证券代码：301033 证券简称：迈普医学 投资者关系活动记录表 1 证券代码：301033 证券简称：迈普医学 源，是否会以医疗康复市场为切入点，将脑机接口与现有 临床业务结合？若如此，在产品研发、临床试验以及市场 推广等方面有哪些初步设想？ 答：尊敬的投资者，您好！脑机接口是一门多学科交 叉的研究领域，涉及微电子、神经科学、材料学、机器 人、临床医学等多个学科。目前，公司主要从事神经外科 领域，主要产品为人工硬脑（脊）膜补片、颅颌面修补及 固定系统、可吸收再生氧化纤维素、硬脑膜医用胶等 III 类医疗器械产品，覆盖开颅手术所需要的关键植入医疗器 械。感谢您对公司的关注！ 问题二:迈普医学与清华大学等顶尖科研机构深度绑 定，这种合作关系为公司进入脑机接口领域提供了良好契 机。基于此，公司是否会以科研成果转化为切入点，将高 校的前沿脑机接口研究成果落地？在成果转化过程中，如 何平衡科研探索与商业化落地的关系，以确保技术的先进 性与市场的适应性？ 答：尊敬的投资者，您好，感谢您对公司的关注！如 有相关信息达到信息披露要求，公司将根据规定进行披 露。谢谢！ 广州迈普再生医学科技股份有限公司 投资者关系活 动类别 ...

事项： 评论： 营收保持较快增长，新产品成为关键驱动。分产品看，人工硬脑（脊）膜补片收入0.71 亿元 （+3.24%），在多省集采下保持平稳增长；颅颌面修补及固定系统收入4426 万元（+24.69%），受益 于河南省级联盟集采落地，PEEK 材料对传统钛金属的替代进程加速；可吸收再生氧化纤维素与硬脑膜 医用胶合计收入3832 万元（+169.66%），成为业绩增长核心驱动力。 出海业务加速突破。分地区看，国内收入1.20 亿元（+23.84%），海外收入0.38亿元（+50.96%），海 外业务表现突出，主要得益于新产品在国际市场的推广，公司止血产品、硬脑膜医用胶等产品海外收入 同比增长超100%。目前公司已覆盖全球超100 个国家和地区。 止血纱、脑膜胶获批关键认证，有望加速放量。2025 年1 月，公司核心产品可吸收再生氧化纤维素（止 血纱）完成拓展适应症的注册变更，应用范围从神经外科拓展至更广泛的外科领域，为加速国产替代提 供了有力支持。2025 年3月，公司的硬脑膜医用胶产品获得欧盟MDR 认证，有望为海外业务贡献显著 增量。 毛利率稳中有升，费用优化驱动净利率提高。2025 年上半年公司整体毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [2][14]. Core Insights - The company achieved a revenue of 158 million yuan in H1 2025, representing a year-on-year growth of 29.28%. The net profit attributable to the parent company was 47 million yuan, up 46.03% year-on-year [4]. - New product revenue has surpassed 20% of total revenue, with significant contributions from artificial dura mater patches and other new products [5]. - The international market has shown strong growth, with foreign revenue reaching 38.1 million yuan in H1 2025, a 50.96% increase year-on-year [5]. Company Overview - The latest closing price of the company's stock is 86.88 yuan, with a total market capitalization of 5.8 billion yuan [3]. - The company has a low debt-to-asset ratio of 12.5% and a high price-to-earnings ratio of 72.40 [3]. Financial Performance - The company forecasts revenues of 364 million yuan, 489 million yuan, and 657 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.7%, 34.3%, and 34.4% [7]. - The projected net profit attributable to the parent company for the same years is 115 million yuan, 166 million yuan, and 237 million yuan, with growth rates of 46.3%, 43.9%, and 42.9% [7]. Product Development and Market Expansion - The company has expanded its product indications and sales regions, including the registration change for absorbable hemostatic products and the certification of dura mater medical glue for the EU market [6]. - The sales of absorbable hemostatic products and dura mater medical glue have seen significant growth, with a combined revenue increase of 169.66% year-on-year [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 158 million yuan (+29.28%) and a net profit of 47 million yuan (+46.03%) for the first half of 2025, with a particularly strong performance in the second quarter [2][3] - The company benefits from centralized procurement, leading to sustained high growth in revenue and profit, with new products showing remarkable growth [3] - Domestic market revenue reached 120 million yuan (+23.84%), while overseas market revenue was 38.1 million yuan (+50.96%), indicating accelerated international business development [4] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively [5][9] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 158 million yuan and a net profit of 47 million yuan, with a gross margin of 80.59% [2][3] - The company has seen continuous year-on-year growth in revenue and profit for six consecutive quarters [3] Product Performance - The artificial dura (spinal) membrane patch generated revenue of 71.36 million yuan (+3.24%), while the craniofacial repair and fixation system achieved revenue of 44.26 million yuan (+24.69%) [3] - The hemostatic materials and medical glue saw a remarkable revenue increase of 38.32 million yuan (+169.66%), driven by new product launches and expanded indications [3] Market Expansion - The company has expanded its product indications and obtained certifications, with a focus on both domestic and international markets [4] - The overseas market revenue growth is particularly strong, with products covering over 100 countries [4] Future Projections - The company is projected to achieve revenues of 374 million yuan, 499 million yuan, and 660 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 110 million yuan, 157 million yuan, and 230 million yuan [5][9]

