北京市嘉源律师事务所 关于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 首次授予及预留部分授予 A 类限制性股票第一个归属期、 B 类限制性股票第二个归属期归属条件成就及 部分限制性股票作废相关事项的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 e UAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:深圳惠泰医疗器械股份有限公司 北京市嘉源律师事务所 关于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 首次授予及预留部分授予 A 类限制性股票第一个归属期、 B 类限制性股票第二个归属期归属条件成就及 部分限制性股票作废相关事项的法律意见书 嘉源(2024)-05-188 敬启者: 北京市嘉源律师事务所(以下简称"本所")接受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")的委托,担任惠泰医疗实施2021年 限制性股票激励计划(以下简称"本激励计划")的专项法律顾问,就本激励计 划的相关事项出 ...

深圳惠泰医疗器械股份有限公司 第二届董事会第十六次会议决议公告 证券代码：688617 证券简称： 惠泰医疗 公告编号：2024-029 二、 审议通过《关于公司2021年限制性股票激励计划首次授予及预留部分 授予A类限制性股票第一个归属期、B类限制性股票第二个归属期符合归属条件 的议案》 具体内容详见公司同日在上海证券交易所网站(www.sse.com.cn)披露的《深 圳惠泰医疗器械股份有限公司关于公司 2021 年限制性股票激励计划首次授予及 预留部分授予 A 类限制性股票第一个归属期、B 类限制性股票第二个归属期符 合归属条件的公告》。 本议案已经公司第二届董事会薪酬与考核委员会第三次会议与公司 2024 年第二次独立董事专门会议审议通过。 董事会表决结果：7 票同意，反对 0 票，弃权 0 票。关联董事成正辉、戴振 华回避表决。 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 2024 年 6 月 13 日以现场结合通讯表决方式召开了第二届董事会第十六次会议，会 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2024-028 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 6 月 27 日 15 点 00 分 召开地点：湖南湘乡经济开发区湘乡大道 009 号湖南埃普特医疗器械有限公 司会议室 深圳惠泰医疗器械股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票起止时间：自 2024 年 6 月 27 日 至 2024 年 6 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has shown steady growth in its core business segments, with a significant increase in sales and market penetration. In 2023, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 35.71%, and a net profit of 534 million yuan, up 49.13% year-on-year. For Q1 2024, revenue reached 455 million yuan, growing 30.20% year-on-year, with a net profit of 140 million yuan, up 36.48% year-on-year [2][4]. - The company has successfully upgraded its product offerings and expanded its market reach, particularly in electrophysiology and vascular intervention, leading to improved product coverage and hospital penetration rates. In 2023, the electrophysiology segment generated revenue of 368 million yuan, a 25.51% increase year-on-year, while the coronary pathway segment saw revenue of 791 million yuan, up 38.98% year-on-year [2][4]. - The company is expected to maintain a high growth trajectory, with projected revenues of 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan for 2024, 2025, and 2026, respectively. Net profits are forecasted to be 691 million yuan, 923 million yuan, and 1.21 billion yuan for the same years [4][5]. Summary by Sections Sales and Financial Performance - In 2023, the company reported total revenue of 1.65 billion yuan, with a growth rate of 35.71%. The net profit attributable to shareholders was 534 million yuan, reflecting a growth of 49.13%. For Q1 2024, revenue was 455 million yuan, a 30.20% increase year-on-year, and net profit was 140 million yuan, up 36.48% [2][5]. - The company’s gross margin and net margin for 2023 were 71.27% and 31.64%, respectively, showing slight improvements year-on-year [2][4]. Market Expansion and Product Development - The company has enhanced its market presence, with over 1,100 hospitals covered and more than 10,000 three-dimensional electrophysiology surgeries performed in 2023, marking a growth of over 200% year-on-year. The company also achieved significant growth in its vascular intervention segment, with over 600 new hospital admissions [2][4]. - R&D investments have increased, with several new products receiving certification and entering clinical trials. The company is expected to benefit from the launch of high-value products in the electrophysiology and peripheral intervention segments [2][4]. Future Projections - The company’s revenue forecasts for 2024, 2025, and 2026 are 2.22 billion yuan, 2.94 billion yuan, and 3.88 billion yuan, respectively, with corresponding net profits of 691 million yuan, 923 million yuan, and 1.21 billion yuan. The expected EPS for these years is 10.34 yuan, 13.81 yuan, and 18.11 yuan, respectively [4][5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [8]. Core Insights - The company reported a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%. The net profit attributable to the parent company was 140 million yuan, up 36.48% year-on-year, while the non-recurring net profit increased by 51.59% to 137 million yuan, driven by sales growth and cost control [2]. - The company's electrophysiology products are experiencing steady growth, with over 300 new hospitals adopting these products in 2023, reaching more than 1,100 hospitals in total. The transition from traditional two-dimensional to three-dimensional surgeries has been successfully implemented, with over 10,000 three-dimensional electrophysiology surgeries performed in more than 800 hospitals, marking a growth of over 200% compared to 2022 [2]. - The company's international business has shown significant growth, with an overall increase of 72.62% in 2023. The Middle East and Africa, as well as the CIS regions, saw growth exceeding 100%. The PCI and EP proprietary brands are the main drivers of this international growth [2]. Financial Summary - The total revenue for 2022 was 1,216 million yuan, which is expected to grow to 3,706 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 31.3% [3]. - The net profit attributable to the parent company is projected to increase from 358 million yuan in 2022 to 1,118 million yuan in 2026, with a CAGR of around 32.0% [3]. - The earnings per share (EPS) are forecasted to rise from 5.35 yuan in 2022 to 16.71 yuan in 2026, indicating a strong growth trajectory [3].

