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 [3][6]. Core Insights - The company achieved significant revenue growth, with a total revenue of 158 million yuan, representing a year-over-year increase of 29.28%. The net profit attributable to the parent company reached 47 million yuan, up 46.03% year-over-year [1]. - The overseas market showed remarkable growth, with overseas revenue of 38 million yuan, a year-over-year increase of 50.96%, driven by the rapid expansion of hemostatic products and dura mater medical glue [2]. - The company focuses on the neurosurgery high-value consumables sector, with core products expected to benefit from volume-based procurement policies, leading to market share growth [3]. Revenue and Profitability - The company reported a gross margin of 80.59%, an increase of 1.74 percentage points year-over-year, attributed to improved margins in key product lines [2]. - The sales net profit margin for the first half of 2025 was 29.98%, reflecting a year-over-year increase of 1.66 percentage points due to effective cost control [2]. Financial Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 105 million yuan, 137 million yuan, and 176 million yuan, respectively, with year-over-year growth rates of 33.3%, 30.1%, and 28.4% [3][5]. - Revenue projections for the years 2025 to 2027 are 375 million yuan, 487 million yuan, and 618 million yuan, with growth rates of 34.7%, 29.8%, and 27.0% respectively [5].

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]

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]

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].

Group 1: Company Overview - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, specifically in the neurosurgery field, offering products such as artificial dura mater patches and absorbable regenerative oxidized cellulose [2][3] - The company aims to become a platform-based medical device enterprise providing comprehensive solutions for customers, entering the global high-end market [3] Group 2: Mergers and Acquisitions - The acquisition of Yijie Medical is part of the company's strategy for both organic growth and external expansion, aiming to diversify its product matrix and extend its biocomposite material technology into the interventional field [3] - The completion of the acquisition is subject to regulatory approvals, and the operational performance of the target company is not expected to impact the listed company until the transaction is finalized [3] Group 3: Market Trends and Product Development - The market for cranial and facial repair and fixation products in China is projected to reach CNY 1.75 billion in 2023, with a compound annual growth rate (CAGR) of 15.3% from 2018 to 2023 [5] - The company's cranial and facial repair and fixation system achieved sales revenue of CNY 79.8963 million in 2024, representing a year-on-year growth of 31.05% [5] Group 4: Product Innovations - PEEK material is becoming the preferred alternative to titanium due to its superior properties, and the company’s craniofacial repair and fixation system is one of the few domestic products utilizing PEEK [5] - The target company has developed the first thin-walled radial artery support catheter in China, which features a 2.5mm outer diameter, 10% smaller than existing products, enhancing its ability to address challenging lesions [8]

Core Viewpoint - The company Maipu Medical (301033.SZ) is planning its first asset restructuring post-IPO by acquiring 100% equity of Guangzhou Yijie Medical Technology Co., Ltd. to expand its product offerings and enhance its global strategy [1][3]. Financial Performance - In 2024, Maipu Medical is projected to achieve revenue of 278 million yuan, a year-on-year increase of 20.61%, and a net profit of 78.85 million yuan, up 92.9% [1][8]. - The company's overseas revenue is expected to reach 56.69 million yuan, reflecting a 13.28% increase, accounting for 20.36% of total revenue [1][8]. Acquisition Details - The acquisition will be financed through a combination of share issuance and cash payment, with the controlling shareholder, Yuan Yuyu, participating in the fundraising [1][3]. - The target company, Yijie Medical, is currently unprofitable, with projected losses of 29.51 million yuan in 2023 and 26.16 million yuan in 2024 [1][4]. Strategic Rationale - Maipu Medical aims to leverage the acquisition to diversify its product matrix and enhance its market presence in the neurovascular intervention sector [6][7]. - The target company has 11 products on the market, including 8 Class III and 3 Class II medical devices, with 2 FDA registrations, which aligns with Maipu Medical's existing product lines [6][7]. Market Position - Maipu Medical is recognized as the only domestic company with a comprehensive range of neuro-surgical implantable medical devices, covering critical needs in cranial surgery [6]. - The company has established partnerships with nearly 1,000 distributors and its products are available in around 2,000 hospitals domestically, with a market presence in over 100 countries [8].

Group 1: Company Overview - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, specifically in the neurosurgery field, offering products such as artificial dura mater patches and absorbable regenerative fibers [4][5]. - The company aims to provide comprehensive solutions for key implantable medical devices required in craniotomy surgeries [4]. Group 2: Recent Investor Relations Activity - The investor relations activity included a teleconference held on June 6, 2025, with participation from various securities firms and investment entities [2][4]. - Key personnel involved in the meeting included the Chairman and Vice General Managers, highlighting the company's commitment to transparency and communication with investors [4]. Group 3: Strategic Acquisition - The company plans to acquire 100% equity of Yijie Medical through a combination of issuing shares and cash payments, involving 10 transaction parties [10]. - This acquisition is expected to enhance the company's capabilities in the interventional medical device sector, leveraging Yijie Medical's expertise in biocompatible materials [5][10]. Group 4: Market Position and Future Plans - Yijie Medical has established a marketing team with extensive experience in promoting neuro-interventional medical devices, successfully entering major hospitals [6][7]. - The company is focused on maintaining a balance between organic growth and strategic acquisitions to enhance shareholder value and market presence [10]. Group 5: Regulatory and Financial Considerations - The asset evaluation and auditing for the acquisition are ongoing, with the final transaction price to be determined based on regulatory assessments [8]. - The company will adhere to regulatory requirements, including shareholder approval and necessary disclosures to the Shenzhen Stock Exchange and the China Securities Regulatory Commission [8].