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 ...

最新一期业绩显示，2025年一季报，公司实现营业收入1.04亿元，同比16.77%；净利润1787.05万元， 同比328.63%，销售毛利率60.56%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13微电生理148.04186.995.5297.37亿行业平均 53.5248.844.67111.58亿行业中值37.1437.112.5651.72亿1九安医疗10.9411.060.86184.59亿2英科医疗 12.7713.771.14201.84亿3新华医疗15.2014.091.2497.43亿4奥美医疗15.9515.631.6457.63亿5山东药玻 15.9516.001.83150.91亿6振德医疗16.0515.131.0258.27亿7康德莱16.5816.591.3735.73亿8九强生物 17.0215.832.0984.31亿9奥泰生物17.6018.561.4256.13亿10维力医疗17.8218.532.0940.65亿11三鑫医疗 19.1519.163.1543.57亿12安图生物19.3418.462.48220.51亿 来源：金融界 从行业市盈率排名来看 ...

Group 1 - The core business of the company is the research, development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2] - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment, centered around precise interventional navigation [2] - The company has a range of products including the Columbus 3D cardiac electrophysiology mapping system and various disposable catheters and ablation devices [2] Group 2 - As of the latest financial report for Q1 2025, the company achieved a revenue of 104 million yuan, representing a year-on-year increase of 16.77%, and a net profit of 17.87 million yuan, up 328.63% [3] - The company's gross profit margin stands at 60.56% [3] - The company's current price-to-earnings (PE) ratio is 140.53, significantly higher than the industry average of 51.36 [3]

Company Overview - Shanghai Microelectrophysiology Medical Technology Co., Ltd. focuses on innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment, aiming to provide globally competitive integrated solutions centered on precise interventional navigation [2] Product Portfolio - The main products include the Columbus 3D cardiac electrophysiology mapping system, EasyFinder 3D magnetic positioning adjustable mapping catheter, and various disposable mapping and ablation catheters [2] - The company’s cryoablation equipment and balloon-type cryoablation catheters have been approved for inclusion in the "2024 Shanghai Biomedical 'New Excellent Drugs and Devices' Product Directory" [2] - The fourth-generation 3D cardiac electrophysiology mapping system is also listed in the "2024 Shanghai Innovative Product Recommendation Directory" [2] Financial Performance - For Q1 2025, the company reported revenue of 104 million yuan, a year-on-year increase of 16.77%, and a net profit of 17.87 million yuan, reflecting a significant year-on-year growth of 328.63% [3] - The gross profit margin stands at 60.56% [3] Market Position - As of June 26, the company's stock closed at 19.68 yuan, with a rolling price-to-earnings (PE) ratio of 140.81, significantly higher than the industry average PE of 49.45 [1][3] - The total market capitalization is 9.261 billion yuan [1] Shareholder Information - As of March 31, 2025, the number of shareholders is 7,764, a decrease of 209 from the previous count, with an average holding value of 352,800 yuan per shareholder [1]

Core Viewpoint - The company, 微电生理, is experiencing a decline in stock price and has a high price-to-earnings (PE) ratio compared to the industry average, indicating potential overvaluation in the market [1][3]. Company Overview - 微电生理 specializes in the development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2]. - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment, focusing on precise interventional navigation [2]. Product Portfolio - Key products include the Columbus 3D cardiac electrophysiology mapping system, EasyFinder3D magnetic positioning adjustable mapping catheter, and various disposable mapping and ablation catheters [2]. - The company’s cryoablation devices and balloon-type cryoablation catheters have been recognized in the 2024 Shanghai "New Excellent Drugs and Devices" product directory [2]. Financial Performance - In Q1 2025, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 16.77%, and a net profit of 178.7 million yuan, reflecting a significant year-on-year growth of 328.63% [3]. - The gross profit margin for the company stands at 60.56% [3]. Market Position - As of June 10, the company's stock price closed at 19.47 yuan, with a rolling PE ratio of 139.31, significantly higher than the industry average of 51.00 and the median of 37.03 [1][3]. - The total market capitalization of 微电生理 is 9.163 billion yuan [1]. Shareholder Information - As of March 31, 2025, the number of shareholders is 7,764, a decrease of 209 from the previous count, with an average holding value of 352,800 yuan per shareholder [1].

