2022年，微电生理成功在科创板上市，迎来了新的发展篇章。公司坚持将技术创新置于首位，相继推出 了国产冷冻消融系统、压力监测射频消融导管、脉冲电场消融导管等高端产品线，实现了临床应用，并 逐步推动进口替代，填补了多项国内技术空白。由此，公司构建了集"射频、冷冻、脉冲"技术于一体的 全景式治疗平台，提供了更丰富、更可及的优质选择。 企业的发展轨迹，总是深植于特定时代的需要与使命的召唤之中。微电生理创立于2010年，自诞生之初 便将目光投向心脏电生理这一关乎生命健康的关键领域，致力于将全球前沿的心律失常治疗方案引入中 国，服务广大患者。十余年专注前行，从实现三维电生理设备国产化"从0到1"的突破，到构建起覆盖多 元治疗场景的完整技术平台，微电生理在高端医疗器械自主创新的道路上不断攀登，步履坚定。面向未 来，企业将继续秉持初心，矢志成为在全球心脏电生理领域具有重要影响力的中国力量。 2010年8月，怀着让国内患者也能享受到国际先进治疗技术的愿望，我加入微电生理，并主导公司在国 内的研发、运营与全球化拓展。心脏电生理行业技术密集、壁垒高筑，高端市场长期被国际厂商主导， 这深刻影响着我国相关诊疗技术的可及性与未来发展。 ...

如今，微电生理已成长为受市场认可的高新技术企业，实现了健康稳健的发展。公司产品广泛进入国内众多核心 三甲医院，服务广大患者，远销至全球超过30个国家和地区，在国际市场上展现了中国高端医疗装备的创新实 力。 创业之路充满挑战，但团队始终目标清晰：必须攻克核心技术。我们聚焦于快速心律失常的临床需求，持续投入 研发，历经多年不懈努力，累计突破关键技术数十项，最终成功研发出国产首个、全球第三个磁定位三维心脏电 测系统。这一里程碑，标志着公司成为国内首家能够提供三维电生理整体解决方案的厂商，打破了该领域完全依 赖进口的局面。 2022年，微电生理成功在科创板上市，迎来了新的发展篇章。公司坚持将技术创新置于首位，相继推出了国产冷 冻消融系统、压力监测射频消融导管、脉冲电场消融导管等高端产品线，实现了临床应用，并逐步推动进口替 代，填补了多项国内技术空白。由此，公司构建了集"射频、冷冻、脉冲"技术于一体的全景式治疗平台，提供了 更丰富、更可及的优质选择。 企业的发展轨迹，总是深植于特定时代的需要与使命的召唤之中。微电生理创立于2010年，自诞生之初便将目光 投向心脏电生理这一关乎生命健康的关键领域，致力于将全球前沿的心律失 ...

Core Insights - The company achieved a revenue of 224 million yuan in H1 2025, representing a year-over-year increase of 12.80%, and a net profit attributable to shareholders of 32.67 million yuan, up 92.02% year-over-year [1] - In Q2 alone, the company reported a revenue of 120 million yuan, with a year-over-year growth of 9.56%, and a net profit of 14.80 million yuan, reflecting a year-over-year increase of 15.22% [1] Revenue Growth - The company demonstrated steady revenue growth, with significant performance in overseas markets. The core products have seen increasing clinical recognition, particularly in the atrial fibrillation treatment sector [2] - By the end of H1 2025, the company had established a presence in over 1,000 hospitals for three-dimensional electrophysiology surgeries, completing over 80,000 procedures, ranking first among domestic manufacturers [2] - International market revenue grew by over 40% year-over-year in H1 2025, accounting for 31% of total revenue, driven by a focus on core product registrations and deepening distributor channels [2] Profitability and Cost Control - The company achieved a gross margin of 60.10% in H1 2025, an improvement from the previous year, with expectations for sustained high margins as new products are launched [3] - The operating expense ratio remained favorable, with sales expenses at 28.13% (up 0.48 percentage points year-over-year), management expenses at 9.28% (down 0.73 percentage points), and R&D expenses at 13.71% (down 5.71 percentage points), indicating improved operational quality [3] Product Development and Future Growth - The company is among the few globally with a full product line in electrophysiology devices and consumables, continuously increasing R&D investment to ensure long-term growth [3] - A joint venture has successfully launched a pulse ablation product approved by NMPA, enhancing the safety and effectiveness of atrial fibrillation treatments [3] - Ongoing projects include the registration application for pressure pulse catheters and intracardiac ultrasound catheters, with clinical enrollment for RDN products progressing smoothly [3] Future Outlook - The company is positioned as a leading domestic player in the electrophysiology sector, with significant product and technological advantages, expected to benefit from the rapidly expanding market [4] - Revenue forecasts for 2025-2027 have been adjusted to 497 million, 654 million, and 866 million yuan, respectively, with net profit forecasts of 73 million, 121 million, and 183 million yuan [4] - The company is anticipated to maintain a rapid growth trajectory, supported by swift overseas development and gradual domestic product rollout [4]