1月23日，微创医疗(00853.HK)股价大幅拉升，盘中一度涨逾13.6%；截至发稿，该股涨幅有所收窄，为3.37%，报12.88港元/股。 该股涨势如此靓丽，主要得益于业绩利好刺激。 1月22日，微创医疗发布盈利预喜公告，预计2025年将实现扭亏为盈，录得净利润不低于2000万美元，2024年则净亏损约2.68亿美元。 在快速变化的市场环境以及日趋激烈的行业竞争格局下，近几年微创医疗一方面稳固在国内市场的领先份额，加速推进新产品、新技术的市场准入，确保在 国内市场的核心竞争力；另一方面，通过整合资源、发挥海外渠道优势，助力各业务板块产品快速打入海外市场，拓展国际业务版图。 不过，受持续高强度创新研发投入、业务扩张相关支出等因素影响，微创医疗曾长期陷入亏损困境。回顾过往财务数据，2020年至2024年，公司累计归母净 亏损额近16亿美元，经营压力可见一斑。 对于2025年盈利状况的显著改善，微创医疗解释称，主要得益于四大方面的积极变化： 其四，附属公司处置为公司带来正向收益，进一步改善了整体财务表现。 综上所述，在经历多年持续亏损后，微创医疗凭借积累多年的多元化业务集群优势、自主可控的核心创新能力，叠加降本 ...

Core Viewpoint - The Chinese medical industry has entered a new development stage influenced by multiple factors such as international expansion, centralized procurement mechanisms, and geopolitical dynamics. The focus has shifted from whether companies can go international to whether they possess the capability for long-term participation in global competition [2]. Group 1: Multi-Dimensional Collaborative Layout Capability - In the global high-end medical device sector, especially in complex disease and high-risk treatment scenarios, competitive advantage relies on systematic collaboration across different treatment stages and technological pathways rather than on single-point advantages [3]. - MicroPort Medical's business structure exemplifies strong representation in this dimension, covering multiple high-risk and high-tech core tracks, forming a business combination across cardiovascular, neurological, orthopedic, and surgical robotics fields [3]. Group 2: Clinical Closed-Loop Capability - The concept of "clinical closed-loop" in high-end medical devices refers to the ability to continuously and stably deliver medical solutions into real clinical systems, encompassing a complete chain from technological innovation to long-term follow-up [6]. - MicroPort Medical demonstrates distinctive features in this area, including a focus on Class III high-risk devices, a high density of "first/only" level technological innovations across multiple tracks, and a clinical technology foundation that integrates multiple pathways [7][8]. Group 3: Global Operational Capability - The true challenge of globalization lies not in the number of countries entered but in the ability to operate continuously under different regulatory systems, clinical environments, and commercial logics, forming long-term synergies across R&D, registration, supply chain, academia, and market [11]. - MicroPort Medical has established a multi-regional collaborative operational system, integrating domestic and overseas markets into a cohesive global framework, leveraging its product and clinical foundation in China to accelerate market entry for new technologies and products [12]. Group 4: Academic-Driven International Pathway - In mature markets like Europe, clinical and academic evidence is crucial for entering mainstream medical systems. MicroPort Medical has built academic recognition through high-quality clinical data and multi-center studies, maintaining close collaborations with key opinion leaders (KOLs) [16]. - The company's products have completed international multi-center clinical studies, establishing a strong academic influence and clinical trust in overseas markets [16][18]. Group 5: Industry Observation - As the industry evolves, global competition is increasingly focused on integrated capabilities encompassing technology R&D, clinical transformation, and data accumulation, raising higher demands for organizational systems and cross-field collaboration [21]. - MicroPort Medical's practices provide a valuable reference for how Chinese medical device companies can establish long-term competitiveness in the global high-end system [21].

