This article presents a novel under-sampling method for ECG signals, aimed at reducing the sampling rate and power consumption in IoT-based ECG wearable devices. The key contribution addresses the common issue of model mismatch in existing methods, which negatively impacts signal reconstruction accuracy. Initially, the ECG signal is modeled as a linear combination of several Gaussian second-order derivative functions, which can be efficiently represented with only a few parameters, thus mitigating the problem of large model matching errors. To further enhance reconstruction accuracy, an improved two-channel finite rate of innovation sampling framework is introduced, effectively addressing the nonideal effects caused by the low-pass filter during sampling. Additionally, a modified annihilating filter reconstruction algorithm is proposed, allowing high-precision signal reconstruction using a small number of sampling points to estimate parameters. The validity of the proposed method is confirmed through simulations with real ECG signals from the MIT-BIH arrhythmia database, and a hardware platform is developed to verify its feasibility in a practical system. Experimental results demonstrate that, compared to the existing methods, the proposed approach significantly reduces reconstruction error (achieving a PRD as low as 2.29% and an SRR of 11.77 dB), and exhibits better robustness in noisy environments.