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]

Industry Overview - In 2024, China's medical device industry market size is projected to reach 1.2 trillion yuan, with medical equipment accounting for 55% of the market [2] - The first half of 2025 saw the approval of 45 innovative medical devices by the National Medical Products Administration, representing a year-on-year growth of 87% [2] Market Dynamics - The demand for innovative medical devices is driven by clinical needs, influenced by factors such as an aging population, the decentralization of medical resources, and large-scale updates of medical equipment [3] - National policies are promoting the development of high-end medical devices, accelerating innovation in domestic medical equipment [3] Technological Advancements - The integration of AI and digital technologies is transforming the medical device sector, leading to trends such as agile development and software-defined medical devices [3][4] - The release of the announcement by the National Medical Products Administration on July 3 supports the innovation of high-end medical devices through optimized approval processes and standard systems [3] Regulatory Environment - The medical device industry is characterized by strong regulatory oversight, necessitating rapid product development and innovation to meet market demands [4] - The concept of Regulated Software Lifecycle Management (RSLM) is gaining traction, emphasizing the management of software products embedded in critical medical devices [4] Company Spotlight: PTC Codebeamer - PTC Codebeamer is recognized as a leader in the ALM software space, facilitating compliance with stringent regulations while accelerating innovation in medical devices [4][6] - The platform supports agile software development and integrates with top DevOps and source code management tools, enhancing collaboration and efficiency [5][7] - PTC Codebeamer 3.0, released in April 2025, ensures comprehensive traceability across product development, helping companies mitigate compliance risks [6]

Core Viewpoint - The 2024 Annual Report on Adverse Events Monitoring of Medical Devices indicates a significant increase in reported adverse events, reflecting improved regulatory oversight and risk management capabilities in China's medical device sector [1][2]. Group 1: Report Statistics - A total of 946,200 adverse event reports were received in 2024, representing a 9.11% increase from the previous year [2]. - The average number of adverse event reports per million population reached 671, also a 9.11% increase year-on-year [2]. - The majority of reports came from usage units, accounting for 849,600 reports (89.79%), followed by business enterprises with 67,200 reports (7.11%) and registrants with 29,000 reports (3.06%) [2]. Group 2: Classification of Medical Devices - Reports related to Class III medical devices totaled 379,200 (40.08%), Class II devices accounted for 482,900 (51.04%), and Class I devices made up 69,900 (7.39%) [3]. - The top five categories of reported adverse events included infusion, nursing and protective devices, medical examination and monitoring devices, clinical testing devices, and respiratory, anesthesia, and emergency devices [3]. Group 3: Monitoring and Evaluation Enhancements - The National Center for Adverse Drug Reaction Monitoring has improved its risk signal coordination mechanism, ensuring timely detection and effective management of product risks [4]. - In 2024, 12 issues of the "Medical Device Alert Bulletin" were published, summarizing 78 safety information items from international regulatory agencies, aiding in domestic safety evaluations [4]. Group 4: Collaborative Efforts and Standards Development - The report highlights advancements in the collaborative governance mechanism among regulatory departments, monitoring institutions, registrants, and medical institutions, enhancing the medical device vigilance system [5]. - The development of new technical documents, including the "Quality Management Specification for Medical Device Vigilance (Trial Version)," has been initiated, contributing to the establishment of a robust vigilance system [5]. Group 5: International Cooperation - The National Center for Adverse Drug Reaction Monitoring actively participated in international forums and information exchange initiatives, promoting global cooperation in medical device adverse event monitoring [6].

Core Viewpoint - MicroPort Medical's major shareholder, Otsuka Medical Devices, is selling 15.71% of its 20.70% stake, leading to a significant change in the company's ownership structure and governance [1][2]. Group 1: Shareholder Changes - Otsuka Medical Devices will reduce its stake to below 5%, exiting as the largest shareholder, while We'Tron Capital Limited will become the new largest shareholder with over 26% ownership [1]. - The transaction introduces state-owned investors, which may enhance the company's core business expansion and governance [2]. Group 2: Business Developments - MicroPort Medical is proposing a merger of its CRM business with the publicly listed company, HeartLink Medical, to create a comprehensive cardiac product platform and improve international marketing channels [2]. - The IPO for the CRM business is expected to raise at least $150 million, with a market valuation of no less than $1.5 billion [2]. Group 3: Financial Performance - For the first half of 2025, MicroPort Medical reported a revenue decline of no more than 4% (excluding currency effects) and a loss of $107 million, which is within the promised limit of $110 million [3]. - The company aims to achieve a profit of $52 million in the second half of 2025 to meet its convertible bond financing agreement requirements [3]. - Revenue projections for 2025-2027 are estimated at $1.193 billion, $1.393 billion, and $1.595 billion, with net profits of -$48 million, $83 million, and $159 million respectively [3].

