香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 微創醫療科學有限公司* （於開曼群島註冊成立的有限公司） （股份代號：00853） 1 股東及投資者請注意，以上財務資料根據中國會計準則編製，並僅與心脈醫療科技的業務有關，而 與本集團其他附屬公司無關。該等資料未經審核，且(a)並未撇除集團內交易，(b)並不包括本集團所 有業務，及(c)並不代表或全面反映本集團業務或狀況。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 微創醫療科學有限公司* 上海微創心脈醫療科技（集團）股份有限公司 截至二零二五年十二月三十一日止十二個月未經審核財務資料 以下所載為上海微創心脈醫療科技（集團）股份有限公司（「心脈醫療科技」）截至二零二五年十二月 三十一日止十二個月的未經審核財務資料。本公司持有心脈醫療科技40.32%的股權，其業績於本公 司財務報表合併入賬。心脈醫療科技的股份在上海證券交易所科創板上市。 | | 截至 | 截至 | | | --- | ...

北京商报讯（记者 王寅浩 宋雨盈）2月27日，心脉医疗发布2025年业绩快报，2025年度公司实现营业总 收入13.51亿元，同比增长11.96%；归属于母公司所有者的净利润为5.63亿元，同比增长12.17%；归属 于母公司所有者的扣除非经常性损益的净利润为5.02亿元，同比增长26.97%；基本每股收益4.65元，同 比增长14.25%。 ...

人民财讯2月27日电，心脉医疗(688016)2月27日发布业绩快报，2025年实现营业总收入13.51亿元，同比 增长11.96%；归母净利润5.63亿元，同比增长12.17%；基本每股收益4.65元。报告期内，公司创新产品 在巩固国产领先优势的基础上，通过下沉市场、提供定制化治疗方案以及产品升级迭代，加速推广新 品、替换老产品等策略，推动市占率稳步提升，但考虑到2024年市场价格治理因素影响的延续性，公司 部分产品价格及推广策略的调整因素，全年销售额增速及利润仍受到一定影响。 ...

报告期内，公司海外销售收入超过2.5亿元，同比增长超过55%，在公司收入占比提升至18%以上，并且 公司持续推动全球范围内与区域行业领先客户的合作，持续推进主动脉及外周介入产品在欧洲、拉美、 亚太等国家的市场准入和推广工作。截至报告期末，公司产品销售覆盖49个国家和地区（含中国）。 格隆汇2月27日丨心脉医疗(688016.SH)公布2025年年度业绩快报，报告期内，公司实现营业总收入13.51 亿元，同比增长11.96%；归属于母公司所有者的净利润5.63亿元，同比增长12.17%；归属于母公司所有 者的扣除非经常性损益的净利润5.02亿元，同比增长26.97%；基本每股收益4.65元，同比增长14.25%。 报告期内，公司创新产品在巩固国产领先优势的基础上，通过下沉市场、提供定制化治疗方案以及产品 升级迭代，加速推广新品、替换老产品等策略，推动市占率稳步提升，但考虑到2024年市场价格治理因 素影响的延续性，公司部分产品价格及推广策略的调整因素，全年销售额增速及利润仍受到一定影响。 ...

报告期内，公司创新产品在巩固国产领先优势的基础上，通过下沉市场、提供定制化治疗方案以及产品 升级迭代，加速推广新品、替换老产品等策略，推动市占率稳步提升，但考虑到2024年市场价格治理因 素影响的延续性，公司部分产品价格及推广策略的调整因素，全年销售额增速及利润仍受到一定影响。 格隆汇2月27日丨心脉医疗(688016.SH)公布2025年年度业绩快报，报告期内，公司实现营业总收入13.51 亿元，同比增长11.96%；归属于母公司所有者的净利润5.63亿元，同比增长12.17%；归属于母公司所有 者的扣除非经常性损益的净利润5.02亿元，同比增长26.97%；基本每股收益4.65元，同比增长14.25%。 报告期内，公司海外销售收入超过2.5亿元，同比增长超过55%，在公司收入占比提升至18%以上，并且 公司持续推动全球范围内与区域行业领先客户的合作，持续推进主动脉及外周介入产品在欧洲、拉美、 亚太等国家的市场准入和推广工作。截至报告期末，公司产品销售覆盖49个国家和地区（含中国）。 ...

