近日，心通医疗正式宣布完成与CRM 业务的合并。 对微创医疗而言，这一交易在其过去三年的一系列调整中，占据着较为关键的位置。 这次合并，直接改变了集团在心血管领域的业务组合方式，也让此前围绕分拆、融资与独立发展的路径，出现 了明显的价值拐点。从结果看，微创医疗在相关领域的整体平台规模被显著放大；从过程看，这更像是一次围 绕资源配置和运营效率作出的现实选择。 合并消息披露后，资本市场给出了快速反馈。但比短期反应更值得关注的，是这次整合在后续运营中能否真正 形成协同效应，并在现金流与盈利能力层面，带来持续、可验证的改善。 一、战略破局：构 建 心衰全周期管理平台 1.1 从"分拆"到" 整合 "：一场顺应产业周期的战略升维 从微创医疗角度看，比起一次孤立的资本运作，本次合并更像是集团战略 从"创新孵化、分拆发展"模式， 向"深度整合、平台运营"模式演进的关键标志 。这一转变，与当前中国创新医疗器械产业所处的宏观环境变 化高度相关。在行业早期，通过分拆独立融资能最大化单一业务的成长速度和估值，但在当前医保控费、资本 审慎的新常态下，构建具有规模效应、协同价值和强大现金生成能力的综合平台，成为更可持续的战略选择。 此 ...

摘要 心通医疗 20251216 心通医疗以每股 1.35 港元的价格发行新股，总计 39 亿多港元，全资收 购微创心律，此举旨在扩展至心率管理领域，并显著提升海外业务占比 至 80%，预计合并后收入将达 3 亿美元。 合并后的公司将成为亚洲最大的心脏医疗器械公司，与美敦力、雅培等 跨国企业在全球范围内竞争，尤其是在结构性心脏病、心率管理和电生 理领域，公司将拥有世界上体积最小且寿命最长的起搏器。 协同效应体现在收入、制造、研发和销售等多个方面，例如 TAVI 手术 与起搏器的结合，以及电生理和左心耳封堵产品的协同效应，左心耳封 堵市场全球复合增长率达 20%，增长潜力巨大。 通过整合心通医疗的 800 多家医院覆盖和微创医疗心律管理业务的 1,800 家医院覆盖，以及 CRM 系统，两家公司可以快速共享推广和销 售渠道，提高国际影响力，实现更广泛的市场覆盖。 合并后的研发资源将得到整合与优化，未来五年内将推出多款创新产品， 包括下一代左心耳封堵器、主动脉反流治疗器械及升级版主动脉狭窄治 疗器械，以及新一代同步治疗仪、新型起搏器等。 Q&A 心通医疗并购微创医疗心率管理业务的交易概览是什么？ 这次并购交易对价 ...

证券之星消息，12月15日南向资金减持237.73万股微创医疗（00853.HK）。近5个交易日中，获南向资 金减持的有4天，累计净减持625.69万股。近20个交易日中，获南向资金增持的有13天，累计净增持 617.46万股。截至目前，南向资金持有微创医疗（00853.HK）9.01亿股，占公司已发行普通股的 47.08%。 微创医疗科学有限公司是一家主要从事医疗器械的销售、生产、研究及开发（R&D）的投资控股公 司。该公司通过八个分部开展业务。心血管介入业务分部包括植入器械、通路器械等产品。骨科医疗器 械业务分部包括关节重建、脊柱等器械。心律管理（CRM）业务分部包括起搏器、除颤器等器械。大 动脉及外周血管介入业务分部包括"L-REBOA"主动脉阻断球囊等产品。神经介入业务分部包括脑动脉 粥样硬化狭窄、弹簧圈等产品。结构性心脏病业务分部包括经导管主动脉瓣植入术等产品。手术机器人 业务分部从事手术机器人器械的制造及研发。外科医疗器械业务分部从事外科医疗器械的制造及研发。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 微创医疗科学有限公司是一家主要从事医疗器械的销售、生产、研究及开发（R&D）的投资控股公 司。该公司通过八个分部开展业务。心血管介入业务分部包括植入器械、通路器械等产品。骨科医疗器 械业务分部包括关节重建、脊柱等器械。心律管理（CRM）业务分部包括起搏器、除颤器等器械。大 动脉及外周血管介入业务分部包括"L-REBOA"主动脉阻断球囊等产品。神经介入业务分部包括脑动脉 粥样硬化狭窄、弹簧圈等产品。结构性心脏病业务分部包括经导管主动脉瓣植入术等产品。手术机器人 业务分部从事手术机器人器械的制造及研发。外科医疗器械业务分部从事外科医疗器械的制造及研发。 证券之星消息，12月9日南向资金增持31.0万股微创医疗（00853.HK）。近5个交易日中，获南向资金增 持的有5天，累计净增持531.82万股。近20个交易日中，获南向资金增持的有15天，累计净增持1417.28 万股。截至目前，南向资金持有微创医疗（00853.HK）9.07亿股，占公司已发行普通股的47.42%。 ...

