Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next 6 months [1]. Core Insights - The company's 2025 performance met expectations, with a revenue of 25.84 billion yuan, representing a year-on-year growth of 25.08%. The net profit attributable to shareholders was 8.21 billion yuan, up 21.91% year-on-year. The fourth quarter of 2025 saw a revenue of 7.16 billion yuan, a 32.4% increase year-on-year, and a net profit of 1.97 billion yuan, up 36.1% year-on-year [8]. - The company has shown significant growth in its innovative product, the Pulsed Field Ablation (PFA), with over 5,900 procedures completed in 2025. The management's confidence is further highlighted by the recent stock incentive plan [8]. - The company is a leading player in the domestic electrophysiology and vascular intervention market, with a diverse product line and strong performance expected to continue as market demand grows [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2025A: Revenue of 25.84 billion yuan, net profit of 8.21 billion yuan - 2026E: Revenue expected to reach 33.11 billion yuan, net profit of 10.40 billion yuan - 2027E: Revenue projected at 41.05 billion yuan, net profit of 12.74 billion yuan - 2028E: Revenue forecasted at 50.17 billion yuan, net profit of 15.91 billion yuan [3][11]. - **Growth Rates**: - Revenue growth rates are expected to be 25.08% for 2025, 28.15% for 2026, 23.97% for 2027, and 22.22% for 2028 [3]. - Net profit growth rates are projected at 21.91% for 2025, 26.78% for 2026, 22.43% for 2027, and 24.89% for 2028 [3]. - **Earnings Per Share (EPS)**: - EPS is expected to grow from 5.82 yuan in 2025 to 11.28 yuan by 2028 [3]. - **Return on Equity (ROE)**: - ROE is projected to remain stable around 25.80% in 2025, slightly decreasing to 24.76% by 2028 [3]. Product Line Performance - **Electrophysiology Products**: - Revenue for the electrophysiology product line in 2025 was 5.71 billion yuan, a growth of 29.81% year-on-year, driven by product iterations and the PFA product's market penetration [8]. - **Coronary Access Products**: - Revenue reached 13.43 billion yuan, up 27.35% year-on-year, attributed to the increased adoption of second-generation balloon catheters and other product upgrades [8]. - **Peripheral Intervention Products**: - Revenue was 4.56 billion yuan, growing by 29.76%, benefiting from ongoing procurement and the introduction of new products [8]. - **OEM Business**: - Revenue declined to 1.45 billion yuan, a decrease of 12.05%, primarily due to expectations of procurement and a drop in international orders [8].

