Summary of the Conference Call for MaiPu Medical Company Overview - **Company**: MaiPu Medical - **Industry**: Medical Devices, specifically focusing on neurosurgical and neurointerventional products Key Points and Arguments 1. **Growth Phase**: MaiPu Medical has entered a high growth phase since 2023, benefiting from centralized procurement policies and new product launches, with an expected growth rate of 11% to 11.5% in 2024 [2][6] 2. **Product Certifications**: The hemostatic gauze has received EU CE and domestic NMPA certifications, expanding its application to general surgery, with expected revenue of approximately 36 million yuan in 2024 [2][7] 3. **Market Potential**: The domestic medical glue market is still in its cultivation stage, with a projected size of 500 million to 1.6 billion yuan, with only two competitors, MaiPu and Shandong Saisais, currently in the market [2][7] 4. **Impact of Centralized Procurement**: Centralized procurement policies are expected to promote the replacement of titanium with PEEK materials, benefiting hemostatic gauze through domestic substitution, and driving the growth of emerging products [2][8][9] 5. **Acquisition of YiJie Medical**: In June 2025, MaiPu Medical acquired 100% of YiJie Medical to expand into the neurointerventional field, enhancing market competitiveness [3][10] 6. **Neurointerventional Market Growth**: The domestic neurointerventional market is rapidly growing, with a significant increase in the number of stroke patients and improving surgical penetration rates [11][12] 7. **Domestic Production Rate**: The domestic neurointerventional device market has seen a compound growth rate of 16% from 2017 to 2022, with an increase in domestic production rates from 7% in 2020 to nearly 26% in 2024 [12] 8. **Concerns Over Acquisition**: There are concerns regarding the potential dilution of profit margins due to YiJie Medical's previous losses, but the overall revenue and profit growth trajectory is positive [15] 9. **Future Profitability Expectations**: Without considering the acquisition, the expected net profit for MaiPu Medical from 2025 to 2027 is projected to be 110 million, 160 million, and 220 million yuan, respectively, indicating strong growth potential [17] Additional Important Information - **R&D Investment**: MaiPu Medical has maintained a high R&D investment rate of over 15% from 2017 to 2022, focusing on building a product system centered around neurosurgical products [5] - **Market Competition**: The hemostatic gauze market is competitive, with major players like Johnson & Johnson, while the medical glue market is still developing with limited competition [7] - **Regulatory Environment**: The regulatory environment is stringent regarding related party transactions, reducing the likelihood of unreasonable pricing that could harm minority shareholders [15][16]

Core Viewpoint - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and the impact of centralized procurement [3][4]. Group 1: Business Development - Before 2023, the company experienced a phase of low revenue, heavily reliant on a single product, with a focus on R&D and gradual product approvals [3]. - Post-2023, the impact of centralized procurement on the company's main product has diminished, stabilizing the business, while new products like hemostatic gauze and dural glue are expected to drive rapid revenue growth [3][4]. - The company is strategically expanding into the neurointervention sector, which has low penetration and domestic production rates, through the acquisition of Easy Medical [3][4]. Group 2: Acquisition Insights - Concerns regarding the acquisition include potential dilution of profit margins and pricing issues related to related-party transactions, but the regulatory environment minimizes these risks [4]. - The acquisition is expected to enhance channel synergy between neurosurgery and neurointervention, significantly expanding the company's growth potential [4]. - The current low shareholding ratio of the controlling shareholder may be improved through this acquisition, strengthening control over the company [4]. Group 3: Financial Projections - The company maintains its profit forecast, expecting net profits of 110 million, 160 million, and 220 million yuan for 2025-2027, representing year-on-year growth rates of 43.8%, 39.0%, and 40.5% respectively [5]. - The estimated earnings per share (EPS) for the same period are projected to be 1.70, 2.36, and 3.32 yuan [5]. - A target price of approximately 90 yuan is set based on a 38x PE valuation for 2026, maintaining a "recommended" rating [5].

