最新一期业绩显示，2025年一季报，公司实现营业收入3.32亿元，同比-7.23%；净利润1.30亿元，同 比-29.66%，销售毛利率69.61%。 上海微创心脉医疗科技(集团)股份有限公司的主营业务是主动脉及外周血管介入医疗器械的研发、生产 和销售。公司的主要产品是胸主动脉覆膜支架系统、腹主动脉覆膜支架系统、术中支架类、球囊类、支 架类。公司获评上海市政府质量金奖、科创板公司价值30强、首届"未来20·中国A股上市公司成长力年 度企业"；子公司鸿脉、蓝脉、拓脉获评"科技型中小企业"，蓝脉首次通过高新技术企业认定并获评"张 江年度新锐"企业；Castor分支型胸主动脉覆膜支架进入国家知识产权局《第二十五届中国专利金奖预 获奖项目》公示名录;静脉支架等入选《上海市"新优药械"产品目录》和《浦东新区创新药械产品推荐 目录》，另有5个项目获评浦东职工科技创新项目。总裁朱清入选"明珠领军人才"，刘梦钦、王金耀、 屠春霖、樊亚明入选"明珠工程师"。 7月11日，心脉医疗今日收盘95.92元，上涨1.30%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到26.42倍，创67天以来新低，总市值118.23亿 ...

Core Viewpoint - The PTCA balloon industry in China is experiencing steady growth due to the increasing prevalence of cardiovascular diseases, the expansion of coronary intervention treatments, and the rise of domestic medical device manufacturers. The market size is projected to grow from 1.059 billion yuan in 2021 to 1.366 billion yuan in 2024, with expectations to exceed 2.274 billion yuan by 2030 [1][11]. Industry Overview - PTCA balloons are medical devices used in cardiovascular interventions to dilate narrowed or blocked coronary arteries, improving blood flow and myocardial supply [1]. - The industry chain consists of upstream raw materials and equipment supply, midstream production, and downstream application in various medical institutions for treating cardiovascular diseases [2]. Industry Environment - The incidence of coronary artery disease (CAD) is rising in China, with the number of patients increasing from 25.272 million in 2020 to 27.953 million in 2024, and projected to exceed 30 million by 2030 [4]. - The mortality rate for CAD has also increased significantly, indicating a growing demand for treatment options [4]. Industry Status - Percutaneous coronary intervention (PCI) is a key treatment method for CAD, with a record of 1.63 million PCI procedures performed in 2023, marking a growth rate of 26.44% [7]. - Despite the increasing number of PCI procedures, the market penetration rate in China remains low at 690.9 procedures per million people, compared to 3022.1 in the U.S., suggesting significant growth potential [9]. Competitive Landscape - The global PTCA balloon market is dominated by international giants like Boston Scientific and Medtronic, which hold over 60% market share, particularly in high-end drug-eluting balloons [13]. - Domestic companies account for 60% of the number of firms but only 40% of the market share, indicating a competitive landscape where local firms are striving to catch up through innovation [13]. Future Trends - The industry is witnessing significant technological innovation and product upgrades, with new polymer materials enhancing balloon performance and the introduction of drug-coated balloons reducing the risk of restenosis [19]. - The trend towards domestic substitution is accelerating, with local companies like MicroPort and Lepu Medical increasing their market share due to improved product quality and performance [20]. - The demand for PTCA balloons is expected to grow as their application expands beyond traditional coronary disease treatment to include peripheral and intracranial vascular diseases [21].

业聚医疗器械（深圳）有限公司是河套深圳园区首批获得差别化合格评定试点资格的企业。过去，企业 需要提前跟海关确认上门日期，等待工作人员到厂查验。新模式下，通过海关的风险评估和现场考核 后，企业按照规范开展自我验收并向海关提交《质量验收自我声明》，就能以合格保证的方式快速放行 试点货物。 近日，在河套深港科技创新合作区深圳园区内，首批经差别化合格评定的球囊扩张导管正被送往实验 室，这种用于疏通冠状动脉狭窄的精密器械，能在心脏介入手术中帮助恢复血液流动，为冠心病患者带 来"心"的希望。 这一创新措施是深圳海关落实《海关支持河套深港科技创新合作区深圳园区全面深化改革开放若干措 施》的一项积极探索。河套深圳园区生物医药产业发展较为迅速，产业规模已超百亿元。 深圳海关经过深入调研，对经香港进入河套深圳园区并仅在区内使用的法定检验工业品，"一企一策"分 类分级提出差别化合格评定方案，聚焦进口医疗器械品类相对单一企业提出的需求，在风险评估后以合 格保证的方式开展评定试点。据统计，企业在获得差别化合格评定试点资格后，整体查验比例降低 90%，通关时长缩短46%。 （文章来源：深圳商报） "在海关的指导下，我们首次通过合格保证的 ...

