证券代码：688351 证券简称：微电生理 公告编号：2025-016 上海微创电生理医疗科技股份有限公司 2025 年半年度募集资金存放与实际使用 情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海微创电生理医疗科技 股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1587 号），公 司向社会公开发行人民币普通股（A 股）7,060 万股，发行价格为 16.51 元/股， 募集资金总额为人民币 116,560.60 万元，扣除发行费用 9,572.61 万元后，实际 募集资金净额为 106,987.99 万元。上述募集资金实际到位时间为 2022 年 8 月 25 日，已经大华会计师事务所（特殊普通合伙）审验，并出具了《上海微创电 生理医疗科技股份有限公司发行人民币普通股（A 股）7,060 万股后实收股本的 验资报告》（大华验字[2022]000559 号）。 二、募集资金管理情况 为规范募集资金的管理和使用，保护投资者权益 ...

Core Viewpoint - The company, 微电生理, is experiencing a decline in stock price and has a high rolling PE ratio compared to the industry average, indicating potential overvaluation despite strong revenue growth and profitability metrics [1][3]. Group 1: Company Performance - As of the first quarter of 2025, the company reported revenue of 1.04 billion yuan, representing a year-on-year increase of 16.77% [3]. - The net profit for the same period was 17.87 million yuan, showing a significant year-on-year increase of 328.63% [3]. - The company's gross profit margin stands at 60.56%, indicating strong profitability [3]. Group 2: Market Position and Valuation - The current stock price of 微电生理 is 25.84 yuan, with a rolling PE ratio of 184.89, which is substantially higher than the industry average PE of 56.14 [1][3]. - The company's total market capitalization is 12.16 billion yuan, ranking it 113th in the medical device industry based on PE ratio [1]. - The industry median PE ratio is 40.36, further highlighting the company's high valuation relative to its peers [1][3]. Group 3: Product and Innovation - 微电生理 specializes in the development, production, and sales of innovative medical devices in the field of electrophysiology intervention and ablation therapy [2]. - Key products include the Columbus 3D cardiac electrophysiology mapping system and various types of disposable catheters and ablation devices [2]. - The company’s products have been recognized in the 2024 Shanghai "New and Excellent Drug and Device" product directory, indicating a strong innovation pipeline [2].

Group 1 - The total margin financing balance of the Sci-Tech Innovation Board increased by 4.98 billion yuan, with a total balance of 2026.42 billion yuan as of August 21, marking a continuous increase for 29 trading days [1][2] - The highest margin financing balance is held by SMIC at 9.088 billion yuan, followed by Cambrian and Haiguang Information with balances of 6.823 billion yuan and 5.351 billion yuan respectively [1][2] - A total of 322 stocks saw an increase in margin financing balance, while 262 stocks experienced a decrease [1] Group 2 - The highest margin short-selling balance is held by Cambrian at 0.33 billion yuan, followed by Haiguang Information and SMIC with balances of 0.29 billion yuan and 0.21 billion yuan respectively [2] - 118 stocks saw an increase in margin short-selling balance, while 156 stocks experienced a decrease [2] - The stocks with the largest increases in margin short-selling balance include Kaisa Bio, Weigao Orthopedics, and Lexin Technology, with increases of 97.37%, 91.21%, and 85.81% respectively [2]

