经营业绩：营收行业第22，净利润第9 2025年三季度，心脉医疗营业收入为10.15亿元，在行业50家公司中排名第22。行业第一名英科医疗营收 74.25亿元，第二名国科恒泰53.53亿元，行业平均数为13.79亿元，中位数为7.55亿元。主营业务构成中， 主动脉类营收5.14亿元，占比71.94%；外周及其他营收2亿元，占比28.04%；其他（补充）营收14.15万 元，占比0.02%。当期净利润为4.23亿元，行业排名第9。行业第一名乐普医疗净利润9.96亿元，第二名英 科医疗9.52亿元，行业平均数为1.83亿元，中位数为7588.01万元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度心脉医疗资产负债率为15.85%，去年同期为13.99%，低于行业平均23.66%。 从盈利能力看，2025年三季度公司毛利率为70.40%，去年同期为75.50%，高于行业平均48.78%。 董事长Jonathan Chen掌舵，总经理朱清薪酬减少300.39万元 心脉医疗成立于2012年8月17日，于2019年7月22日在上海证券交易所上市，注册及办公地址均位于上海 市。公司是国内主动脉 ...

Core Viewpoint - The stock of Xinmai Medical (688016) has shown a decline in both price and trading volume, with significant net outflows from retail and speculative investors, indicating potential concerns about the company's financial performance and market sentiment [1][2]. Financial Performance - As of the latest report, Xinmai Medical's total revenue for the first half of 2025 was 714 million yuan, representing a year-on-year decrease of 9.24% [3]. - The net profit attributable to shareholders for the same period was 315 million yuan, down 22.03% year-on-year, while the non-recurring net profit was 271 million yuan, reflecting a decline of 29.96% [3]. - The company's second-quarter performance showed a revenue of 382 million yuan, a decrease of 10.92% year-on-year, and a net profit of 185 million yuan, down 15.61% [3]. Market Position - Xinmai Medical's total market capitalization is 13.127 billion yuan, which is higher than the industry average of 11.795 billion yuan, ranking 25th in the industry [3]. - The company has a net asset value of 4.058 billion yuan, also above the industry average, ranking 34th [3]. - The price-to-earnings ratio (P/E) stands at 20.86, significantly lower than the industry average of 66.45, ranking 13th [3]. Profitability Metrics - The gross margin for Xinmai Medical is 69.19%, which is substantially higher than the industry average of 51.85%, ranking 22nd [3]. - The net profit margin is 43.48%, far exceeding the industry average of 10.39%, ranking 2nd [3]. - Return on equity (ROE) is reported at 8.16%, compared to the industry average of 1.8%, ranking 12th [3]. Investment Sentiment - In the past 90 days, 11 institutions have rated the stock, with 9 buy ratings and 2 hold ratings, indicating a generally positive outlook despite recent performance [4]. - The average target price set by institutions for Xinmai Medical is 136.03 yuan, suggesting potential upside from the current trading price [4].

Core Viewpoint - The stock of Xinmai Medical (688016) has experienced a decline, with a closing price of 107.63 yuan on October 13, 2025, down 2.67% from the previous day [1] Group 1: Stock Performance and Trading Data - On October 13, 2025, the stock had a turnover rate of 1.46%, with a trading volume of 18,000 hands and a total transaction amount of 193 million yuan [1] - The net inflow of main funds was 7.05 million yuan, accounting for 3.65% of the total transaction amount, while retail investors saw a net outflow of 5.28 million yuan, representing 2.73% of the total [1][2] - Over the past five days, the stock has shown a downward trend, with a closing price of 110.58 yuan on October 10, 2025, down 1.90%, and a net inflow of main funds of 7.95 million yuan [2] Group 2: Financing and Margin Trading Data - On October 13, 2025, the financing balance was 494 million yuan, with a net repayment of 38,300 yuan [3] - The stock had a margin trading balance of 496 million yuan, with a margin balance of 2.39 million yuan [3] - The stock's margin trading data indicates a consistent level of activity, with a total margin trading balance of 496 million yuan over the past five days [3] Group 3: Company Financial Performance - Xinmai Medical reported a main revenue of 714 million yuan for the first half of 2025, a year-on-year decrease of 9.24%, and a net profit of 315 million yuan, down 22.03% [5] - The company's gross profit margin stands at 69.19%, significantly higher than the industry average of 51.85% [5] - The company ranks 15th in net profit within the medical device industry, with a net profit margin of 43.48%, placing it second in the industry [5] Group 4: Industry Comparison and Ratings - Xinmai Medical has a total market value of 13.267 billion yuan, which is above the industry average of 11.888 billion yuan [5] - The company has received 12 ratings from institutions in the past 90 days, with 10 buy ratings and 2 hold ratings, and an average target price of 136.03 yuan [6]