Group 1: Company Overview and Performance - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, particularly in the neurosurgery field, offering products like artificial dura mater patches and medical adhesives [4] - In the first half of 2025, the company achieved a revenue of CNY 157.78 million, a year-on-year increase of 29.28%; net profit attributable to shareholders was CNY 47.30 million, up 46.03%; and net profit excluding non-recurring items was CNY 45.99 million, reflecting a growth of 66.20% [4] Group 2: International Expansion and Sales Growth - The company recorded overseas sales of CNY 38.10 million in the first half of 2025, with the main revenue source being dural products, and hemostatic products and medical adhesives seeing over 100% year-on-year growth [4] - The company has established a global presence, covering over 100 countries and regions, including Europe, South America, Asia, and Africa, enhancing brand influence and market expansion [4] Group 3: Product Performance and Development - In the first half of 2025, dural products generated sales of CNY 71.36 million, a growth of 3.24%; craniofacial repair and fixation systems achieved sales of CNY 44.26 million, up 24.69%; and absorbable regenerated cellulose and dura mater medical adhesives totaled CNY 38.32 million, marking a significant increase of 169.66% [8] - The dura mater medical adhesive received MDR certification in March 2025, allowing it to be legally sold in EU markets, which is a key achievement in the company's international strategy [7] Group 4: Strategic Initiatives and Future Plans - The company is actively monitoring and participating in the centralized procurement policies for hemostatic materials, aiming to leverage national and local procurement opportunities [9] - Ongoing due diligence and assessments are being conducted for a potential acquisition, which, upon completion, could expand the company's biocompatible materials technology from the implantable field to the interventional field [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 158 million yuan in the first half of 2025, representing a year-over-year increase of 29.28%, and a net profit attributable to the parent company of 47 million yuan, up 46.03% year-over-year [2] - The growth is driven by core products and new product contributions, with significant revenue growth from absorbable hemostatic products and medical adhesives [2] - The company is expected to maintain a rapid growth trend with the upcoming launch of new products and expansion into international markets [2] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 158 million yuan, with a net profit of 47 million yuan and a cash flow from operating activities of 57 million yuan, reflecting strong growth across various segments [2] - The sales gross margin was stable at 80.6%, with a net profit margin of 30.0%, indicating improved profitability due to optimized expenses [2] Revenue Forecast - The company is projected to achieve revenues of 371 million yuan, 491 million yuan, and 647 million yuan for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 33.1%, 32.5%, and 31.8% [4] - The net profit attributable to the parent company is expected to reach 113 million yuan, 149 million yuan, and 199 million yuan for the same years, with growth rates of 43.6%, 31.8%, and 33.4% [4] Product and Market Development - The company has seen significant growth in its core products, with the absorbable hemostatic products achieving a revenue increase of 169.7% year-over-year [2] - The company is expanding its market presence both domestically and internationally, with a notable increase in revenue from overseas markets [2]

证券代码：301033 证券简称：迈普医学 上市地点：深圳证券交易所 广州迈普再生医学科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易预案（修订稿） 项目 交易对方 购买资产交易对方 广州泽新医疗科技有限公司等 10 名交易对方 募集配套资金认购方 广州易见医疗投资有限公司 二〇二五年八月 上市公司声明 本公司、控股股东、全体董事、监事、高级管理人员保证本预案内容及其摘要内 容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。如因提供的信息、 出具的说明及确认存在虚假记载、误导性陈述或重大遗漏，给投资者造成损失的，将 依法承担相应法律责任。 本公司、控股股东、全体董事、监事、高级管理人员承诺：如本人在本次交易所 披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或 者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有权益的股 份（如有，下同），并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和 股票账户提交上市公司董事会，由董事会代其向证券交易所和证券登记结算机构申请 锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易所 ...