Market Overview - A-shares continued to experience fluctuations with major indices showing recovery in volume, supported by a significant increase in weekly financing, which rose substantially compared to the previous period[2] - Stock ETFs saw a net inflow of 363.41 billion yuan, indicating positive market sentiment following the Central Economic Work Conference held in December[2] - By December 31, the major broad-based indices showed a cautious outlook, with only the CSI 500 maintaining a bullish signal, while other indices shifted to a more cautious stance[2] Fixed Income Insights - In the period from December 29 to December 31, 2025, a total of 76 credit bonds were issued, amounting to 769.14 billion yuan, reflecting an 82.02% decrease from the previous week[33] - The secondary market for publicly listed REITs experienced a decline, with returns ranking from high to low as follows: pure bonds > A-shares > convertible bonds > REITs > US stocks > crude oil > gold[31] Industry Highlights - Lithium prices reached approximately 112,000 yuan per ton, with recommendations to focus on companies with cost advantages and resource expansion potential, such as Tianqi Lithium and Ganfeng Lithium[7] - The copper smelting capacity in China may face restrictions due to regulatory measures, while the demand for copper remains under pressure despite a tight supply outlook for 2026[7] Consumer and Economic Policies - The first batch of "old-for-new" subsidy funds for 2026 is expected to be lower than the previous year, with an estimated total scale of 250 billion yuan, potentially boosting retail sales growth by 1.2 percentage points[13] - The PMI returned to the expansion zone in December, supported by effective incremental policies and a favorable export environment, indicating a positive economic outlook for the end of the year[15]

Core Viewpoint - MicroPort Medical's stock dropped over 7% due to pressure on its main business revenue in the first half of 2025, and the company plans to undergo a business restructuring [1][2] Group 1: Financial Performance - For 1H25, MicroPort Medical reported revenue of $548 million, a year-on-year decrease of 2% [1] - The company recorded a net loss attributable to shareholders of $47 million, an improvement from a loss of $97 million in the same period last year, representing a 52% reduction in loss [1] - Despite revenue challenges, effective cost control and contributions from foreign exchange gains and asset disposals led to a narrower loss than expected [1] Group 2: Business Segment Performance - Major business revenue faced varying degrees of pressure: - Coronary revenue decreased by 2.1%, with domestic revenue remaining stable - Balloon and accessory revenues increased by 38% and 21% respectively - Overseas revenue fell by 10% due to factors like Middle East conflicts and channel adjustments - Orthopedic revenue declined by 3.7% - Arrhythmia management revenue decreased by 1.4% - Revenue from large artery and peripheral segments dropped by 9.2% due to centralized procurement or price reductions - Neurointervention revenue fell by 6.2% [1] Group 3: Strategic Initiatives - The company announced that its board is considering a non-binding proposal for a strategic restructuring of its arrhythmia management business, which may lead to a merger with MicroPort Heart's operations [2] - The company is also planning to sell several properties and other assets, and is in discussions with multiple potential investors for direct investments in its subsidiaries or other assets [2] - These initiatives are expected to help improve the group's debt and cash flow situation [2]

Core Insights - The company reported a revenue of $548 million for 1H25, a year-on-year decrease of 2%, but the net loss attributable to shareholders narrowed to $47 million from $97 million, representing a 52% reduction in loss [1] - Despite revenue pressures, effective cost control and contributions from foreign exchange gains and asset disposals led to better-than-expected profit performance [1] Revenue Trends - Major business segments experienced varying degrees of revenue pressure: - Coronary revenue decreased by 2.1%, with domestic revenue stable and balloon and accessory revenues increasing by 38% and 21% respectively; overseas revenue fell by 10% due to Middle East conflicts and channel adjustments [1] - Orthopedic revenue declined by 3.7%, and cardiac rhythm management revenue decreased by 1.4% [1] - Revenue from large artery and peripheral segments dropped by 9.2%, while neurointervention revenue fell by 6.2% [1] - Structural heart disease revenue increased by 2.7%, surgical robot revenue surged by 77%, and surgical revenue rose by 42.8% [1] - International business revenue grew by 57.3%, reaching $60 million [1] Cost Management and EBITDA - The orthopedic segment's net loss narrowed by 57.9%, with EBITDA increasing by 28.5% [2] - Cardiac rhythm management achieved positive EBITDA, while Heartlink Medical's net loss decreased by 96.2% and minimally invasive robotics' net loss reduced by 58.9% [2] - Overall, total expenses decreased by 14.5% year-on-year, and the operating expense ratio improved by 8.1 percentage points, with R&D expense ratio dropping from 20.6% to 13.2% [2] - The company's overall EBITDA increased to $128 million from $59 million in 1H24 [2] Strategic Initiatives - The company plans to restructure its cardiac rhythm management business, with a potential merger with minimally invasive Heartlink's operations [2] - The company is also looking to sell several properties and other assets, engaging with multiple potential investors to improve its debt and cash flow situation [2] Profit Forecast and Valuation - The profit forecast for 2025/26 remains unchanged at a net profit of -$39 million and $74 million respectively, maintaining an outperform rating [2] - The target price based on DCF model remains at HKD 17, indicating a 40% upside potential from the current price [2]