Core Viewpoint - The stock of Xinmai Medical has experienced a decline of 3.81% year-to-date, with a notable drop of 10.95% over the past 20 trading days, indicating potential challenges in the company's performance and market perception [1]. Company Overview - Xinmai Medical, officially known as Shanghai MicroPort CardioFlow MedTech Co., Ltd., was established on August 17, 2012, and went public on July 22, 2019. The company specializes in the research, development, production, and sales of interventional medical devices for aortic and peripheral blood vessels [1]. - The company's revenue composition is primarily from aortic products (71.94%), followed by peripheral and other products (28.04%), with a negligible contribution from other sources (0.02%) [1]. Financial Performance - For the first half of 2025, Xinmai Medical reported a revenue of 714 million yuan, reflecting a year-on-year decrease of 9.24%. The net profit attributable to shareholders was 315 million yuan, down 22.03% compared to the previous year [2]. - Since its A-share listing, Xinmai Medical has distributed a total of 922 million yuan in dividends, with 660 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Xinmai Medical was 17,500, a decrease of 3.61% from the previous period. The average number of tradable shares per shareholder increased by 3.75% to 7,035 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Medical ETF and Hong Kong Central Clearing Limited, with increases in holdings compared to the previous period [3].

Group 1 - The core viewpoint of the news is that Xinmai Medical's stock has seen a rise of 5.34%, reaching a price of 112.50 CNY per share, with a total market capitalization of 13.867 billion CNY [1] - Xinmai Medical, established on August 17, 2012, specializes in the research, production, and sales of interventional medical devices for aortic and peripheral blood vessels, with 71.94% of its revenue coming from aortic products and 28.04% from peripheral and other products [1] - The trading volume for Xinmai Medical was 1.33 billion CNY, with a turnover rate of 0.98% [1] Group 2 - According to data, Bosera Fund's ETF, which is among the top ten circulating shareholders of Xinmai Medical, reduced its holdings by 16,300 shares in the second quarter, now holding 524,800 shares, representing 0.43% of the circulating shares [2] - The Bosera Science and Technology Innovation Board 100 ETF Link A (019857) has achieved a year-to-date return of 40.62% and a one-year return of 84.94%, ranking 603 out of 4222 and 516 out of 3795 respectively [2] - The fund manager of Bosera's ETF is Tang Yibing, who has been in the position for 3 years and has overseen a total fund asset size of 9.874 billion CNY [3]

Core Viewpoint - The stock of Xinmai Medical (688016) has experienced a decline of 5.22% as of August 27, 2025, closing at 112.1 yuan, with significant net outflows from major funds and a mixed performance from retail investors [1][2]. Financial Performance - Xinmai Medical reported a main revenue of 714 million yuan for the first half of 2025, a year-on-year decrease of 9.24% - The net profit attributable to shareholders was 315 million yuan, down 22.03% year-on-year - The net profit after deducting non-recurring items was 271 million yuan, a decline of 29.96% year-on-year - In Q2 2025, the company recorded a single-quarter main revenue of 382 million yuan, down 10.92% year-on-year, and a net profit of 185 million yuan, down 15.61% year-on-year [5][6]. Market Activity - On August 27, 2025, the stock had a trading volume of 59,800 lots and a transaction amount of 688 million yuan - Major funds had a net outflow of 63.02 million yuan, accounting for 9.16% of the total transaction amount, while retail investors had a net inflow of 56.06 million yuan, representing 8.15% of the total transaction amount [1][2]. Financing and Margin Trading - On August 27, 2025, the financing balance was 577 million yuan, with a net purchase of 28.30 million yuan - The margin trading balance stood at 579 million yuan, with a short selling volume of 0 shares and a remaining short selling amount of 17,200 shares [3][6]. Industry Comparison - Xinmai Medical's total market value is 13.818 billion yuan, compared to the industry average of 12.081 billion yuan, ranking 25th in the industry - The company has a net asset of 4.058 billion yuan, a net profit of 315 million yuan, and a price-to-earnings ratio of 21.96, significantly lower than the industry average of 73.16, ranking 12th in the industry [4][5].

证券代码：688016 证券简称：心脉医疗 公告编号：2025-032 上海微创心脉医疗科技（集团）股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况专 项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）印发的《上市公 司募集资金监管规则》（证监会公告[2025]10号）、《上海证券交易所科创板上 市公司自律监管指引第1号——规范运作》等相关法律法规的规定及要求，上海 微创心脉医疗科技（集团）股份有限公司（以下简称"公司"、"本公司"或"心脉 医疗"）董事会将公司2025年半年度募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金情况 根据上海微创心脉医疗科技（集团）股份有限公司2019年3月12日召开的第 一届董事会第三次会议决议和2019年3月27日召开的2019年第一次临时股东大会 决议，并于2019年7月2日经中国证券监督管理委员会《关于同意上海微创心脉医 疗科技股份有限公司首次公开发行股票注册的批复》（证监许可[ ...

