房颤患病人群基数庞大，受人口老龄化加剧影响， 预计到2025年，房颤患病人数将达到2266.6万人 ，2021- 2025年的复合年增长率为2.85%，手术需求较高。 在心脏消融领域，包括" 冰 "、" 火 "、" 电 "三种消融能量类型的心脏电生理解决方案——"火元素" 射频消融 、"冰元素" 冷冻消融 及"电元素" 脉冲电场消融（PFA） 。 招商通知 第三届全球手术机器人大会 第二届全球医疗科技大会 2025 年 7 月 2 日 ， 医疗科技公司 Kardium 宣布 完成新一轮 2.5 亿美元 （约合人民币18亿）融资 ，为其用于 房颤治疗的创新产品—— Globe 脉冲场消融系统 （Globe PFA System）进入市场铺路。 新资金将用于支持 Globe 系统的 FDA 审批、产能扩建、商业化团队搭建，以及继续拓展产品在心律失常治疗 领域的临床研究。 "这笔资金让我们能够在全球范围内推进 Globe 系统的商业化。"Kardium 首席执行官 Kevin Chaplin 表示，"我 们的目标是将这项技术带给数百万房颤患者，改善他们的生活质量。" # 研发背景 房颤 是心律失常领域最为常见的疾病 ...

Group 1 - In June, several investment funds in Sichuan completed registration and began investing, indicating an active investment atmosphere [1] - Chengdu Jinjiang Jiaozi Digital Equity Investment Fund has a registered scale of 200 million yuan, focusing on the "1+3+3" industrial system in Chengdu [3] - Chengdu High-tech Vision Electronic Information Industry Equity Investment Partnership has been registered, co-funded by Chengdu High-tech Group and Beite Fund [3] - Meishan Industrial Development Investment Guidance Fund is in the process of selecting a sub-fund manager for a 100 million yuan sub-fund focusing on lithium batteries, photovoltaics, and chemical new materials [3] - Sichuan Province's Achievement Transformation Investment Guidance Fund has been launched with a total scale of 5 billion yuan, focusing on various high-tech sectors [4] Group 2 - The Sichuan Province Achievement Transformation Investment Guidance Fund has already invested 150 million yuan in four quality projects in AI and high-end energy equipment [4] - The fund plans to invest over 500 million yuan by 2025, with 39 million yuan already earmarked for ten projects [4] - Chengdu Science and Technology Investment Group's enterprises have been included in the first batch of innovative medical device application pilot lists in Sichuan [5] Group 3 - Sichuan Southwest Jiaotong Railway Development Co., Ltd. was listed on the Beijing Stock Exchange, marking the first IPO project of the Academy Fund under Chengdu Science and Technology Investment [7] - Multiple local funds, including those under Chengdu Science and Technology Investment Group, participated in the investment of Southwest Jiaotong Railway Development [7]

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 心未来 2025年4月27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4号），有 9款产 品 进入创新通道。其中包括， 剑虎医疗科技（苏州）有限公司 申请的 心脏脉冲电场消融仪 。 # 研发背景 房颤 是心律失常领域最为常见的疾病之一，属于快速室上性心律失常，其显著特点是心房活动紊乱、不协 调。当房颤发作时，心房会快速且不规则地跳动，频率高达300～600次/分，患者往往会出现心悸、眩晕、 胸闷不适以及气短等症状。 房颤患病人群基数庞大，受人口老龄化加剧影响， 预计到2025年，房颤患病人数将达到2266.6万人 ，2021- 2025年的复合年增长率为2.85%，手术需求较高。 在心脏消融领域，包括" 冰 "、" 火 "、" 电 "三种消融能量类型的心脏电生理解决方案——"火元素" 射频消融 、"冰元素" 冷冻消融 及"电元素" 脉冲电场消融（PFA） ...

从盘面来看，上述5只个股在5月14日开盘后纷纷上涨，出现冲高迹象，随后的股价走势表现不一。其中，芯原股份的盘中 涨幅一度达到7.11%，截至午市休盘，其最新股价为85.44元/股，上涨2.13%。 本报讯 （记者舒娅疆）北京时间5月14日凌晨，国际指数编制公司明晟公司（MSCI）公布了5月份的指数审议结果。MSCI 全球股票指数（ACWI）新纳入30只股票，剔除61只股票，其中MSCI中国指数新纳入芯原股份、百利天恒、惠泰医疗、光线传 媒、海思科5只A股。 从本次被新增纳入指数名单的5家A股公司来看，他们均具备显著经营亮点和发展优势。 海思科是集新药研发、生产制造、推广营销业务于一体的专业化医药公司，凭借在创新药研发、市场表现以及国际化进程 等方面的突出表现，在医药行业中占据了重要地位。截至2024年底，海思科的商业化产品及进入临床试验阶段的1类新药共有 14个，此外，还有处于筛选阶段的项目40余项，涉及麻醉镇痛、呼吸、慢病、肿瘤和自身免疫等领域。 惠泰医疗被认为是国产电生理及血管介入的头部企业。2024年12月份，公司的电生理产品AForcePlusTM导管、 PulstamperTM导管、心脏脉冲电场消融 ...

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 ...

