Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical through a combination of share issuance and cash payment, aiming to expand its product offerings in the neurointerventional medical device market [1][2]. Group 1: Company Overview - Maipu Medical specializes in developing high-performance implantable medical devices using advanced manufacturing technology, covering key products needed for craniotomy surgeries [1]. - Yijie Medical focuses on the research, design, and sales of neurointerventional medical devices, including neurointerventional catheters and balloon dilation catheters [1]. Group 2: Market Potential - The neurovascular interventional medical device market in China grew from 3.2 billion yuan in 2017 to 6.7 billion yuan in 2022, with a compound annual growth rate (CAGR) of 15.7% [2]. - It is projected that the market size will reach 43.2 billion yuan by 2028, with a CAGR of 36.5% [2]. Group 3: Financial Performance and Challenges - Yijie Medical is expected to generate revenues of 11.94 million yuan and 24.41 million yuan in 2023 and 2024, respectively, but will incur net losses of 29.51 million yuan and 26.16 million yuan [3]. - The company faces significant challenges due to market competition and regulatory pressures, which may adversely affect its operations if strategic adjustments are not made [3]. Group 4: Market Reaction - Following the announcement of the acquisition, Maipu Medical's stock price fell by 8.31% to 58.25 yuan per share after resuming trading [4].

2025年4月18日，第二十二届脑血管病论坛（CFCVD2025）圆满召开，艾柯医疗"045密网护卫技术"发 布会暨机械球囊密网支架治疗复杂动脉瘤病例大师论坛"学术如火如荼进行。本次学术专题会聚焦于创 新通路技术的应用，深度探讨复杂病例中密网支架的临床应用，与会专家们共同绘制神经介入领域的新 蓝图，为推动该领域的学术发展和技术进步贡献智慧。 开场致辞 推陈致新，共同推进脑血管介入治疗精准化 大会主席张鸿祺教授表示，自密网支架进入血流导向治疗领域以来，我们见证了艾柯医疗所带来的创新 产品在临床实践中展现出的独特优势；搭配最新的导管加持，密网释放也变得更为简易。当前市场上涌 现的各类密网支架产品，始终遵循着"临床需求驱动技术革新"的发展规律。艾柯医疗在保持自身核心竞 争力的同时，持续推出各项技术，使神经介入手术更容易、更普及、更精准，未来与各位携手，神经介 入与介入技术持续突破，共同推进脑血管介入治疗的精准化进程。 注：图为学术会现场 注：张鸿祺，首都医科大学宣武医院 PART I 045密网护卫技术治疗 复杂动脉瘤专场学术盛宴 通路革新，临床获益 Cosine45微中间管提供045密网护卫新选择！ 解决这些问题 ...

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Core Viewpoint - The company is leveraging dual engines of neuro and peripheral intervention, benefiting from centralized procurement and expanding overseas, with a projected revenue CAGR of 131% from 2021 to 2024, and a turnaround to profitability in 2024 with a net profit of 100 million yuan [2][15]. Group 1: Company Overview - The company, established in 2012, focuses on innovative research, manufacturing, and sales of medical devices in neuro and peripheral vascular intervention [3]. - It has developed a comprehensive product line covering all five categories of neurovascular intervention and a full range of peripheral vascular intervention products, positioning itself in the top tier of the domestic market [5]. Group 2: Market Potential and Growth - The neuro intervention market in China has low penetration and localization rates, with a 2023 penetration rate of 13.8% for hemorrhagic neuro intervention surgeries, compared to 65.3% in the US, indicating significant growth potential [30][39]. - The domestic neuro intervention consumables market has grown rapidly, with a CAGR of 16% from 2017 to 2022, reaching 6.68 billion yuan [37]. Group 3: Centralized Procurement Impact - Since 2021, centralized procurement has expanded in the neuro intervention sector, benefiting leading domestic manufacturers by increasing market penetration and localization rates [43]. - The average price reduction from centralized procurement has stimulated demand, leading to increased sales volumes that offset some of the negative impacts of price drops [45]. Group 4: Financial Performance - The company achieved a revenue of 783 million yuan in 2024, with a year-on-year growth of 48%, and a net profit of 100 million yuan, marking a return to profitability [15]. - The gross margin has remained relatively stable at 71.6% despite some price reductions due to centralized procurement, supported by improved operational efficiency and a decrease in expense ratios [18]. Group 5: Overseas Expansion - In 2024, the company generated 22.58 million yuan in overseas revenue, a 58.2% increase, with plans to expand into Europe and emerging markets in Asia, Africa, and Latin America [24]. - The company has already commercialized 20 products in 24 overseas countries, with 8 products receiving CE marks in Europe [29]. Group 6: Product Pipeline and Innovation - The company has a robust product pipeline with 66 strategic products and candidates, of which 47 are already commercialized, and expects 17 more to be approved between 2025 and 2027 [5][49]. - Upcoming products include a flow-directed stent and a drug-eluting self-expanding intracranial stent, which are anticipated to significantly contribute to revenue growth [52][53].

Group 1 - The core viewpoint of the news is that Aiko Medical showcased its innovative products in the neurointervention field at the 2025 Zhongguancun Forum, highlighting its advancements and contributions to the industry [1][2]. - Aiko Medical's Lattice flow-directed stent is noted for its wide application in treating small to medium-sized vertebral artery aneurysms, being the product with the largest approved indication range in its category [1][2]. - The Lattice stent utilizes cobalt-chromium alloy and features world-first technologies such as a mechanical balloon delivery system and MIROR surface modification, significantly reducing surgical difficulty and time while improving patient cure rates and safety [1][2]. Group 2 - Aiko Medical also introduced the Lattice NEXT "no-extension guidewire" flow-directed stent, expanding its application to adult patients with unruptured saccular or fusiform wide-neck aneurysms in the internal carotid and vertebral arteries [2]. - The company has received NMPA approval for eight products, filed 132 patents, with 73 granted, and its Lattice stent has been recognized as an "innovative medical device" by the National Medical Products Administration [2]. - Aiko Medical aims to provide comprehensive innovative solutions for global cerebrovascular disease patients and doctors, focusing on domestic production and addressing unmet clinical needs in the cerebrovascular disease field [2].

证券研究报告|医药生物|2025年3月15日 www.hczq.com ERA | 01 | 行情回顾 | | --- | --- | | 02 | 板块观点和投资组合 | | 03 | 行业和个股事件 | 神经介入行业近况更新 本周专题联系人：李婵娟 张良龙 | 华创医药团队: | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com ...