格隆汇8月18日丨脑动极光-B(06681.HK)公布，谨定于2025年8月28日(星期四)举行董事会会议，以(其中 包括)考虑及通过集团截至2025年6月30日止六个月的中期业绩及其刊发。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 BrainAurora Medical Technology Limited 腦動極光醫療科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6681) 董事會會議召開日期 腦動極光醫療科技有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事會 （「董事會」）茲通告謹定於2025年8月28日（星期四）舉行董事會會議，以（其中包 括）考慮及通過本集團截至2025年6月30日止六個月的中期業績及其刊發。 承董事會命 腦動極光醫療科技有限公司 譚錚 主席兼執行董事 香港，2025年8月18日 截至本公告日期，董事會包括：(i)執行董事譚錚先生；(ii)非執行董事李思睿先 生、李明秋女士及Deng Feng先生；及(iii)獨立非執行董事林曉波先生、段濤博士 及李月中先生。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's brain-computer interface (BCI) concept stocks, driven by a recent policy initiative from multiple government departments aimed at promoting the BCI industry [1] - The Ministry of Industry and Information Technology, National Development and Reform Commission, and Ministry of Education, among others, jointly issued implementation opinions on August 7, targeting breakthroughs in key technologies by 2027 and the establishment of a technology, industry, and standards system [1] - By 2030, the goal is to cultivate 2-3 global leading enterprises in the BCI sector, indicating a strategic push for China to gain a competitive edge in the global BCI landscape [1] Group 2 - Recent breakthroughs in policy, technology, capital, and medical applications signify that BCI technology is transitioning from laboratory research to large-scale commercial use [1] - According to Guojin Securities, the BCI sector has diverse application scenarios and rich product and research paths, suggesting a vast potential market that could accelerate commercialization with supportive policies for product registration and medical insurance [1] - Domestic leading companies have made significant technological advancements in non-invasive BCI products, indicating a promising commercial potential for these innovations [1] Group 3 - Notable stock performances include Nanjing Panda Electronics rising over 10%, Brain Hole Technology increasing by 7%, and MicroBrain Science up by 5%, reflecting investor optimism in the BCI sector [1] - The stock prices and percentage changes of key companies are as follows: Nanjing Panda Electronics at 5.880 with a 10.11% increase, Brain Hole Technology at 0.230 with a 6.98% increase, MicroBrain Science at 16.020 with a 4.98% increase, and Brain Motion Aurora-B at 5.150 with a 1.58% increase [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 腦動極光醫療科技有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06681 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,266,278,000 | | 0 | | 1,266,278,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,266,278,000 | | 0 | | 1,266,278,000 | 第 2 頁 共 10 頁 v ...

Core Viewpoint - The GaN market is experiencing significant changes, with TSMC announcing its exit from GaN foundry services, while other companies like Power Semiconductor Manufacturing Corporation (PSMC) and Infineon are ramping up their GaN production capabilities. This shift indicates a competitive landscape where companies are vying for dominance in the GaN semiconductor market, particularly in high-power applications like electric vehicles [1][2][3]. Group 1: TSMC's Exit and Market Dynamics - TSMC has decided to phase out its GaN semiconductor foundry business over the next two years due to declining profit margins caused by competition from Chinese manufacturers [3]. - Navitas, which previously relied on TSMC for production, will transition its manufacturing to PSMC, with plans to produce GaN products rated from 100V to 650V starting in 2026 [4]. - Infineon is increasing its investment in GaN technology, aiming to produce scalable GaN on 300mm wafers, with initial customer samples expected by Q4 2025 [5]. Group 2: Shift in Focus from SiC to GaN - Renesas Electronics has halted its SiC project and is shifting its focus to GaN, driven by a slowdown in the electric vehicle market and an oversupply of SiC chips [7]. - Renesas is leveraging its acquisition of Transphorm to enhance its GaN product offerings, introducing new high-voltage GaN FETs that improve efficiency and reduce costs [8]. Group 3: Strategic Investments and Collaborations - STMicroelectronics has extended its lock-up period for its investment in Innoscience, indicating strong confidence in the latter's future and the GaN market [10][11]. - Innoscience has emerged as a key player in the GaN market, achieving significant revenue growth and expanding its wafer production capacity [13]. Group 4: Market Growth and Challenges - The GaN semiconductor market is projected to grow significantly, with a compound annual growth rate (CAGR) of 98.5% from 2024 to 2028, potentially exceeding $6.8 billion by 2028 [14]. - However, challenges remain for GaN to transition from niche applications like fast charging to core applications in electric vehicles, which require higher reliability and ecosystem maturity [15][16]. Group 5: Competitive Landscape and Future Outlook - The GaN industry is at a critical juncture, with companies like Navitas, Infineon, and others actively working to commercialize high-power GaN solutions [17]. - The next two years will be crucial for GaN manufacturers to prove their strategies and for the market to determine if GaN can penetrate core power applications effectively [17].