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]

在现代医疗体系中，医疗器械扮演着至关重要的角色。近日，成都纽创医疗器械有限公司（以下简称"纽创医疗"）宣布，公司正式获得由国际权 威认证机构Intertek颁发的ISO 13485:2016医疗器械质量管理体系认证证书。该认证确认纽创医疗在神经介入产品、外周介入产品、冠脉介入产品 领域的管理体系符合国际标准。 ▲纽创医疗 纽创医疗成立于2021年，是一家专注于血管介/植入领域的国家高新技术企业及专精特新企业，其自主研发的纽创飞戈™外周乳突球囊扩张导管是全球首款 同类产品。纽创医疗副总经理闫峰介绍，在此次获得认证的基础上，公司将持续深化海外市场布局，推动海外市场业务开展。 成功通过国际认证 全球化征程正式起航 "ISO 13485是国际主流医疗市场的强制准入基础，有了这张国际通行证，标志着纽创医疗全球化征程的正式启航"，闫峰告诉红星新闻记者，这是一个国际 通用的体系认证，不是针对某一个具体产品，而是对整个公司的体系认证。对照相关审核标准，公司此前进行了相应准备，最终成功通过。有了这一认证， 公司就可以为全球医疗机构提供更安全、更可靠的创新医疗器械解决方案。 虽然成立的时间并不长，但纽创医疗已经在所属领域取得一系 ...

第三届全球手术机器人大会 第二届全球医疗科技大会 招商通知 2025 年 7 月 1 日，全球医疗科技公司 Teleflex（纽交所代码：TFX） 宣布，已提前完成对 Biotronik 血管介入（Vascular Intervention, VI）业务的收购。根据2月份达成 的协议，交易总价近 9 亿美元（7.6 亿欧元，约合64亿人民币），较原计划提前数月完成。此次收购将 Biotronik 在冠状动脉与外周血管介入领域的核心资产，整体并 入 Teleflex 的产品组合。 Teleflex 主席、总裁兼首席执行官 Liam Kelly 表示："此次收购不仅强化了我们在导管实验室的全球布局，更为我们提供了一系列创新的治疗型产品，使我们有机会在 快速增长的外周介入市场中建立坚实的全球影响力。" # B i o t r o n i k V I ： 收 购背 后 的 产 品 与 技 术 此次交易所涵盖的 Biotronik VI 业务，囊括了一系列技术含量颇高的介入治疗产品： Orsiro 药物洗脱支架（DES） Orsiro 是 全球首批采用生物可降解聚合物涂层的 超薄钴铬合金支架。 其核心设计在于：药物涂层 ...

Core Viewpoint - The recent announcement by the Shanghai Medical Insurance Bureau regarding the adjustment of coronary stent reimbursement standards is expected to provide new ideas for diversified payment methods in the industry [1][5]. Group 1: Policy Changes - The new reimbursement rules categorize coronary stents into three payment categories: full reimbursement for selected products, a reduced maximum payment for non-selected products, and a percentage payment for products outside the selection [1][5]. - The policy aims to create a competitive environment for high-value innovative devices alongside selected products, potentially increasing their market presence [1][5]. Group 2: Market Impact - The shift in policy is seen as beneficial for non-selected products, allowing hospitals more freedom to use them after fulfilling procurement obligations for selected products [2][5]. - The coronary stent market has experienced significant price reductions due to centralized procurement, with average prices dropping from approximately 13,000 yuan to around 700 yuan [3][4]. Group 3: Industry Dynamics - The coronary intervention medical device sector is highly competitive, with domestic and international companies vying for market share through technological advancements and product offerings [6][7]. - Companies like Sientra have reported substantial growth in sales of their stent products, indicating a positive response to the new procurement policies [6][7]. Group 4: Future Outlook - The industry is expected to focus on innovation and international expansion as key strategies for growth, with companies exploring new business models and enhancing product lines [7][8]. - The global medical device market is substantial, with opportunities for Chinese companies to expand their presence internationally, driven by policy adjustments and technological advancements [8].

Core Insights - The trend of Chinese medical device companies expanding overseas has become an essential strategy, particularly for innovative medical devices entering developed markets like Europe and the US [1][2] - Companies face multiple challenges in this process, including patent issues, localization, costs, regulations, and talent acquisition, but the trend of going global is unstoppable [1][2] Group 1: Market Entry Challenges - Chinese brands struggle to gain recognition in mature markets, often facing skepticism regarding the quality and originality of their products [2][3] - High standards from European clients require tailored solutions, which Chinese companies can provide more efficiently than larger foreign firms [3] - The need for extensive training for local medical staff before product deployment is a common requirement that Chinese companies can meet more easily than their multinational counterparts [3] Group 2: Product Quality and Innovation - High product quality and cost-effectiveness are fundamental for successful overseas expansion, alongside robust patent protection and intellectual property risk assessments [5] - The overseas market places significant emphasis on data, necessitating international multi-center clinical studies to provide substantial evidence [5] Group 3: Market Strategies and Collaborations - Different markets require distinct business models; for instance, the US market favors partnerships over traditional distribution channels [8] - Companies are exploring various commercialization strategies, including leveraging clinical KOLs and live surgeries to enhance product recognition [9] Group 4: Cultural and Talent Challenges - Cultural differences and a lack of local market understanding pose significant challenges, with many companies relying on local exhibitions for insights [10] - Hiring local management can enhance trust in the market, but the high cost of such talent is a barrier for many Chinese startups [10] Group 5: Financial Considerations - Despite high costs associated with entering the European and American markets, the profit margins for Chinese medical devices in these regions are often comparable to those in China [11] - Companies aim to increase their overseas sales proportion to diversify risks, with some reporting current overseas sales at 10%-15% [11]

