公司研究 心律管理业务重组合并，母公司亏损如期收窄中 2025 年 12 月 31 日 ——微创医疗（0853.HK）跟踪点评 要点 事件：公司近期公告 1）根据微创医疗集团会计政策其无法控制微创脑科学但仍 对其保持重大影响力，故终止合并微创脑科学，构成须予披露交易。2）微创心 通召开股东大会，审议通过并购微创心律管理有限公司的重大资产重组议案。此 次并购将推动微创医疗旗下结构性心脏病与心律管理两大核心业务板块的深度 整合。 点评： 治理结构改善注入新动能，出海业务成为核心增长引擎。公司治理层面，上实资 本旗下基金成为公司重要战略股东，有望在治理和业务发展方面注入新动能。公 司近期完成心律管理与结构性心脏病业务的重组，旨在打造综合心脏病平台，新 公司将融合微创心律管理的 AI 诊断及算法技术，与微创心通在结构性心脏病介 入治疗、输送系统及生物材料方面的技术积累，打造"结构性心脏病+心律管理 +心衰管理"一体化平台。公司亦公告终止合并微创脑科学，我们认为治理改善 持续推进中。同时，公司积极搭建全球通商业化平台，助力各业务板块产品出海， 25H1 出海业务收入已达 5,980 万美元，同比增长 57.3%，有效对 ...

每日经济新闻 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，维力医疗12月31日晚间发布公告称，截至2025年12月31日，近日，高博投资将质押给澳 门国际银行股份有限公司的2,000万股无限售流通股进行了提前赎回，相关股份解除质押手续已于2025 年12月30日通过中国证券登记结算有限责任公司办理完毕。 每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ 2000万股 ...

Core Viewpoint - Weili Medical (603309.SH) has received a new High-tech Enterprise Certificate for its wholly-owned subsidiary, Jiangxi Langhe Medical Equipment Co., Ltd., indicating its continued recognition in the high-tech sector [1] Group 1: Company Recognition - Jiangxi Langhe Medical was first recognized as a high-tech enterprise in 2013 and has successfully passed re-evaluations in 2016, 2019, and 2022 [1] - The recent certification is a renewal following the expiration of the previous certificate, with the new certificate issued on October 29, 2025 [1]

Core Viewpoint - The company, Haiwang Bio (000078), announced the transfer of 100% equity of Henan Dongsen from its subsidiary, Henan Haiwang Group, to Henan Huicheng for a price of 248.0079 million yuan, aiming to optimize its asset and business structure [1] Group 1 - The equity transfer will result in Henan Huicheng holding 100% of Henan Dongsen, and Henan Haiwang Group will no longer hold any equity in Henan Dongsen [1] - Following the completion of the transfer, Henan Dongsen will no longer be a subsidiary within the company's consolidated scope [1] - The transfer is part of the company's strategy to focus on core business development and overall strategic implementation in the pharmaceutical distribution sector [1] Group 2 - The purpose of the equity transfer is to release trapped resources, reduce overall operational management costs, and improve the asset-liability structure [1] - The company aims to concentrate resources on high-margin businesses such as medical devices and pharmaceutical manufacturing [1] - This move is aligned with the company's long-term strategic planning to enhance sustainable operations and healthy development capabilities [1]

紧随该转让完成后，北京普赛不再持有任何本公司的股份权益，且不再为本公司的主要股东;及博科中 生已持有本公司的3130.86万股内资股股份(约占本公司总股本的21.64%)，并已成为本公司的主要股东。 2025年12月31日，双方已在相关股权登记机构办理完成股份过户及权属变更手续。自即日起，博科中生 正式成为本公司持股约21.64%的股东。 博科中生为一家在中国山东省成立的科技型企业，主要从事医疗器械设备、生物医药技术、医疗信息化 及实验室整体解决方案等业务，是集研发、生产、销售和服务为一体的综合性企业。根据公开资料，博 科中生由甘宜梧及禇丹侠间接全资拥有。 中生北控生物科技(08247)发布公告，本公司近日接到北京普赛资产管理有限责任公司(北京赛普)通知， 北京普赛已于2025年12月18日与山东博科中生科技有限公司(博科中生)签署《产权交易合同》，将其持 有本公司的3130.86万股内资股股份(约占本公司总股本的21.64%)依法转让给博科中生(该转让)。该转让 已在北京产权交易所完成相关程序。 ...

Core Viewpoint - Bluefan Medical plans to sell its emergency rescue business, Wuhang Bikaier Rescue Supplies Co., to Wuhan Mingde Biotechnology Co., aiming to focus on core operations, enhance cash reserves, and optimize asset structure [1][2] Group 1: Strategic Focus and Asset Optimization - The sale of Bikaier represents a significant step in Bluefan Medical's strategy to concentrate on its main business and continuously optimize asset allocation [2] - Bikaier has been a key player in the emergency rescue field, but its value has been difficult to realize within Bluefan due to management radius and resource allocation constraints [2] - The divestment allows Bluefan to streamline operations, reduce complexity, and enhance core competitiveness while addressing concerns about diversified operations [2] Group 2: Financial Structure and Debt Management - The asset disposal is a crucial move for Bluefan to optimize its financial structure and alleviate debt pressure, enhancing liquidity and providing a solid foundation for long-term development [4] - The cash flow generated from the transaction will significantly bolster the company's cash reserves, supporting short-term debt risk mitigation [4] - Increased cash reserves will also facilitate investments in core businesses such as cardiovascular health and health protection, driving long-term high-quality growth [4] Group 3: Potential for Future Growth - Bluefan Medical's stake in Tongxin Medical, which has recently been accepted for an IPO application, could further enhance liquidity and asset value post-listing [3] - The successful listing of Tongxin Medical is expected to significantly increase the value of Bluefan's investment, contributing positively to its financial performance [3] Group 4: Synergies with Mingde Biotechnology - Mingde Biotechnology, located in Wuhan like Bikaier, can quickly integrate Bikaier's established product matrix and customer base, enhancing its market position in critical care [5] - The acquisition will enable Mingde to extend its integrated critical care services into industrial and home settings, creating a collaborative ecosystem [5] Group 5: Mutual Benefits and Collaborative Development - The transaction is set to achieve mutual benefits for both Bluefan Medical and Mingde Biotechnology, leveraging their respective resources for collaborative growth and value creation [6]

