Core Viewpoint - MicroPort Medical (00853) reported the performance of its subsidiary, HeartCare Medical (688016.SH), for the first three quarters of 2025, indicating a mixed financial outcome with revenue growth but a decline in net profit [1] Financial Performance - Revenue for the first three quarters was approximately 1.015 billion yuan, representing a year-on-year increase of 4.66% [1] - Net profit attributable to shareholders was around 429 million yuan, showing a year-on-year decrease of 22.46% [1] - Basic earnings per share stood at 3.54 yuan [1]

Group 1 - The core point of the article is that MicroPort Medical (00853) reported the performance of its subsidiary, HeartCare Medical (688016.SH), for the first three quarters of 2025, showing a revenue of approximately 1.015 billion yuan, which represents a year-on-year growth of 4.66% [1] - The net profit attributable to shareholders of the listed company is approximately 429 million yuan, reflecting a year-on-year decrease of 22.46% [1] - The basic earnings per share are reported at 3.54 yuan [1]

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） 海外監管公告 承董事會命 微創醫療科學有限公司* 常兆華博士 主席 中國上海，二零二五年十月二十九日 於本公告日期，本公司之執行董事為常兆華博士；本公司之非執行董事為谷峰博士、門慶兵博士及 孫維琴女士；及本公司之獨立非執行董事為周嘉鴻先生、劉國恩博士及邵春陽先生。 * 僅供識別 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.10B條刊 發。 請參閱隨附上海微創心脈醫療科技（集團）股份有限公司（「心脈醫療科技」）於上海證券交易所科創板 （「科創板」）刊發之公告（「該公告」），內容有關其二零二五年第三季度報告。 心脈醫療科技為一家於科創板上市之公司。於本公告日期，本集團持有心脈醫療科技已發行股本約 40.32%及其業績於本公司財務報表合併入賬。 於聯交所網站登載該公告，僅為向香港投 ...

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。 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* （於開曼群島註冊成立的有限公司） （股份代號：00853） 上海微創心脈醫療科技（集團）股份有限公司 截至二零二五年九月三十日止九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」）截至二零二五年九月三十日 止九個月的未經審核財務資料。本集團持有心脈醫療科技40.32%的股權，其業績綜合入賬至本公司 財務報表。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 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | 九月三十日止 | 九月三十日止 | | | | 九個月 | 九個月 | 變動 | | | 人民幣千元 | 人民幣千元 | 百分比 | | 收入 | 1,014,780.04 | 969,5 ...

Core Viewpoint - The entry of state-owned capital into the high-end instrument sector, exemplified by Qingdao's investment in LabTech, signals a significant opportunity for domestic replacement and strategic development in the industry [2][8][11]. Group 1: Investment Details - LabTech Holdings transferred 6.15% of its shares, totaling approximately RMB 114 million, to Qingdao Innovation Investment Co., which will become a significant shareholder with over 5% ownership [3][6]. - Qingdao Innovation Investment Co. is a wholly-owned subsidiary of the Qingdao Municipal Finance Bureau, established in 2021 with a registered capital of RMB 3 billion, focusing on private equity investment and market-oriented fund management [6]. Group 2: Strategic Implications - The investment by Qingdao state-owned capital is aimed at enhancing LabTech's development in high-end instrument localization and industry chain integration, providing additional resources and policy support [8][10]. - This partnership is expected to complement Qingdao's industrial foundation, promoting the local economy and fostering growth in related sectors such as semiconductor equipment [8][10]. Group 3: Industry Trends - The trend of state-owned enterprises entering the scientific instrument sector is becoming more pronounced, shifting from mere capital injection to a model of industrial empowerment and strategic collaboration [11]. - Recent examples include the acquisition of Chuan Instruments by China National Machinery Group and the establishment of "Yichuang Port" in Shanghai, indicating a broader movement towards integrating state resources with domestic innovation [9][10].

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

開曼群島 公司法（經修訂） 股份有限公司 微創醫療科學有限公司 之 經第五次修訂及重訂的組織章程大綱及細則 （經於二零二五年十月二十二日通過的特別決議案採納） – 1 – 開曼群島 公司法（經修訂） 股份有限公司 微創醫療科學有限公司 之 經第五次修訂及重訂的組織章程大綱 公司法（經修訂） 股份有限公司 微創醫療科學有限公司 之 經第五次修訂及重訂的組織章程大綱 （經於二零二五年十月二十二日通過的特別決議案採納） – 3 – 1 本公司的名稱為微創醫療科學有限公司。 2 本公司的註冊辦事處設於PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, Maples Corporate Services Limited的辦事處，或董事會不時決定的其 他地點。 3 本公司的成立宗旨並無限制，包括但不限於以下各項： (a) 以投資公司及投資控股公司的形式經營業務，以及收購及持有由任何性質及在任 何地點成立或經營業務的任何公司、企業或實體發行或擔保的任何種類的股份、 股票、債權股份、債券、按揭、債務及證券、由任何政府、主權執政者、專責 機構、信託 ...