Group 1 - The company, Guangzhou Maipu Regenerative Medicine Technology Co., Ltd., plans to acquire 100% equity of Yijie Medical through issuing shares and cash payment, along with raising supporting funds [7][14] - The target company, Yijie Medical, specializes in the research, production, and sales of neuro-interventional medical devices, which aligns with the company's focus on high-performance implantable medical devices [14][26] - The transaction aims to expand the company's product portfolio and enhance its market presence in the neuro-interventional field, which is experiencing significant growth due to increasing demand for innovative treatment options for cerebrovascular diseases [14][26] Group 2 - The company has established a strong distribution network with nearly 1,000 domestic and international distributors, covering around 2,000 hospitals in China and over 100 countries globally [14] - The neurovascular intervention medical consumables market in China is projected to grow from 3.2 billion RMB in 2017 to 43.2 billion RMB by 2028, with a compound annual growth rate of 36.5% [26] - The company has received multiple medical device registrations and certifications, indicating its commitment to quality and compliance in the medical device sector [25][26] Group 3 - The transaction is subject to regulatory approvals and the completion of auditing and evaluation processes, which are still ongoing as of the date of the announcement [2][19] - The company has committed to strict information disclosure obligations and will provide updates on the transaction's progress to ensure transparency for investors [18] - The controlling shareholder and management have pledged not to reduce their holdings during the transaction process, reinforcing their commitment to the company's stability [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 90 CNY [1][10]. Core Views - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and centralized procurement [1][8]. - The acquisition of Yijie Medical is a strategic move to expand into the high-potential neurointervention market, despite some short-term concerns regarding profit dilution [2][8]. Summary by Sections Neurosurgery Business Development - Before 2023, the company experienced a period of low revenue growth, heavily reliant on a single product, artificial dura mater, with revenues growing from 54 million CNY in 2017 to 195 million CNY in 2022, achieving a CAGR of 29% [16][22]. - After 2023, the impact of centralized procurement on the dura mater business is expected to stabilize, while new products like PEEK craniofacial repair products and hemostatic gauze are anticipated to drive revenue growth [1][32]. Strategic Acquisition of Yijie Medical - Yijie Medical focuses on the neurointervention sector, which has low penetration and localization rates, presenting significant growth potential [2][52]. - Concerns regarding the acquisition include potential short-term profit dilution and pricing issues related to related-party transactions, but regulatory scrutiny reduces the risk of unreasonable pricing [2][8]. Financial Projections - The company forecasts total revenue of 372 million CNY in 2025, with a year-on-year growth rate of 33.8%, and net profit of 113 million CNY, reflecting a 43.8% increase [3][10]. - The earnings per share (EPS) are projected to grow from 1.70 CNY in 2025 to 3.32 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 66 in 2024 to 23 in 2027 [3][10].

Company Overview - Mypu Medical is a technology-driven enterprise focused on high-performance implantable medical devices, specifically in the neurosurgery field, and is one of the few domestic companies entering the global high-end market [3][4]. Market Insights - The global market for absorbable hemostatic materials was valued at approximately CNY 20.2 billion in 2020 and increased to CNY 21.9 billion in 2021 [3]. - The terminal market for dural sealing materials in China was about CNY 2.275 billion in 2020 [3]. Technology Platforms - Mypu Medical has developed four major technology platforms: - **Bioprinting Technology**: Used to create artificial dura mater and absorbable repair membranes [4]. - **Digital Design and Precision Processing**: Enables high compatibility for cranial defect repair products using PEEK materials [4]. - **Selective Oxidation and Microfiber Network Formation**: Focused on high-performance hemostatic products for neurosurgery, breaking the long-standing import monopoly [4]. - **Multicomponent Crosslinking and Gel Technology**: Developed dural adhesive products with low swelling and neutral pH, addressing sealing effectiveness and clinical application risks [4]. Product Development - The dural adhesive product received domestic NMPA registration in February 2023 and is expected to obtain EU CE certification by March 2025, with ongoing sales efforts in domestic and international markets [4][5]. - The absorbable regenerated oxidized cellulose hemostatic product is one of the few successfully industrialized products in China, demonstrating effective hemostatic capabilities [5]. Strategic Focus - Mypu Medical aims to strengthen core capabilities and seize opportunities to enhance operational efficiency, targeting improved performance in 2025 [6]. - The company is actively monitoring and participating in centralized procurement projects to leverage national and local procurement opportunities [6].