深圳惠泰医疗器械股份有限公司 2024 年第三次独立董事专门会议决议 深圳惠泰医疗器械股份有限公司(以下简称"公司")2024年第三次独立 董事专门会议于 2024年9月 6 日以现场结合通讯方式召开,会议应到独立董事 3人,实到独立董事3人。本次会议的召集、召开程序符合《深圳惠泰医疗器 械股份有限公司章程》和有关法律、法规的要求。经与会独立董事审议和表决, 会议形成决议如下: (以下无正文) (本页无正文,为《深圳惠泰医疗器械股份看限 4年第三次独立董事专门 会议决议》之签字页) 出席独立董事: 孙乐非 签字: the state of (本页无正文,为《深圳惠泰医疗器械股份有限套司20 第三次独立董事专门 会议决议》之签字页） 出席独立董事: 一、 公司预计增加的 2024 年度日常关联交易预计额度符合公司的经营发展需 要,关联交易遵循了公平、合理的原则,该类关联交易对公司独立性无重大不 利影响,不会对公司及公司财务状况、经营成果产生重大不利影响,不存在损 害公司及全体股东特别是中小股东利益的情形。 综上,我们一致同意该事项,并提交公司董事会审议。 表决结果:3 票同意,0 票反对,0 票弃权。 夏立军 ...

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 增加公司2024年度日常关联交易预计额度的核查意见 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的保荐人，根据《首次公开发行股票注册管理办法》、《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》等有 关法规和规范性文件的要求，对惠泰医疗增加2024年度日常性关联交易预计额度 进行了审慎核查，发布如下意见： 一、 关联交易概述 1 联交易预计额度符合公司的经营发展需要，关联交易遵循了公平、合理的原则， 该类关联交易对公司独立性无重大不利影响，不会对公司及公司财务状况、经营 成果产生重大不利影响，不存在损害公司及全体股东特别是中小股东利益的情形。 公司全体独立董事同意该事项，并同意提交公司董事会审议。 惠泰医疗根据业务发展和生产经营的需要，在2024年度日常关联交易预计基 础上拟增加与深圳迈瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"）、 与湖南瑞康通科技发展有限公司（以下简称"湖南瑞康通"）的日常关联交易预 计金额2, ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2024-044 重要内容提示： 本事项无需提交股东大会审议。 关于增加 2024 年度日常关联交易预计的公告 日常关联交易对上市公司的影响：本次公司预计与关联人进行的日常关 联交易是公司正常生产经营所需，交易定价公允，不会损害公司及公司中小股东 的利益，不会对公司持续经营能力造成影响，不会影响公司独立性，也不会影响 公司未来财务状况、经营成果。 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。 一、关联交易概述 根据业务发展和生产经营的需要，公司在 2024 年度日常关联交易预计基础 上拟增加与深圳迈瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"）、与 湖南瑞康通科技发展有限公司（以下简称"湖南瑞康通"）的日常关联交易预计 金额 2,880.00 万元，其中与关联人迈瑞医疗的日常关联交易预计金额为 1,800.00 万元，与关联人湖南瑞康通的日常关联交易预计金额为 1,080.00 万元。 深圳惠泰医疗器械股份有限公司 二、日常关联交易的基本情况 （一）日常关联交易的 ...

Market and Industry Trends - Medical industry rectification has impacted the admission of new products and academic promotion, with academic activities still restricted in most regions [2][3] - The admission process for new products in clinical departments has become more cautious, leading to longer admission times [3] - The company's business development forecasts for 2024 and beyond are based on the assumption of normalized industry rectification, so no adjustments to product growth predictions are needed [3] Financial and Operational Performance - Q2 electrophysiology procedure volume was approximately 3,500 cases, a 12% decrease from Q1 but a 77% increase compared to the same period in 2023 [3] - H1 2024 procedure volume increased by over 100% compared to H1 2023 [4] - The company expects procedure volume in July and August to reach Q1 levels [4] - The company anticipates installing around 200 devices in 2024, with 113 devices installed in H1 2024, meeting expectations [4] Procurement and Market Expansion - Different provinces have entered the second year of procurement cycles, with procurement volumes slightly higher than the first year [4] - A new round of electrophysiology procurement is expected in H1 2025, with potential impacts from Sichuan's volume-based procurement policies [4][5] - The company aims to increase product penetration in hospitals from less than 50% to 80%-90%, with growth driven by both existing and new hospital development [5] Product Development and Innovation - PFA, high-density mapping, and pressure-sensing catheters are expected to obtain registration certificates in Q1 2025 [5] - The company will maintain high R&D investment, focusing on priority projects and collaborating with Mindray in the electrophysiology field, particularly on PFA and RFA product development [6][7] International Market Strategy - H1 2024 overseas revenue breakdown: coronary products (60% own brand, 27% OEM), electrophysiology (11.4%), and peripheral and non-vascular products [5] - Key markets for coronary products include Europe (15%), Taiwan (18.5%), Brazil (14%), and Turkey (9%) [6] - Electrophysiology products are primarily sold in Poland, Ukraine, Korea, and Brazil, each with over 5% market share [6] - The company plans to explore international expansion for consumables, leveraging Mindray's experience, and strengthen OEM collaborations with global and domestic leaders [7] Corporate Governance and Compliance - The company will maintain its independent employee incentive policies, focusing on business growth [6] - Comprehensive compliance is emphasized as essential for stable development, with all collaborations with Mindray conducted within a compliant framework [7]