Summary of Key Points from the Conference Call Industry Overview - The China SMID-cap medtech sector has seen a year-to-date increase of 47%, lagging behind the HKHSBIO Index which has gained over 100% [2][20] - The medtech space is characterized by innovation and globalization, similar to the biotech sector, indicating potential for further growth [2][5] Company Focus: MicroPort - MicroPort is identified as a prime beneficiary of positive trends in the medtech sector, with expectations to reach break-even by the second half of FY25 due to improved hospital procurement and cost control [2][20] - The strategic investment from Shanghai Industrial Investment Corp (SIIC) has reduced risk and is expected to enhance investor interest, contributing to a 60% rally in MicroPort's share price since the investment [20][24] - Sales forecasts for MicroPort have been raised by 1-3% for 2025-2027, with a price target increase from HK$8.60 to HK$17.20, extending the timeframe to June 2026 [20][25] Financial Performance and Projections - MicroPort's revenue is projected to grow from HK$1,031 million in FY24 to HK$1,602 million by FY27, reflecting a compound annual growth rate (CAGR) of approximately 20% [37] - The company aims to reduce its operating expenses/sales ratio from 96% in 2023 to below 50% by 2026, which is expected to improve profitability [24][29] - Adjusted net income is anticipated to turn positive by FY26, with a projected net margin of 5.1% by FY27 [37] Market Dynamics - Recent policy changes favor innovation in the medtech sector, with a significant increase in approvals for innovative medical devices by the NMPA, up 87% year-over-year in 1H25 [5][20] - The globalization of China's medtech sector is accelerating, with overseas sales of top Chinese medtech companies expected to grow significantly [5][20] Risks and Considerations - Key risks include potential earnings volatility, higher-than-expected financial obligations, and geopolitical risks that could impact the medtech sector [35][36] - Price cut risks remain a concern, particularly for products subject to volume-based procurement (VBP) [42] Conclusion - The outlook for the China SMID-cap medtech sector, particularly for MicroPort, remains positive, driven by strategic investments, favorable policy changes, and anticipated improvements in financial performance [2][20][24]

Group 1 - The core viewpoint of the news is that Shanghai MicroPort CardioFlow Medtech Corp. (微电生理) has shown significant financial growth in its latest quarterly report, with a notable increase in revenue and net profit [1] - As of August 19, 2025, the company's stock price closed at 26.68 yuan, reflecting a 3.81% increase, with a trading volume of 12.54 million shares and a transaction amount of 328 million yuan [1] - The company reported total revenue of 104 million yuan for the first quarter of 2025, representing a year-on-year growth of 16.77%, and a net profit attributable to shareholders of 17.87 million yuan, which is a 328.63% increase year-on-year [1] Group 2 - The company has a strong liquidity position, with a current ratio of 12.972 and a quick ratio of 11.841, indicating robust financial health [1] - The company has a low debt level, with an asset-liability ratio of 8.11%, suggesting minimal financial risk [1] - Shanghai MicroPort CardioFlow Medtech Corp. was established in 2010 and is primarily engaged in the manufacturing of specialized medical equipment, with a registered capital of 47.06 million yuan [1] Group 3 - The company has made investments in 7 enterprises and has participated in 197 bidding projects, indicating active engagement in business development [2] - The company holds 38 trademark registrations and 324 patents, showcasing its commitment to innovation and intellectual property [2] - Additionally, the company possesses 98 administrative licenses, reflecting its compliance and operational capabilities [2]

Group 1 - The company, Microelectrophysiology, closed at 26.68 yuan on August 19, with a 3.81% increase, and a rolling PE ratio of 190.90, marking a new low in 316 days, with a total market value of 12.556 billion yuan [1] - In the medical device industry, the average PE ratio is 59.49, and the median is 40.19, placing Microelectrophysiology at the 111th position in the industry ranking [1] - As of the first quarter of 2025, seven institutions hold shares in Microelectrophysiology, all of which are funds, with a total holding of 1.6693 million shares valued at 0.033 billion yuan [1] Group 2 - Shanghai Microelectrophysiology Medical Technology Co., Ltd. focuses on the development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation treatment [2] - The company's main products include the Columbus 3D cardiac electrophysiology mapping system and various types of disposable electrophysiology catheters, which have received approval for inclusion in the 2024 Shanghai "New and Excellent Drug and Device" product catalog [2] - The project "Research and Application of High Precision Intracardiac Interventional Navigation System" won an award at the 2024 Shanghai Second Young and Middle-aged Engineer Innovation and Entrepreneurship Competition [2] Group 3 - The latest performance report for the first quarter of 2025 shows that the company achieved an operating income of 104 million yuan, a year-on-year increase of 16.77%, and a net profit of 17.8705 million yuan, a year-on-year increase of 328.63%, with a gross profit margin of 60.56% [3] - The PE ratio (TTM) for Microelectrophysiology is 190.90, while the industry average is 59.49, indicating a significant premium [3] - The total market value of Microelectrophysiology is 12.556 billion yuan, compared to the industry median market value of 5.918 billion yuan [3]