Group 1 - Encore Medical plans to issue 3 million shares at a price of $5 per share, aiming to raise $15 million through its IPO [1] - The company is headquartered in Eagan, Minnesota, and specializes in developing and manufacturing interatrial septal occluders for repairing heart defects such as patent foramen ovale (PFO) [1] - Encore Medical's device has been approved for sale in the European Union, but it has not yet received regulatory approval for sale in the United States; however, it has FDA approval to conduct trials for market clearance [1] Group 2 - The company's projected revenue for the 12 months ending September 30, 2025, is $2 million [1]

智通财经APP讯，中生北控生物科技(08247)发布公告，本公司近日接到北京普赛资产管理有限责任公司 (北京赛普)通知，北京普赛已于2025年12月18日与山东博科中生科技有限公司(博科中生)签署《产权交 易合同》，将其持有本公司的3130.86万股内资股股份(约占本公司总股本的21.64%)依法转让给博科中生 (该转让)。该转让已在北京产权交易所完成相关程序。 2025年12月31日，双方已在相关股权登记机构办理完成股份过户及权属变更手续。自即日起，博科中生 正式成为本公司持股约21.64%的股东。 博科中生为一家在中国山东省成立的科技型企业，主要从事医疗器械设备、生物医药技术、医疗信息化 及实验室整体解决方案等业务，是集研发、生产、销售和服务为一体的综合性企业。根据公开资料，博 科中生由甘宜梧及禇丹侠间接全资拥有。 紧随该转让完成后，北京普赛不再持有任何本公司的股份权益，且不再为本公司的主要股东;及博科中 生已持有本公司的3130.86万股内资股股份(约占本公司总股本的21.64%)，并已成为本公司的主要股东。 ...

Market Overview - The domestic market for medical devices has experienced a contraction over the past two years, impacting various business lines, although market share has been steadily increasing [2][3] - The IVD (In Vitro Diagnostics) sector is expected to lead growth among three major product lines, with significant market opportunities remaining, particularly in high-end hospital segments [3][4] Business Growth Projections - The domestic business is projected to achieve positive growth in 2026, with IVD driving this growth, while emerging businesses are expected to grow rapidly [3][4] - By 2024, the overall scale of emerging businesses is anticipated to reach approximately RMB 3.9 billion, contributing over 10% to total revenue [12][13] Competitive Landscape - The ultrasound imaging market is characterized by high specialization and significant barriers to entry, requiring extensive strategic investment and technological accumulation [4][5] - The entry of competitors like United Imaging is seen as a sign of a vibrant industry, with the market for ultrasound imaging expected to continue growing [4][5] Technological Innovations - The company has developed AI-driven solutions for chronic disease management, utilizing wearable sensors for continuous monitoring and data integration [6][7] - The launch of multiple AI models across various medical specialties has positioned the company as a leader in the medical AI domain, with applications in critical care and perioperative settings [10][11] Strategic Acquisitions - The integration of Huatai Medical is progressing as planned, with collaborative efforts in the cardiovascular field yielding positive results, including the development of a new atrial fibrillation solution [8][9] - The acquisition is expected to enhance the company's capabilities in the cardiovascular sector, leveraging existing strengths in medical imaging and diagnostics [15][16] Emerging Business Segments - The minimally invasive surgery market is projected to grow significantly, with a market size of approximately USD 33.8 billion globally and RMB 37.3 billion in China by 2024 [13][14] - The animal healthcare sector is also expanding, with a projected market size of nearly USD 4.4 billion in 2024, driven by the company's established technology and product offerings [16][17]

Group 1 - The core viewpoint of the news is that United Imaging Healthcare experienced a decline in stock price, closing at 125.81 CNY per share, with a market capitalization of 103.69 billion CNY as of December 31 [1] - United Imaging Healthcare, established on March 21, 2011, specializes in high-performance medical imaging equipment, radiation therapy products, life science instruments, and digital healthcare solutions [1] - The company's revenue composition includes 81.29% from sales of medical imaging diagnostic and radiation therapy equipment, 13.56% from maintenance services, 4.68% from other sources, and 0.47% from software [1] Group 2 - According to data, a fund under Bank of China holds a significant position in United Imaging Healthcare, with a reduction of 66,100 shares in the third quarter, leaving 47,700 shares, which represents 3.51% of the fund's net value [2] - The estimated floating loss for the fund on the current day is approximately 62,000 CNY [2] Group 3 - The Bank of China’s fund, the Zhongyin SSE Sci-Tech 50 ETF, was established on March 27, 2025, with a current size of 206 million CNY and a return of 36.9% since inception [3] - The fund manager, Zhao Jianzhong, has been in position for 10 years and 210 days, overseeing total assets of 5.22 billion CNY, with the best return during his tenure being 130.53% and the worst being -31.32% [3]