Group 1 - Boston Scientific is confirmed as one of the first multinational medical companies to participate in the 9th China International Import Expo (CIIE) scheduled for 2026 [1] - The company aims to leverage the CIIE platform to better understand local clinical needs and accelerate the introduction of innovative products tailored to China's healthcare landscape [4][11] - Boston Scientific has a strong history of innovation, with over 10% of its revenue invested in R&D annually and multiple products recognized with prestigious awards [5] Group 2 - At the 8th CIIE, Boston Scientific will showcase over 80 innovative products, including five that will have their debut, addressing various clinical needs such as liver tumors and atrial fibrillation [7] - The company has successfully transitioned 22 products from exhibition to market approval in mainland China, demonstrating the effectiveness of the CIIE as a platform for commercialization [10] - The CIIE serves as a unique value proposition for connecting global innovations with China's clinical demands, acting as an accelerator for healthcare technology [11] Group 3 - The establishment of Boston Scientific's first manufacturing base in China, completed within a year, highlights the efficiency and speed of operations in the country, enhancing the company's local strategy [11] - The company emphasizes the importance of digitalization and precision in responding to the evolving healthcare needs in China, aligning with national health initiatives [11]

近期，微创医疗（00853.HK）连发公告，公司经营走向陡然生变。17日公司发布盈警称2025年上半年亏损不超1.1亿美 元、收入跌幅控制在4%以内；四天后又披露拟将心律管理业务注入港股子公司心通医疗（02160.HK）。"曲线上市"消 息令微创医疗股价盘中逆势飙升近8%，而此前半年累跌约30%。 看似业绩回暖，背后对赌炸弹高悬：2024财年公司收入增长近一成但仍亏损2.69亿美元，四年来累计亏损已逾18亿美 元；与此同时，高瓴资本等持有2.27亿美元可赎回优先股，若2025年7月前心律业务未如约上市，微创需在短期内回购 本金利息合计2.87亿美元，将使原本紧绷的资金链雪上加霜。 剥离非核心资产、拆弹求生的非常之举已经启动，微创医疗能否借此拆除对赌雷并重回盈利轨道，仍有待时间检验。 "借壳"背后的博弈 微创医疗正尝试以拆分上市之举化解心律业务"达标上市"对赌压力。 2025年7月16日公司公告称，拟将高端心律管理业务整体注入其控股的结构性心脏病平台——心通医疗（02160.HK）， 通过换股及配套融资打造涵盖起搏器、ICD/CRT-D、TAVI 瓣膜、左心耳封堵器到电生理标测的"一站式心脏介入平 台"。若交易 ...

Summary of Key Points from Conference Call Records Industry Overview: Medical Devices in Hong Kong and A-Share Market - The Hong Kong medical device sector is characterized by innovative product launches, technological breakthroughs, and companies with strong cash flow and rapid earnings growth, particularly the 18A category companies, some of which have seen stock price increases exceeding 100% [1][4] - In the A-share market, various segments such as medical devices, high-value consumables, low-value consumables, and in vitro diagnostics exhibit different business models and investment logics, with varying inflection points [1][5] Key Companies and Investment Opportunities - **Orthopedic Sector**: Companies like Chuangli Medical and Aikang Medical are highlighted for their strong performance and growth potential, particularly in the context of cleared material prices and robust international business growth [1][4] - **Cardiovascular Devices**: Companies such as MicroPort Medical, Guizhuang Tongxiao, and Xianruida are noted for their promising developments in the cardiovascular device space [1][4] - **Neurointervention**: MicroPort Medical is expected to turn profitable by the end of 2024, with projected profit growth of 50% from 2025 to 2027, benefiting from procurement policies [1][15] Financial Performance and Projections - MicroPort Medical achieved profitability in 2024 with a profit of 100 million yuan, and anticipates a 50% annual profit growth from 2025 to 2027 [1][15] - Heartway Medical is expected to improve significantly in profitability by 2025-2026, leveraging a low-price strategy to counteract procurement pressures [2][19] - Baixin An's stock has surged by 156%, with its core product RDN targeting a large market for resistant hypertension, indicating substantial growth potential [2][26] Market Trends and Structural Opportunities - The medical device sector is expected to see structural opportunities in the second half of 2025, driven by low comparative bases from 2024 and favorable policy changes [2] - The peripheral intervention industry is projected to experience accelerated domestic replacement rates, with national procurement results expected in early 2025 [2][16] Emerging Technologies and Long-term Value - The brain-computer interface sector is advancing rapidly, with expectations for breakthroughs in motor and language control, and companies like Mindray and Nanhui are noted for their long-term investment value [1][7][8] - Companies such as Weitai Medical are developing innovative products like the second-generation CGM, which is expected to gain market traction [12] Challenges and Strategic Responses - Companies like Times Angel are facing pressure in domestic business growth but are expected to maintain high growth in overseas markets despite challenges [11] - The neurointervention sector has seen rapid domestic growth despite price reductions, with companies like MicroPort Brain Science achieving significant overseas revenue growth [24][25] Conclusion - The medical device industry in both Hong Kong and A-share markets presents numerous investment opportunities, particularly in innovative companies with strong growth trajectories and strategic responses to market challenges. Investors are encouraged to monitor these developments closely for potential gains [20][21]

