微电生理摘U后首份成绩单亮眼，三款自主研发产品已进入“绿色通道”

Core Viewpoint - Microelectrophysiology (688351.SH) has demonstrated strong growth in Q1 2025, with significant increases in revenue and net profit, indicating robust performance and development potential in the electrophysiology market [1] Financial Performance - In Q1 2025, the company achieved revenue of 104 million yuan, a year-on-year increase of 16.77% - The net profit attributable to shareholders reached 17.87 million yuan, up 328.63% year-on-year - The net profit after deducting non-recurring items also turned positive, amounting to 12.56 million yuan [1] Product Development and Commercialization - The company has completed the commercialization of PFA and has three products in the "green channel" for expedited approval - By 2024, over 30 registered products have been developed around the Columbus® 3D cardiac electrophysiology mapping system, with more than 70,000 surgeries performed using the 3D ablation series [2] - The PulseMagic™ pressure pulse catheter has entered the "green channel" for special review, with approval expected in 2025 [2] Technological Advancements - The EasyEcho™ intracardiac ultrasound catheter has also entered the "green channel," marking a significant innovation in high-end interventional imaging - This product utilizes intracardiac echocardiography technology for real-time, high-quality imaging without radiation, enhancing surgical precision and safety [3] Market Expansion and Growth Potential - The cardiac electrophysiology market is expected to reach 15.73 billion yuan in China by 2025, driven by increasing patient numbers and improved clinical outcomes - The PFA technology is anticipated to create a market space of over 10 billion yuan, reflecting significant growth opportunities [4] - The company plans to submit registrations for additional products in 2025, including pressure pulse ablation catheters and intracardiac ultrasound catheters [4] Internationalization Efforts - The company has expanded its international presence, with its 3D surgery covering 21 countries by 2024, and over 1,000 overseas surgeries performed using its pressure monitoring magnetic navigation RF ablation catheter [5] - The company has received CE certification for its cryo mapping catheter and cryo ablation devices, with further certifications expected for its magnetic navigation RF ablation catheter and high-density mapping catheter [6] Market Outlook - The global electrophysiology device market is projected to reach $14.49 billion by 2025 and could further increase to $32.45 billion by 2032, indicating a strong growth trajectory for the industry [6]