2025 年 04 月 29 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:427.10 惠泰医疗点评报告：业绩持续高增长，PFA 有望贡献新增量 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 414.64/414.64 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：业绩基本符合 预期，看好集采下产品放量>>-- 2024-11-01 <<惠泰医疗点评报告：电生理手术量 保持强劲增长，业绩持续向好>>-- 2024-08-27 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：0755-83683312 E-MAIL：lixiaoyan@tpyzq. ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology procedures and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27, reflecting a 40% upside from the current price of 433.06 [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million, representing a growth of 25.2%, and a net profit of 673 million, reflecting a growth of 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 5.64 billion, a year-on-year increase of 23.93%, and a net profit of 1.83 billion, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 for 2025 and 15.89 for 2027 [5]. Operational Highlights - The company has seen a 50% increase in three-dimensional electrophysiology procedures, with over 15,000 procedures completed in 2024 [5]. - The company’s electrophysiology revenue is expected to reach 4.4 billion, a growth of 19.73% [5]. - The company has successfully launched key products in the electrophysiology market, including AForcePlus catheters and a cardiac pulsed field ablation device [5]. Market Position - The company has expanded its market presence, with over 1,360 hospitals now using its electrophysiology products, and a significant increase in the number of hospitals adopting its coronary and peripheral products [5]. - International revenue is projected to grow by 19.75%, with a notable 45.88% increase in self-branded products in key markets [5].

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company continues to experience rapid growth, with a significant increase in electrophysiology surgeries and potential growth in peripheral products due to centralized procurement [1][5]. - The target price has been adjusted to 504.27 CNY, reflecting a 40% upside from the current price of 433.06 CNY [1][5]. Financial Summary - For 2024, the company is projected to achieve revenue of 2,066 million CNY, representing a 25.2% increase, and a net profit of 673 million CNY, up 26.1% [3][5]. - The first quarter of 2025 is expected to show revenue of 564 million CNY, a 23.93% increase, and a net profit of 183 million CNY, up 30.69% [5]. - The earnings per share (EPS) estimates have been adjusted to 9.34 CNY for 2025 and 15.89 CNY for 2027 [5]. Business Performance - The company has seen a 50% increase in three-dimensional electrophysiology surgeries, with over 15,000 procedures completed in 2024 [5]. - The revenue from electrophysiology products is expected to reach 440 million CNY, a 19.73% increase [5]. - The coronary intervention revenue is projected at 1,054 million CNY, reflecting a 33.30% growth [5]. Market Position - The company has become the first globally to offer a comprehensive solution for three-dimensional pulsed ablation, including various approved products [5]. - International business has shown strong growth, with overseas revenue reaching 280 million CNY, a 19.75% increase, and a 45.88% growth in self-owned brands [5].

正式报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 现有取得注册证产品： 取石网篮、肠道支架及输送系统、胆道支架及输送系统、颅内支撑导管等。 2024年临床项目处于快速有序进行中，并以计划启动"下静脉取栓装置用于治疗深静脉血栓形成的安全性和有效性的前瞻性、多中心、随机、开放、平行对 照、非劣效临床试验"。 2025年4月27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4号），有9款产品进入创新通道。 1. 产品名称：颅内静脉窦取栓支架 申请人：北京弘海微创科技有限公司 北京弘海微创科技有限公司成立于2017年11月份，是一家以植/介入医疗器械研发、生产、销售于一体的创新型平台公司，聚焦于神经、外周、消化、泌 尿、呼吸等植/介入领域的医疗器械研发，为医患提供完整的治疗方案。公司拥有全球独创的工艺技术，通过自主研发的设备，开发出具有卓越性能的植/介 入医疗器械。 2. 结核分枝杆菌复合群耐药基因突变检测试剂盒（可逆末端终止测序法） 申请人：广州市金圻睿生物科技有限责任公司 广州市金圻睿生物科技有限责任公司（简称"金圻睿"）于2016年成立，聚焦于精准医疗体 ...

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 2.066 billion yuan in 2024, representing a year-on-year increase of 25.18%, and a net profit attributable to shareholders of 673 million yuan, up 26.08% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 564 million yuan, reflecting a year-on-year growth of 23.93%, and a net profit of 183 million yuan, which is a 30.69% increase year-on-year [4][5] - The company has successfully expanded its electrophysiology business, with over 1,360 hospitals covered and a 50% increase in the number of three-dimensional electrophysiology surgeries performed in 2024 [5][6] Financial Performance - The company’s revenue from coronary access reached 1.054 billion yuan in 2024, a year-on-year increase of 33.30%, while electrophysiology revenue was 440 million yuan, up 19.73% [6] - The company’s overseas revenue was 280 million yuan, showing a growth of 19.75%, with a notable 45.88% increase in international business under its own brand [6] - The projected revenues for 2025, 2026, and 2027 are 2.741 billion yuan, 3.580 billion yuan, and 4.664 billion yuan, respectively, with growth rates of 32.7%, 30.6%, and 30.3% [7][8] Earnings Forecast - The expected net profits for 2025, 2026, and 2027 are 907 million yuan, 1.197 billion yuan, and 1.572 billion yuan, with growth rates of 34.8%, 32.0%, and 31.3% [8][10] - The projected EPS for the same years are 9.34 yuan, 12.33 yuan, and 16.19 yuan, with corresponding P/E ratios of 46x, 35x, and 27x [8][10]