Core Viewpoint - The stock of HeartLink Medical-B (02160) has increased by over 7%, currently trading at 1.45 HKD with a transaction volume of 19.13 million HKD, following the announcement of a potential restructuring with the CRM business of the parent company, MicroPort Medical [1] Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the CRM business to enhance resource integration and competitiveness [1] - The CRM business, in which MicroPort Medical holds a 50.13% stake, focuses on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers and defibrillators [1] Group 2: Financial Insights - In 2018, MicroPort Medical acquired LivaNova's cardiac rhythm management business for 190 million USD, which generated 250 million USD in revenue in 2016 [1] - The projected revenue for MicroPort's cardiac rhythm management in 2024 is 220 million USD, with a loss of 88.05 million USD [1] Group 3: Strategic Implications - The integration of HeartLink Medical is expected to create a platform company addressing structural heart diseases and rhythm management, leveraging shared international sales channels to enhance market presence and influence [1]

Core Viewpoint - HeartLink Medical-B (02160) has seen a significant increase of over 7%, currently trading at 1.45 HKD with a transaction volume of 19.13 million HKD, following the announcement of a potential restructuring with the group's CRM business to enhance competitiveness and resource integration [1]. Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the group's CRM business to improve internal resource integration and collaboration [1]. - The CRM business, in which the group holds a 50.13% stake, focuses on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers, defibrillators, and cardiac resynchronization therapy devices [1]. - In 2018, MicroPort Medical acquired LivaNova's arrhythmia management business for 190 million USD, which generated 250 million USD in revenue in 2016, while the projected revenue for MicroPort's arrhythmia management in 2024 is 220 million USD, with a loss of 88.05 million USD [1]. Group 2: Market Impact - The integration of HeartLink Medical is expected to create a platform company covering structural heart disease and arrhythmia management, leveraging shared international sales channels to generate synergies between the two business areas [1]. - This restructuring aims to establish a stronger sales network and market influence globally, enhancing the competitive position of the combined entity [1].

Core Viewpoint - HeartLink Medical (02160) has seen a significant increase in stock price, rising 7.41% to HKD 1.45, with a trading volume of HKD 19.1345 million, following the announcement of a potential restructuring with the group's CRM business to enhance competitiveness and resource integration [1] Group 1: Company Developments - On July 17, MicroPort Medical and HeartLink Medical announced plans to restructure HeartLink Medical with the group's CRM business to improve internal resource integration and collaboration [1] - The CRM business is a subsidiary in which the group holds a 50.13% stake, focusing on products for diagnosing, treating, and managing arrhythmias and heart failure, including pacemakers and defibrillators [1] Group 2: Financial Insights - In 2018, MicroPort Medical acquired LivaNova's cardiac rhythm management business for USD 190 million, which generated USD 250 million in revenue in 2016 [1] - The projected revenue for MicroPort's cardiac rhythm management in 2024 is USD 220 million, with an expected loss of USD 88.05 million [1] Group 3: Strategic Implications - The integration of HeartLink Medical is expected to create a platform company covering structural heart disease and rhythm management, leveraging shared international sales channels to generate synergies between the two business areas [1] - This restructuring aims to establish a stronger sales network and market influence globally [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Views - The report highlights the strategic restructuring of major shareholders, with the exit of the previous largest shareholder, Otsuka Medical, and the entry of state-owned investors, which is expected to enhance business expansion and governance [1]. - The proposed merger of the CRM business with another listed company aims to create a comprehensive cardiac product platform, enhancing international marketing channels and synergy [2]. - The company is on track to meet its profit commitments for the first half of 2025, with expectations for continued improvement in profitability in the second half [2]. Financial Summary - Revenue projections for 2025-2027 are estimated at $1.193 billion, $1.393 billion, and $1.595 billion, respectively, with a net profit forecast of -$47.5 million, $82.62 million, and $158.87 million [3][10]. - The company is expected to achieve a significant turnaround in profitability, with a projected net profit margin of 5.9% by 2026 and 10.0% by 2027 [10]. - The report outlines a gradual improvement in earnings per share (EPS), moving from -0.12 in 2024 to 0.09 in 2027 [10]. Market Data - As of July 28, 2025, the closing price of the stock was HKD 11.58, with a market capitalization of approximately HKD 21.43 billion [5]. - The stock has shown strong performance with absolute returns of 34% over one month, 72% over three months, and 120% over twelve months [7].