近年来，"税路通·在浙里"国际税收服务品牌作为浙江省税务部门围绕减轻税费负担、提升服务效 能、深化部门间协作推出的重要抓手，已经累计为146个重点外资项目实行一对一的"项目长制"，精准 识别并向2230户次跨境纳税人推送适用的国别（地区）投资税收指南。 对此，张炎深有感触："税务部门提供的《外资企业相关政策汇编》、多语种服务等，能够帮助我 们精准把握政策、高效处理业务，显著降低了跨境经营的合规风险和运营成本。" "政府的税收优惠政策力度很大，我们争取把更多在国外生产的医用耗材项目转移到国内、落地在 杭州，让更多国内患者买得到、用得起这些产品。"泰尔茂医疗产品（杭州）有限公司（以下简称"泰尔 茂"）董事长兼总经理张炎说。7月4日，由浙江省税务局主办，杭州市税务局和钱塘区政府承办的"税路 通・在浙里"——"浙里共赢 税路同行"服务外商投资企业政策宣讲会在杭州举行。活动邀请了泰尔茂、 林德亚太工程有限公司、乐麦信息技术（杭州）有限公司等外资企业代表，现场深度解读了最新税收优 惠政策。 日前，泰尔茂正式收到浙江省药品监督管理局送达的"导丝"产品注册证，填补了杭州市在进口耗材 医疗器械国产化领域的空白。这是继2024年 ...

自2021年开始，神经介入领域被纳入集采，行业格局朝着不可预测的方向狂奔。 在首次神经介入集采中，弹簧圈平均价格从1.2万元下降至6400元左右，平均降幅46.82%，最高降幅66%。此后，各省市或省级联盟陆续将神经介入产品 纳入集采，目前弹簧圈最低中选价约3244元，颅内取栓支架均价从2.69万元降到4000以内，导管导丝等通路类产品降价也极为明显…… 技术门槛高、获批数量较少的颅内覆膜支架也从超10万元降至7.86万元，密网支架降至平均6万元（最低4.9万）。 另外，与集采初期的高中选率不同，如今神经介入集采的中选率持续下降，如2023年京津冀"3+N"联盟神经介入集采的中选率仅20%，多数产品被淘汰， 其他企业与头部企业的差距越来越大。不过，在部分高门槛产品集采时，中选率仍保持较高水平（超80%）。 神经介入集采以来，行业格局发生巨大变化：一是国产神经介入产品市占率从不到10%暴涨到26%（2024年）。二是行业进入淘汰期，市场份额向头部企 业集中，缺乏竞争力的企业将陆续破产清算。三是越来越多的神经介入产品纳入集采，相关产品价格下降，国内市场空间缩小。 需要说明的是，尽管在市场份额上取得胜利，但国内神经 ...

Core Viewpoint - Maipu Medical announced a restructuring plan to acquire 100% of Yijie Medical, which is expected to expand its product offerings in the neurosurgery field, despite concerns over potential financial impacts due to Yijie Medical's current losses [2][3]. Group 1: Company Overview - Maipu Medical is the only company in China's neurosurgery field that offers a comprehensive range of implantable medical devices, including artificial dura mater patches and absorbable hemostatic agents [2]. - Yijie Medical specializes in the research, design, and sales of vascular interventional medical devices for neurology, with products such as neurointerventional catheters and balloon dilation catheters [2]. Group 2: Financial Performance - In 2024, Maipu Medical reported a net profit of 78.85 million yuan, showing a growth trend from 2022 to 2024 [3]. - Yijie Medical is projected to incur net losses of 29.51 million yuan in 2023 and 26.16 million yuan in 2024, raising concerns about the impact of the acquisition on Maipu Medical's financial performance [3]. Group 3: Market and Competitive Landscape - The acquisition is seen as a strategic move to enhance Maipu Medical's product categories by integrating biocomposite material technology into the interventional field [2]. - There are concerns regarding market competition, as existing products in the neurointerventional medical device sector maintain high market shares, and potential new products could disrupt the market [3].

