证券代码：688617 证券简称：惠泰医疗 公告编号：2025-032 深圳惠泰医疗器械股份有限公司 关于调整 2021 年限制性股票激励计划授予价格、授 予及归属数量的公告 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。 深圳惠泰医疗器械股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日 召开 2025 年第二次独立董事专门会议、第二届董事会薪酬与考核委员会第七次 会议及第二届董事会第二十三次会议，审议通过了《关于调整 2021 年限制性股 票激励计划授予价格、授予及归属数量的议案》，同意根据《深圳惠泰医疗器械 股份有限公司 2021 年限制性股票激励计划（草案）》（以下简称《激励计划（草 案）》或"本激励计划"）及其摘要的有关规定及公司 2021 年第一次临时股东 大会的授权，对本激励计划的授予价格、授予及归属数量进行调整。现将相关事 项公告如下： 一、本激励计划已履行的决策程序和信息披露情况 （六）2021 年 4 月 26 日，公司召开第一届董事会第十二次会议与第一届监 事会第十次会议，审议通过了《关 ...

Group 1 - The company held its 23rd meeting of the second board session on July 7, 2025, with 100% attendance from the board members [1] - The board approved a proposal to waive part of the preemptive rights and increase capital to a controlling subsidiary, which constitutes a related party investment and transaction [1][2] - The proposal to adjust the grant price and quantity of the 2021 restricted stock incentive plan was also approved, with 7 votes in favor and no opposition [2][3] Group 2 - The board approved a proposal to change the registered capital and amend the company's articles of association, with unanimous support from all board members [3] - The board agreed to convene the second extraordinary general meeting of shareholders in 2025, with details to be announced later [3]

Core Points - The average stock price of the Sci-Tech Innovation Board is 30.54 yuan, with 39 stocks priced over 100 yuan, and the highest priced stock is Cambricon at 541.38 yuan [1][2] - Among the stocks priced over 100 yuan, 281 stocks rose while 292 stocks fell today, with an average decline of 0.82% for the hundred-yuan stocks [1][2] - The premium of the hundred-yuan stocks relative to their issue prices averages 327.76%, with the highest premiums seen in Baili Tianheng, Anji Technology, and Hotgen Biotech [1][2] Industry Summary - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical, and computer industries, with 20, 8, and 5 stocks respectively [1] - The net outflow of main funds from the hundred-yuan stocks today totaled 10.84 million yuan, with significant inflows into Cambricon, United Imaging, and Haiguang Information [2] - The total margin balance for hundred-yuan stocks is 26.32 billion yuan, with Cambricon, Haiguang Information, and Zhongwei Company having the highest margin balances [2]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **domestic medical device industry**, highlighting advancements in various companies and their innovative products. Key Companies and Their Innovations 1. **Peijia Medical** - The shockwave balloon technology shows a **30%-50% efficacy** in early clinical trials for treating aortic valve calcification [1] - The transcatheter aortic valve replacement product **Mona Q** has enrolled **9 patients** in the global Fame clinical trial, with no deaths or strokes reported during long-term follow-up. It has received **IDE clinical approval** in the U.S. and is expected to advance to U.S. clinical trials within the year [2][4] 2. **Jianxi Technology** - The tricuspid valve replacement product has completed clinical registration trials in Europe with a **97% success rate** and is expected to receive CE certification by **2025** [1][3] 3. **Xenon Medical** - The self-expanding intracranial drug-eluting stent has a **restenosis rate of only 1.7%-1.87%** and a **100% surgical success rate**. Approval is anticipated this year, with a market exclusivity period of **1.5 to 2 years** [1][6][7] 4. **HeartTech Medical** - Leading market share in domestic occluder products with a series of **four generations of biodegradable occluders**. The aortic valve product has been approved for commercialization since Q1 [1][8] 5. **Qiming Medical** - Four TAVI products have been approved and marketed in over **ten countries**. New TAVI products are under development, with expectations for a tricuspid valve replacement product to be approved in Europe by **2027** [1][9] Market Trends and Future Outlook - The medical device sector is expected to see a **catalyst for growth** in the second half of the year due to potential equipment upgrades, particularly in **3.0T MRI and 64-slice CT** products [2][17] - Companies like **Huitai Medical** are projected to have strong performance due to new product launches and market expansion [11][23] Competitive Strategies - Domestic medical device companies are enhancing their international competitiveness through: - **Patent breakthroughs** and early clinical trials [4] - Focusing on less crowded market segments for differentiation [4] - Collaborations with international firms to leverage global networks for faster commercialization [5] Financial Performance Expectations - Companies such as **Huitai Medical** and **Mingrui Medical** are expected to show strong growth in the second half of the year, despite some companies facing short-term pressures due to high bases from previous years [10][11][15] - The **IVD sector** is experiencing pressure from policy changes, but improvements are anticipated in the latter half of the year as companies adjust pricing strategies [28] Regulatory and Policy Impact - The medical industry is facing challenges from **DRG cost control policies** and increased compliance requirements, impacting overall performance and cash flow [33] Conclusion - The domestic medical device industry is poised for growth with innovative products and strategic collaborations, despite facing regulatory challenges and market competition. Companies are actively seeking to enhance their international presence and capitalize on emerging market opportunities.

