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]
迈普医学：3.35亿收购易介医疗，拓展神经介入版图