Financial Performance - In 2024, the company achieved a revenue growth of 82.0% year-on-year, reaching RMB 122.31 million, with a gross profit of RMB 54.01 million[14]. - Revenue for the year ended December 31, 2024, was RMB 122,311,000, an increase of 82.01% compared to RMB 67,200,000 in 2023[23]. - The total loss and comprehensive expenses for the year decreased by 44.69% to RMB (198,610,000) from RMB (359,116,000) in the previous year[23]. - Adjusted net loss for the year, excluding certain impacts, was RMB (161,959,000), representing an increase of 8.68% from RMB (149,027,000) in 2023[23]. - The loss for the year ended December 31, 2024, was RMB 198.61 million, compared to a loss of RMB 359.12 million for the year ended December 31, 2023[70]. - Adjusted net loss (non-IFRS measure) for 2024 was RMB 161.96 million, compared to RMB 149.03 million in 2023[83]. - Total loss and comprehensive expenses for 2024 were RMB 198.61 million, improved from RMB 359.12 million in 2023[83]. Product Development and R&D - Research and development investment reached RMB 119 million in 2024, a year-on-year increase of 31.6%, with the R&D team expanding to 120 members, over 20% of whom hold master's or doctoral degrees[11]. - The company is developing new indications for its core product, including a software for assessing cognitive abilities in depression, expected to receive approval in 2025[10]. - The company has a diverse product pipeline, with six candidate products in preclinical and clinical stages addressing unmet needs in various fields, including ADHD and depression[10][22]. - Clinical trials for several products are scheduled to commence in 2025, with data analysis expected to be completed by the second quarter of 2025[29]. - The company is focusing on developing tailored solutions for cognitive impairment using advanced technology[25]. - The anticipated commercialization timeline for certain products extends to 2028, indicating a long-term strategy in product development[29]. - The company is developing a new software for ADHD assessment and treatment, with two main components: a task-based cognitive assessment system and a problem-based digital assessment system[48]. - The cognitive impairment assessment and treatment software is being developed for international markets, with CE mark approval obtained for the treatment software in the EU, expected to commercialize in 2026[49]. Market Expansion and Strategy - The company plans to deepen market penetration of core products, accelerate commercialization of new indications, and enhance patient accessibility in 2025[15]. - The company aims to expand globally by advancing product registrations in Europe and the U.S. and exploring collaboration opportunities in the Middle East and Southeast Asia[16]. - The company is actively expanding its product offerings to address a wide range of cognitive disorders, including those related to vascular diseases and neurodegenerative conditions[26]. - The company aims to strategically seek acquisition opportunities to enhance its market position and global influence[52]. Clinical Trials and Approvals - The company has initiated three clinical trials in 2024 to evaluate the system's safety and efficacy for cognitive impairment caused by various vascular diseases, with data collection and analysis expected to be completed by 2025[36]. - The company plans to commence clinical trials for anxiety disorders in 2025 to enhance the system's application for cognitive impairment caused by depression[36]. - The Basic Cognitive Ability Test software (BCAT) received regulatory approval in October 2022, with full commercialization expected in the first half of 2025[41]. - The Cognitive Ability Screening Assessment software (SAS) was approved in December 2022, with full commercialization also anticipated in the first half of 2025[42]. - The Reading Disability Screening Assessment software (DSS) received its regulatory approval in September 2023, aimed at improving the assessment of developmental reading disability risks in children[43]. - The company has four additional products that have received regulatory approval, including BCAT, SAS, and DSS[39]. Financial Position and Assets - Current assets as of December 31, 2024, amounted to RMB 548.13 million, with cash and cash equivalents at RMB 413.38 million, an increase of RMB 141.56 million from RMB 271.82 million as of December 31, 2023[73]. - Current liabilities as of December 31, 2024, totaled RMB 782.01 million, including trade and other payables of RMB 56.09 million and prepayments from cornerstone investors of RMB 320.97 million[73]. - The capital debt ratio as of December 31, 2024, was not applicable, consistent with 2023[99]. - The company plans to fund its capital expenditures through operating cash flow, net proceeds from global offerings, and bank borrowings[94]. Shareholding and Governance - As of December 31, 2024, the company’s directors hold a total of 401,701,000 shares, representing approximately 31.72% of the company[151]. - The largest shareholder, Mr. Tan, holds 275,468,000 shares (21.75%) through controlled entities and has voting rights over an additional 99,104,000 shares (7.83%)[151]. - The shareholding structure indicates significant control by major shareholders, with ZTan Limited and Dr. Wang collectively holding over 36%[156][158]. - The company has established a trust for managing pre-IPO share incentive plans, indicating strategic planning for shareholder engagement[161]. Environmental and Social Responsibility - The company is committed to environmental sustainability and regularly reviews its environmental policies[106]. - The company is committed to maintaining effective communication and good relationships with key stakeholders, including employees, customers, and suppliers[117].