Core Insights - The ablation catheter market in China is expected to grow significantly due to the rising incidence of cardiovascular diseases and the increasing demand for medical resources, with a projected market size of 7.392 billion yuan in 2024, representing a year-on-year growth of 10.28% [1][7][24] - The prevalence of arrhythmias is showing a notable trend towards younger demographics, with an estimated 12.37 million hospital visits for arrhythmias in 2024, marking a 21% increase from 2023 [1][5][24] Industry Definition and Classification - Ablation catheters are slender, flexible interventional devices inserted into specific areas of the heart via blood vessels, designed to release energy to create controlled damage, eliminating abnormal electrical signals that cause arrhythmias [2][3] Current Industry Development - The ablation catheter industry is experiencing rapid growth, supported by policy backing and increased per capita medical spending, with a significant rise in the number of related procedures due to an aging population and improved healthcare awareness [5][13] - The number of registered ablation catheter products in China has reached 60 from 2015 to 2024, with a notable increase in registrations for radiofrequency ablation catheters [9][24] Competitive Landscape - The market is dominated by multinational companies such as Johnson & Johnson and Abbott, which have established strong brand recognition and competitive advantages through long-term investments [15][24] - Domestic companies like Microelectrophysiology and Huatai Medical are emerging as significant players, with Microelectrophysiology achieving over 4,000 procedures in 2024 and Huatai Medical completing over 15,000 procedures, reflecting substantial growth in market share [18][22] Industry Trends - The high-end market remains dominated by international giants, but domestic companies are expected to accelerate their growth through technological collaboration and policy support, leading to increased market space for ablation catheters [24]

Core Viewpoint - The company, 微电生理, is experiencing a decline in stock price and has a high price-to-earnings (PE) ratio compared to the industry average, indicating potential overvaluation in the market [1][3]. Company Overview - 微电生理 specializes in the development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2]. - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment, focusing on precise interventional navigation [2]. Product Portfolio - Key products include the Columbus 3D cardiac electrophysiology mapping system, EasyFinder3D magnetic positioning adjustable mapping catheter, and various disposable mapping and ablation catheters [2]. - The company’s cryoablation devices and balloon-type cryoablation catheters have been recognized in the 2024 Shanghai "New Excellent Drugs and Devices" product directory [2]. Financial Performance - In Q1 2025, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 16.77%, and a net profit of 178.7 million yuan, reflecting a significant year-on-year growth of 328.63% [3]. - The gross profit margin for the company stands at 60.56% [3]. Market Position - As of June 10, the company's stock price closed at 19.47 yuan, with a rolling PE ratio of 139.31, significantly higher than the industry average of 51.00 and the median of 37.03 [1][3]. - The total market capitalization of 微电生理 is 9.163 billion yuan [1]. Shareholder Information - As of March 31, 2025, the number of shareholders is 7,764, a decrease of 209 from the previous count, with an average holding value of 352,800 yuan per shareholder [1].

微电生理 2024 年年度股东大会会议资料 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 2024 年年度股东大会会议资料 2025 年 6 月 18 日 1 / 28 微电生理 2024 年年度股东大会会议资料 目 录 | 年年度股东大会会议须知 2024 | | | 3 | | | --- | --- | --- | --- | --- | | 2024 年年度股东大会会议议程 | 5 | | | | | 议案一：关于《2024 | 年度董事会工作报告》的议案 | | | 7 | | 议案二：关于《2024 | 年度监事会工作报告》的议案 | | | 12 | | 议案三：关于《2024 | 年度独立董事履职情况报告》的议案 | | | 16 | | 议案四：关于 2024 | 年年度报告及其摘要的议案 | | | 17 | | 议案五：关于《2024 | 年度财务决算报告》的议案 | | | 18 | | 议案六：关于 2024 | 年度利润分配预案的议案 | | | 24 | | 议案七：关于 2025 | 年度日常关联交易预计的议案 | | | 25 | | 议案八 ...

Group 1 - The company Shanghai MicroPort EP MedTech Co., Ltd. will hold its annual general meeting on June 18, 2025 [1][3] - The voting method for the meeting will combine on-site and online voting through the Shanghai Stock Exchange network voting system [1][3] - Shareholders must register for the meeting by the close of trading on June 10, 2025, to be eligible to attend [4][5] Group 2 - The meeting will take place at the company's office located at 588 Long 23, Tianxiong Road, Zhoupu Town, Pudong New District, Shanghai [4][5] - Shareholders can vote via the trading system from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the day of the meeting [1][3] - The company has specified that related shareholders, such as MicroPort Investment Holdings Co., Ltd., should abstain from voting [3]

证券代码：688351 证券简称：微电生理 公告编号：2025-011 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （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 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 18 日 14 点 30 分 上海微创电生理医疗科技股份有限公司董事会 关于召开2024年年度股东大会的通知 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。 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大会网络投票系统 网络投票起止时间：自2025 年 6 月 18 日 至2025 年 6 月 18 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 股东大会召开日期：2025年6月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络 ...

