Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical for 335 million yuan, aiming to enhance its capabilities in the neuro-interventional field, which is seen as a significant technological integration in the medical consumables sector [1] Financial Performance - In the first half of 2025, Maipu Medical reported revenue of 158 million yuan, a year-on-year increase of 29.28% [1] - Revenue breakdown includes: artificial dura (spinal) membrane patch at 71 million yuan (up 3.24%), craniofacial repair and fixation system at 44 million yuan (up 24.69%), and absorbable regenerated oxidized cellulose and dura adhesive totaling 38 million yuan (up 169.66%) [1] - The overall gross margin for the company was 80.59%, an increase of 1.74 percentage points year-on-year [1] Acquisition Details - The acquisition price is determined through negotiation between the parties involved, reflecting a differentiated pricing strategy [1] - Yijie Medical is expected to significantly reduce losses starting in 2026, with projected average net profit corresponding to a price-to-earnings ratio of 13.80 times from 2026 to 2029, aligning with comparable transactions [1] - Performance compensation commitments indicate projected net profits for Yijie Medical from 2025 to 2029, with a gradual transition to profitability starting in 2026 [1] Market Position and Strategy - The acquisition aligns with national policies encouraging mergers and acquisitions in the medical device sector, potentially expanding market reach and enhancing product lines [1] - Maipu Medical's core products have good market acceptance, with projected sales for 2024 reaching 156 million yuan for artificial dura (spinal) membrane patches, 79.9 million yuan for craniofacial repair systems, and 36.01 million yuan for absorbable regenerated oxidized cellulose hemostatic products [1] - The collaboration is expected to create significant synergies, benefiting from both policy and market drivers, and enhancing competitive barriers in the neuro-interventional field [1]

（编辑 李波） 从业务和交易相似性的角度，易介医疗预计自2026年起亏损大幅减少，2026年至2029年预测的平均净利 润测算，对应市盈率为13.80倍，与可比交易基本一致，标的公司估值具有合理性。 公开资料显示，迈普医学目前在神经外科领域已涵盖脑膜修复、颅颌面修补及固定、止血材料等业务。 易介医疗则在神经介入领域具备丰富的技术储备和产品布局，产品线包括神经介入导管、导丝、球囊扩 张导管等，其中Easyport远端通路导管、Speedpass血栓抽吸导管、Easytork神经血管导丝等产品已在国 内获批上市，并通过了国际质量体系认证。 通过收购易介医疗，迈普医学不仅能够拓展其在神经介入领域的市场覆盖面，还能借助易介医疗在神经 内科领域的技术积累，将神经外科与神经内科产品线有效结合，从而提升其在神经科室的整体市场竞争 力，实现产品线的横向延伸。 本报讯 （记者王镜茹）10月16日，广州迈普再生医学科技股份有限公司（以下简称"迈普医学"）发布 最新公告，公司拟通过发行股份及支付现金方式以3.35亿元收购广州易介医疗科技有限公司（以下简 称"易介医疗"）100%股权，这次被视为"神经介入领域技术整合"的收购计划，将 ...

Core Viewpoint - Maipu Medical plans to acquire 100% equity of Yijie Medical for 334.85 million yuan, marking a significant breakthrough in the "neuro-interventional field technology integration" [1] Financial Performance - In the first half of 2025, Maipu Medical achieved revenue of 158 million yuan, a year-on-year increase of 29.28%, with specific product revenues showing varied growth rates [1] - The overall gross profit margin of the company was 80.59%, an increase of 1.74 percentage points year-on-year [1] Valuation and Profitability - The acquisition pricing is based on a differentiated pricing method, considering various factors including exit strategies and investment costs [2] - Yijie Medical is expected to significantly reduce losses starting in 2026, with projected net profits from 2026 to 2029 indicating a path to profitability [2][3] Strategic Integration - The acquisition is expected to enhance Maipu Medical's capabilities in the neuro-interventional field, complementing its existing product lines in neurosurgery [4] - Maipu Medical's core products have shown good market acceptance, with significant sales figures reported for key items [4] Market Position and Policy Environment - The acquisition aligns with national policies encouraging mergers and acquisitions in the medical device industry, potentially enhancing Maipu Medical's competitiveness in high-end medical consumables [5] - The combined product offerings are expected to strengthen market presence and create competitive barriers in the neuro-interventional sector [5] Industry Trends and Synergies - The collaboration between Maipu Medical and Yijie Medical is expected to leverage policy benefits and market demand, contributing to the domestic replacement of high-value medical consumables [6] - The medical device industry in China is projected to reach a scale of 1.2 trillion yuan by 2025, with high-value consumables accounting for over 30% of the market [6]

资料显示，广州迈普再生医学科技股份有限公司位于广东省广州市黄埔区崖鹰石路3号，成立日期2008 年9月2日，上市日期2021年7月26日，公司主营业务涉及结合人工合成材料特性,利用先进制造技术开发 高性能植入医疗器械。主营业务收入构成为：人工硬脑(脊)膜补片45.42%，颅颌面修补及固定系统 28.17%，可吸收再生氧化纤维素及硬脑膜医用胶24.39%，其他(补充)2.03%。 截至发稿，李兵伟累计任职时间9年86天，现任基金资产总规模3.52亿元，任职期间最佳基金回报 60.76%， 任职期间最差基金回报-11.19%。 从基金十大重仓股角度 数据显示，东兴基金旗下1只基金重仓迈普医学。东兴医药生物量化选股混合A（020830）二季度持有 股数3408股，占基金净值比例为3.5%，位居第七大重仓股。根据测算，今日浮亏损失约1.28万元。连续 3天下跌期间浮亏损失1.76万元。 东兴医药生物量化选股混合A（020830）成立日期2024年9月3日，最新规模250.18万。今年以来收益 37.27%，同类排名1383/8180；近一年收益29.56%，同类排名4558/7978；成立以来收益29.56%。 东兴 ...