Core Viewpoint - Microelectrophysiology experienced a decline of 1.11% on October 13, with a trading volume of 75.54 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On October 13, the financing buy amount for Microelectrophysiology was 7.43 million yuan, while the financing repayment was 7.98 million yuan, resulting in a net financing buy of -0.55 million yuan [1] - As of October 13, the total financing and securities lending balance for Microelectrophysiology was 225 million yuan, which accounts for 8.47% of the circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had a securities lending repayment of 1,600 shares and a securities lending sell of 1,500 shares on October 13, with a sell amount of 31,900 yuan, while the securities lending balance was 121,900 yuan, which is below the 10th percentile level over the past year [1] Business Performance - As of June 30, the number of shareholders for Microelectrophysiology was 8,789, an increase of 13.20% from the previous period, while the average circulating shares per person decreased by 11.66% to 14,206 shares [2] - For the first half of 2025, Microelectrophysiology reported a revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, which is a significant increase of 92.02% year-on-year [2] Shareholding Structure - As of June 30, 2025, the largest circulating shareholder of Microelectrophysiology was Huatai-PineBridge Medical Service Flexible Allocation Mixed A, holding 7.24 million shares, a decrease of 1.19 million shares from the previous period [3] - The third-largest shareholder was Hua Bao Zhong Zheng Medical ETF, holding 4.61 million shares, which increased by 159,200 shares compared to the previous period [3] - New shareholders included Huatai-PineBridge Innovative Medicine Mixed A, holding 4.42 million shares, and China Europe Science and Technology Innovation Theme Mixed (LOF) A, holding 1.89 million shares [3]

Core Viewpoint - Microelectrophysiology experienced a decline of 2.14% on October 10, with a trading volume of 77.26 million yuan, indicating market volatility and investor sentiment towards the company [1] Financing Summary - On October 10, the financing buy-in amount for Microelectrophysiology was 8.11 million yuan, while the financing repayment was 4.55 million yuan, resulting in a net financing buy-in of 3.56 million yuan [1] - As of October 10, the total financing and securities lending balance for Microelectrophysiology was 226 million yuan, which accounts for 8.40% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had no securities lending repayment or sales on October 10, with a remaining securities lending volume of 5,824 shares and a balance of 125,400 yuan, which is below the 10th percentile level of the past year, suggesting low short-selling interest [1] Company Performance - As of June 30, the number of shareholders for Microelectrophysiology was 8,789, an increase of 13.20% from the previous period, while the average circulating shares per person decreased by 11.66% to 14,206 shares [2] - For the first half of 2025, Microelectrophysiology reported a revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, which is a significant increase of 92.02% year-on-year [2] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder of Microelectrophysiology was Huatai-PineBridge Medical Service Flexible Allocation Mixed A, holding 7.24 million shares, a decrease of 1.19 million shares from the previous period [3] - The third-largest shareholder, Hua Bao Zhong Zheng Medical ETF, increased its holdings by 159,200 shares to 4.61 million shares [3] - New institutional investors included Huatai-PineBridge Innovation Medicine Mixed A, holding 4.42 million shares, and China Europe Science and Technology Innovation Theme Mixed (LOF) A, holding 1.89 million shares [3]

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The cardiovascular medical device market, particularly for arrhythmia-related devices, is substantial, with the Chinese market for cardiac electrophysiology devices expected to grow from 6.58 billion RMB in 2021 to 15.73 billion RMB by 2025, and further to 41.97 billion RMB by 2032 [15][18] - The global market for cardiac rhythm management devices has seen a compound annual growth rate (CAGR) of 1.8% from 2016 to 2021, with expectations to reach 12.8 billion USD by 2030 [19] - The aortic stent market in China is also expanding, with the number of aortic interventions projected to increase significantly by 2030 [28] Summary by Sections 1. Cardiovascular Disease Market Outlook - Cardiovascular diseases are a leading cause of death globally, with a significant increase in intervention procedures expected due to rising health awareness and government policies promoting domestic products [13][14] - The Chinese market for cardiac electrophysiology devices is projected to grow at a CAGR of 24.34% from 2021 to 2025 [15] 2. Arrhythmia Market - The market for cardiac electrophysiology devices in China reached 6.58 billion RMB in 2021, with expectations to grow to 15.73 billion RMB by 2025 [15] - The global cardiac electrophysiology market is expected to reach 32.45 billion USD by 2032, with a CAGR of 12.21% from 2025 to 2032 [18] 3. Coronary Artery Disease Market - The number of patients with coronary artery disease in China is projected to reach 31.67 million by 2030, with a CAGR of 2.0% from 2026 to 2030 [24] - The market for coronary artery interventions is expected to grow significantly, driven by increasing patient numbers and intervention rates [24] 4. Aortic Stent Market - The aortic stent market in China was valued at 2.4 billion RMB in 2021, with projections to reach 4.31 billion RMB by 2030 [28] - The number of aortic interventions is expected to increase to 180,400 by 2030, indicating strong growth potential in this segment [28] 5. Heart Valve Market - The market for transcatheter aortic valve replacement (TAVR) in China is expected to grow from 911.5 million RMB in 2021 to 4.86 billion RMB by 2025, with a CAGR of 52.0% [35] - The number of transcatheter mitral valve interventions is projected to increase significantly, indicating a growing market for heart valve treatments [38][41] 6. Key Companies to Watch - Microelectrophysiology (688351.SH) is highlighted as a leading manufacturer in the cardiac electrophysiology sector [3] - Bairen Medical (688198.SH) is recognized for its excellence in surgical and interventional valve products [3] - Jianxi Technology (09877.HK) is noted for its advancements in transcatheter valve technologies [3]

