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。 证券代码：688617 证券简称：惠泰医疗 公告编号：2025-050 深圳惠泰医疗器械股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 深圳惠泰医疗器械股份有限公司董事会 2025 年 11 月 15 日 为进一步加强与投资者的互动交流，深圳惠泰医疗器械股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市 公司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司 投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时公 司管理层将在线就公司业绩、公司治理、发展战略、经营状况、可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢 ...

证券之星消息，截至2025年11月13日收盘，惠泰医疗(688617)报收于279.0元，下跌2.15%，换手率0.5%，成交量6989.0手，成交额1.96亿元。 11月13日的资金流向数据方面，主力资金净流出126.77万元，占总成交额0.65%，游资资金净流入280.16万元，占总成交额1.43%，散户资金净流 出153.39万元，占总成交额0.78%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-13 | 279.00 | -2.15% | -126.77万 | -0.65% | 280.16万 | 1.43% | -153.39万 | -0.78% | | 2025-11-12 | 285.13 | 0.75% | -1182.58万 | -6.55% | 1292.24万 | 7.16% | -109.66万 | -0.61% | | 2025-11-11 | 2 ...

证券代码：688617 证券简称：惠泰医疗 深圳惠泰医疗器械股份有限公司 2025年第三次临时股东会 会议资料 2025 年 11 月 | 2025 | 年第三次临时股东会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第三次临时股东会会议议程 | 4 | | 2025 | 年第三次临时股东会议案 | 6 | | 议案一 | 6 | | | | 《关于公司董事会换届选举第三届董事会非独立董事的议案》 | 6 | | 议案二 | 11 | | 深圳惠泰医疗器械股份有限公司 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保公司股东会的正常秩序和议事效率，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、《上市公司股东会规则》以及《深圳惠泰医疗器 械股份有限公司章程》（以下简称《公司章程》）等相关规定，深圳惠泰医疗器 械股份有限公司（以下简称"公司"或"惠泰医疗"）特制订以下会议须知，请 出席股东会的全体人员遵照执行。 一、会议期间，全体出席人员应以维护股东的合法权益、 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company reported a revenue of 1.867 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 22.47%, with a net profit attributable to shareholders of 623 million yuan, up 18.02% year-on-year [1] - The third quarter revenue reached 654 million yuan, showing a year-on-year increase of 24.77%, while the net profit attributable to shareholders was 198 million yuan, growing 6.77% year-on-year [1] - The company is increasing its investment in the electrophysiology business, with expectations for rapid growth in PFA procedures and improvements in product offerings [7] - The market share in vascular intervention is steadily increasing, driven by new product iterations and a focus on enhancing existing product lines [7] - The gross margin remains stable, although profit growth in Q3 has slowed due to increased investments [7] - Revenue forecasts for 2025-2027 are adjusted to 2.561 billion, 3.339 billion, and 4.350 billion yuan, with corresponding net profits of 836 million, 1.057 billion, and 1.380 billion yuan, reflecting growth rates of 24%, 26%, and 31% respectively [7] Financial Data and Valuation - Total revenue for 2023 is projected at 1.650 billion yuan, with a year-on-year growth of 36% [3] - The company’s PE ratio is expected to decrease from 75.3 in 2023 to 29.1 by 2027, indicating improving valuation metrics [10] - The company’s ROE is projected to remain strong at around 29% over the forecast period [10] - The gross margin is expected to improve slightly from 71.3% in 2023 to 73.7% by 2027 [10] Stock Performance - The stock has shown a relative performance of -10% over the past month and a 24% increase over the past year [6]

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Investment Rating - The report maintains an "Outperform" rating for the company [4][11]. Core Insights - The company continues to experience robust revenue growth, with a projected revenue of RMB 2.698 billion for 2025, reflecting a year-on-year increase of 30.6% [3][4]. - Net profit attributable to shareholders is expected to reach RMB 870 million in 2025, representing a growth of 29.2% compared to the previous year [3][4]. - The target price for the stock is set at RMB 333.05, with a target PE of 54X for 2025 [4][11]. Financial Summary - Total revenue for the first three quarters of 2025 was RMB 1.867 billion, with a net profit of RMB 623 million [4][11]. - Q3 2025 revenue was RMB 654 million, with a net profit of RMB 198 million [4][11]. - Forecasted EPS for 2025-2027 is RMB 6.17, RMB 8.09, and RMB 10.50 respectively [4][11]. Business Development - The volume of PFA surgeries is rapidly increasing, with expectations to exceed 5,000 procedures in 2025 [12][4]. - The company has expanded its promotion team to over 200 sales and on-site engineers, aiming for a 10%-20% annual increase in on-site volume per engineer [12][4]. - Increased investment in PFA promotion and R&D is evident, with Q3 2025 sales expenses at RMB 125 million and R&D expenses at RMB 98 million [13][4]. Market Position - The company holds approximately 20% market share in coronary business and over 30% in tumor intervention access products [14][4]. - Growth in the coronary and peripheral business is driven by existing product lines and the introduction of iterative products post volume-based procurement [14][4].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector, specifically recommending the innovative drug and medical device industry chain [5][10]. Core Insights - The pharmaceutical sector shows a positive recovery trend in Q3 2025, with overall revenue growth of 0.6% year-on-year and a net profit increase of 0.3% year-on-year. This indicates a return to growth after previous declines [6][13]. - Specific segments such as medical devices and medical research outsourcing are experiencing significant growth, with revenue and net profit growth rates of 10.6% and 0.6% for medical devices, and 10.9% and 47.9% for medical research outsourcing, respectively [13][14]. - The report highlights a continued recommendation for specific A-share and H-share stocks, including 恒瑞医药 (Hengrui Medicine), 科伦药业 (Kelun Pharmaceutical), and others, indicating strong potential for investment [7][10]. Summary by Sections 1. Continued Recommendation for Innovative Drug and Medical Device Industry Chain - The report continues to recommend the innovative drug and medical device industry chain, maintaining "Overweight" ratings for several A-share stocks including 恒瑞医药, 科伦药业, and others, and H-share stocks like 翰森制药 and 三生制药 [7][10]. 2. Recovery Trend in Pharmaceutical Sector Q3 2025 - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year in Q3 2025, with net profit rising by 0.3%. Medical devices and medical research outsourcing are leading this recovery with notable growth rates [13][14]. 3. Performance of Pharmaceutical Sector in October 2025 - In October 2025, the pharmaceutical sector underperformed compared to the broader market, with the SW pharmaceutical index declining by 1.8% while the Shanghai Composite Index rose by 1.9% [15][26]. 4. Performance of Hong Kong and US Pharmaceutical Sectors - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 11.1%, while the US pharmaceutical sector showed strength with a 3.5% increase in the S&P healthcare index [26][27]. 5. Valuation and Premium Levels - As of October 31, 2025, the pharmaceutical sector's premium level relative to all A-shares is at a normal level, with a current relative premium rate of 76.7% [25][28].