Core Viewpoint - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and centralized procurement initiatives, while also strategically expanding into the neurointervention market through the acquisition of Easy Medical [1][2]. Group 1: Neurosurgery Business Growth - Before 2023, the company had a small revenue base, heavily reliant on a single product, with a focus on R&D and gradual product approvals, but lacked commercial capabilities [1]. - Post-2023, the impact of centralized procurement on the hard dura mater product has stabilized, and new products like hemostatic gauze and dural glue are successfully ramping up sales, contributing to rapid revenue growth [1]. - The company expects profit growth in the next two years due to economies of scale and a slowdown in expense growth, indicating a transition to a high growth profit phase [1]. Group 2: Acquisition of Easy Medical - The acquisition of Easy Medical is aimed at enhancing the company's presence in the high-potential neurointervention market, which has low penetration and domestic production rates [2]. - Concerns regarding the acquisition include potential short-term dilution of profit margins and pricing issues related to related-party transactions, but regulatory scrutiny reduces the likelihood of unreasonable pricing [2]. - The acquisition is expected to create synergies between neurosurgery and neurointervention channels, significantly expanding the company's growth potential [2]. Group 3: Financial Projections - The company maintains its profit forecasts, expecting net profits of 110 million, 160 million, and 220 million yuan for 2025-2027, representing year-on-year growth rates of 43.8%, 39.0%, and 40.5% respectively [3]. - Corresponding EPS for the same years are projected to be 1.70, 2.36, and 3.32 yuan, with a target price of approximately 90 yuan based on a 38x PE valuation for 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90 CNY [1][10]. Core Views - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and centralized procurement [1][8]. - The acquisition of Yijie Medical is a strategic move to expand into the high-potential neurointervention market, despite some short-term concerns regarding profit dilution [2][8]. Summary by Sections Neurosurgery Business Development - Before 2023, the company experienced a period of low revenue growth, heavily reliant on a single product, artificial dura mater, with revenues growing from 54 million CNY in 2017 to 195 million CNY in 2022, achieving a CAGR of 29% [16][22]. - After 2023, the impact of centralized procurement on the dura mater business is expected to stabilize, while new products like PEEK craniofacial repair products and hemostatic gauze are anticipated to drive revenue growth [1][32]. Strategic Acquisition of Yijie Medical - Yijie Medical focuses on the neurointervention sector, which has low penetration and localization rates, presenting significant growth potential [2][52]. - Concerns regarding the acquisition include potential short-term profit dilution and pricing issues related to related-party transactions, but regulatory scrutiny reduces the risk of unreasonable pricing [2][8]. Financial Projections - The company forecasts total revenue of 372 million CNY in 2025, with a year-on-year growth rate of 33.8%, and net profit of 113 million CNY, reflecting a 43.8% increase [3][10]. - The earnings per share (EPS) are projected to grow from 1.70 CNY in 2025 to 3.32 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 66 in 2024 to 23 in 2027 [3][10].

进展公告 证券代码：301033 证券简称：迈普医学 公告编号：2025-052 广州迈普再生医学科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 重要风险提示： 1、广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日披露了《广州迈普再生医学科技股份有限公司发行股份及支付现金购买资 产并募集配套资金暨关联交易预案》（以下简称"重组预案"）及其摘要，并对 本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，提请广大 投资者关注后续进展公告并注意投资风险。 二、本次交易的历史披露情况 （一）公司因筹划本次交易事项，经向深圳证券交易所申请，公 司股票（证券简称：迈普医学，证券代码：301033）自 2025 年 5 月 22 日开市起开始停牌，停牌时间不超过 10 个交易日。具体内容详见 公司于 2025 年 5 月 22 日披露的《关于筹划发行股份及支付现金购买 资产并募集配套资金暨关联交易事项的停牌公告》（公告编号：2025- 02 ...

通过天眼查大数据分析，广州迈普再生医学科技股份有限公司共对外投资了6家企业，参与招投标项目 269次，知识产权方面有商标信息199条，专利信息290条，此外企业还拥有行政许可89个。 来源：金融界 迈普医学最新一期业绩显示，截至2025一季报，公司营业总收入7370.39万元、同比增长28.84%，归属 净利润2416.23万元，同比增长61.68%，扣非净利润2292.49万元，同比增长89.89%，流动比率8.030、速 动比率7.068、资产负债率10.79%。 天眼查商业履历信息显示，广州迈普再生医学科技股份有限公司，成立于2008年，位于广州市，是一家 以从事医药制造业为主的企业。企业注册资本6651.9431万人民币，实缴资本1485.1166万人民币。公司 法定代表人为袁玉宇。 金融界消息 截至2025年7月31日收盘，迈普医学（301033）报收于75.5元，下跌2.77%，换手率3.64%， 成交量2.04万手，成交金额1.58亿元。 资金流向方面，今日主力资金净流出1154.74万元，占比成交额7.32%。其中，超大单净流出448.22万 元、占成交额2.84%，大单净流出706.53万元 ...

