根据公司公告，交易标的易介医疗2025-2029 年的预测净利润为-1911 万元、-317 万元、1487 万元、 3336 万元及5201 万元，剔除股份支付费用影响后的预测净利润为-1535 万元、5 万元、1808 万元、 3657 万元及 5522 万元，其中，2026 年起易介逐渐达到盈亏平衡的状态并在往后年度实现盈利。原股东 泽新医疗、易创享承诺易介医疗2025-2029 年度实现扣除非经常性损益后净利润分别不低于-1910 万 元、-316 万元、1487 万元、3336 万元和5201 万元。 迈普现在业务集中在神经外科，通过并购易介医疗，或将构建神内神外一体化解决方案。易介医疗终端 医院与迈普具有较高的重合度，可发挥渠道资源协同作用，并且可助力迈普将生物合成材料技术由植入 领域扩展至介入领域。 本次重组前，实控人袁总通过一致行动协议合计控制32.97%上市公司股权，重组后若一致行动协议未 到期或到期续签，则袁总合计控制37.88%上市公司股权，实控人对公司的控制力进一步增强。 事项： 10 月16 日，公司披露收购方案，拟通过发行股份及支付现金的方式以3.35 亿元价格购买易介医疗100% ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 90 yuan, compared to the current price of 68.30 yuan [3][6]. Core Insights - The company plans to acquire 100% equity of Yijie Medical for 335 million yuan, with 301 million yuan in shares and 34 million yuan in cash. The acquisition is progressing steadily [2][6]. - The company is expected to achieve significant revenue growth, with projected total revenue of 278 million yuan in 2024, increasing to 635 million yuan by 2027, representing a compound annual growth rate (CAGR) of approximately 30.9% [2][7]. - The net profit attributable to the parent company is forecasted to grow from 79 million yuan in 2024 to 221 million yuan in 2027, with a CAGR of 40.0% [2][7]. - The acquisition of Yijie Medical is anticipated to enhance the company's integrated solutions in neurosurgery and interventional fields, leveraging channel resources and expanding its technology applications [6][7]. - The controlling shareholder's stake is expected to increase from 32.97% to 37.88% post-acquisition, enhancing control over the company [6][7]. Financial Projections - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 278 million, 372 million, 485 million, and 635 million yuan, respectively, with year-on-year growth rates of 20.6%, 33.8%, 30.3%, and 30.9% [2][7]. - The net profit attributable to the parent company is projected to be 79 million, 113 million, 158 million, and 221 million yuan for the same years, with growth rates of 92.9%, 43.5%, 39.3%, and 40.0% [2][7]. - Earnings per share (EPS) are expected to rise from 1.18 yuan in 2024 to 3.31 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 58 to 21 [2][7].

Core Viewpoint - The company Maipu Medical is planning to acquire 100% equity of Yijie Medical for a total consideration of 334.85 million yuan, which includes both cash and stock payments, aiming to enhance its product line and competitive edge in the neuro-interventional medical device sector [1][2][4]. Trading Information Summary - As of October 16, 2025, Maipu Medical's stock closed at 71.02 yuan, down 0.87%, with a turnover rate of 0.87% and a trading volume of 4,867 shares, amounting to a transaction value of 35.10 million yuan [1]. - On the same day, the net inflow of funds from major investors was 352,300 yuan, while retail investors experienced a net outflow of 250,350 yuan [1][4]. Company Announcement Summary - The company held its 15th meeting of the third board of directors on October 16, 2025, where it approved the draft report for the acquisition of Yijie Medical [1][3]. - The acquisition involves a total transaction price of 334.85 million yuan, with 301.06 million yuan paid in shares and 33.79 million yuan in cash. The valuation of the target company represents a 259.91% increase over its net asset value [1][2][4]. - The company plans to raise 133.58 million yuan from its actual controller, Yuan Yuyu, to support the acquisition and related projects [2][4]. Performance Commitment Summary - Yijie Medical has committed to a net profit of -19.10 million yuan in 2025, -3.16 million yuan in 2026, and positive profits of 14.87 million yuan, 33.36 million yuan, and 52.01 million yuan in the subsequent years [2]. Approval Process Summary - The transaction is subject to approval by the company's shareholders and must be reviewed by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission. A special shareholders' meeting is scheduled for November 3, 2025, to vote on this and other resolutions [3].