Core Viewpoint - The article highlights the significant advancements in cardiac electrophysiology technology, particularly focusing on the launch of the StarTrek® system by Jianhu Medical, which represents a breakthrough in domestic electrophysiology solutions [2][8]. Group 1: Industry Overview - Atrial fibrillation (AF) is the most common arrhythmia, affecting nearly 20 million patients in China, yet the number of surgical procedures remains low compared to coronary interventions [7]. - The market for three-dimensional mapping technology has evolved significantly, with major players like Johnson & Johnson and Abbott dominating the field, creating a monopolistic environment [7][8]. Group 2: Product Introduction - The StarTrek® system is the first domestic open three-dimensional dielectric imaging mapping system, integrating imaging, mapping, navigation, and damage assessment [8][10]. - The system offers high precision with a positioning accuracy of 0.4 mm and stability of 0.1 mm, significantly reducing the time required for mapping compared to traditional methods [14]. Group 3: Clinical Performance - In clinical trials, the StarTrek® system demonstrated lower pain responses and no adverse events during procedures for drug-resistant paroxysmal atrial fibrillation [10]. - The system allows for real-time observation of myocardial conditions and damage assessment during ablation, enhancing the success rate of procedures [14]. Group 4: Company Background - Jianhu Medical was founded in 2021, led by a team with extensive experience from major medical device companies, focusing on integrated solutions for cardiac electrophysiology [31]. - The company has developed both three-dimensional dielectric mapping technology and nanosecond pulsed electric field ablation technology, positioning itself uniquely in the market [31]. Group 5: Competitive Landscape - Other notable players in the three-dimensional mapping system market include Boston Scientific, Medtronic, and Abbott, each with their own innovative products and technologies [16][18][20][23]. - The competitive landscape is characterized by continuous technological advancements and regulatory approvals, with several systems recently gaining market entry [22][25][27][29].

Core Viewpoint - The electrophysiology device market in China is experiencing rapid growth due to an aging population, increasing prevalence of arrhythmias, improved early screening rates, and advancements in electrophysiological procedures, with the market expected to reach over 40 billion yuan by 2032 [1][10][21]. Industry Overview - Electrophysiology devices are used to monitor and study electrical activities in biological systems, widely applied in medical, research, and clinical diagnosis fields. Common products include ECG machines, EEG machines, EMG machines, and electrophysiological navigation systems [2][4]. Industry Environment - The number of patients with rapid arrhythmias in China is projected to reach 28.2 million by 2024, driving demand for treatment. Electrophysiological surgeries have become a primary treatment method due to their advantages such as minimal invasiveness and high safety [6][8]. Industry Status - The market size for electrophysiology devices in China has grown from 2.42 billion yuan in 2017 to 12.55 billion yuan in 2024. The surgical volume for electrophysiology has increased from 138,000 cases in 2017 to 456,000 cases in 2024, indicating significant growth potential [10][8]. Competitive Landscape - The market is dominated by foreign companies such as Johnson & Johnson, Abbott, and Medtronic, which hold a combined market share of over 64%. Domestic companies like Huatai Medical and MicroPort EP have a much smaller share, indicating a high concentration in the industry [12][14]. Key Enterprises - MicroPort EP focuses on innovative medical devices for electrophysiology and has achieved significant revenue growth, with a projected income of 413 million yuan in 2024, up 25.51% [17]. Huatai Medical, specializing in electrophysiology and interventional medical devices, expects a revenue of 440 million yuan in 2024, reflecting a 19.73% increase [19]. Development Trends 1. **Accelerated Domestic Substitution**: Domestic brands are gaining market share due to supportive policies and technological advancements, with MicroPort EP and Huatai Medical leading in key areas [21]. 2. **Technological Innovation**: The industry is moving towards smart and precise technologies, enhancing the performance of electrophysiology devices and expanding clinical applications [22]. 3. **Growing Market Demand**: The demand for electrophysiology devices is surging, particularly in grassroots healthcare and international markets, with significant growth in overseas revenues for domestic companies [23].

