证券代码：688016 证券简称：心脉医疗 公告编号：2026-004 上海微创心脉医疗科技（集团）股份有限公司 2025年年度业绩快报公告 报告期内，公司实现营业总收入135,063.27万元，同比增长11.96%；实现营业利润65,389.17万元，同比 下降1.10%；实现利润总额65,337.47万元，同比增长0.18%；归属于母公司所有者的净利润56,321.31万 元，同比增长12.17%；归属于母公司所有者的扣除非经常性损益的净利润50,216.70万元，同比增长 26.97%；基本每股收益4.65元，同比增长14.25%。报告期末，公司总资产464,046.77万元，较年初增长 8.13%；归属于母公司的所有者权益407,565.93万元，较年初增长7.48%；归属于母公司所有者的每股净 资产33.63元，较年初增长9.03%。 2、影响经营业绩的主要因素 报告期内，公司创新产品在巩固国产领先优势的基础上，通过下沉市场、提供定制化治疗方案以及产品 升级迭代，加速推广新品、替换老产品等策略，推动市占率稳步提升，但考虑到2024年市场价格治理因 素影响的延续性，公司部分产品价格及推广策略的调整因素 ...

Core Viewpoint - MicroPort Medical (00853) reported a revenue of approximately 1.351 billion yuan for HeartPulse Medical (688016.SH) in 2025, marking a year-on-year increase of 11.96%, with a net profit attributable to the parent company of about 563 million yuan, up 12.17% year-on-year, and basic earnings per share of 4.65 yuan [1] Group 1: Financial Performance - The total revenue for the reporting period was approximately 1.351 billion yuan, reflecting a year-on-year growth of 11.96% [1] - The net profit attributable to the parent company was around 563 million yuan, showing a year-on-year increase of 12.17% [1] - Basic earnings per share were reported at 4.65 yuan [1] Group 2: Product Development and Market Strategy - The company has accelerated the promotion of new products and replacement of old products through strategies such as market penetration, customized treatment solutions, and product upgrades, leading to a steady increase in market share [1] - The company launched multiple innovative products in the domestic market, including the Cratos branched aortic stent graft system and other medical devices, with a total of 23 products receiving NMPA registration and 11 products obtaining registration in 28 overseas markets [2] - The company has a rich pipeline of products under development, with several products like the Aegis II abdominal aortic stent graft system and Hector thoracic multi-branch stent graft system progressing through various stages of clinical trials and regulatory submissions [3] Group 3: International Sales and Market Expansion - Overseas sales revenue exceeded 250 million yuan, representing a growth of over 55%, contributing to more than 18% of the company's total revenue [1] - The company is actively pursuing collaborations with leading regional clients globally and advancing the market access and promotion of aortic and peripheral interventional products in Europe, Latin America, and Asia-Pacific [1] - The company’s products are now sold in 49 countries and regions, including China [1]

公司新增多款创新产品在国内获批上市，包括 Cratos 分支型主动脉覆膜支架系统、经颈静脉肝内穿刺 套件、聚乙烯醇栓塞微球。公司累计 23 款产品获得 NMPA 首次注册证，11 款产品在 28 个海外市场获 得首次注册证;累计获得海外产品注册证 110 余张，其中 6 款产品获得 CE 认证，3 款产品获得欧盟定制 证书。 除上述产品外，公司在研产品稳步推进，管线丰富，其中 Aegis II 腹主动脉覆膜支架系统完成注册资料 递交;Hector 胸主多分支覆膜支架系统已进入国内上市前多中心临床阶段，且于报告期内进入国家创 新"绿色通道"，并已通过欧盟定制方式实现商业化，同时该产品美国 Breakthrough Device Designation 申请已提交 FDA;胸腹主动脉覆膜支架系统(定制)已获得国内备案证;髂动脉分支覆膜支架系统即将进入 临床试验启动阶段。外周业务方面，外周介入微导管、可解脱带纤维毛栓塞弹簧圈、机械血栓切除导 管、新一代外周裸球囊导管预计 2026 年获批上市;膝下药物球囊扩张导管、TIPS 覆膜支架系统已完成 注册递交;外周血管药物洗脱支架系统处于临床植入阶段。同时，公司创新产品的 ...

Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 714 million yuan, a year-on-year decrease of 9.2%, but a quarter-on-quarter increase of 70.4%. The net profit attributable to shareholders was 315 million yuan, down 22.0% year-on-year, but up 219.2% quarter-on-quarter, aligning with expectations [1]. Financial Performance - 1H25 revenue was 714 million yuan, with a year-on-year decline of 9.2% and a quarter-on-quarter increase of 70.4% [1]. - The net profit attributable to shareholders was 315 million yuan, reflecting a year-on-year decrease of 22.0% and a quarter-on-quarter increase of 219.2% [1]. Business Development Trends - The aortic stent business showed significant stabilization, with 1H25 revenue of 514 million yuan. The company anticipates continued recovery in domestic aortic business due to the clearance of price reduction impacts and improved expectations regarding centralized procurement [2]. - Peripheral and other revenues reached 200 million yuan, maintaining a growth trend, with expectations of continued benefits from centralized procurement in the second half of 2025 and beyond [2]. - The company plans to distribute a cash dividend of 13.00 yuan per 10 shares, totaling 157 million yuan (including tax) [2]. International Expansion - 1H25 overseas sales revenue was 123 million yuan, a year-on-year increase of 95.22%, with the revenue share rising to 17.25%. The company has expanded sales to 45 countries, including regions in Europe, Latin America, Asia-Pacific, and Africa [3]. - Specific products have been implanted in multiple countries, including the Castor branched aortic stent in 27 countries and the Minos abdominal aortic stent in 27 countries [3]. R&D Pipeline Progress - In 1H25, the new generation Cratos branched aortic stent system was approved for market and clinical implantation. Other products are in various stages of regulatory review and clinical follow-up [4]. - The Hector multi-branch aortic stent system has entered the special review process by the National Medical Products Administration (NMPA) [4]. Profit Forecast and Valuation - The company maintains its 2025 net profit forecast at 646 million yuan and introduces a new forecast for 2026 at 755 million yuan, with corresponding P/E ratios of 21.4 and 18.3 times [5]. - The company maintains an outperform rating and a target price of 150 yuan, indicating a potential upside of 34% from the current stock price [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Insights - The company reported a revenue of 332 million yuan in Q1 2025, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 130 million yuan, down 30% year-on-year [2]. - The domestic market is facing short-term pressure due to changes in the market environment, leading to adjustments in product pricing and promotional strategies, while the overseas market is expanding rapidly with a sales revenue growth of over 93% year-on-year [3]. - The company has set ambitious growth targets in its employee stock ownership plan, aiming for a net profit of no less than 600 million yuan in 2025, reflecting confidence in future operations [4]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 332 million yuan, a decrease of 7% year-on-year, and a net profit of 130 million yuan, down 30% year-on-year [2]. Operational Analysis - The domestic market is under pressure, but the company maintains a leading market share in domestic active artery intervention products and is expanding its market coverage for peripheral vascular intervention products. The overseas market has seen a significant increase in sales, with new registrations in three countries and over 100 total overseas product registrations [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 606 million yuan, 794 million yuan, and 965 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 31%, and 22% [5].