Group 1: ESG and Corporate Governance - The company emphasizes the importance of ESG initiatives and plans to enhance its governance structure and environmental protection efforts for sustainable development [3] - The company has made progress in domestic raw material substitution to control costs [4] Group 2: Product Promotion and Market Strategy - Key products promoted in the domestic market include a comprehensive three-dimensional solution in electrophysiology and accelerated product iterations in coronary and peripheral markets [3] - The company expects overseas brand growth to exceed domestic brand growth, leveraging Mindray's extensive international marketing experience [4] Group 3: Production Capacity and Financial Performance - Electrophysiology equipment production capacity has increased by 100% year-on-year, with a utilization rate of approximately 70%; consumables capacity has grown by 40%-50% with a utilization rate of 65%-75% [4] - The gross margin is influenced by product pricing, mix, and costs, with efforts to maintain a competitive margin without sacrificing long-term core competitiveness [5] Group 4: Future Developments and Innovations - The company anticipates entering the atrial fibrillation market early next year, with hardware and software nearing completion [5] - High-value products in electrophysiology and peripheral sectors are expected to achieve significant growth due to product updates and procurement policies [6] Group 5: Incentives and Talent Retention - A new equity incentive plan is expected to be introduced to attract and retain talent, following the completion of the existing plan in early 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 455 million yuan in Q1 2024, representing a year-on-year growth of 30.20%, and a net profit attributable to shareholders of 140 million yuan, up 36.48% [3] - The company has demonstrated good cost control, with gross margin and net margin improving sequentially to 72.01% and 30.28%, respectively, compared to Q4 2023 [3] - The completion of share transfer to a subsidiary of Mindray Medical is expected to generate synergies in Q2 2024 [3] - The domestic launch of a new peripheral product, the aortic stent graft, is anticipated to enhance competitive positioning in the peripheral market [3] - The profit forecast for 2024-2026 has been adjusted upwards, with net profit attributable to shareholders projected at 722.78 million yuan, 975.99 million yuan, and 1,305.61 million yuan, respectively [3] Financial Performance Summary - Total revenue (in million yuan) is forecasted to grow from 1,650 in 2023 to 2,221 in 2024, with a year-on-year growth rate of 34.58% [2] - Net profit attributable to shareholders (in million yuan) is expected to increase from 533.92 in 2023 to 722.78 in 2024, reflecting a growth rate of 35.37% [2] - The latest diluted EPS is projected to rise from 7.99 in 2023 to 10.81 in 2024 [2] - The P/E ratio is expected to decrease from 59.35 in 2023 to 43.84 in 2024 [2] Market Data - The closing price of the stock is 473.94 yuan, with a market capitalization of approximately 31.69 billion yuan [6] - The stock has a price-to-book ratio of 15.45 [6] Basic Data - The company has a total share capital of 66.86 million shares, with a net asset value per share of 30.67 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company reported a revenue of 455 million yuan for Q1 2024, representing a year-on-year growth of 30.20%, driven by the expansion of domestic and international markets and increased product coverage [4]. - The net profit attributable to shareholders reached 140 million yuan, up 36.48% year-on-year, with a non-recurring net profit of 137 million yuan, reflecting a 51.59% increase, primarily due to sales growth and cost control [4]. - The company has seen a strong increase in electrophysiology surgeries, with over 10,000 procedures completed in 2023, marking a growth of over 200% compared to 2022 [5]. - New vascular intervention products are being introduced, including a chest aortic stent approved in April 2024 for treating Stanford type B aortic dissection [5]. Financial Performance - The company's comprehensive gross margin for Q1 2024 was 72.01%, with a net profit margin of 30.28%, reflecting a 2.03 percentage point increase [6]. - Revenue projections for 2024-2026 are 2.223 billion, 3.008 billion, and 3.968 billion yuan, with expected growth rates of 35%, 35%, and 32% respectively [8]. - The forecasted net profit for the same period is 689 million, 934 million, and 1.237 billion yuan, with growth rates of 29%, 36%, and 32% respectively [8]. Business Development - The company is actively expanding its product line through investments in other medical firms, enhancing its growth potential [5]. - Ongoing research projects in electrophysiology and vascular intervention are expected to yield new products by 2025, contributing to future revenue growth [5].