第20期中国援圭亚那医疗队队长杜伯祥（左二）为圭亚那医生演示支气管封堵技术。 第20期中国援圭亚那医疗队供图 人民网里约热内卢7月19日电 （记者时元皓）乔治敦消息：日前，第20期中国援圭亚那医疗队在乔治敦公立医院成功 实施该院首例基于支气管封堵器的肺隔离技术，为一位胸腔镜手术患者提供麻醉保障，进一步提升该院胸科手术麻醉水 平。 术中，在援圭亚那医疗队队长杜伯祥的精准操作下，支气管封堵器顺利就位，胸腔镜清晰显示目标肺组织隔离效果完 全达到预期，为外科医生创造了理想的无干扰操作空间。据介绍，得益于该技术的微创特性和麻醉管理的优化，患者术后 迅速苏醒，状态平稳，这充分契合当前国际推崇的"快速康复外科"理念。 这项新技术吸引了该院麻醉科多位医生现场观摩。杜伯祥演示了关键步骤，并对技术原理、适应症把握及操作要点等 进行现场讲解。该院医生卡诺表示："中国医疗队持续为我们打开新技术的大门，这次演示清晰实用，是提升本地麻醉实践 能力的宝贵一课。" 近期，医疗队还开展多项行动，持续扩大医疗服务辐射范围和影响力。在圭亚那行政区第3区的西德梅拉拉地区医院， 医疗队于近期实施了"中国医疗队手术日"项目，集中开展多学科手术巡诊，增强 ...

继2024年8月， 乐普心泰医疗旗下上海形状记忆合金材料有限公司 自主研发的 MemoSorb ® 生物可降解房间隔缺损封堵器 获国家药监局（NMPA）注册批 准，成为 全球首款我国自主研发的生物可降解封堵器 ，标志着我国在结构性心脏病介入治疗可降解领域取得重大突破之后，锦葵医疗于本次申报的可降解房 间隔缺损封堵器正式进入创新通道，则有望为我国该领域自主可控、高端创新格局再添新力。 # 研发背景 2025年7月2日，NMPA公布了创新医疗器械特别审查申请审查结果公示（2025年第6号），有 14款产品 进入创新通道。 其中包括 上海锦葵医疗器械股份有限公司 （简称" 锦葵医疗 "）申请的 可降解房间隔缺损封堵器 。 房间隔缺损（ASD） 常被描述为 "心脏上的一个洞" ，是指左心房和右心房之间的心脏隔膜上的一个开口。 ASD 是临床上常见的先天性心脏缺陷， 约占所有先天性心脏病的10% ，发病率在小儿先天性心脏病中排第二位，占成人先天性心脏病的20%-30%， 是成 年人中最常见的先天性心脏病 。 当需要关闭 ASD 时，目前的治疗标准是 植入房间隔封堵器 。 房间隔缺损封堵器是一种专门设计用来治疗房间隔缺损 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **domestic medical device industry**, highlighting advancements in various companies and their innovative products. Key Companies and Their Innovations 1. **Peijia Medical** - The shockwave balloon technology shows a **30%-50% efficacy** in early clinical trials for treating aortic valve calcification [1] - The transcatheter aortic valve replacement product **Mona Q** has enrolled **9 patients** in the global Fame clinical trial, with no deaths or strokes reported during long-term follow-up. It has received **IDE clinical approval** in the U.S. and is expected to advance to U.S. clinical trials within the year [2][4] 2. **Jianxi Technology** - The tricuspid valve replacement product has completed clinical registration trials in Europe with a **97% success rate** and is expected to receive CE certification by **2025** [1][3] 3. **Xenon Medical** - The self-expanding intracranial drug-eluting stent has a **restenosis rate of only 1.7%-1.87%** and a **100% surgical success rate**. Approval is anticipated this year, with a market exclusivity period of **1.5 to 2 years** [1][6][7] 4. **HeartTech Medical** - Leading market share in domestic occluder products with a series of **four generations of biodegradable occluders**. The aortic valve product has been approved for commercialization since Q1 [1][8] 5. **Qiming Medical** - Four TAVI products have been approved and marketed in over **ten countries**. New TAVI products are under development, with expectations for a tricuspid valve replacement product to be approved in Europe by **2027** [1][9] Market Trends and Future Outlook - The medical device sector is expected to see a **catalyst for growth** in the second half of the year due to potential equipment upgrades, particularly in **3.0T MRI and 64-slice CT** products [2][17] - Companies like **Huitai Medical** are projected to have strong performance due to new product launches and market expansion [11][23] Competitive Strategies - Domestic medical device companies are enhancing their international competitiveness through: - **Patent breakthroughs** and early clinical trials [4] - Focusing on less crowded market segments for differentiation [4] - Collaborations with international firms to leverage global networks for faster commercialization [5] Financial Performance Expectations - Companies such as **Huitai Medical** and **Mingrui Medical** are expected to show strong growth in the second half of the year, despite some companies facing short-term pressures due to high bases from previous years [10][11][15] - The **IVD sector** is experiencing pressure from policy changes, but improvements are anticipated in the latter half of the year as companies adjust pricing strategies [28] Regulatory and Policy Impact - The medical industry is facing challenges from **DRG cost control policies** and increased compliance requirements, impacting overall performance and cash flow [33] Conclusion - The domestic medical device industry is poised for growth with innovative products and strategic collaborations, despite facing regulatory challenges and market competition. Companies are actively seeking to enhance their international presence and capitalize on emerging market opportunities.