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 122,311,000, representing an increase of 82.01% compared to RMB 67,200,000 in 2023[4] - Total comprehensive loss for the year decreased to RMB (198,610,000), a reduction of 44.69% from RMB (359,116,000) in the previous year[4] - Adjusted net loss for the year was RMB (161,959,000), an increase of 8.68% compared to RMB (149,027,000) in 2023[4] - Gross profit for the year was RMB 54,013,000, up from RMB 32,064,000 in 2023, indicating a significant improvement in profitability[5] - The company reported a basic loss per share of RMB (0.22) for 2024, compared to RMB (0.62) in 2023, indicating improved performance[5] - The pre-tax loss for the year ended December 31, 2024, was RMB 198,558,000, a significant improvement from the pre-tax loss of RMB 359,116,000 for the year ended December 31, 2023, representing a reduction of approximately 44.7%[23] - The tax expense calculated at the statutory rate of 25% for the year ended December 31, 2024, was RMB 49,640,000, down from RMB 89,779,000 in 2023, indicating a decrease of about 44.8%[23] - The loss for the year ended December 31, 2024, was RMB 198.61 million, compared to a loss of RMB 359.12 million for the year ended December 31, 2023[108] Revenue Sources - Revenue from integrated software solutions in hospitals increased to RMB 79,316 thousand, up 92% from RMB 41,224 thousand in the previous year[15] - Revenue from external hospital integrated software solutions rose to RMB 26,789 thousand, a substantial increase of 368% from RMB 5,723 thousand[15] - The company recognized a total income of RMB 31,303 thousand from Customer A for the year ended December 31, 2024, compared to RMB 26,821 thousand in 2023[18] Expenses and Costs - Research and development expenses increased to RMB (119,424,000) from RMB (90,733,000) in the previous year, reflecting ongoing investment in innovation[5] - Total financial costs for the year ended December 31, 2024, amounted to RMB 22,025 thousand, an increase of 9% from RMB 20,216 thousand in 2023[20] - Selling and distribution expenses increased from RMB 38.40 million for the year ended December 31, 2023, to RMB 48.02 million for the year ended December 31, 2024, an increase of 25.05%[102] - Administrative expenses rose from RMB 54.40 million for the year ended December 31, 2023, to RMB 59.93 million for the year ended December 31, 2024, an increase of 10.17%[104] - R&D expenses increased from RMB 90.73 million for the year ended December 31, 2023, to RMB 119.42 million for the year ended December 31, 2024, an increase of 31.62%[105] Assets and Liabilities - Cash and cash equivalents at year-end were RMB 343,882,000, a substantial increase from RMB 57,577,000 in 2023[6] - The total liabilities increased to RMB 782,007,000 in 2024 from RMB 392,844,000 in 2023, primarily due to increased operational activities[6] - Trade receivables increased significantly to RMB 105,312,000 as of December 31, 2024, compared to RMB 50,740,000 in 2023, reflecting a growth of 107.5%[36] - The company reported a total of RMB 138,250,000 in trade and other receivables as of December 31, 2024, up from RMB 78,062,000 in 2023, indicating a year-over-year increase of 77.1%[36] - The company’s total assets, including property, plant, and equipment, reached RMB 60,186,000 by December 31, 2024, up from RMB 43,469,000 in 2023, indicating a growth of 38.2%[31] Cash Flow and Financing - The company secured two new bank loans of RMB 10,000,000 and RMB 4,072,000 in 2024, with fixed interest rates of 5.00% and 3.00%, respectively[54] - The company has a long-term bond with a total subscription amount of RMB 300 million, with an annual nominal interest rate of 6%[42] - The company must comply with financial covenants related to its long-term bonds, including investment thresholds of RMB 50 million, RMB 100 million, and RMB 360 million over the first three years[45] Strategic Initiatives - The company plans to continue expanding its digital therapy solutions in China, focusing on cognitive impairment treatments[9] - The company is focused on transforming brain science research into digital therapy products to benefit cognitive disorder patients[71] - The company plans to expand its international footprint and seek strategic acquisition opportunities to enhance global influence[94] Clinical Trials and Product Development - Clinical trials for interventions related to hypertension-induced cognitive impairment are scheduled to complete data analysis by Q2 2025, with commercialization expected in 2026[76] - The company has ongoing clinical trials for Alzheimer's disease interventions, with a milestone achieved in June 2020[76] - The product pipeline includes assessments and interventions for schizophrenia and depression, with commercial launch anticipated in 2026[76] - The company plans to initiate clinical trials for attention deficit hyperactivity disorder (ADHD) and substance addiction interventions by Q2 2025[77] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions since its expected listing date on January 8, 2025[128] - The audit committee has reviewed the annual financial performance and found it compliant with relevant accounting standards[137] Shareholder Information - The board does not recommend the distribution of a final dividend for the year ending December 31, 2024[140] - The company issued 1,266,278,000 shares at an offering price of HKD 3.22 per share on January 8, 2025[139]