Core Viewpoint - The report highlights the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A, indicating a recent decline in net value but strong returns over various time frames [1]. Fund Performance - The latest net value of the fund is 1.5670 yuan, reflecting a decrease of 1.94% - Over the past month, the fund achieved a return of 3.91%, ranking 171 out of 1959 in its category - In the last three months, the fund's return was 22.33%, ranking 5 out of 1950 - Year-to-date, the fund has returned 30.15%, ranking 17 out of 1943 [1]. Fund Holdings - The top ten stock holdings of the fund account for a total of 64.17%, with the following allocations: - Heng Rui Medicine: 10.23% - Kelun Pharmaceutical: 9.09% - Baile Tianheng: 8.94% - Haizike: 8.27% - Xinlitai: 6.66% - Zai Jian Pharmaceutical-U: 6.10% - Xin Nuo Wei: 4.69% - Rongchang Biotechnology: 3.49% - Nuocheng Jianhua-U: 3.35% - Microelectrophysiology: 3.35% [1]. Fund Background - The Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A was established on June 18, 2015, and as of March 31, 2025, it has a total scale of 4.408 billion yuan - The fund manager is Zhang Wei, who has extensive experience in the pharmaceutical sector [1][2].

证券代码：688351 证券简称：微电生理 公告编号：2025-010 上海微创电生理医疗科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 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。 重要内容提示： 投资者可于 2025 年 05 月 26 日(星期一) 至 05 月 30 日(星期五)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 investors@everpace.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 上海微创电生理医疗科技股份有限公司（以下简称"公司"）已于 2025 年 3 月 28 日、4 月 30 日分别披露了公司 2024 年年度报告及 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年年度及2025年第一季度经营成 果、财务状况，公司计划于 2025 年 06 月 03 日（星期二）13:00-14:00 举行 20 ...

Core Viewpoint - The electrophysiology device market in China is experiencing rapid growth due to an aging population, increasing prevalence of arrhythmias, improved early screening rates, and advancements in electrophysiological procedures, with the market expected to reach over 40 billion yuan by 2032 [1][10][21]. Industry Overview - Electrophysiology devices are used to monitor and study electrical activities in biological systems, widely applied in medical, research, and clinical diagnosis fields. Common products include ECG machines, EEG machines, EMG machines, and electrophysiological navigation systems [2][4]. Industry Environment - The number of patients with rapid arrhythmias in China is projected to reach 28.2 million by 2024, driving demand for treatment. Electrophysiological surgeries have become a primary treatment method due to their advantages such as minimal invasiveness and high safety [6][8]. Industry Status - The market size for electrophysiology devices in China has grown from 2.42 billion yuan in 2017 to 12.55 billion yuan in 2024. The surgical volume for electrophysiology has increased from 138,000 cases in 2017 to 456,000 cases in 2024, indicating significant growth potential [10][8]. Competitive Landscape - The market is dominated by foreign companies such as Johnson & Johnson, Abbott, and Medtronic, which hold a combined market share of over 64%. Domestic companies like Huatai Medical and MicroPort EP have a much smaller share, indicating a high concentration in the industry [12][14]. Key Enterprises - MicroPort EP focuses on innovative medical devices for electrophysiology and has achieved significant revenue growth, with a projected income of 413 million yuan in 2024, up 25.51% [17]. Huatai Medical, specializing in electrophysiology and interventional medical devices, expects a revenue of 440 million yuan in 2024, reflecting a 19.73% increase [19]. Development Trends 1. **Accelerated Domestic Substitution**: Domestic brands are gaining market share due to supportive policies and technological advancements, with MicroPort EP and Huatai Medical leading in key areas [21]. 2. **Technological Innovation**: The industry is moving towards smart and precise technologies, enhancing the performance of electrophysiology devices and expanding clinical applications [22]. 3. **Growing Market Demand**: The demand for electrophysiology devices is surging, particularly in grassroots healthcare and international markets, with significant growth in overseas revenues for domestic companies [23].

Group 1 - The core business of the company is the development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2] - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment, centered around precise interventional navigation [2] - The company has several key products, including the Columbus 3D cardiac electrophysiology mapping system and various disposable electrophysiological catheters [2] Group 2 - As of March 31, 2025, the company had 7,764 shareholders, a decrease of 209 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company reported a revenue of 104 million yuan in Q1 2025, representing a year-on-year increase of 16.77%, and a net profit of 17.87 million yuan, up 328.63% year-on-year, with a gross margin of 60.56% [3] - The company's rolling PE ratio reached 150.26, significantly higher than the industry average of 49.40 and the industry median of 36.13, ranking 112th in the industry [1][3]

5月12日，微电生理连续4个交易日下跌，区间累计跌幅-4.93%。上海微创电生理医疗科技股份有限公司于2010年8月31日在上海国际医学园区设立。 财报显示，汇添富基金旗下2只基金进入微电生理前十大股东。其中汇添富医疗服务灵活配置混合A今年一季度减持，汇添富达欣混合A今年一季度增持。 其中，汇添富医疗服务灵活配置混合A今年以来收益率25.33%，同类排名23(总2320)，汇添富达欣混合A今年以来收益率26.09%，同类排名16(总2320)。 | ○ 基金经理:张孽 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：4年又49天 任职起始日期：2021-03-25 现任基金公司:汇添富基金管理股份有限公司 | | 基金经理简介:张萍女士:中国。康奈尔大学生物医学硕士,曾任东方证券医药助理研究员,汇添 富基金医药研究员、高级医药研究员及医药行业研究组组长。2021年9月29日起任汇添富香 港优势精选混合型证券投资基金基金经理。2022年10月21日担任汇添富达欣灵活配置混合型 | | | | | | | 现 ...