证券代码：688016 证券简称：心脉医疗 公告编号：2026-004 二、经营业绩和财务状况情况说明 上海微创心脉医疗科技（集团）股份有限公司 2025 年年度业绩快报公告 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。 本公告所载2025年年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以公司2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 1,350,632,689.26 | 1,206,326,728.85 | 11.96% | | 营业利润 | 653,891,743.30 | 661,172,432.85 | -1.10% | | 利润总额 | 653,374,650.83 | 652,193,918.34 | 0.18% | | 归属于母公司所有者的净 利润 | 563,213,12 ...

Core Viewpoint - The company has received regulatory approval for its first embolic product in the tumor intervention field, which is expected to enhance its product pipeline, although actual sales impact remains uncertain until production licenses are obtained [1] Recent Events - A national centralized procurement for 316 commonly used drugs, including those for anti-tumor treatments, has been initiated, with a selection rate of 93%. This may exert price pressure on the pharmaceutical industry, and the company should be aware of the risks associated with high-value consumables procurement expansion [2] Stock Performance - The company's stock price fluctuated between a high of 100.00 yuan and a low of 97.60 yuan over the past week, with a total price change of 1.21% and a volatility of 2.46% [3] Capital Movement - There was a net outflow of 197.72 million yuan in main funds on February 5, with a significant single purchase accounting for 6.03%. The total trading volume over the past week was 619 million yuan, indicating active turnover, while the medical device sector saw a slight decline of 0.48% [4] Financial Report Analysis - For the first three quarters of 2025, the company reported revenue of 1.015 billion yuan, a year-on-year increase of 4.66%, while net profit decreased by 22.46% to 429 million yuan. The gross margin stood at 70.4%, with a significant revenue increase of 64.68% in the third quarter, although net profit was impacted by product price adjustments [5] Financial Condition - The company has a debt ratio of 15.85% and maintains a stable cash flow, with overseas business revenue accounting for 18% of total income in the first three quarters, expected to grow over 60% for the year [6] Institutional Viewpoints - Analysts suggest that while short-term profitability may be under pressure, the company is likely to benefit from innovative product iterations, accelerated overseas expansion, and domestic substitution trends in the medium to long term, with a target price of 122.06 yuan. However, caution is advised regarding procurement policies and potential underperformance in R&D [7]

