Financial Performance - In 2025, the company achieved total revenue of 464.53 million yuan, representing a year-on-year growth of 12.43% [2] - The net profit attributable to the parent company was 51.15 million yuan, a decrease of 1.76% compared to the previous year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 23.66 million yuan, significantly increasing from 5.08 million yuan in 2024 [2] - By the end of 2025, total assets reached 1,993.07 million yuan, an increase of 5.25% from the beginning of the reporting period [2] - The equity attributable to the parent company was 1,802.17 million yuan, up 3.47% from the beginning of the reporting period [2] Business Development - The company has deepened its overseas expansion, with overseas revenue growing by over 40%, accounting for more than 30% of total revenue, validating the effectiveness of its international strategy [3] - The high-end pressure monitoring radiofrequency ablation catheter has been commercialized in over 20 countries, and the cryoablation system has received EU certification, with successful applications in Germany, Turkey, and Greece [3] - The company actively participated in major international academic conferences, showcasing its "electric fire ice" solution, which has garnered significant industry attention and recognition [3] Domestic Market Focus - The company continues to focus on high-end surgical breakthroughs and product innovation, with a steady increase in three-dimensional surgical volumes [4] - The usage of pressure monitoring radiofrequency ablation catheters increased by over 70% year-on-year, accelerating the domestic replacement process of high-end electrophysiology devices [4] - In November 2025, the company launched the PulseMagic? TrueForce? disposable pressure monitoring cardiac pulsed electric field ablation catheter, becoming the first in China to feature saline infusion capabilities [4] Profitability Factors - The net profit attributable to the parent company increased by 365.73% year-on-year, primarily due to revenue growth and cost reduction efforts [5]

Core Viewpoint - The company reported a total revenue of 465 million yuan for the year 2025, marking a year-on-year increase of 12.43%, while the net profit attributable to the parent company decreased by 1.76% to 51.15 million yuan [1] Group 1: International Expansion - The company has deepened its overseas layout, achieving significant results in business development, with overseas revenue growing by over 40% year-on-year, now accounting for more than 30% of total revenue [1] - The high-end pressure monitoring radiofrequency ablation catheter has been commercialized in over 20 countries, and the cryoablation system has successfully obtained EU certification, with commercial applications in Germany, Turkey, and Greece [1] - The company actively participated in major international academic conferences, showcasing its "electric fire ice" comprehensive solution, which has gained widespread attention and recognition in the industry [1] Group 2: Domestic Business and Product Innovation - The company continues to focus on breakthroughs in high-end procedures and product innovation, with the usage of pressure monitoring radiofrequency ablation catheters increasing by over 70% year-on-year [2] - The company remains a leader in industry technology, with the approval of the PulseMagic TrueForce disposable pressure monitoring cardiac pulsed electric field ablation catheter, which is the first in China to feature a saline infusion function [2] - The collaboration with the affiliated company, Shangyang Medical, on the PulseMagic Spiral catheter is expected to create a complete product matrix in the pulsed ablation field, playing a key role in the iteration of cardiac electrophysiology technology and domestic replacement [2]

Core Viewpoint - Microelectrophysiology (688351.SH) reported a total operating revenue of 465 million yuan for the year 2025, representing a year-on-year growth of 12.43%, while the net profit attributable to the parent company decreased by 1.76% to 51.15 million yuan [1] Financial Performance - The company achieved a net profit of 23.66 million yuan after deducting non-recurring gains and losses, a significant increase from 5.08 million yuan in 2024 [1] International Expansion - The company's overseas revenue grew by over 40% year-on-year, accounting for more than 30% of total revenue, indicating the effective implementation of its internationalization strategy [1] - High-end pressure monitoring radiofrequency ablation catheters have been commercialized in over 20 countries [1] - The cryoablation system received EU certification and is being commercially applied in countries such as Germany, Turkey, and Greece, with positive clinical feedback [1] Brand and Market Development - The company actively participated in major international academic conferences, showcasing its "electric fire ice" comprehensive solution through high-quality live surgeries and seminars, gaining widespread attention and recognition in the industry [1] - Future strategies include continuous product innovation, strengthening brand development, and expanding channel networks to enhance competitiveness in overseas markets [1]