Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has demonstrated continuous high growth in performance, with a significant contribution expected from PFA [1][9] - The domestic electrophysiology business has seen an upgrade in procedures, with a further increase in penetration rates for interventional products [4] - The international business has shown rapid growth in self-owned brands, with a year-on-year increase of 45.88% [5] - The overall gross margin has slightly improved, while the net profit margin remains stable [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 2.066 billion, a year-on-year increase of 25.18%, and a net profit of 673 million, up 26.08% [3][8] - For Q1 2025, the company reported operating revenue of 564 million, a year-on-year increase of 23.93%, and a net profit of 183 million, up 30.69% [3] - The company forecasts operating revenues of 2.689 billion, 3.468 billion, and 4.469 billion for 2025, 2026, and 2027 respectively, with growth rates of 30%, 29%, and 29% [8] Profitability Metrics - The comprehensive gross margin for 2024 increased by 1.04 percentage points to 72.31% [6] - The net profit margin for 2024 was stable at 31.86%, with a slight increase of 0.22 percentage points [6] - The report projects diluted earnings per share (EPS) of 9.27, 12.25, and 15.99 for 2025, 2026, and 2027 respectively [8]

2025 年 5 月 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 2024年年度股东大会 会议资料 | 深圳惠泰医疗器械股份有限公司 2024 年度财务决算报告 | 21 | | --- | --- | | 附件二 27 | | | 深圳惠泰医疗器械股份有限公司 2024 年度董事会工作报告 | 27 | | 附件三 31 | | 深圳惠泰医疗器械股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保公司股东大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"）特制订以下会议须知，请出席 股东大会的全体人员遵照执行。 | 年年度股东大会会议须知 2024 | 3 | | --- | --- | | 2024 年年度股东大会会议议程 | 4 | | 年年度股东大会议案 2024 | 6 | | ...

董监高持股的基本情况 本次减持计划实施前，深圳惠泰医疗器械股份有限公司（以下简称"公司"） 副总经理韩永贵先生（以下简称"减持主体"）持有公司股份 124,364 股，占公 司目前总股本 0.1281%。 减持计划的实施结果情况 公司于 2025 年 4 月 4 日在上海证券交易所官网（www.sse.com.cn）披露了《深 圳惠泰医疗器械股份有限公司部分高级管理人员减持股份计划公告》（公告编号： 2025-010）。公司副总经理韩永贵先生拟通过集中竞价、大宗交易方式减持，合 计不超过 30,000 股，即不超过公司总股本的 0.0309%。通过集中竞价交易的方式 减持的，在任意连续 90 个自然日内减持的股份总数不超过公司总股本的 1%，减 持期间为自本公告披露之日起 15 个交易日后的三个月内；通过大宗交易的方式 减持的，在任意连续 90 个自然日内减持的股份总数不超过公司总股本的 2%，减 持期间为自本公告披露之日起 15 个交易日后的三个月内。 近日，公司收到副总经理韩永贵先生出具的《减持股份结果告知函》，截至 2025 年 4 月 29 日，韩永贵先生已通过集中竞价交易方式减持公司股份 29,94 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology procedures and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27, reflecting a 40% upside from the current price of 433.06 [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million, representing a growth of 25.2%, and a net profit of 673 million, reflecting a growth of 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 5.64 billion, a year-on-year increase of 23.93%, and a net profit of 1.83 billion, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 for 2025 and 15.89 for 2027 [5]. Operational Highlights - The company has seen a 50% increase in three-dimensional electrophysiology procedures, with over 15,000 procedures completed in 2024 [5]. - The company’s electrophysiology revenue is expected to reach 4.4 billion, a growth of 19.73% [5]. - The company has successfully launched key products in the electrophysiology market, including AForcePlus catheters and a cardiac pulsed field ablation device [5]. Market Position - The company has expanded its market presence, with over 1,360 hospitals now using its electrophysiology products, and a significant increase in the number of hospitals adopting its coronary and peripheral products [5]. - International revenue is projected to grow by 19.75%, with a notable 45.88% increase in self-branded products in key markets [5].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology surgeries and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27 CNY, reflecting a 40% upside from the current price of 433.06 CNY [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million CNY, representing a 25.2% increase, and a net profit of 673 million CNY, up 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 564 million CNY, a 23.93% increase, and a net profit of 183 million CNY, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 CNY for 2025 and 15.89 CNY for 2027 [5]. Business Performance - The company has seen a 50% increase in three-dimensional electrophysiology surgeries, with over 15,000 procedures completed in 2024 [5]. - The revenue from electrophysiology products is expected to reach 440 million CNY, a 19.73% increase [5]. - The coronary intervention revenue is projected at 1,054 million CNY, reflecting a 33.30% growth [5]. Market Position - The company has become the first globally to offer a comprehensive solution for three-dimensional pulsed ablation, including various approved products [5]. - International business has shown strong growth, with overseas revenue reaching 280 million CNY, a 19.75% increase, and a 45.88% growth in self-owned brands [5].