2024 年 08 月 25 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:356.40 惠泰医疗点评报告：电生理手术量保持强劲增长，业绩持续向好 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/8/2523/11/524/1/1624/3/2824/6/824/8/19 惠泰医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 346.88/346.88 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 <<惠泰医疗点评报告：各业务高速增 长，海外增长趋势良好>>--2024-03- 26 <<惠泰医疗："三合一"PFA 进展居前， 血管介入矩阵日渐成型>>--2024- 03-17 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 23 日，公司发布 2024 半年度报告，2024 年上半年实现营 业收入 1 ...

Investment Rating - The report maintains a "Buy" rating for HuiTai Medical (688617) [4] Core Views - HuiTai Medical's core businesses, including electrophysiology and vascular intervention, continue to grow, with domestic hospital coverage increasing and overseas self-branded products showing strong growth [2][6] - The company's international business is expanding, with significant growth in regions such as the CIS, Europe, and Asia-Pacific, driven by self-branded products [7] - The company's 2024H1 revenue reached 1.001 billion yuan, a year-on-year increase of 27.03%, with net profit attributable to the parent company of 343 million yuan, up 33.09% year-on-year [2][6] - The company's 2024Q2 revenue was 546 million yuan, a year-on-year increase of 24.50%, with net profit attributable to the parent company of 202 million yuan, up 30.84% year-on-year [2][6] Financial Performance and Projections - The company's electrophysiology business revenue in 2024H1 was 223 million yuan, with over 1,250 hospitals covered and more than 7,500 3D electrophysiology surgeries performed in over 800 hospitals, a year-on-year increase of over 100% [6] - The company's coronary product revenue in 2024H1 was 503 million yuan, with hospital admissions increasing by nearly 20% year-on-year, and peripheral product revenue was 175 million yuan, with hospital admissions growing by over 30% [6] - The company's international business revenue in 2024H1 was 116 million yuan, a year-on-year increase of 19.73%, with self-branded products growing by 43.77% for coronary and peripheral products and 63.04% for electrophysiology products [7] - The report forecasts the company's revenue for 2024-2026 to be 2.161 billion yuan, 2.901 billion yuan, and 3.754 billion yuan, respectively, with year-on-year growth rates of 30.95%, 34.25%, and 29.41% [8] - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be 722 million yuan, 981 million yuan, and 1.286 billion yuan, respectively, with year-on-year growth rates of 35.17%, 35.86%, and 31.19% [8] Industry and Market Position - HuiTai Medical operates in the medical devices sector, specifically in electrophysiology and vascular intervention, with a strong market position and increasing hospital coverage [4][6] - The company's self-branded products are driving growth in international markets, particularly in the CIS and Europe, with significant year-on-year growth in these regions [7] - The company's market reputation and channel influence are improving due to continuous academic promotion and the delivery of full product solutions to clinical settings [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance exceeded expectations, with revenue reaching 1.001 billion yuan (+27% year-on-year) and net profit of 343 million yuan (+33%) [3] - The company is expected to maintain long-term growth potential, supported by the increasing revenue share from coronary and peripheral business segments and significant growth in three-dimensional electrophysiology surgeries [3][4] Financial Performance Summary - Total revenue for 2022 was 1,216 million yuan, increasing to 1,650 million yuan in 2023, with projections of 2,221 million yuan for 2024, 3,018 million yuan for 2025, and 4,020 million yuan for 2026, reflecting a compound annual growth rate (CAGR) of approximately 34.58% from 2023 to 2024 [2][8] - Net profit attributable to shareholders was 358.02 million yuan in 2022, expected to rise to 725.22 million yuan in 2024, and further to 1,339.46 million yuan by 2026, indicating a strong growth trajectory [2][8] - The company's gross margin improved to 72.01% in Q1 2024 and 73.36% in Q2 2024, while net margin reached 30.28% and 36.69% respectively, showcasing an upward trend in profitability [3][4] Segment Performance - In H1 2024, revenue from coronary access products was 503 million yuan (50.27% of total revenue), while electrophysiology revenue was 223 million yuan (22.31%), indicating a strong market acceptance of the company's products [3] - The company achieved approximately 7,500 electrophysiology surgeries in H1 2024, demonstrating the safety and effectiveness of its three-dimensional saline ablation catheter [3][4] Research and Development Progress - The company made significant progress