Investment Rating - The report maintains a focus on innovative pharmaceuticals and medical devices, highlighting key A-share and H-share targets for investment [6][32]. Core Insights - The pharmaceutical sector showed a good recovery in Q3 2025, with overall revenue increasing by 0.6% year-on-year and net profit attributable to shareholders rising by 0.3% year-on-year [11][32]. - Medical equipment benefited from procurement recovery, with Q3 revenue and net profit growth of 10.6% and 0.6% year-on-year, respectively [11][32]. - Medical R&D outsourcing continued to achieve high growth, with Q3 revenue and net profit growth of 10.9% and 47.9% year-on-year [11][32]. - The offline pharmacy sector improved, with Q3 revenue and net profit growth of 2.1% and 37.8% year-on-year [11][32]. Summary by Sections 1. Focus on Innovative Pharmaceuticals and Medical Devices - Key A-share targets include Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Changchun High-tech Industry, Jiangsu Nhwa Pharmaceutical, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, APT Medical, and related target Guangdong Zhongsheng Pharmaceutical [6][32]. - Key H-share targets include Hansoh Pharmaceutical Group, 3SBio, Akeso, and related target Innovent Biologics, WuXi AppTec [6][32]. 2. Q3 2025 Pharmaceutical Sector Recovery - The pharmaceutical sector's overall revenue increased by 0.6% year-on-year, with net profit attributable to shareholders up by 0.3% year-on-year [11][32]. - Specific segments such as medical devices and medical R&D outsourcing showed significant growth [11][32]. 3. October 2025 Market Performance - In October 2025, the pharmaceutical sector underperformed the market, with the SW Pharmaceutical and Biological index falling by 1.8% while the SHCOMP rose by 1.9% [14][32]. - The relative premium of the pharmaceutical sector compared to all A-shares was at a normal level, with a current relative premium rate of 76.7% [23][32]. 4. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed, with the Hang Seng Healthcare index falling by 11.1% [24][32]. - In contrast, the U.S. S&P 500 healthcare sector rose by 3.5% [24][32].

Core Viewpoint - The biopharmaceutical sector on the STAR Market has shown mixed performance, with the STAR Biopharmaceutical Index declining by 0.60% as of November 6, 2025, while individual stocks exhibited varied movements, indicating a potential for structural recovery in the sector [1][4]. Group 1: Market Performance - The STAR Biopharmaceutical Index decreased by 0.60% as of November 6, 2025, with stocks like Huaheng Biological leading gains at 2.86%, while Yifang Biological experienced the largest decline [1]. - The Jiashi STAR Biopharmaceutical ETF recorded a turnover of 6.67% and a transaction volume of 21.39 million yuan, reaching a new high of 322 million yuan in scale, ranking first among comparable funds [3]. - The Jiashi STAR Biopharmaceutical ETF has seen a net inflow of 56.85 million yuan over the past four days, with a peak single-day net inflow of 16.85 million yuan [3]. Group 2: Fund Performance - As of November 5, 2025, the Jiashi STAR Biopharmaceutical ETF has achieved a one-year net value increase of 26.53%, with the highest monthly return since inception being 23.29% and the longest consecutive monthly gain lasting seven months [3]. - The average monthly return during the rising months of the Jiashi STAR Biopharmaceutical ETF is 7.85% [3]. Group 3: Industry Outlook - Recent adjustments in the pharmaceutical sector are attributed to a recovery in capital market financing and an increase in the scale of innovative drug exports, leading to a rebound in domestic innovative drug research and development [3]. - The outlook for the innovative drug sector remains focused on business development (BD) expectations, with BD activities typically accounting for about 40% of annual transactions in the fourth quarter [3]. - According to data, the top ten weighted stocks in the STAR Biopharmaceutical Index account for 49.74% of the index, indicating a concentration of investment in key players [4][6].

Group 1 - The company Huatai Medical announced the nomination of candidates for its third board of directors, including both non-independent and independent directors [2] - The nominated non-independent directors are Ge Hao, Li Xinsong, Zhao Yun, Zhao Yuxiang, and Cheng Zhenghui [2] - The nominated independent directors include Sun Lefe, Li Guangxian, and Bai Yunxia, with Bai Yunxia being a professional accountant [2]