Core Viewpoint - The company reported significant declines in revenue and profit for 2024, reflecting operational pressures and strategic adjustments in various business segments [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.103 billion yuan, a decrease of 23.52%, and a net profit attributable to shareholders of 247 million yuan, down 80.37% [1] - The first quarter of 2025 saw revenue of 1.736 billion yuan, a decline of 9.67%, with a net profit of 379 million yuan, down 21.44% [1] - The gross margin for 2024 decreased by 3.36 percentage points to 60.88% due to policy impacts on the pharmaceutical sector and strategic adjustments in the medical device segment [1] Business Segment Analysis - The pharmaceutical segment reported revenue of 3.49 billion yuan for raw materials, down 14.99%, and 1.409 billion yuan for formulations, down 46.50% [1] - The medical device segment generated revenue of 3.326 billion yuan, reflecting a strategic shift and operational challenges [1][2] - The medical services and health management segment achieved revenue of 1.019 billion yuan, down 19.24%, with notable growth in the Hefei Cardiovascular Hospital [3] Strategic Focus and Innovation - The company is focusing on innovation and internationalization, with new products in the interventional device field receiving approval [4] - The R&D pipeline includes various medical products expected to contribute significantly to future revenue [4] Future Outlook - The company is positioned as a leading player in the cardiovascular sector, with strategic adjustments in the pharmaceutical business and a focus on consumer healthcare expected to drive growth [5] - Projected net profits for 2025-2027 are 999 million yuan, 1.197 billion yuan, and 1.415 billion yuan, representing substantial growth rates [5]

Core Viewpoint - The article highlights the advancements in the medical technology sector, particularly focusing on innovative medical devices that have received special review status from the NMPA, indicating a growing trend in the industry towards innovation and regulatory support [1]. Company Summaries - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is a leading global medical device supplier, established in 1991, with a revenue of 36.73 billion yuan in 2024, reflecting a 5.1% year-on-year growth, and a net profit of 11.67 billion yuan, up 0.7% [5]. - Wuxi Reiming Vision Technology Co., Ltd. specializes in the research and production of artificial lenses, having developed advanced hydrophobic acrylic materials and received CE certification for its products, indicating its strong R&D capabilities [6]. - Shenzhen Gamma Knife Technology Co., Ltd. has been focused on high-end medical equipment, particularly in radiation therapy, since its establishment in 1993, showcasing its commitment to innovation in the medical technology field [7]. - Suzhou Puno Medical Technology Co., Ltd. is a national high-tech enterprise founded in 2020, dedicated to the development of products related to tumor brachytherapy, emphasizing its strong R&D capabilities and innovative approach [10]. - Hangzhou Aijinglun Technology Co., Ltd. is an innovative ophthalmic medical device company established in 2015, known for its unique suspension-type intraocular lens, which fills a gap in the market for high-degree correction lenses [13]. - Beijing Shanning Kezhi Medical Device Co., Ltd. focuses on biodegradable zinc alloy technology, with products entering clinical trials, showcasing its innovative approach in the biomedical field [15]. - Medtronic, a global leader in medical technology founded in 1949, operates in over 70 disease areas, providing lifelong treatment solutions for chronic disease patients [18]. - Shanghai Yangshan Biotechnology Co., Ltd. was established in 2023, collaborating with top hospitals and dental clinics, indicating its strong market positioning in the dental sector [19]. - Xiamen Shide Medical Equipment Co., Ltd. emphasizes innovation in surgical instruments, having obtained numerous patents and certifications, and is recognized for its diverse product line [20][21]. - Guangzhou Xinhanglu Medical Technology Co., Ltd. focuses on innovative cardiac electrophysiology products, with a unique four-dimensional mapping system that enhances treatment precision [22]. - Shanghai Jinkui Medical Device Co., Ltd. specializes in cardiovascular interventional materials, having developed several pioneering products and maintaining strong R&D partnerships [23]. - Guokexin Medical Technology Co., Ltd. is engaged in the development of advanced medical equipment for boron neutron capture therapy, marking a significant advancement in cancer treatment technology [24]. - Shanghai Ruining Biotechnology Co., Ltd. focuses on high-end biomedical materials, with a strong emphasis on innovation and collaboration with leading cancer treatment centers [25]. - Suzhou Sainasi Medical Technology Co., Ltd. is dedicated to cardiac electrophysiology, providing innovative solutions and a comprehensive product line for the medical field [26].