蓝帆医疗股份有限公司 公开发行可转换公司债券 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 www.lhratings.com 联合〔2025〕5291 号 联合资信评估股份有限公司通过对蓝帆医疗股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定下调蓝帆医疗 股份有限公司主体长期信用等级为 AA-，下调"蓝帆转债"信用等级 为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十七日 跟踪评级报告 | 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模 ...

Group 1 - Xianruida Medical - B (06669) surged over 18% after receiving registration approval from the National Medical Products Administration for its Armoni-HP® balloon dilation catheter [1] - Meili Tianyuan Medical Health (02373) rose nearly 3% as it announced plans to further acquire a 20% stake in Guangzhou Nairier [1] - Kingdee International (00268) increased over 3% due to adjustments in service fees expected to drive subscription ARR growth by 3% to 5% next year [1] - Sasa International (00178) fell over 5%, with its stock price dropping nearly 20% since its earnings report, as all mainland stores are set to close by the end of June [1] - Jingji Financial International (01468) dropped over 7% after issuing a profit warning, expecting a net loss of no more than HKD 125 million [1] - Kuaishou - W (01024) rose over 3%, with its AI subsidiary achieving an annualized revenue run rate exceeding USD 100 million [1] - Hengyue Holdings (01723) fell over 6% after a profit warning, anticipating a 90% decrease in annual profit attributable to shareholders [1] Group 2 - Military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 7.27%, Aerospace Holdings (00031) up 2.44%, and AVIC (02357) up 1.68% [2] - Victory Securities (08540) soared over 61% as it actively expands into the virtual asset business [2] - Luoyang Molybdenum (03993) increased over 4% amid expectations that a new round of cobalt export bans from the Democratic Republic of Congo may exceed market expectations [2] - China Financial Leasing (02312) surged 229% yesterday and rose another 43% today after a premium acquisition of approximately 35% equity by Meitu's founder [2] - Guotai Junan International (01788) rose over 11% with a trading range of 104%, becoming the first Chinese broker to offer comprehensive virtual asset services [2] - Ganfeng Lithium (01772) increased over 3% as its new battery research institute and Pack integration project is set to begin trial production [2] Group 3 - Innovent Biologics (01801) fell over 4% after announcing a placement of 55 million shares at HKD 78.36 each, a discount of about 4.9% from the closing price on June 25, aiming to raise approximately HKD 4.265 billion [3] - Zhouliufu (06168) opened 11.25% higher on its debut, ranking fifth among jewelry brands in China by store count [3] - Rongchang Biologics (09995) opened nearly 15% lower after licensing its Taitasip to US Vor Bio for an upfront payment of USD 45 million [3] - Western Cement (02233) opened over 5% higher as it plans to sell its Xinjiang company and assets to release operational cash flow for expansion projects [3] - Yingtong Holdings (06883) opened 10.42% lower on its debut, being the largest non-branded perfume group in China [3] Group 4 - BP (BP.US) rose nearly 2% as Shell entered preliminary talks to acquire the company [4] - General Mills (GIS.US) saw its stock price drop over 5.1%, reaching a five-year low [4] - Brain Regen Technologies (RGC.US) fell over 5%, with a market cap shrinking to USD 10.7 billion [4] - Blackberry (BB.US) increased over 12% [4] - Google (GOOGL.US) rose over 2% after launching its first device robot model, Gemini Robotics On-Device [4] - Nvidia (NVDA.US) increased over 4% ahead of its online shareholder meeting, with Loop Capital noting that the AI trend driving Nvidia's stock price remains strong [4] - Chip stocks generally rose, with Supermicro (SMCI.US) up over 8%, Nvidia (NVDA.US) up over 4%, and AMD (AMD.US) up over 3% [4] - Novo Nordisk (NVO.US) fell over 4% as Spain's health ministry investigates whether it violated advertising laws for prescription drugs [4] Group 5 - Therapeutics (NKTR.US) surged nearly 30% after positive results from clinical trials for its eczema treatment [5] - Tesla (TSLA.US) dropped over 5.3% as new car registrations in the EU fell 40.5% year-on-year in May, marking the fifth consecutive month of significant decline [5] Group 6 - US cryptocurrency stocks collectively surged, with Sharplink Gaming (SBET.US) up nearly 6%, Coinbase (COIN.US) up over 3%, and Robinhood (HOOD.US) up over 0.9% [6] - Circle (CRCL.US), a stablecoin giant, continued its downward trend, falling over 10% [6] - Tiger Brokers (TIGR.US) surged nearly 22% as traditional financial institutions explore virtual assets, igniting market enthusiasm [6]