Group 1 - The core business of the company is the development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2] - The company aims to provide globally competitive integrated solutions for diagnosis and ablation treatment, centered around precise interventional navigation [2] - The company has several key products, including the Columbus 3D cardiac electrophysiology mapping system and various disposable electrophysiological catheters [2] Group 2 - As of March 31, 2025, the company had 7,764 shareholders, a decrease of 209 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company reported a revenue of 104 million yuan in Q1 2025, representing a year-on-year increase of 16.77%, and a net profit of 17.87 million yuan, up 328.63% year-on-year, with a gross margin of 60.56% [3] - The company's rolling PE ratio reached 150.26, significantly higher than the industry average of 49.40 and the industry median of 36.13, ranking 112th in the industry [1][3]

Group 1 - The core focus of the Sci-Tech Innovation Board (STAR Market) is to support unprofitable companies with key technologies and significant market potential, leading to 22 unprofitable companies successfully achieving profitability and removing the "U" designation [1][2] - In 2024, unprofitable companies on the STAR Market achieved a record total revenue of 174.48 billion yuan, a 24% year-on-year increase, while their net losses decreased by 36% to 13.64 billion yuan [2][7] - The STAR Market has seen a diverse development among unprofitable companies, particularly in the biopharmaceutical and integrated circuit sectors, with many companies converting laboratory innovations into clinical benefits [3][4] Group 2 - Notable companies like Baile Tianheng and Microelectrophysiology have demonstrated significant growth, with Baile Tianheng achieving a revenue of 5.8 billion yuan, a 936% increase, and a net profit of 3.7 billion yuan due to a major strategic partnership [4][6] - Microelectrophysiology has established itself as a leading provider of three-dimensional cardiac electrophysiology solutions, achieving overseas revenue of 112 million yuan, a 62.94% increase [6][5] - The unprofitable companies collectively invested 45.94 billion yuan in R&D in 2024, marking a 5.86% increase, with R&D expenditures accounting for 26% of their total revenue [7][8]

心航路医学称，与大多数心脏电生理创业公司不同，心航路医学自成立之初便聚焦于房颤（心房颤动） 核心难题之一：房颤电生理机制的标测。即揭示出房颤的电生理机制，为临床电生理医生进行精准的导 管消融提供依据。 南都·湾财社记者注意到，2025年3月，心航路医学科技（广州）有限公司入选广东省工业和信息化厅最 新公布的2024年专精特新中小企业名单，成功入选省级专精特新企业名录。 心航路医学科技（广州）有限公司入选广东省专精特新中小企业。图片来自心航路医学微信公众号。 心航路医学方面资料显示，公司成立于2020年，由一支中美资深电生理专家团队创立，总部位于广州， 并在美国加州尔湾设有全资研发子公司。公司致力于开发下一代房颤治疗产品，并构建集"磁电导航 +五维标测+立体PFA消融"于一体的一站式房颤治疗解决方案。 总部位于广州的心航路医学科技公司5月2日在其微信公众号发文显示，近期完成6亿人民币的B轮融 资。本轮融资由美团龙珠基金和老股东礼来亚洲基金（LAV）联合领投。资料显示，心航路医学是一家 创新型医疗器械公司，致力于开发下一代心脏房颤治疗产品。万得旗下一级市场数据平台来觅数据显 示，该笔融资在近两年医疗器械一级市场交 ...