证券之星消息，截至2025年8月12日收盘，心脉医疗(688016)报收于120.0元，上涨1.55%，换手率 3.4%，成交量4.19万手，成交额5.07亿元。 8月12日的资金流向数据方面，主力资金净流出3803.64万元，占总成交额7.51%，游资资金净流出 168.02万元，占总成交额0.33%，散户资金净流入3971.65万元，占总成交额7.84%。 近5日资金流向一览见下表： | 指标 | 心脉医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 147.91亿元 | 120.28亿元 | 23 123 | | 净资产 | 38.85亿元 | 38.99亿元 | 39 123 | | 净利润 | 1.3亿元 | 7927.36万元 | 18 123 | | 市盈率(动) | 28.52 | 69.5 | 27 123 | | 市净率 | 3.89 | 3.99 | 84 123 | | 毛利率 | 69.61% | 51.34% | 22 123 | | 净利率 | 38.53% | 10.86% | 5 123 | | ROE | 3. ...

Core Viewpoint - The stock of Xinmai Medical (688016) has shown fluctuations in trading volume and capital flow, with a recent closing price of 92.85 yuan, reflecting a 0.86% increase on July 8, 2025. The company is involved in the development, production, and sales of interventional medical devices for aortic and peripheral blood vessels [1][2]. Group 1: Stock Performance and Capital Flow - As of July 8, 2025, Xinmai Medical's stock closed at 92.85 yuan, with a trading volume of 12,100 hands and a total transaction amount of 112 million yuan [1]. - On July 8, the net outflow of main funds was 666,600 yuan, accounting for 0.59% of the total transaction amount, while retail investors experienced a net outflow of 5.31 million yuan, representing 4.74% of the total [1]. - Over the past five days, the stock has seen varying capital flows, with significant net inflows from speculative funds on certain days, indicating fluctuating investor sentiment [1]. Group 2: Financial Metrics and Industry Comparison - Xinmai Medical's total market value is 11.445 billion yuan, slightly above the industry average of 10.691 billion yuan, ranking 28th out of 122 companies in the medical device sector [2]. - The company reported a net profit of 130 million yuan for Q1 2025, a decrease of 29.66% year-on-year, with a gross margin of 69.61%, significantly higher than the industry average of 51.08% [2]. - The company's return on equity (ROE) stands at 3.19%, outperforming the industry average of 1.01%, indicating better profitability relative to equity [2].

Group 1 - Milkwater has evolved from its beginnings in Pudong in 1998 to become a leading player in the chemical and new energy supply chain industry, expanding its operations globally to regions including Asia-Pacific, the United States, North Africa, and Eastern Europe, with over 300 overseas employees [1] - The company aims to increase its overseas business to over 40% within the next 10 years, leveraging Pudong as a base for global expansion [1] - The trend of Chinese enterprises "going global" is supported by Pudong's comprehensive advantages, including institutional innovation and a robust service platform for companies to expand internationally [3] Group 2 - Milkwater showcased its integrated services in chemical and new energy supply chains at major exhibitions in Germany, marking significant steps in its global expansion efforts [4] - The company has engaged in deep cooperation discussions with international transport giants and local supply chain service providers in Brazil, indicating its strategic move into the South American market [4] - Data from Ernst & Young indicates that from 2020 to 2024, China's outbound investment is expected to rise by 22%, significantly outpacing the global growth rate of 7%, highlighting the rapid internationalization of Chinese enterprises [4] Group 3 - Heartbeat Medical, established in the Shanghai International Medical Park, has become a leader in the field of vascular intervention, with 30 products available globally and a strong pipeline of innovative medical devices [5] - The company has made significant investments in the U.S., Netherlands, and the UK, achieving an annual compound growth rate of over 60% in overseas revenue over the past five years [7] - Heartbeat Medical's acquisition of Lombard Medical is seen as a key milestone in its global strategy, enhancing its presence in the European market [7] Group 4 - The supportive business environment in Pudong has been crucial for Heartbeat Medical's international expansion, with streamlined processes for overseas investment and various policy measures to facilitate growth [8] - Pudong has introduced comprehensive support measures for outbound enterprises, including financial support, talent services, and operational assistance, to enhance their international competitiveness [8][9] - The establishment of the Pudong Outbound Enterprise Comprehensive Service Center aims to provide a full range of services for companies looking to expand globally, reducing risks and costs associated with international operations [10][11] Group 5 - Numerous projects from national enterprises are emerging in Pudong, including international manufacturing facilities and supply chain initiatives, showcasing the region's role as a launchpad for global strategies [10] - The Pudong Outbound Enterprise Comprehensive Service Center collaborates with various partners to offer extensive support, from market research to operational assistance, facilitating smoother international ventures for companies [11] - The growing ecosystem in Pudong is attracting high-quality enterprises nationwide, creating a collaborative environment for shared resources and expertise in global expansion [11]