in its R&D projects, with several products receiving domestic registration certificates, including a thoracic aortic stent system and various electrophysiology devices [4] - The company is expected to launch new electrophysiology treatment products in the coming year, which is anticipated to further enhance its market position [4] Valuation and Future Outlook - The forecasted net profit for 2024-2026 has been adjusted to 7.25 billion yuan, 9.97 billion yuan, and 13.39 billion yuan respectively, with corresponding P/E ratios of 48, 35, and 26 times based on the current market valuation [4] - The company is well-positioned for growth, with a strong pipeline of products and an expanding market presence [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in three-dimensional surgical procedures and is expanding its overseas brand presence [1] - In the first half of 2024, the company achieved revenue of 1.001 billion RMB, a year-on-year increase of 27%, and a net profit attributable to shareholders of 343 million RMB, up 33% year-on-year [1] - The company expects net profits for 2024-2026 to be 709 million RMB, 972 million RMB, and 1.298 billion RMB respectively, with growth rates of 33%, 37%, and 34% [2] Summary by Relevant Sections Performance Overview - In Q2 2024, the company reported revenue of 546 million RMB, a 25% increase year-on-year, and a net profit of 202 million RMB, up 31% year-on-year [1] - The company’s core products in electrophysiology generated revenue of 223 million RMB, with over 150 new hospitals adopting the products [2] Product and Market Analysis - The three-dimensional electrophysiology surgical volume has increased by over 100% compared to the same period in 2023, with approximately 7,500 surgeries performed [2] - The coronary access product line generated revenue of 503 million RMB, with a nearly 20% increase in domestic hospital admissions compared to the previous year [2] - International business revenue reached 116 million RMB, a year-on-year increase of 19.73%, driven primarily by the growth of self-branded products [2] Production and Capacity Expansion - The company has expanded its electrophysiology consumables production line by over 50% year-on-year [2] - A new production facility in Hunan is under construction, expected to be operational in the first half of 2025, with an annual production capacity of 4 billion RMB for vascular intervention products [2] Financial Projections and Valuation - The projected P/E ratios for 2024, 2025, and 2026 are 50, 36, and 27 respectively [2] - The company maintains a strong competitive position in the manufacturing sector, supported by ongoing capacity enhancements [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's electrophysiology and vascular intervention businesses continue to grow rapidly, meeting expectations [3]. - The forecasted EPS for 2024-2026 is set at 7.13, 9.75, and 12.90 CNY respectively, with a target price raised to 434.88 CNY from 342.66 CNY [3][6]. - The company achieved a revenue of 1 billion CNY in H1 2024, representing a year-on-year increase of 27.0%, and a net profit of 343 million CNY, up 33.1% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1 billion CNY, with a net profit of 343 million CNY and a non-GAAP net profit of 328 million CNY, reflecting increases of 27.0%, 33.1%, and 35.2% respectively [3]. - For Q2 2024, the company recorded a revenue of 546 million CNY, a 24.5% increase year-on-year, and a net profit of 202 million CNY, up 30.8% [3]. Business Segments - The electrophysiology business generated revenue of 223 million CNY in H1 2024, accounting for approximately 22% of total revenue, with significant growth in three-dimensional surgeries [3]. - The coronary access products achieved revenue of 503 million CNY, while peripheral intervention products contributed 175 million CNY in H1 2024, with hospital penetration rates improving significantly [3]. Market Position - The company has expanded its hospital coverage to over 4,000, with a nearly 20% increase in coronary product admissions compared to H1 2023, and over 30% growth in peripheral product admissions [3]. - The company is enhancing its competitive edge in the market through improved product performance and increased production capabilities [3].

经审议，监事会认为：公司《2024 年半年度报告》及其摘要的审议程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：688617 证券简称： 惠泰医疗 公告编号：2024-039 深圳惠泰医疗器械股份有限公司 第二届监事会第十四次会议决议公告 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"）第二届监事会第十四 次会议于 2024 年 8 月 22 日以现场结合通讯方式召开，会议应到监事 3 人，实到 监事 3 人，出席监事占应出席人数的 100%。本次监事会会议的召集、召开程序 符合《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律、行政 法规、规范性文件和《深圳惠泰医疗器械股份有限公司章程》的规定，会议决议 合法有效。经与会监事审议和表决，会议形成决议如下： 一、审议通过《关于公司<2024年半年度报告>及其摘要的议案》 具体内容详见公司同日在上海证券交易所网站(ww ...