微电生理 688351.SH 公司研究 | 中报点评 业绩符合预期，海外市场加速拓展 ——微电生理 2025 年中报点评 核心观点 盈利预测与投资建议 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 329 | 413 | 532 | 687 | 888 | | 同比增长 (%) | 26.5% | 25.5% | 28.7% | 29.2% | 29.1% | | 营业利润(百万元) | 8 | 55 | 84 | 129 | 179 | | 同比增长 (%) | 152.7% | 613.1% | 53.6% | 54.1% | 39.0% | | 归属母公司净利润(百万元) | 6 | 52 | 70 | 108 | 151 | | 同比增长 (%) | 85.2% | 815.4% | 34.3% | 54.5% | 39.6% | | 每股收益（元） | 0.01 | 0.11 | 0.15 | 0.23 | 0.32 | | 毛利率(%) | 63.5% ...

Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

持续督导跟踪报告 一、保荐人和保荐代表人发现的问题及整改情况 华泰联合证券有限责任公司 关于上海微创电生理医疗科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：上海微创电生理医疗科技 | | --- | --- | | | 股份有限公司 | | 保荐代表人姓名：肖斯峻 | 联系电话：021-38966545 | | 保荐代表人姓名：任雅静 | 联系电话：021-38966545 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则（2025 年 4 月修订）》等有关法律、法规的规定，华泰联合证 券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为上海微创电生 理医疗科技股份有限公司（以下简称"微电生理"、"公司"或"发行人"）首 次公开发行股票的保荐人，对微电生理进行持续督导，并出具本持续督导跟踪报 告： 二、重大风险事项 截至本跟踪报告出具日，公司目前面临的风险因素主要如下： （一）创新技术与产品的研发风险 创新技术的发展及产品的迭代均会带来市场格局的变化，公司只有通过持续 准确把握行业发展的技术趋势 ...

Core Viewpoint - The article discusses the termination of the concerted action relationship between MicroPort Investment and Shanghai Shenghui, which does not affect their respective shareholdings in the company [1][2]. Group 1 - MicroPort Investment and Shanghai Shenghui signed a share transfer agreement on December 16, 2018, where Shanghai Shenghui acquired 3.5 million shares for 20.755 million yuan, with a commitment to act in concert with MicroPort Investment during shareholder meetings [1]. - The concerted action relationship was automatically terminated after Shanghai Shenghui fully paid the share transfer amount, and both parties signed a termination agreement on September 10, 2025 [1]. - Following the termination, MicroPort Investment holds 153,940,915 shares, representing 32.71% of the total share capital, while Shanghai Shenghui holds 15,171,799 shares, representing 3.22% of the total share capital [2]. Group 2 - The termination of the concerted action relationship does not change the number of shares or the shareholding percentages held by either MicroPort Investment or Shanghai Shenghui [2]. - The company remains without a controlling shareholder or actual controller, as no single shareholder or their concerted parties can exert control over the company [2].

格隆汇9月11日丨微电生理(688351.SH)公布，2018年12月16日，微创投资控股有限公司（简称"微创投 资"）与上海生晖企业管理咨询中心（有限合伙）（简称"上海生晖"）签署了《股权转让协议》及《股 权转让协议之补充协议》，约定上海生晖以2,075.5万元受让微创投资持有的350万股上海微创电生理医 疗科技股份有限公司股份，同时，上海生晖承诺在对依据公司章程规定的股东大会决议事项进行表决 时，将在依据《股权转让协议》受让的全部公司股份范围内与微创投资保持一致行动，做出一致决定； 上海生晖在根据《股权转让协议》将50%的公司股份转让款向微创投资支付完毕时，前述微创投资与上 海生晖的一致行动关系自动解除。 本次一致行动关系解除后，微创投资与上海生晖直接持有的公司股份数量和持股比例均保持不变，微创 投资仍持有公司股份153,940,915股，占公司总股本的32.71%；上海生晖仍持有公司股份15,171,799股， 占公司总股本的3.22%。本次一致行动关系解除后，公司任意单一股东及其一致行动人仍无法对公司实 施控制，公司仍无控股股东、无实际控制人。 近日，上海生晖向微创投资全额支付了前述《股权转让协议》中 ...

上市公司名称：上海微创电生理医疗科技股份有限公司 股票简称：微电生理 上海微创电生理医疗科技股份有限公司 简式权益变动报告书 信息披露义务人1：微创投资控股有限公司 住所及通讯地址： 中国（上海）自由贸易试验区张东路1661号11幢B区5层 505室 信息披露义务人2：上海生晖企业管理咨询中心（有限合伙） 住所及通讯地址： 上海市崇明区长兴镇江南大道1333弄11号楼3783室（临 港长兴科技园） 股份变动性质： 本次权益变动系信息披露义务人解除一致行动关系所致。 签署日期：2025年9月10日 1 股票代码：688351 股票上市地点：上海证券交易所 信息披露义务人信息 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》 "）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、《公开 发行证券的公司信息披露内容与格式准则第15号-权益变动报告书》（以下简称 "《准则15号》"）及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依 ...