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥455,327,284.53, representing a year-on-year increase of 30.20%[4] - The net profit attributable to shareholders of the listed company was ¥140,143,827.76, up 36.48% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥136,530,234.33, reflecting a 51.59% increase year-on-year[4] - Basic earnings per share for the period were ¥2.10, an increase of 36.36%[5] - In Q1 2024, the company reported a net profit of ¥137,859,486.16, an increase of 39.5% compared to ¥98,783,915.48 in Q1 2023[22] - The total profit for Q1 2024 was ¥157,681,803.90, up from ¥115,659,270.08 in Q1 2023, reflecting a growth of 36.3%[22] - Operating profit for Q1 2024 reached ¥157,984,438.08, compared to ¥115,829,331.64 in the same period last year, marking an increase of 36.3%[22] - The company's basic earnings per share for Q1 2024 were ¥2.10, up from ¥1.54 in Q1 2023, reflecting a growth of 36.4%[22] - The diluted earnings per share for Q1 2024 were ¥2.07, compared to ¥1.52 in Q1 2023, an increase of 36.2%[22] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,608,084,529.11, a 1.36% increase from the end of the previous year[5] - Total assets as of March 31, 2024, amounted to RMB 2,608,084,529.11, a slight increase from RMB 2,572,982,295.44 at the end of 2023[20] - Total liabilities decreased to ¥504,895,145.28 in Q1 2024 from ¥610,981,432.09 in Q4 2023, indicating a reduction of approximately 17.3%[19] - The company's total equity increased to ¥2,103,189,383.83 as of March 31, 2024, compared to ¥1,962,000,863.35 at the end of 2023[20] Cash Flow - The cash flow from operating activities was ¥114,587,998.06, showing a slight decrease of 1.51% compared to the previous year[4] - The company generated cash inflows from operating activities totaling ¥516,004,846.47 in Q1 2024, compared to ¥424,986,539.90 in Q1 2023, representing a growth of 21.4%[24] - Cash outflows from operating activities were ¥401,416,848.41 in Q1 2024, up from ¥308,639,487.72 in Q1 2023, indicating an increase of 30.0%[24] - The net cash flow from operating activities was ¥114,587,998.06, slightly down from ¥116,347,052.18 in Q1 2023, a decrease of 1.5%[24] - The company reported cash outflows from investing activities of ¥743,834,976.44 in Q1 2024, compared to ¥815,102,562.26 in Q1 2023, a decrease of 8.8%[25] - The net cash flow from investing activities was -¥663,726,415.81 in Q1 2024, compared to ¥74,169,935.15 in Q1 2023, indicating a significant decline[25] Research and Development - The company's R&D investment totaled ¥65,615,307.81, which is 14.41% of operating revenue, a decrease of 0.63 percentage points year-on-year[5] - Research and development expenses increased to ¥65,615,307.81 in Q1 2024, compared to ¥52,606,928.37 in Q1 2023, reflecting a 24.7% rise[21] Market Expansion - The company actively expanded both domestic and international markets, leading to increased product coverage and sales growth[9] Shareholding Structure - The total shares transferred to Shenzhen Mindray Biomedical Electronics Co., Ltd. amounted to 13,185,240 shares, representing 19.72% of the company's total equity[15] - Shenzhen Mindray directly holds 14,120,310 shares, accounting for 21.12% of the total shares, while its action in concert, Zhuhai Tongsheng, holds 2,335,296 shares, or 3.49%[16] - The total shareholding of Shenzhen Mindray and Zhuhai Tongsheng combined is 16,455,606 shares, which is 24.61% of the total equity[16] - The company reported a total of 74,900 shares in the securities lending program at the end of the reporting period[14] - The proportion of shares held by China Bank - Huabao CSI Medical ETF increased from 1.93% to 1.95% during the reporting period[14] - The company has not reported any changes in the top 10 shareholders due to securities lending or repayment reasons[14] - The company’s major shareholders include entities with a combined holding of over 5%, indicating a concentrated ownership structure[15]

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年第二次临时股东大会 会议资料 2024 年 4 月 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合法权益， 请出席股东大会的股东或其代理人或其他出席者至少提前 30 分钟到达会场签到 确认参会资格。在会议主持人宣布现场出席会议的股东和代理人人数及所持有表 决权的股份总数之前，会议登记应当终止。 三、股东不得无故中断会议议程要求发言。在议案过程中，股东临时要求发 言或就有关问题提出质询的，须经会议主持人许可后，方可发言或提出问题。非 股东或股东代理人在会议期间未经会议主持人许可，无权发言。 四、发言或提问应围绕本次会议议题进行，简明扼要，时间原则上不超过 5 分钟。股东的发言、质询内容与本次股东大会议题无关或涉及公司未公开重大信 息，股东大会主持人或相关负责人有权制止其发言或拒绝回答。 五、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合法权益， 除出席会议的股东或股东代理人、公司董事、监事、高级管理人员、公司聘任律 师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 | 2024 年第二次临时股东大会 ...