Core Viewpoint - Maipu Medical (301033) announced a restructuring plan on June 5, proposing to acquire 100% equity of Guangzhou Yijie Medical Technology Co., Ltd. (Yijie Medical) through a combination of share issuance and cash payment, aiming to expand its biocomposite material technology from the implantation field to the interventional field [1][4]. Group 1: Acquisition Details - The acquisition involves purchasing Yijie Medical's 100% equity from ten counterparties, including Zexin Medical, which is controlled by the actual controller of Maipu Medical, Yuan Yuyu [4][8]. - The funds raised from the share issuance will be used for cash consideration, intermediary fees, transaction taxes, and to supplement working capital [4][8]. - Yijie Medical specializes in providing minimally invasive interventional solutions for cerebrovascular diseases, focusing on the development, production, and sales of neuro-interventional medical devices [5]. Group 2: Financial Performance of Yijie Medical - Yijie Medical is currently a loss-making entity, with projected net losses of approximately -29.51 million yuan and -26.16 million yuan for 2023 and 2024, respectively, despite revenues of about 11.94 million yuan and 24.41 million yuan [10]. - The company has 11 listed products, including 8 Class III and 3 Class II medical devices, with two FDA registrations, indicating a strong product portfolio in the cerebrovascular intervention market [10]. Group 3: Strategic Implications - The acquisition is expected to leverage Maipu Medical's leading technology platform in synthetic materials and Yijie Medical's experience in interventional medical devices to develop innovative biodegradable stents and other treatment materials [5]. - The transaction is classified as a related party transaction, raising potential concerns regarding transparency and fairness in the market [8][9]. Group 4: Company Performance - Maipu Medical has shown continuous growth, with projected revenues of approximately 278 million yuan for 2024, reflecting a year-on-year increase of 20.61%, and a net profit of about 79 million yuan, up 92.9% [11].

Meeting Overview - The third session of the Supervisory Board held its ninth meeting on June 5, 2025, with all three supervisors present, and the meeting was deemed legally valid [3][4][5]. Resolutions Passed - The Supervisory Board approved the proposal for the company to issue shares and pay cash to acquire 100% equity of Guangzhou Yijie Medical Technology Co., Ltd. and raise matching funds [6][7]. - The transaction involves multiple parties, including Guangzhou Zexin Medical Technology Co., Ltd. and several investment partnerships [6][7]. - The voting results for all resolutions were unanimous, with 3 votes in favor and no votes against or abstentions [13][17][28]. Transaction Details - The acquisition will be executed through a combination of share issuance and cash payment, with the cash portion intended for transaction costs and working capital [6][14]. - The share issuance price is set at 41.40 RMB per share, which is not less than 80% of the average trading price over the previous 120 trading days [9][31]. - The total number of shares to be issued will be determined after the final transaction price is established [10][14]. Related Party Transactions - The transaction is classified as a related party transaction, as some of the parties involved are controlled by the company's actual controller, Yuan Yuyu [17][18]. - The company confirmed that the transaction does not constitute a major asset restructuring and will not change the control of the company [17][18]. Compliance and Regulatory Aspects - The company has ensured compliance with relevant laws and regulations, including the Company Law and Securities Law, regarding the transaction [5][26]. - The transaction is expected to enhance the company's operational capabilities and will not adversely affect its financial condition [26][28]. Financial Arrangements - The matching funds raised will not exceed 100% of the transaction price and will be used for cash payments, intermediary fees, and working capital [14][15]. - The lock-up period for newly issued shares will be 36 months for major shareholders and 12 months for other parties involved in the transaction [10][11]. Asset Evaluation - The transaction price will be based on an evaluation report from a qualified asset appraisal agency, ensuring fair pricing [7][26]. - The company will continue to maintain its independence and operational integrity post-transaction [26][28].

Group 1 - The 27th China Beijing International Science and Technology Industry Expo successfully concluded, featuring over 800 domestic and foreign enterprises and institutions, with a focus on technology-driven innovation and global cooperation [1] - The forum discussed the theme of "New Quality Productivity and Global Technological Cooperation," exploring cutting-edge technology and industry development trends [1] Group 2 - Aiko Medical showcased its core product, the Lattice flow-directed stent, which significantly improves the treatment of intracranial aneurysms, utilizing cobalt-chromium alloy and innovative technologies [2] - The Lattice stent is currently in use in over 500 hospitals across China, receiving high recognition from clinicians and expanding access to remote areas [2] Group 3 - Aiko Medical revealed its core technology system and clinical achievements, emphasizing its commitment to technological innovation, with 9 products approved by NMPA and 132 patent applications [3] - The Lattice stent has been recognized as an "innovative medical device" by the National Medical Products Administration and has been fast-tracked for market approval [3] Group 4 - During the expo, Aiko Medical engaged in deep exchanges with industry experts and representatives, aiming to provide comprehensive innovative solutions for cerebrovascular disease patients [4] - The company plans to increase R&D investment to develop more internationally competitive medical devices, contributing to the high-quality development of China's medical device industry [4]