Core Viewpoint - The performance of the CSI All Index for Medical Care Equipment and Services has shown mixed results, with a slight increase on the day but a decline over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI All Index for Medical Care Equipment and Services rose by 0.21% to 13,548.3 points, with a trading volume of 19.92 billion [1]. - Over the past month, the index has decreased by 1.41%, by 2.78% over the past three months, and by 1.24% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the medical care sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base point of 1,000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: Mindray Medical (9.65%), United Imaging (8.18%), Aier Eye Hospital (7.43%), Aimeike (3.42%), Huatai Medical (3.23%), Yuyue Medical (2.81%), New Industry (2.79%), Lepu Medical (2.69%), Meinian Onehealth (2.06%), and Shandong Pharmaceutical Glass (1.9%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.10%) and the Shanghai Stock Exchange (39.90%) [1]. - The entire sample of the index is focused on the pharmaceutical and healthcare sector, with a 100% allocation [1]. Group 5: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the index include various Southern and Tianhong funds, as well as ETFs from multiple asset management companies [2].

Summary of Huatai Medical Conference Call Company and Industry Overview - **Company**: Huatai Medical - **Industry**: Electrophysiology and Medical Devices Key Points and Arguments 1. **PFA Product Approval**: Huatai Medical's PFA product is expected to be approved for market launch by the end of 2024, offering differentiated advantages in general anesthesia, pressure sensing, and 3D mapping, which align closely with domestic clinical practices, potentially allowing for a competitive edge over foreign manufacturers [2][3][4] 2. **PFA Technology Advantages**: PFA technology induces myocardial cell death through high-voltage electrical pulses, providing high tissue selectivity, good safety, and reduced reliance on thermal energy, which shortens surgery time and lowers the experience requirement for operators [2][4][10] 3. **Market Growth**: The global electrophysiology market was approximately $8 billion in 2023, with a projected compound annual growth rate (CAGR) of 13% from 2024 to 2026. The atrial fibrillation market is expected to grow rapidly, with PFA technology's market share anticipated to rise from less than 5% currently to 40%-60% by 2026, and potentially 60%-80% by 2028 [2][10] 4. **Domestic Patient Statistics**: In 2022, there were 8.32 million hospitalized patients with arrhythmias in China, with a continuous increase in catheter ablation procedures. The long-term potential for PFA procedures in China is estimated to reach between 800,000 and 1.02 million cases, translating to a market size exceeding 10 billion RMB [2][11][12] 5. **Competitive Landscape**: Domestic companies like Huatai Medical, Jinjiang Electronics, and Denovo have received NMPA approval for their PFA systems, showcasing differentiated advantages that align with local clinical habits, which may lead to significant changes in the domestic electrophysiology landscape [2][6][14] 6. **Sales and Marketing Strategy**: Huatai Medical has a sales team of over 200, with a focus on PFA products. The company aims to establish a minimum of 3,000 terminal orders for the year, indicating strong promotional efforts and positive reception from doctors regarding their 3D mapping technology and product combinations [4][18] 7. **Other Business Segments**: Besides electrophysiology, Huatai Medical has strong performance in other segments, including coronary intervention with over 15% market share, peripheral intervention at about 5%, and urological stone products at around 20% [19] 8. **Future Development Directions**: The company plans to focus on expanding its product coverage in vascular access and stent markets, while also developing non-vascular intervention products, indicating a strategy for diversified growth [20] Additional Important Information - **Clinical Value of PFA**: PFA technology offers significant clinical value compared to traditional RF ablation, with faster ablation times and reduced overall procedure durations, making it more appealing to domestic physicians [17] - **Market Penetration**: The penetration of PFA technology in the Chinese market is expected to mirror that of Japan, with substantial growth potential in the coming years [12][14] - **Product Design Differences**: Domestic manufacturers have advantages in mapping, modeling, and compatibility design, with Huatai Medical's products being the only ones featuring a 3D mapping platform, which aligns with traditional RF ablation practices [15][16]

