J P M O R G A N Asia Pacific Equity Research 18 July 2025 MicroPort (0853) Pre-announced 1H25 sales and adj net profit slightly below expectations, but 2H25 offers potential for recovery. Maintain OW MicroPort (853 HK, OW) pre-announced its 1H2025 results last night, indicating a sales decline of less than 4% (excluding forex effects) and an adjusted net loss limited to US$110mn. The announcement mentioned several challenges in 1H25, such as intensifying domestic competition, policy-induced price adjustment ...