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's latest quarterly report for Q1 2025 shows a revenue of 104 million yuan, a year-on-year increase of 16.77%, and a net profit of 17.87 million yuan, a year-on-year increase of 328.63%, with a gross margin of 60.56% [3] - The company's rolling PE ratio is 163.35, significantly higher than the industry average of 55.76 and the industry median of 39.14, ranking 111th in the medical device sector [1][3]

Core Viewpoint - The medical device industry experienced a slight increase of 0.93% on August 8, with a net outflow of 611 million yuan in main capital, indicating a mixed performance among constituent stocks [1] Group 1: Market Performance - A total of 59 constituent stocks rose while 39 fell, reflecting a generally positive sentiment despite the capital outflow [1] - The main capital outflow was led by Anbiping with 11.75 million yuan, followed by Dongfulong with 10.71 million yuan, and Anjiasi with 9.95 million yuan [1] Group 2: Notable Stocks - Mindray Medical (code: 300760) had a latest price of 230.71 yuan with a slight decrease of 0.03% and a net inflow of 107 million yuan, accounting for 7.18% of the main capital [1] - Lepu Medical (code: 300003) saw a price of 17.27 yuan, an increase of 6.93%, with a net inflow of 107 million yuan, representing 5.73% of the main capital [1] - Meihua Medical (code: 300136) reported a price of 20.03 yuan, up by 7.17%, with a net inflow of 559.96 million yuan, which is 11.04% of the main capital [1] - Kangdelai (code: 603987) had a price of 9.23 yuan, increasing by 5.73%, with a net inflow of 485.15 million yuan, making up 12.43% of the main capital [1] - Other notable stocks include Baikang (code: 688068) with a price of 42.58 yuan and a net inflow of 394.93 million yuan, and Sainuo Medical (code: 688108) with a price of 20.44 yuan, up by 20.02%, and a net inflow of 2762.62 million yuan [1]

Core Insights - The report highlights that the total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary of company secretaries in the medical consumables sector is 817,000 yuan [2] - Salary distribution among company secretaries is as follows: below 500,000 yuan (30%), 500,000-1,000,000 yuan (41%), 1,000,000-2,000,000 yuan (27%), and above 2,000,000 yuan (2%) [2] - The top three highest-paid company secretaries are: Gong Xingliang from Nanwei Medical (2.2161 million yuan), Zhu Yu from Microelectrophysiology (1.6764 million yuan), and Lin Qing from Weigao Orthopedics (1.6142 million yuan) [2] Age and Education Distribution - The age distribution of company secretaries shows that those aged 40-50 constitute 45%, while those over 50 account for 14%, and those aged 30-40 make up 36% [1] - The educational background of company secretaries is as follows: 7% have an associate degree, 45% hold a bachelor's degree, 43% have a master's degree, and 5% possess a doctoral degree [1] Salary Changes - Among company secretaries with over two years of tenure, the largest salary decrease was observed for Bai Xue from Xishan Technology, with a year-on-year decline of 54.09% [2] - The highest salary increase was recorded for Chen Bin from Weili Medical, with a year-on-year increase of 191.72% [2]

Core Insights - The report highlights that the total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary of company secretaries in the medical consumables sector is 817,000 yuan [2] - Salary distribution among company secretaries is as follows: below 500,000 yuan (30%), 500,000-1,000,000 yuan (41%), 1,000,000-2,000,000 yuan (27%), and above 2,000,000 yuan (2%) [2] - The top three highest-paid company secretaries are: Gong Xingliang from Nanwei Medical (2.2161 million yuan), Zhu Yu from Microelectrophysiology (1.6764 million yuan), and Lin Qing from Weigao Orthopedics (1.6142 million yuan) [2] Age and Education Distribution - The age distribution of company secretaries shows that those aged 40-50 constitute 45%, while those over 50 account for 14%, and those aged 30-40 make up 36% [1] - The educational background of company secretaries is as follows: 7% have an associate degree, 45% hold a bachelor's degree, 43% possess a master's degree, and 5% have a doctoral degree [1] Salary Changes - The largest salary decrease was observed for Bai Xue from Xishan Technology, with a year-on-year decline of 54.09% [2] - The largest salary increase was recorded for Chen Bin from Weili Medical, with a year-on-year increase of 191.72% [2]