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, WuXi AppTec, Asymchem Laboratories, Hangzhou Tigermed Consulting, and APT Medical [6][32] - The report also maintains an "Outperform" rating for H-Shares including PATEO, Hansoh Pharmaceutical Group, Innovent Biologics, WuXi XDC Cayman, Luye Pharma Group, and BeiGene [6][32] Core Insights - The commercial insurance innovative drug list is expected to be released soon, which is anticipated to improve the domestic market significantly [33] - The National Healthcare Security Administration and National Health Commission have released measures to support the high-quality development of innovative drugs, focusing on high-innovation drugs with significant clinical value [33] - The pharmaceutical sector underperformed the market in June 2025, with the Shanghai Composite Index rising by 2.9% while the SW Pharma Bio index rose by only 0.7% [34] - The Hang Seng Healthcare sector outperformed the market with an increase of 8.4% in June 2025, while the U.S. S&P Healthcare Select Sector underperformed with a rise of only 1.9% [35] Summary by Sections - **Investment Highlights**: Continuous positive outlook for innovative drugs and industry chain, with specific A-Shares and H-Shares recommended for investment [32][6] - **Market Performance**: In June 2025, the pharmaceutical sector's performance was weak compared to the overall market, ranking 19th among Shenwan primary industries [34] - **Sub-sector Analysis**: The best-performing sub-sectors included medical services (+4.8%), chemical preparations (+0.8%), and chemical raw materials (+0.5%) [34][20] - **Stock Performance**: Top gainers in the pharmaceutical sector included Zhejiang Anglikang Pharmaceutical (+146.4%) and Hubei Huaqiang High-Tech Co., Ltd. (+67.4%), while top losers included Kexing Biopharm Co., Ltd. (-28.7%) [34][23]

Core Insights - The average stock price of the Sci-Tech Innovation Board is 30.77 yuan, with 39 stocks priced over 100 yuan, the highest being Cambricon at 547.30 yuan [1][2] - A total of 365 stocks increased in price today, while 208 stocks decreased, with the average increase for stocks over 100 yuan being 0.34% [1][2] - The average premium of stocks over their issue price for those priced over 100 yuan is 327.13%, with notable premiums for companies like Anji Technology and Baile Tianheng [1][2] Stock Performance - Cambricon closed at 547.30 yuan, up 0.40%, followed by Baile Tianheng at 298.00 yuan and Huitai Medical at 294.38 yuan [1][2] - Among the stocks priced over 100 yuan, 23 stocks increased, with the largest gainers being Hotgen Biotech, Zexin Pharmaceutical, and Naxin Micro [1][2] - The stocks with the largest declines included Longxin Technology, Sirepu, and Zhongke Lanyun [1][2] Industry Distribution - The stocks priced over 100 yuan are concentrated in the electronics, pharmaceutical, and computer industries, with 20, 8, and 5 stocks respectively [1][2] - The total net outflow of main funds from stocks priced over 100 yuan today was 5.46 billion yuan, with notable inflows into companies like Siterui and Zexin Pharmaceutical [2] - The total financing balance for stocks priced over 100 yuan is 26.624 billion yuan, with Cambricon leading at 4.478 billion yuan [2][3]

Company Overview - Shenzhen Huatai Medical Devices Co., Ltd. specializes in the research, production, and sales of electrophysiological and interventional medical devices [1] - The main products include electrophysiological devices, coronary access devices, peripheral vascular interventional devices, and non-vascular interventional medical devices [1] Financial Performance - For Q1 2025, the company reported revenue of 564 million yuan, representing a year-on-year increase of 23.93% [1] - The net profit for the same period was 183 million yuan, showing a year-on-year growth of 30.69% [1] - The gross profit margin stood at 73.09% [1] Market Position - As of July 1, the company's stock closed at 304.5 yuan, with a price increase of 2.53% [1] - The rolling price-to-earnings (PE) ratio reached 59.96 times, while the average PE ratio for the medical device industry is 51.70 times [1][2] - The total market capitalization of the company is 42.939 billion yuan [1] Institutional Holdings - As of Q1 2025, a total of 109 institutions hold shares in Huatai Medical, including 106 funds and 3 other entities, with a total holding of 47.1568 million shares valued at 18.264 billion yuan [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.93% as of July 1, 2025, with notable gains from stocks such as Rongchang Biopharmaceutical (688331) up 7.21% and Shanghai Yizhong (688091) up 3.61% [1] - Starting July 1, 2025, a new policy mandates that all drug sales must include a verification code for medical insurance reimbursement, with full traceability of drug codes required by January 1, 2026, which is expected to enhance drug circulation regulation and impact the entire pharmaceutical industry chain [1] - The current bull market in innovative drugs is driven by the improvement of China's pharmaceutical innovation capabilities, with a trend towards international collaboration in new drug development expected to enhance profitability and market potential for Chinese pharmaceutical companies [2] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3] - The Sci-Tech Biopharmaceutical ETF closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in various biopharmaceutical sectors [2]