博睿康 NeuroHUB助力国内首个剧场神经美学实验 近日，国内首个真实剧场环境下的神经美学实验在新清华学堂进行，八名佩戴便携式脑电设备的志愿者在 现场观看舞剧《咏春》，设备可同时采用无线方案同步记录数据，实时捕捉观众沉浸于艺术时的神经活 动。 无线自由：解放科研想象力 NeuroHUB采用模块化的便携可穿戴设计，采用无线方案同步传输数据，志愿者可自然落座剧场任意位置。 设备提前40分钟调试完成，演出全程无感佩戴，确保艺术体验的纯粹性。 群体超扫描：多人大脑实时对话 志愿者佩戴的设备是由博睿康自主研发的NeuroHUB多模态研究平台， 这也是首次实现真实场景下多人观演 脑电及生理信号的毫秒级精准同步采集记录 。当青绿山水在舞台流淌，当电波穿越时空帷幕，志愿者们的 大脑正掀起一场无声风暴。数据显示，当观众沉浸于演出时，大脑活跃度显著提升，这种全脑联动与情感 分布密切相关——这正是现场艺术直击人心的神经密码。 在这场颠覆传统的实验中，博睿康自主研发的NeuroHUB多模态平台展现出三大核心优势： NeuroHUB首创的便捷群体同步方案突破实验室单一场景的局限，支持10人以上脑电和生理信号毫秒级精准 对齐。 真实场 ...

Group 1: Event Overview - The 11th China (Shanghai) International Technology Import and Export Fair was held from June 11 to June 13, focusing on "hard technology" and future industries, showcasing nearly a hundred breakthrough achievements in fields like brain-machine interfaces, embodied intelligence, quantum technology, and synthetic biology [1][2] - The event highlighted significant innovations such as the world's first sound tweezers single-cell sorting technology and the debut of self-developed lunar soil fiber technology and equipment, indicating a promising future for the technology industry [1][2] Group 2: Innovations in Lunar Technology - East China University of Science and Technology showcased the "in-situ preparation of lunar soil fiber modular equipment," which is included in China's lunar base construction plan, utilizing lunar soil from the Chang'e 5 mission to create fibers for lunar base construction [2] - The technology aims to convert lunar soil into high-performance fibers, enabling local resource utilization and meeting the material performance needs for lunar base construction [2] Group 3: Advancements in Biotechnology - The Soundpen CB system developed by Oubino Biotechnology employs non-contact, label-free acoustic tweezers to manipulate cells with precision, significantly enhancing experimental efficiency by minimizing cell damage [3] - The event also featured brain-machine interface technologies that allow patients with central nervous system injuries to control exoskeletons for rehabilitation, demonstrating practical applications in hospitals and rehabilitation centers [5][6] Group 4: Robotics and Automation - The fair showcased various robots, including a six-legged robot designed for Antarctic research, which can assist in transporting materials and ensuring safety by detecting cracks in the ice [3][4] - Nanjing University presented a multimodal interactive robot capable of intelligent dialogue and music synchronization, which is already in mass production and available in North America [4] Group 5: 3D Printing in Pharmaceuticals - The company San Diego demonstrated its 3D printing technology for pharmaceuticals, achieving continuous and large-scale production of printed drugs, with an annual capacity of 75 million to 300 million tablets [6] - Lepu Medical introduced the MemoSorb biodegradable occluder series, the first of its kind globally, providing innovative treatment solutions for congenital heart disease and stroke prevention [6]