转自：中国经营报 中经记者 陈婷 赵毅 深圳报道 一场作价6.8亿美元的并购，即将以"零现金"交易的形式展开…… 近日，心通医疗（2160.HK）正式公告收购微创心律管理有限公司（以下简称"心律管理"）100%股权， 对价为6.8亿美元（约合人民币48亿元），心通医疗通过向心律管理股东发行新股支付，即不涉及任何 现金交易。新股发行数量约39.54亿股，相当于心通医疗已发行股本约164%，价格为每股1.35港元。 这是一次关联交易。心通医疗、心律管理的控股股东均是微创医疗（0853.HK），且这两家公司目前均 处于亏损状态。其中，心通医疗在今年上半年亏损约人民币220万元，心律管理亏损4162万美元（约合 人民币近3亿元）。 此次交易的时间节点耐人寻味。4年前，微创医疗为心律管理引入投资机构，彼时约定若心律管理未能 在2025年7月17日前上市，或上市时市值少于15亿美元且募资额低于1.5亿美元，心律管理将面临赎回风 险。2023年5月，心律管理曾向港交所递交招股书谋求上市，但至今无果。就在上述约定心律管理上市 期限前1天，微创医疗宣布拟重组心律管理业务，将其与心通医疗合并。 此次并购是否为化解微创医疗对赌协议 ...

Core Insights - Southbound funds increased their holdings in MicroPort Medical (00853.HK) by 2.36 million shares on December 3, 2025, marking a total net increase of 10.81 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings on 12 occasions, resulting in a cumulative net increase of 8.71 million shares [1] - As of now, southbound funds hold 904 million shares of MicroPort Medical, accounting for 47.27% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On December 3, 2025, total shares held reached 904 million, with a change of 2.36 million shares, representing a 0.26% increase [2] - On December 2, 2025, total shares held were 902 million, with a change of 2.54 million shares, representing a 0.28% increase [2] - On December 1, 2025, total shares held were 276.68 million, with a change of 361,100 shares, representing a 0.04% increase [2] - On November 28, 2025, total shares held were 266.8 million, with a change of 1.55 million shares, representing a 0.17% increase [2] - On November 27, 2025, total shares held were 898 million, with a change of 4 million shares, representing a 0.45% increase [2] Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices [2] - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, large artery and peripheral vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [2]

证券之星消息，12月1日南向资金增持36.11万股微创医疗（00853.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持672.27万股。近20个交易日中，获南向资金增持的有11天，累计净增持968.1 万股。截至目前，南向资金持有微创医疗（00853.HK）8.99亿股，占公司已发行普通股的47.01%。 微创医疗科学有限公司是一家主要从事医疗器械的销售、生产、研究及开发（R&D）的投资控股公 司。该公司通过八个分部开展业务。心血管介入业务分部包括植入器械、通路器械等产品。骨科医疗器 械业务分部包括关节重建、脊柱等器械。心律管理（CRM）业务分部包括起搏器、除颤器等器械。大 动脉及外周血管介入业务分部包括"L-REBOA"主动脉阻断球囊等产品。神经介入业务分部包括脑动脉 粥样硬化狭窄、弹簧圈等产品。结构性心脏病业务分部包括经导管主动脉瓣植入术等产品。手术机器人 业务分部从事手术机器人器械的制造及研发。外科医疗器械业务分部从事外科医疗器械的制造及研发。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股 ...

Group 1 - The core point of the article is that southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 211,600 shares on November 20, 2025, with a total net increase of 3.815 million shares over the last five trading days and 16.5963 million shares over the last 20 trading days [1][2] - As of now, southbound funds hold 896 million shares of MicroPort Medical, accounting for 46.84% of the company's total issued ordinary shares [1][2] Group 2 - The trading data shows fluctuations in shareholding, with a total holding of 896 million shares on November 20, 2025, reflecting a change of 0.02% [2] - The company operates in the medical device sector, focusing on sales, production, research, and development across eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, and surgical robotics [2]

Core Insights - Southbound funds increased their holdings in MicroPort Medical (00853.HK) by 270,000 shares on November 13, 2025, while experiencing a net reduction of 2,834,000 shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings on 13 occasions, resulting in a net increase of 21,939,700 shares [1] - As of now, southbound funds hold 892 million shares of MicroPort Medical, accounting for 46.64% of the company's total issued ordinary shares [1] Trading Data Summary - On November 13, 2025, total shares held were 892 million, with a change of 270,000 shares, reflecting a 0.03% increase [2] - On November 12, 2025, total shares held remained at 892 million, with a decrease of 1,038,100 shares, indicating a -0.12% change [2] - On November 11, 2025, total shares held were 276,680, with a reduction of 692,300 shares, showing a -0.08% change [2] - On November 10, 2025, total shares held were 894 million, with an increase of 171,400 shares, reflecting a 0.02% change [2] - On November 7, 2025, total shares held were 894,700, with a decrease of 1,545,000 shares, indicating a -0.17% change [2] Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices [2] - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [2]

Core Viewpoint - Southbound funds have significantly increased their holdings in MicroPort Medical (00853.HK), indicating strong investor interest and confidence in the company [1]. Group 1: Southbound Fund Activity - On October 31, southbound funds increased their holdings by 1.4855 million shares, marking a 0.17% change [2]. - Over the past five trading days, there have been four days of net increases, totaling 4.09 million shares [1]. - In the last 20 trading days, there were 15 days of net increases, amounting to 51.2419 million shares [1]. - As of now, southbound funds hold 886 million shares of MicroPort Medical, which represents 46.31% of the company's total issued ordinary shares [1]. Group 2: Company Overview - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices [2]. - The company operates through eight divisions, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, and surgical robotics [2]. - Key products include implantable devices, spinal instruments, and surgical robots, among others [2].