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]

证券代码：688351 证券简称：微电生理 公告编号：2025-026 上海微创电生理医疗科技股份有限公司 第三届监事会第十七次会议决议公告 表决结果：赞成票 3 票；反对票 0 票；弃权票 0 票。 2、审议通过《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》 本公司监事会及全体监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、监事会会议召开情况 上海微创电生理医疗科技股份有限公司（以下简称"公司")第三届监事会 第十七次会议通知已于2025年10月17日以电子邮件方式送达各位监事及其他参 会人员，并于2025年10月27日以通讯方式召开。本次会议应出席监事3名，实际 出席监事3名，董事会秘书列席本次会议。监事会主席卢莎女士主持本次会议， 会议的召开符合《中华人民共和国公司法》《公司章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于<2025 年第三季度报告>的议案》 监事会认为：公司 2025 年第三季度报告的编制符合法律、法规的规定，报 告内容真实、准确、完整地反映了公司报告期内的实际经营情况，不存在虚假记 载 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥112,652,307.04, representing a year-on-year increase of 21.78%[3] - The total profit for the period decreased by 62.44% to ¥9,281,424.74 compared to the same period last year[3] - The net profit attributable to shareholders was ¥9,252,430.88, down 62.56% year-on-year[3] - Basic earnings per share for the quarter were ¥0.0197, a decrease of 62.48% compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥336,400,837.87, an increase of 15.7% compared to ¥290,866,132.55 in the same period of 2024[23] - Net profit for the first three quarters of 2025 was ¥41,920,558.14, slightly higher than ¥41,726,652.80 in 2024, indicating a growth of 0.5%[24] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.0891, compared to ¥0.0887 in 2024, showing an increase of 0.4%[25] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥36,818,492.29, down 40.59% compared to the previous year[3] - As of September 30, 2025, the company's cash and cash equivalents amounted to RMB 437,232,111.93, an increase from RMB 269,109,754.97 as of December 31, 2024, reflecting a significant growth in liquidity[17] - The net cash flow from operating activities was $36,818,492.29, a decrease of 40.6% compared to $61,974,639.95 in the previous period[28] - The net increase in cash and cash equivalents was $168,518,040.96, contrasting with a decrease of -$23,395,248.61 in the previous period[29] - The ending balance of cash and cash equivalents was $437,232,111.93, up from $232,503,279.03 in the previous period[29] Assets and Liabilities - Total assets at the end of the period were ¥1,962,639,223.64, an increase of 3.64% from the end of the previous year[5] - Total liabilities as of the reporting date were ¥171,323,283.16, compared to ¥151,946,998.96 in the previous year, reflecting an increase of 12.7%[20] - Total assets amounted to ¥1,962,639,223.64, a slight decrease from ¥1,893,682,970.18 in the previous year[20] - Non-current liabilities totaled ¥33,610,771.08, down from ¥43,677,996.85 in the previous year, indicating a decrease of 23.0%[20] - The company reported a total equity of ¥1,791,315,940.48, an increase from ¥1,741,735,971.22 in the previous year, reflecting a growth of 2.8%[20] Research and Development - Research and development expenses totaled ¥23,663,306.79, accounting for 21.01% of operating revenue, a decrease of 2.2 percentage points from the previous year[5] - Research and development expenses for the first three quarters of 2025 were ¥45,759,833.28, down from ¥56,543,925.34 in 2024, indicating a decrease of 19.2%[24] - Development expenditures increased to ¥67,753,686.32 from ¥43,658,095.73, reflecting a focus on innovation and new product development[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,580[13] - The company reported a total of 4,728,398 shares held by China Construction Bank as part of its top shareholders, indicating strong institutional support[15] - The top ten shareholders collectively hold significant stakes, with the largest individual shareholder, Wang Ping, holding 3,591,437 shares, which represents a notable portion of the company's equity[15] - The company has not reported any changes in the status of its major shareholders or their relationships, maintaining stability in its ownership structure[16] Government Support and Financial Health - The company received government subsidies amounting to ¥2,633,436.97 during the period, contributing to the overall financial performance[7] - The company is actively monitoring its financial health and has not identified any significant risks or concerns in its operational performance during the reporting period[16]

上海微创电生理医疗科技股份有限公司 董事会议事规则 上海微创电生理医疗科技股份有限公司 董事会议事规则 2025年10月 1 | | | 上海微创电生理医疗科技股份有限公司 董事会议事规则 第一章 总则 第三条 董事会与证券事务部 董事会下设董事会与证券事务部，处理董事会日常事务。 董事会秘书或者证券事务代表兼任董事会与证券事务部负责人，保管董事 会印章。 第四条 董事会专门委员会 第一条 宗旨 为了完善上海微创电生理医疗科技股份有限公司（以下简称"公司"）的 法人治理结构，进一步规范公司董事会的议事方式和决策程序，促使董事和董 事会有效地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《上海证券交易所科创板股 票上市规则（2025年4月修订）》（以下简称"《上市规则》"）、《上市公司 治理准则（2025年修订）》《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（2025年5月修订）》《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》"）及其他法律法规的规定，制订本规则。 第二章 董事会的职权与组成 第二条 董事会 公司设 ...