Group 1 - The transaction involves the acquisition of assets for a total price of 335 million yuan, with 301 million yuan in stock and 33.79 million yuan in cash [1] - After the transaction, Yijie Medical will become a wholly-owned subsidiary of the company [1] - The fundraising amount is set at 134 million yuan, with a share issuance price of 57.35 yuan per share, aimed at supporting the development of drug balloon dilation catheters and covering transaction-related costs [1] Group 2 - Maipu Medical is a high-tech enterprise focused on developing high-performance implantable medical devices using advanced manufacturing technology [2] - The company is the only domestic entity in the neurosurgery field with a comprehensive range of implantable medical devices, including artificial dura mater patches and absorbable regenerated oxidized cellulose [1][2] - Yijie Medical specializes in the research, design, and sales of neuro-interventional medical devices, with established partnerships with over 200 distributors and coverage in more than 200 top-tier hospitals nationwide [1][2] Group 3 - The collaboration between Maipu Medical and Yijie Medical will enhance the marketing efforts in neurology departments by integrating their distribution channels and promotional systems [2] - Maipu Medical has extensive R&D experience and a leading technical platform in the field of biocomposite materials, while Yijie Medical has a deep understanding of the needs for neuro-interventional surgical devices [2] - The acquisition is expected to expand product categories, broaden sales regions, and strengthen the strategic synergy between biocomposite technology and neuro-interventional medical devices, ultimately improving the overall profitability of the listed company [2]

Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical for 335 million yuan, aiming to enhance its capabilities in the neuro-interventional field, which is seen as a significant technological integration in the medical consumables sector [1] Financial Performance - In the first half of 2025, Maipu Medical reported revenue of 158 million yuan, a year-on-year increase of 29.28% [1] - Revenue breakdown includes: artificial dura (spinal) membrane patch at 71 million yuan (up 3.24%), craniofacial repair and fixation system at 44 million yuan (up 24.69%), and absorbable regenerated oxidized cellulose and dura adhesive totaling 38 million yuan (up 169.66%) [1] - The overall gross margin for the company was 80.59%, an increase of 1.74 percentage points year-on-year [1] Acquisition Details - The acquisition price is determined through negotiation between the parties involved, reflecting a differentiated pricing strategy [1] - Yijie Medical is expected to significantly reduce losses starting in 2026, with projected average net profit corresponding to a price-to-earnings ratio of 13.80 times from 2026 to 2029, aligning with comparable transactions [1] - Performance compensation commitments indicate projected net profits for Yijie Medical from 2025 to 2029, with a gradual transition to profitability starting in 2026 [1] Market Position and Strategy - The acquisition aligns with national policies encouraging mergers and acquisitions in the medical device sector, potentially expanding market reach and enhancing product lines [1] - Maipu Medical's core products have good market acceptance, with projected sales for 2024 reaching 156 million yuan for artificial dura (spinal) membrane patches, 79.9 million yuan for craniofacial repair systems, and 36.01 million yuan for absorbable regenerated oxidized cellulose hemostatic products [1] - The collaboration is expected to create significant synergies, benefiting from both policy and market drivers, and enhancing competitive barriers in the neuro-interventional field [1]

Core Viewpoint - The acquisition of 100% equity in Guangzhou Yijie Medical Technology Co., Ltd. by Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. for 335 million yuan is seen as a significant step towards integrating technologies in the neuro-interventional field, enhancing Maipu's capabilities in medical consumables related to "neuro-implantation + neuro-intervention" [1][2]. Financial Performance - In the first half of 2025, Maipu achieved operating revenue of 158 million yuan, representing a year-on-year increase of 29.28%. Revenue from artificial dura mater (spinal) patches was 71 million yuan, up 3.24%, while revenue from craniofacial repair and fixation systems reached 44 million yuan, increasing by 24.69%. Additionally, revenue from absorbable regenerated oxidized cellulose and dura mater medical glue totaled 38 million yuan, marking a significant growth of 169.66%. The overall gross margin stood at 80.59%, an increase of 1.74 percentage points year-on-year [1]. Transaction Structure - The acquisition involves a differentiated pricing strategy, with the specific price determined through negotiations among the parties involved, including a third-party evaluation agency. The transaction structure considers various factors such as exit strategies, investment costs, and duration [1]. Business Synergy - From a business and transaction similarity perspective, Yijie Medical is expected to significantly reduce losses starting in 2026, with an average projected net profit from 2026 to 2029 corresponding to a price-to-earnings ratio of 13.80, which aligns with comparable transactions, indicating reasonable valuation for the target company [2]. - Maipu currently covers various aspects of neurosurgery, including membrane repair, craniofacial repair and fixation, and hemostatic materials. Yijie Medical possesses extensive technical reserves and product layouts in the neuro-interventional field, with products like Easyport distal access catheters and Speedpass thrombectomy catheters already approved for sale in China and certified by international quality systems [2]. - The acquisition will allow Maipu to expand its market presence in the neuro-interventional sector and effectively combine its neurosurgery and neurology product lines, thereby enhancing overall market competitiveness in neurology departments and achieving horizontal extension of its product lines [2].

