Core Insights - In 2025, Microelectrophysiology achieved its first comprehensive profit in Q3, driven by its main business after successfully commercializing the three major energy platforms of "Ice, Fire, and Electricity" [1] - The company reported a revenue of 336 million yuan for the first three quarters, a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 41.92 million yuan, with a slight increase of 0.46% year-on-year [1] - The company has established a complete product layout with over 30 products in the cardiac electrophysiology field, focusing on four major technical paths [1] Financial Performance - For Q3, the company achieved a revenue growth of 21.78% year-on-year, indicating a positive trend [1] - The net profit attributable to shareholders after deducting non-recurring gains reached 3.26 million yuan in Q3, marking a turnaround from losses [1] - The company’s net profit excluding non-recurring items for the first three quarters was 24.07 million yuan, indicating a return to profitability [1] Market Dynamics - The domestic electrophysiology device market is expected to reach 15.73 billion yuan by 2025, driven by an aging population and increasing prevalence of arrhythmias [2] - The company is responding to national procurement policies, which have strengthened its market share and clinical application opportunities [2] - Microelectrophysiology has covered over 1,000 hospitals with its three-dimensional electrophysiology surgeries, completing over 80,000 procedures, ranking first among domestic manufacturers [2] Technological Advancements - The company has made significant breakthroughs in high-end catheter products, including the successful completion of the first Magbot robotic navigation surgeries in February 2025 [3] - High-end products like pressure ablation catheters have been used in over 3,000 surgeries across multiple medical centers, contributing to market share growth [3] - The company is advancing in the PFA (Pulsed Field Ablation) field, with new products entering the market and gaining regulatory approval [4] Strategic Expansion - Microelectrophysiology is expanding its international presence, with three-dimensional surgeries covering over 20 countries and a revenue growth rate exceeding 40% in overseas markets [5] - The company has nine innovative products in the special approval process for national innovative medical devices, with five already approved [5] - The company aims to leverage both domestic and international markets to enhance its competitive edge in high-end arrhythmia procedures [5][6]