提示性公告 本次权益变动前，广州迈普再生医学科技股份有限公司（以下简 称"公司"）控股股东、实际控制人袁玉宇先生及其一致行动人徐弢 先生合计持有公司股份 21,910,394 股，持股比例 33.1659%。 由于公司 2023 年限制性股票激励计划股份归属完成，使袁玉宇 先生及其一致行动人持股比例跨越 1%刻度线。本次权益变动后，控 股股东、实际控制人袁玉宇先生持股数量由 10,987,847 股增加至 11,035,847 股，袁玉宇先生及其一致行动人徐弢先生合计持有公司 股份数量由21,910,394股增加至21,958,394股，持股比例由33.1659% 下降为 32.9647%。 本次权益变动是公司股权激励股份归属使股本增加及袁玉宇先 生获授股份归属导致的袁玉宇先生及其一致行动人持股比例下降，不 涉及控股股东、实际控制人及其一致行动人减持股份。现将具体情况 公告如下： 广州迈普再生医学科技股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、本次权益变动基本情况 证券代码：301033 证券简 ...

第一个归属期归属结果暨股份上市的公告 证券代码：301033 证券简称：迈普医学 公告编号：2025-050 广州迈普再生医学科技股份有限公司 关于 2023 年限制性股票激励计划 首次授予（暂缓归属部分）及预留授予部分 第一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次办理归属的限制性股票数量：92,498 股，占公司总股本 （剔除回购股份，下同）0.14%； 2、本次归属的激励对象人数：4 人（含首次授予激励对象 1 人， 预留授予激励对象 3 人）； 3、本次归属的限制性股票上市流通日：2025 年 7 月 29 日，本 次归属的第二类限制性股票不设限售期。 广州迈普再生医学科技股份有限公司（以下简称"公司"）于 2024 年 9 月 13 日召开了第三届董事会第五次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予部分第一个归属期归属条件成就的 议案》，董事会认为，公司 2023 年限制性股票激励计划（以下简称 近日公司办理了本激励计划首次授予（暂缓归属部分）及预留授 予部分第一个 ...

Group 1 - The A-share medical device sector is experiencing a strong rebound, with companies such as Zhengchuan Co. and Kangtai Medical hitting the daily limit, while Nanwei Medical has surged over 10% [1] - Other companies in the sector, including Lude Medical, Shandong Pharmaceutical Glass, Anjisi, Jinhao Medical, and Maipu Medical, are also seeing gains [1] - The National Healthcare Security Administration has announced encouragement for drug research and innovation, supporting the global expansion of China's innovative drugs and medical devices [1]

7月23日，截至收盘，医疗服务行业上涨1.3%，板块资金流入6.19亿。上涨个股家数31个，下跌个股家 数13个。 板块跌幅居前的股票包括：诚达药业（-13.12%）、成都先导（-2.8%）、华康洁净（-2.62%）、创新医 疗（-2.13%）、百诚医药（-1.74%）、大东方（-1.39%）、三博脑科（-0.66%）、健麾信息 （-0.54%）、澳洋健康（-0.5%）、皓宸医疗（-0.33%）、博济医药（-0.29%）、一致Ｂ（-0.23%）、 美年健康（-0.2%） 来源：金融界 板块跌幅居前的十大熊股分别是：诚达药业（-13.12%）、成都先导（-2.8%）、华康洁净（-2.62%）、 创新医疗（-2.13%）、百诚医药（-1.74%）、大东方（-1.39%）、三博脑科（-0.66%）、健麾信息 （-0.54%）、澳洋健康（-0.5%）、皓宸医疗（-0.33%）、博济医药（-0.29%）、一致Ｂ（-0.23%）、 美年健康（-0.2%）、盈康生命（0.2%）、诺禾致源（0.26%）、何氏眼科（0.3%）、睿智医药 （0.36%）、新里程（0.45%）、光正眼科（0.64%）、泰格医药（0.66%） 序代 ...