深圳惠泰医疗器械股份有限公司 关于召开 2025 年年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： 证券代码：688617 证券简称：惠泰医疗 公告编号：2026-018 会议召开时间：2026年4月8日（星期三）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2026年4月1日（星期三）至4月7日（星期二）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（ir@aptmed.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。 深圳惠泰医疗器械股份有限公司（以下简称"公司"）已于2026年3月25日 发布公司2025年年度报告，为便于广大投资者更全面深入地了解公司2025年度经 营成果、财务状况、现金分红方案、发展战略等情况，公司计划于2026年4月8 日（ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Insights - The company achieved a revenue of 2.584 billion yuan in 2025, representing a year-on-year growth of 25.1%, and a net profit of 821 million yuan, up 21.9% year-on-year. The fourth quarter of 2025 saw a revenue of 716 million yuan, a 32.4% increase year-on-year, and a net profit of 197 million yuan, growing 36.09% year-on-year, marking a historical high for quarterly revenue [1][8]. - The company's stable growth is attributed to the continuous improvement in product coverage and admission rates, along with the approval and iteration of new products. The commercialization of new products in the PFA and vascular intervention fields is expected to sustain high revenue growth and profitability levels [1][8]. - The company maintained good cost control with a sales expense ratio of 17.8% and a gross margin of 72.9%, which increased by 0.6 percentage points. The net profit margin was 31.3%, slightly down by 0.6 percentage points, primarily due to the increase in high-margin product sales [2][16]. - The company focused on the core PFA product's market entry and promotion, completing over 5,900 PFA pulse ablation surgeries in 2025. The number of hospitals using coronary and peripheral products increased by over 13% and 20%, respectively, indicating strong market performance [2][23]. - The overseas revenue reached 337 million yuan in 2025, a 20.1% increase year-on-year, driven by the continuous growth of its own brand in international markets. A new round of equity incentive plans was announced, reflecting the company's confidence in future development [2][23]. Financial Projections - The company is projected to achieve revenues of 3.289 billion yuan, 4.126 billion yuan, and 5.086 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 27.3%, 25.5%, and 23.3% [3][4]. - The expected net profits for the same years are 1.092 billion yuan, 1.399 billion yuan, and 1.750 billion yuan, with growth rates of 33.1%, 28.0%, and 25.1% [3][4]. - The current price-to-earnings ratios are projected at 29.2, 22.8, and 18.2 for 2026, 2027, and 2028, respectively [3][4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 317.68 [7][5]. Core Insights - The company achieved revenue and net profit of RMB 2.584 billion and RMB 820 million for the year 2025, representing year-on-year growth of 25.1% and 21.9% respectively, aligning with performance expectations [1]. - In Q4 2025, the company reported revenue and net profit of RMB 716 million and RMB 197 million, showing year-on-year increases of 32.4% and 36.1%, indicating a return to rapid growth [1]. - The gross margin for 2025 was 72.9%, up 0.6 percentage points year-on-year, driven by the strong performance of high-end new products [1]. - The company’s operating cash flow improved significantly, reaching RMB 968 million, a year-on-year increase of 30.2 [1]. Summary by Sections Electrophysiology Business - The electrophysiology segment generated revenue of RMB 571 million in 2025, a year-on-year increase of 29.8%, with a notable acceleration in the second half of the year, achieving a year-on-year growth of 50.3% [2]. - The company completed over 5,900 PFA pulse ablation surgeries and over 15,000 traditional three-dimensional non-atrial fibrillation surgeries, indicating increasing market acceptance [2]. - New product approvals in 2025 included high-density mapping catheters and pressure-sensing radiofrequency ablation catheters, enhancing the product matrix [2]. Other Business Segments - The coronary access segment reported revenue of RMB 1.343 billion in 2025, up 27.4% year-on-year, with an increase in hospital coverage [3]. - The peripheral intervention segment achieved revenue of RMB 456 million, a year-on-year increase of 29.8%, benefiting from product category expansion and selection in centralized procurement [3]. - The non-vascular intervention segment saw revenue of RMB 52.59 million, growing 36.5% year-on-year, supported by a richer product matrix [3]. - The OEM segment reported revenue of RMB 145 million, down 12.1% year-on-year, attributed to short-term fluctuations in downstream demand [3]. Incentive Plan - The company announced a restricted stock incentive plan for 2026, proposing to grant a total of 2.2 million shares, representing 1.56% of the total share capital, to 663 individuals, including key personnel [4]. - The performance targets for the A-class grant recipients include achieving a revenue growth of no less than 74.29% from 2025 to 2026-2027, and 214.97% from 2025 to 2028-2029, reflecting confidence in future high-quality development [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is projected at RMB 1.042 billion, RMB 1.321 billion, and RMB 1.657 billion for 2026, 2027, and 2028 respectively, with slight adjustments of -3% and -5% for 2026 and 2027 [5]. - The company is valued at a PE ratio of 43x for 2026, compared to a comparable company average of 37x, with a target price of RMB 317.68 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 317.68 [7][5]. Core Insights - The company achieved revenue and net profit of RMB 2.584 billion and RMB 820 million in 2025, representing year-on-year growth of 25.1% and 21.9% respectively, aligning with performance expectations [1]. - In Q4 2025, the company reported revenue and net profit of RMB 716 million and RMB 197 million, showing year-on-year increases of 32.4% and 36.1%, indicating a return to rapid growth [1]. - The gross margin for 2025 was 72.9%, up 0.6 percentage points year-on-year, driven by the strong performance of high-end new products [1]. - The company’s operating cash flow improved significantly, reaching RMB 968 million, a year-on-year increase of 30.2 [1]. Summary by Relevant Sections Electrophysiology Business - The electrophysiology segment generated revenue of RMB 571 million in 2025, with a year-on-year growth of 29.8%. In the second half of 2025, revenue surged by 50.3% [2]. - The company completed over 5,900 PFA pulse ablation surgeries and more than 15,000 traditional 3D electrophysiology surgeries, indicating increasing market acceptance [2]. - New product approvals in 2025 included high-density mapping catheters and pressure-sensing RF ablation catheters, enhancing the product matrix [2]. Other Business Segments - The coronary access segment reported revenue of RMB 1.343 billion in 2025, up 27.4% year-on-year, with an increase in hospital penetration [3]. - The peripheral intervention segment achieved revenue of RMB 456 million, reflecting a year-on-year growth of 29.8%, supported by an expansion of product categories [3]. - The non-vascular intervention segment saw revenue of RMB 52.59 million, growing 36.5% year-on-year, with expectations for systematic promotion in 2026 [3]. - The OEM segment experienced a decline in revenue to RMB 145 million, down 12.1% year-on-year, attributed to short-term fluctuations in downstream demand [3]. Incentive Plan - The company announced a restricted stock incentive plan for 2026, proposing to grant a total of 2.2 million shares, representing 1.56% of the total share capital, to 663 individuals, including key personnel [4]. - The performance targets for key personnel include achieving a revenue growth of at least 74.29% from 2025 to 2026-2027 and 214.97% from 2025 to 2028-2029, reflecting confidence in future high-quality development [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2026-2028 is RMB 1.042 billion, RMB 1.321 billion, and RMB 1.657 billion, with slight adjustments of -3% and -5% for 2026 and 2027 respectively [5]. - The company is positioned as a leader in the domestic electrophysiology and vascular intervention sectors, with a competitive edge, warranting a 43x PE for 2026 [5].