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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 1 附註： 承董事會命 微創醫療科學有限公司* 主席 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) 於二零二五年十月二十二日舉行之股東特別大會的表決結果 微創醫療科學有限公司（「本公司」）之董事會（分別為「董事」及「董事會」）欣然公佈，刊載於日期為二零 二五年九月三十日之本公司股東特別大會（「股東特別大會」）通告內的提呈決議案，已於二零二五年 十月二十二日舉行之股東特別大會上，以按股數投票表決方式獲本公司普通股之持有人（分別為「股 份」及「股東」）正式通過。投票表決結果如下： | | 特別決議案 | 票數(%) | | | --- | --- | --- | --- | | | | 贊成 | 反對 | | 1. | 「動議批准及採納經第五次修訂及重訂的本公司組織 | 473,216,694 | 0 | | | 章程大綱及組織章程細則（「新章程細則」）（其副本已 | ...

Market Overview - On October 21, the Shanghai Composite Index rose by 1.36%, the CSI 300 increased by 1.53%, the STAR 50 climbed by 2.81%, the CSI 1000 went up by 1.45%, the ChiNext Index surged by 3.02%, and the Hang Seng Index gained 0.65% [6] - The best-performing sectors on October 21 were telecommunications (+4.9%), electronics (+3.5%), construction decoration (+2.36%), comprehensive (+2.29%), and real estate (+2.25%). The worst-performing sectors included coal (-1.02%), food and beverage (+0.23%), transportation (+0.29%), beauty and personal care (+0.31%), and banking (+0.33%) [6] - The total trading volume for the A-share market on October 21 was 1,892.693 billion yuan, with a net inflow of 1.171 billion Hong Kong dollars from southbound funds [6] Key Recommendations - The report highlights Zhongrun Optical (688307) as a leading domestic brand in high-magnification optical zoom lenses, expanding into new fields such as drones and mobile robots. The company is expected to double its performance due to industry growth and increased market share from domestic replacements [7][8] - The report argues against the prevailing market view that new downstream products will only provide temporary boosts to the optical lens industry, asserting that the long-term outlook remains positive due to factors such as import substitution and the company's unique technological capabilities [7] - The target price for Zhongrun Optical is set at 66.27 yuan, with projected revenues of 660 million yuan, 1,170 million yuan, and 1,645 million yuan for 2025-2027, reflecting growth rates of 45%, 77%, and 44% respectively [8] Important Insights - The macroeconomic report anticipates a slight decline in economic growth to 4.7% in the fourth quarter, with an overall growth target of around 5% for the year, despite challenges [10] - The report emphasizes that there may be additional stimulus policies in the fourth quarter, with significant measures potentially being reserved for the first quarter of the following year to ensure a strong start [10] Industry Analysis - The medical device industry is expected to see accelerated innovation and international expansion, particularly in areas such as cardiac intervention, biological materials, and surgical robots. Companies like United Imaging Healthcare and Mindray Medical are highlighted as key players [11] - The report identifies catalysts for growth in the medical device sector, including moderate price reductions, the recovery of tenders, and the acceleration of new product launches [11]

Investment Rating - The report maintains a positive outlook on the innovative drug and medical device industry, highlighting key targets for investment [5][24]. Core Insights - The innovative drug sector is experiencing high growth, with a focus on companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. The report emphasizes the potential for value re-evaluation in these firms [5][24]. - Recent business development (BD) deals in the innovative drug sector are expected to catalyze market activity, with notable transactions including Jiangsu Heng Rui Medicine's agreement with Kite for a $1.20 billion upfront payment, potentially reaching $15.20 billion in total [5][24]. - The A-share pharmaceutical sector underperformed the broader market in the third week of October 2025, with the Shanghai Composite Index falling by 1.5% and the SW Biopharma index declining by 2.5% [7][18]. Summary by Sections 1. Continuous Focus on Innovative Drugs and Medical Devices - The report emphasizes the high growth potential in innovative drugs, with key investment targets including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, and others. Related targets include CSPC Innovation Pharmaceutical [5][24]. 2. A-Share Pharmaceutical Sector Performance - In the third week of October 2025, the A-share pharmaceutical sector saw a decline of 2.5%, underperforming the Shanghai Composite Index, which fell by 1.5%. The report notes that the sector's premium relative to all A-shares is currently at a normal level, with a relative premium rate of 74.5% [7][14][21]. 3. Hong Kong and U.S. Pharmaceutical Sector Performance - The report indicates that the Hong Kong and U.S. pharmaceutical sectors also underperformed, with the Hang Seng Healthcare index dropping by 5.8% and the S&P 500 Healthcare index increasing by only 0.7% during the same period [18][24].