如同最初的创新药一般，近两年来，中国创新医疗器械BD也正逐渐起势。 日前，国家药监局宣布多款创新医疗器械获批上市，其中，一次性使用外周血管血栓旋切导管为国内首创，并达 到国际先进水平。与此同时，又有十多款产品公告进入创新医疗器械特别审批程序。公开数据显示，2025年国家 药监局已公告122款产品进入创新医疗器械特别审批程序，较2024年近乎翻倍。 中国创新医疗器械，即将迎来自己的"创新药"时刻？ 01 国内创新医疗器械BD也疯狂 回顾中国创新药的崛起，从2024年开始，中国创新药得到全球关注并被MNC大肆买进成为了一个标志。彼时正是 在美国生物技术生态普遍低迷之际，中国创新药反而逆势而上，成为"卖方市场"的主角。 2025年，这种趋势更是势不可挡。据医药魔方NextPharma数据库显示，2025年中国创新药共完成157起BD出海授 权交易，交易总额为1356.55亿美元，其中首付款70亿美元，这三项关键数据均创下历史新高。 此外，在超高额BD交易中，2025年全球医药License-out交易总额Top10有8项来自中国，另外总交易额超过百亿美 元4起中，中国独占3起。这些高额交易使得中国创新药2025年B ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the rapid growth of its PFA products and increasing competitiveness in the electrophysiology and vascular intervention sectors [5][9]. Core Insights - The company is expected to achieve total revenues of RMB 25.78 billion, RMB 32.40 billion, and RMB 40.60 billion for the years 2025 to 2027, with growth rates of 24.78%, 25.70%, and 25.31% respectively. The net profit attributable to shareholders is projected to be RMB 8.34 billion, RMB 10.57 billion, and RMB 13.40 billion for the same years, with growth rates of 23.95%, 26.73%, and 26.70% respectively [6][9]. - The company has a strong position in the cardiovascular intervention field, with a comprehensive product layout that includes electrophysiology and vascular intervention devices. The introduction of new PFA products is expected to drive significant revenue growth [11][15]. Summary by Sections Market Performance - The closing price of the company's stock is RMB 229.38, with a market capitalization of RMB 32,349.47 million. The stock has seen a yearly high of RMB 466.07 and a low of RMB 223.48 [3]. Financial Forecasts - The company anticipates revenue growth from RMB 1,650 million in 2023 to RMB 4,060 million in 2027, with a compound annual growth rate (CAGR) of 35.71% from 2023 to 2024 and 25.31% from 2025 to 2027. Net profit is expected to grow from RMB 534 million in 2023 to RMB 1,340 million in 2027, with a CAGR of 49.13% from 2023 to 2024 and 26.70% from 2025 to 2027 [7][9]. Business Overview - The company has established itself as a leading manufacturer in the domestic electrophysiology and vascular intervention market, focusing on coronary access and cardiac electrophysiology. The introduction of PFA products is expected to enhance its competitive edge [8][15]. - The company has successfully participated in domestic alliance procurement, securing a significant market share in coronary access products, which now account for nearly 90% of its offerings [8][11]. Growth Drivers - The increasing prevalence of atrial fibrillation due to an aging population is expected to drive demand for PFA devices, with the market projected to reach RMB 163.15 billion by 2032, growing at a CAGR of 43.73% from 2025 to 2032 [8][59]. - The company has completed over 2,000 PFA procedures by August 2025, indicating strong market acceptance and growth potential for its new products [78]. Competitive Landscape - The domestic electrophysiology market is currently dominated by foreign brands, but the company is positioned to capture market share through competitive pricing and product quality improvements following recent procurement agreements [63][70].

Core Viewpoint - The stock of Xinmai Medical (688016) has shown a slight increase, with a closing price of 98.3 yuan as of February 9, 2026, indicating a 0.33% rise. The trading volume was 9,421 lots, with a total transaction value of 92.59 million yuan [1]. Financial Performance - For the first three quarters of 2025, Xinmai Medical reported a main revenue of 1.015 billion yuan, reflecting a year-on-year increase of 4.66%. However, the net profit attributable to shareholders decreased by 22.46% to 429 million yuan, and the net profit after deducting non-recurring gains and losses fell by 25.8% to 372 million yuan [1]. - In the third quarter of 2025, the company achieved a single-quarter main revenue of 300 million yuan, which is a significant year-on-year increase of 64.68%. The single-quarter net profit attributable to shareholders was 114 million yuan, down 23.63%, while the net profit after deducting non-recurring gains and losses was 102 million yuan, a decrease of 11.84% [1]. - The company's debt ratio stands at 15.85%, with investment income of 11.6 million yuan and financial expenses of -7.86 million yuan. The gross profit margin is reported at 70.4% [1]. Market Sentiment - Over the last 90 days, three institutions have provided ratings for the stock, all of which are buy ratings [2]. - On February 9, 2026, the net outflow of main funds was 1.7167 million yuan, accounting for 1.85% of the total transaction value. The net outflow of speculative funds was 634,800 yuan, representing 0.69% of the total transaction value, while retail investors saw a net inflow of 2.3515 million yuan, making up 2.54% of the total transaction value [1].