Core Viewpoint - Maipu Medical (SZ 301033) announced the convening of its 15th meeting of the third board of directors on October 16, 2025, to review various reports related to a transaction [1] Company Summary - For the fiscal year 2024, Maipu Medical's revenue composition is as follows: 97.51% from implantable medical devices and 2.49% from other sources [1] - As of the report date, Maipu Medical has a market capitalization of 4.7 billion yuan [1]

Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical for 334.85 million yuan, marking a significant breakthrough in the "neuro-interventional field technology integration" [1] Financial Performance - In the first half of 2025, Maipu Medical achieved revenue of 158 million yuan, a year-on-year increase of 29.28%, with specific product revenues showing varied growth rates [1] - The overall gross profit margin of the company was 80.59%, an increase of 1.74 percentage points year-on-year [1] Valuation and Profitability - The acquisition pricing is based on a differentiated pricing method, considering various factors including exit strategies and investment costs [2] - Yijie Medical is expected to significantly reduce losses starting in 2026, with projected net profits from 2026 to 2029 indicating a path to profitability [2][3] Strategic Integration - The acquisition is expected to enhance Maipu Medical's capabilities in the neuro-interventional field, complementing its existing product lines in neurosurgery [4] - Maipu Medical's core products have shown good market acceptance, with significant sales figures reported for key items [4] Market Position and Policy Environment - The acquisition aligns with national policies encouraging mergers and acquisitions in the medical device industry, potentially enhancing Maipu Medical's competitiveness in high-end medical consumables [5] - The combined product offerings are expected to strengthen market presence and create competitive barriers in the neuro-interventional sector [5] Industry Trends and Synergies - The collaboration between Maipu Medical and Yijie Medical is expected to leverage policy benefits and market demand, contributing to the domestic replacement of high-value medical consumables [6] - The medical device industry in China is projected to reach a scale of 1.2 trillion yuan by 2025, with high-value consumables accounting for over 30% of the market [6]

标的公司在国内已与超过200家经销商达成合作，产品覆盖全国超过200家三甲医院，标的公司的终端客 户主要为医院的神经科室，潜在终端客户与上市公司具有较高的重合度。本次交易完成后，通过渠道资 源的协同，可以整合上市公司和标的公司全国范围内神经科室的经销商渠道和推广体系，拓宽销售区 域，更高效地开展神经科室的营销工作。上市公司对于神经科室治疗的医疗器械拥有长期研发经验和深 厚技术积累，建立了业内领先的技术平台，在生物合成材料领域积累了丰富经验。标的公司对于神经介 入手术的治疗方式和医疗器械研发需求有着深刻的认知。本次收购完成后，标的公司可助力上市公司将 生物合成材料技术由植入领域扩展至介入领域，打造介入生物材料的研发优势。 格隆汇10月16日丨迈普医学(301033.SZ)公布，公司拟通过发行股份及支付现金的方式向泽新医疗等10 名交易对方购买易介医疗100%股权，交易价格33,484.94万元。标的公司主要从事泛血管介入领域的神 经内外科医疗器械的研发、设计和销售，主要产品包括神经内外科领域的治疗类产品、通路类产品等。 本次交易完成后，上市公司将进一步拓展产品品类，形成多元化的产品矩阵。 ...

【迈普医学：拟购买易介医疗100%股权】智通财经10月16日电，迈普医学(301033.SZ)公告称，公司拟 发行股份及支付现金购买广州易介医疗科技有限公司100%股权，交易价格为3.35亿元。同时，公司计 划向广州易见医疗投资有限公司募集配套资金1.34亿元。 转自：智通财经 ...