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 the latest data, Huatai Medical's stock closed at 427.1 yuan, down 1.38%, with a rolling price-to-earnings (PE) ratio of 57.90 times [1] - The company's total market capitalization is 41.464 billion yuan [1] - In comparison, the average PE ratio for the medical device industry is 46.40 times, with a median of 34.81 times, placing Huatai Medical at the 95th position in the industry ranking [1][2] 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 shareholding of 47.1568 million shares valued at 18.264 billion yuan [1]

Core Insights - The company reported a revenue of 2.066 billion yuan for 2024, representing a year-over-year increase of 25.18%, with a net profit of 673 million yuan, up 26.08% [1] - The company’s Q4 2024 revenue was 541 million yuan, a 23.93% increase year-over-year, while Q1 2025 revenue reached 564 million yuan, also reflecting a 23.93% growth [1] Group 1: Business Performance - The electrophysiology business showed steady growth with revenue of 440 million yuan in 2024, a 19.73% increase, and a gross margin of 73.76% [2] - The coronary pathway revenue was 1.054 billion yuan, up 33.3%, with a gross margin of 73.21%, while peripheral intervention revenue reached 351 million yuan, a 37.09% increase [2] - The overall gross margin for the company improved to 72.31%, an increase of 1.04 percentage points, driven by enhanced production efficiency and scale effects [2] Group 2: Market Expansion - Domestic market revenue reached 1.769 billion yuan, a 25.68% increase, with over 200 new hospital admissions in electrophysiology and more than 15,000 three-dimensional surgeries completed [3] - International market revenue was 280 million yuan, a 19.62% increase, with the company’s own brand growing over 45%, particularly in the Middle East, Africa, and Europe [3] - The company made significant progress in product registration and channel development in the CIS region, enhancing its product matrix in PCI and achieving breakthroughs in high-end hospitals in Spain, France, Italy, and Germany [3] Group 3: Research and Development - The company invested 290 million yuan in R&D in 2024, accounting for 14% of its revenue, to strengthen its capabilities in interventional devices [3] - New product launches included pulse ablation catheters and various vascular intervention products, contributing to a robust pipeline for long-term growth [3] Group 4: Profit Forecast - Revenue projections for 2025-2027 are 2.695 billion, 3.398 billion, and 4.279 billion yuan, with year-over-year growth rates of 30.47%, 26.08%, and 25.93% respectively [4] - Expected net profits for the same period are 907 million, 1.156 billion, and 1.453 billion yuan, with growth rates of 34.74%, 27.49%, and 25.68% respectively [4]

以最新收盘价计算，科创板平均股价为29.59元，其中股价超100元的有39只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有275只，下跌的有299只，以收盘价为基准测算，科 创板平均股价为29.59元，其中，收盘价超过100元的有39只，股价在50元至100元之间的有89只，股价 在30元至50元的有143只。 科创板股中，收盘价最高的是寒武纪，今日报收689.96元，下跌0.29%，其次是惠泰医疗、恒玄科技 等，最新收盘价分别为433.06元、382.45元。 科创板百元股中，今日平均下跌0.78%，具体来看，今日上涨的有18只，涨幅居前的有源杰科技、达梦 数据、茂莱光学等。下跌的有21只，跌幅居前的有思瑞浦、晶丰明源、热景生物等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价305.99%，溢价幅度居前的有百利天恒、 寒武纪、安集科技等，溢价幅度分别为1021.05%、971.53%、912.26%。 资金流向方面，科创板百元股今日主力资金合计净流出2.62亿元，净流入资金居前的有拓荆科技、达梦 数据、茂莱光学等，净流入资金分别为6578.21万元、4704.71万元、3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [5] - In Q1 2025, the company achieved a revenue of 564 million yuan, a year-on-year growth of 23.93%, and a net profit of 183 million yuan, increasing by 30.69% year-on-year [5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5] - The company has launched several new products in the atrial fibrillation treatment field, marking its entry into this market [5] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, reflecting a year-on-year growth of 19.75%, with a notable 45.88% increase in international brand sales [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% respectively [8] - The projected earnings per share (EPS) for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding price-to-earnings (P/E) ratios of 46x, 35x, and 27x [8]