million shares, an increase of 308,600 shares from the previous period [3].

Core Insights - The medical device sector experienced a rise of 1.13% on October 31, with Caina Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Device Sector Performance - Caina Co., Ltd. (301122) saw a closing price of 30.38, with a significant increase of 19.98% and a trading volume of 91,000 shares, amounting to a transaction value of 259 million [1] - Spring Medical (688236) closed at 28.88, up 14.47%, with a trading volume of 84,200 shares and a transaction value of 235 million [1] - ZhenDe Medical (603301) closed at 95.00, increasing by 9.07% with a trading volume of 211,900 shares, resulting in a transaction value of 1.951 billion [1] - Other notable performers included TuoJing Life (300642) with an 8.81% increase, and Rejing Bio (688068) with an 8.70% increase [1] Capital Flow Analysis - The medical device sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 108 million [2][3] - Major stocks like Mindray Medical (300760) had a net inflow of 262 million from institutional investors, but a net outflow of 1.27 billion from retail investors [3] - Other stocks such as Furuishi (300049) and Lepu Medical (300003) also showed significant net inflows from institutional investors, indicating strong institutional interest [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 22.87 yuan [1]. Core Insights - The company has shown a significant acceleration in revenue growth, with a year-on-year increase of 15.65% in the first three quarters of 2025, achieving a total revenue of 336 million yuan. The net profit attributable to shareholders reached 41.92 million yuan, reflecting a slight increase of 0.46% year-on-year [4][5]. - The third quarter alone saw a revenue increase of 21.78% year-on-year, indicating a strong growth trend. The domestic market is benefiting from increased clinical recognition of core products, while international market revenue grew over 40% year-on-year, driven by higher penetration rates of pressure monitoring catheters [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 336 million yuan, with a year-on-year growth of 15.65%. The net profit attributable to shareholders was 41.92 million yuan, with a year-on-year increase of 0.46%. The adjusted net profit (excluding non-recurring items) was 24.07 million yuan, showing a substantial increase of 3297.94% year-on-year [4]. - In Q3 2025, the company achieved a revenue of 113 million yuan, marking a year-on-year growth of 21.78%. However, the net profit attributable to shareholders decreased by 62.56% year-on-year to 9.25 million yuan, primarily due to a high base from government subsidies in the previous year [4][6]. Market Dynamics - The company is experiencing robust growth in both domestic and international markets. In the domestic market, the usage of pressure monitoring catheters has increased, with approximately 3000 units used in the first half of 2025, one-third of which were for atrial fibrillation surgeries. This trend is expected to continue growing steadily [5]. - The international market has seen a revenue increase of over 40% year-on-year, attributed to the rising penetration of pressure monitoring catheters and effective market expansion strategies [5]. Cost Management and Profitability - The company maintained a gross margin of 59.09% for the first three quarters, with a slight decline to 57.09% in Q3, likely due to changes in product mix. The operating expenses were well-controlled, with a sales expense ratio of 28.74% and a management expense ratio of 9.38% [6]. - The report highlights that the company is investing in R&D to enhance long-term competitiveness, with R&D expenses accounting for 21.01% of revenue in Q3 [6]. Product Development - The company is progressing well with new product developments, including a first-generation pulse ablation product approved in April 2025 and a second-generation product under research. The self-developed pressure pulse catheter has submitted for regulatory approval, expected by the end of 2025 [8]. - The intracardiac ultrasound catheter, which features 3D ultrasound localization, is also in the regulatory approval process, anticipated to receive certification in the first half of 2026 [8]. Future Projections - The report forecasts the company's revenue to reach 497 million yuan in 2025, with a net profit of 73 million yuan. Projections for 2026 and 2027 indicate continued growth, with revenues of 654 million yuan and 866 million yuan, respectively, and net profits of 121 million yuan and 183 million yuan [6][11].

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]