证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 01 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事件：公司发布公告，一次性使用压力导管(PFA 导管)获得国内药品监督管理局注册 申请，产品矩阵持续丰富。 联系人 海外营收稳步增长，扣非归母净利润扭亏。2025 年前三季度，公司实现营业收入 3.36 亿元（yoy+15.65%），归母净利润 0.42 亿元（yoy+0.46%），扣非归母净利润 0.24 亿元。第三季度，营业收入 1.13 亿元（yoy+21.78%），归母净利润 0.09 亿元 （yoy-62.56%），扣非归母净利润 0.03 亿元，同比扭亏为盈。前三季度海外市场中 拉美、欧洲、中东及非洲，收入均保持较高增长态势，冷冻全套产品于 25Q2 获得 CE 认证，已在部分海外市场启动推广。 创新医疗器械获批，电生 ...

Core Viewpoint - Microelectrophysiology reported a decline in stock price on August 26, closing at 25.18 yuan, down 2.55% from the previous trading day, with a trading volume of 1.97 billion yuan [1] Company Summary - Microelectrophysiology operates in the medical device industry, focusing on the research, production, and sales of cardiac electrophysiology interventional diagnostic devices [1] - The company's main products include a three-dimensional cardiac electrophysiology mapping system and cardiac radiofrequency ablation catheters [1] - In the first half of 2025, the company achieved operating revenue of 224 million yuan, representing a year-on-year growth of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, up 92.02% year-on-year [1] - The growth in performance is attributed to an expansion in sales scale and effective cost reduction measures [1] - On the same day, the company announced the appointment of Lin Yishan as the securities affairs representative [1] Market Activity - On August 26, the net inflow of main funds into Microelectrophysiology was 1.59 million yuan, while the cumulative net outflow over the past five trading days reached 26.79 million yuan [1]