证券代码：688617 证券简称：惠泰医疗 公告编号：2026-015 深圳惠泰医疗器械股份有限公司 2026 年限制性股票激励计划（草案）摘要公告 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。 重要内容提示： 股权激励方式 □第一类限制性股票 ☑第二类限制性股票 □股票期权 □其他 股份来源 ☑发行股份 ☑回购股份 □其他 本次股权激励计划有效期 自限制性股票授予之日起至激励对象获授的 限制性股票全部归属或作废失效之日止，最 长不超过60个月 本次股权激励计划拟授予的权益数量 2,200,000股 本次股权激励计划拟授予的权益数量占公司 总股本比例 1.56% 本次股权激励计划是否有预留 ☑是，预留数量419,499股（份）； 占本股权激励拟授予权益比例19.07% □否 本次股权激励计划拟首次授予的权益数量 1,780,501股（份） 激励对象数量 663人 激励对象数量占员工总数比例 21.26% 激励对象范围 ☑董事 ☑高级管理人员 ☑核心技术或业务人员 □外籍员工 | | □其他，___________ | | - ...

深圳惠泰医疗器械股份有限公司 2026 年限制性股票激励计划首次授予激励对象名单 | 获授的 | | | | | | | 占授予 | 占本激 励计划 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类计 | | | | A | 获授的 B | 合计获授 | 限制性 | | | 序 职务 号 | 姓名 | 国籍 | | 划限制 | 类计划限 | 股票数量 | 股票总 | 公告日 公司股 | | 性股票 | | | | 数量 | 制性股票 数量(股) | （股） | 数的比 | | | | | | | | | | 例 | 本总额 | | (股) | | | | | | | | 的比例 | | 一、董事、高级管理人员、核心技术人员、核心业务人员 | | | | | | | | | | 1 | 戴振华 | 中国 | 董事、常务 副总经理 | 52,854 | 13,957 | 66,811 | 3.04% | 0.047% | | 2 | 韩永贵 | 中国 | 副总经理、 核心技术人 | 12,112 | 3,489 | 15,601 | 0.7 ...

深圳惠泰医疗器械股份有限公司2026年限制性股票激励计划（草案） 证券简称：惠泰医疗 证券代码：688617 深圳惠泰医疗器械股份有限公司 2026年限制性股票激励计划 （草案） 深圳惠泰医疗器械股份有限公司 二零二六年三月 1 深圳惠泰医疗器械股份有限公司2026年限制性股票激励计划（草案） 声 明 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。本公 司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述或者重大 遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信息披露文 件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划所获得的 全部利益返还公司。 2 深圳惠泰医疗器械股份有限公司2026年限制性股票激励计划（草案） 特别提示 一、本激励计划系依据《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》《上市公司股权激励管理办法》《科创板 上市公司自律监管指南第4号——股权激励信息披露》等其他有关法律、法规、规范 性文件，以及《深圳惠泰医疗器械股份有限公司章 ...

中信证券股份有限公司 关于深圳惠泰医疗器械股份有限公司 2025 年度募集资金存放与使用情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳惠 泰医疗器械股份有限公司（以下简称"惠泰医疗"或"公司"）首次公开发行股 票并在科创板上市及后续持续督导保荐机构，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司募集资金监管规则》《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》等有关法律法规和规范性文件的要 求，就惠泰医疗 2025 年度募集资金存放与使用情况进行了审慎核查，发表意见 如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会 2020 年 12 月 7 日出具的《关于同意深圳惠泰 医疗器械股份有限公司首次公开发行股票注册的批复》（证监许可[2020]3359 号）， 惠泰医疗向社会公众公开发行人民币普通股（A 股）1,667 万股（每股面值人民 币 1 元），并于 2021 年 1 月 7 日在上海证券交易所科创板上市（以下简称"本次 发行"）。本次发行的发行价格为 74.46 元/股，募集资金总 ...

中信证券股份有限公司关于 深圳惠泰医疗器械股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金 及部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳惠 泰医疗器械股份有限公司（以下简称"惠泰医疗"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上市公司募集资金监管规则》等法律法规的有 关规定，对惠泰医疗首次公开发行股票部分募投项目结项并将节余募集资金永久 补充流动资金及部分募投项目延期的事项进行了核查，核查情况如下： 一、首次公开发行股票募集资金基本情况 单位：万元 | 序号 | 项目名称 | 原预计投入募集 | 调整后拟投入募集 | | --- | --- | --- | --- | | | | 资金金额 | 资金金额 | | 1 | 血管介入类医疗器械产业化升级项目 | 36,761.00 | 32,761.00 | | 2 | 血管介入类医疗器械研发项目 | 33,869.00 | 13,224.44 | | 3 | 新型电生理消融标测系统研发项目 | - | 14,11 ...