证券研究报告 | 公司点评报告 2025 年 05 月 07 日 惠泰医疗（688617.SH） 业绩符合预期，PFA 等新品获批进军房颤治疗领域 消费品/生物医药 公司发布 2024 年年度报告：2024 年实现营业收入 20.66 亿元，同比增长 25.18%；归母净利润 6.73 亿元，同比增长 26.08%；扣非归母净利润 6.43 亿 元，同比增长 37.29%。 其中，2024 年第四季度营业收入 5.41 亿元，同比增长 23.93%；归母净利润 1.45 亿元，同比增长 10.96%；扣非归母净利润 1.35 亿元，同比增长 24.69%。 同日，公司发布 2025 年第一季度报告：2025 年一季度实现营业收入 5.64 亿元， 同比增长 23.93%；归母净利润 1.83 亿元，同比增长 30.69%；扣非归母净利润 1.81 亿元，同比增长 32.23%。 ❑ 电生理手术量受益于集采持续增长，血管介入产品不断迭代入院率提升。 电生理业务：2024 年实现营业收入 4.40 亿元（yoy+19.73%），公司完成三 维电生理手术 15,000 余例，同比增长 50%。可调弯十极冠状窦导管在 ...

在神经介入手术中，已经有医生开始担心神经介入微导丝的供应。微导丝是神经介入手术成败的关键器械，由于颅内血管相对迂曲和脆弱，对微导丝的安全 和性能都提出了更高的要求，微导丝既要有足够的柔顺性，又需要良好的操控性，同时还需要有足够的支撑性，指引后续器械的通过。 由于临床对产品性能的高要求，国内神经介入微导丝长期依赖进口品牌供应。根据公众号"医休神介说"数据，某进口品牌每年在国内的出货量超过30万条。 然而，当前复杂的国际局势给其供应链稳定性带来了严峻挑战。 高性能微导丝的研发技术壁垒极高。某进口品牌S系列其核心壁垒之一是海波管切割工艺。这种工艺在保证微导丝柔顺性的同时，还能实现1：1扭控，让医 生能够精准操控导丝。此外，其专利布局覆盖了核心设计，进一步巩固了其市场地位。 根据中信建投（601066）数据，2023年，神经介入和外周介入领域美国企业合计在中国市场份额超过65%。根据IQVIA数据，神经介入、外周介入市场规模 分别超过百亿，也就是说两大市场超过一半的手术依赖美国产品供应。 临床用量大且进口依赖度高的产品往往首当其冲。然而，在国产替代浪潮的持续推进中，进口依赖度仍较高的产品，通常也是国产化难度较大、对产 ...

报名：首届全球眼科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 合作伙伴征集：2025全球手术机器人大会 心未来 2025年3月26日， 沛 嘉医疗-B （09996.HK）发布截至2024年12月31日止年度业绩公告。 # 财报数据 报告期内，公司 收入达到6.15亿元人民币，同比增长39.53% 。其中，TAVR相关产品销售收入同比增长 40.1%至2.60亿元，占总收入的 42.2% ；神经介入产品销售收入同比增长39.1%至3.56亿元，占总收入的 57.8% 。 股东应占亏损 ：2024年股东应占亏损2.27亿元，同比收窄42.28%。 每股基本亏损 ：0.34元。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至12月31日止年度 | | | | | 2024年 | 2023年 | 同比參動 | | | 人民幣千元 人民幣千元 | | | | 收入 | 615,483 | 441.126 | 39.5% | | 毛利 | 433.621 | 325.370 | 33.3% | | 銷售及分銷開支 | ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 国科恒泰（北京）医疗科技股份有限公司 （北京市北京经济技术开发区经海四路 25 号 6 号楼 5 层 501C 室） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 招股说明书 ...