Investment Rating - The report suggests focusing on companies with "technical barriers + clinical landing" as the dual main lines for investment, recommending attention to medical scene integrators and leaders in invasive technology [4]. Core Insights - The brain-computer interface (BCI) industry is driven by both policy and technology, with a market expected to grow from $1.2 billion in 2019 to $2 billion in 2023, and projected to reach $7.63 billion by 2029, indicating a compound annual growth rate (CAGR) of 17.5% from 2024 to 2029 [3][24]. - The medical sector is currently the most mature application area for BCI, with 31 clinical trials planned in 2024 covering various diseases, and the integration of medical and consumer applications is expected to create a dual growth curve [3][54]. - The domestic industry chain is becoming more self-sufficient, with significant advancements in invasive BCI technologies, and several regions are expected to form industrial clusters [4][27]. Summary by Sections Industry Overview - BCI technology is a frontier field at the intersection of life sciences and information technology, creating interactive systems between the brain and external devices [14][16]. - The global BCI market is projected to grow significantly, with a forecasted market size of $7.63 billion by 2029, reflecting a CAGR of 17.5% from 2024 to 2029 [24][25]. - The industry is currently in a technology validation phase, with active investment activities, particularly in China, where over 200 financing events have occurred, totaling nearly $2 billion [27][29]. Policy Guidance - The Chinese government has issued several policies to support the BCI industry, aiming for technological breakthroughs by 2027 and the establishment of a robust industrial ecosystem by 2030 [42][43]. - The regulatory framework is evolving, with ongoing efforts to ensure safety, effectiveness, and ethical compliance in BCI technology [45][47]. Clinical Situation - Stroke is identified as the primary indication for BCI applications, with a significant patient population in need of rehabilitation solutions [54][59]. - The number of clinical trials related to BCI is increasing, with 31 trials registered in 2024, indicating a growing interest in the clinical potential of BCI technologies [65][66].

Group 1 - The A-share market saw a significant decline in brain-computer interface concept stocks, with several companies experiencing drops of over 5% [1] - Notable companies that fell over 5% include Dineike, Xiangyu Medical, Meihao Medical, Chengdu Huamei, and Tom Cat [1] - Other companies such as Yanshan Technology, Zhongke Information, Aipeng Medical, Nanjing Panda, Weisi Medical, Innovation Medical, Robot, Mailande, Beiqingsong, Botuo Biological, and Rongtai Health dropped over 4% [1]

Core Viewpoint - 麦澜德's stock price has shown significant volatility, with a year-to-date increase of 77.07%, but recent declines in the short term raise questions about future performance [2][3]. Company Overview - 南京麦澜德医疗科技股份有限公司, established on January 16, 2013, and listed on August 11, 2022, specializes in the research, production, sales, and services of products related to pelvic floor and postpartum rehabilitation [2]. - The company's revenue composition includes pelvic rehabilitation products (36.98%), reproductive rehabilitation products (33.10%), consumables and accessories (24.32%), sports rehabilitation products (2.77%), and other products (2.84%) [2]. Financial Performance - For the first half of 2025, 麦澜德 reported revenue of 241 million yuan, a year-on-year increase of 5.62%, while net profit attributable to shareholders decreased by 11.96% to 63.92 million yuan [3]. - Since its A-share listing, 麦澜德 has distributed a total of 268 million yuan in dividends [4]. Shareholder and Market Activity - As of June 30, 2025, 麦澜德 had 5,461 shareholders, an increase of 10.84% from the previous period, with an average of 6,743 circulating shares per shareholder, down by 9.78% [3]. - The stock has experienced significant trading activity, with a recent net outflow of 1.528 million yuan in principal funds, indicating mixed investor sentiment [1][2].

每经AI快讯，有投资者在投资者互动平台提问：公司持有南京麦豆不到4%的股权，但麦豆的技术和上 市公司有极强整合效应，市场麦豆TC，公司TB，表面上互相独立，但实际上也有极强的整合效应。请 问公司为何不把麦豆纳入上市公司？麦豆在体外发展，其实是占用公司的技术和市场资源。 （记者 王晓波） 麦澜德（688273.SH）9月17日在投资者互动平台表示，公司目前持有南京麦豆健康科技有限公司（以 下简称"麦豆健康"）少量股权，同时麦豆健康是我公司家用产品的经销商。麦豆健康作为独立法人主 体，其技术研发和市场拓展均遵循独立自主原则，不存在占用上市公司核心资源的情形。未来是否纳入 上市公司体系，需综合评估业务协同性、合规要求及全体股东利益。公司高度重视业务资源优化，会持 续关注家用市场发展。 ...

Group 1 - The first brain-computer interface (BCI) industry standard in China has been officially released, which will take effect on January 1, 2026, laying the foundation for the high-quality development of the BCI medical device industry [2] - The standard defines the terminology and definitions related to medical devices that utilize BCI technology, marking a significant step in the establishment of a regulatory framework for the industry [2] - The Chinese government aims to achieve breakthroughs in key BCI technologies by 2027, establishing an advanced technical, industrial, and standard system, with the goal of creating 2 to 3 industrial clusters and expanding new applications and business models [2] Group 2 - A-share BCI concept stocks have seen an average increase of 62.55% this year, with companies like Hanwei Technology, Innovation Medical, Sino Medical, and Rongtai Health experiencing stock price increases exceeding 170% [2] - Seven companies have received institutional research since September, with Xiangyu Medical receiving the most attention from 49 institutions, focusing on self-developed core components for BCI applications [3] - Dao's Technology has invested in leading BCI companies to enhance its capabilities in medical rehabilitation and human-computer interaction, indicating a trend of collaboration within the industry [3] Group 3 - Market funds have been actively increasing their positions in BCI concept stocks, with half of these stocks receiving net purchases from financing clients since September, and several stocks seeing net purchases exceeding 100 million yuan [4] - Notable companies with significant net purchases include Sanqi Interactive Entertainment, Dao's Technology, and Hanwei Technology, reflecting strong market interest in the BCI sector [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 241 million yuan in the first half of 2025, representing a year-over-year increase of 5.62%, while the net profit attributable to the parent company was 64 million yuan, down 11.96% year-over-year [5] - The reproductive rehabilitation business continues to grow rapidly, with a revenue of 79.84 million yuan in the first half of 2025, up 42.45% year-over-year [6] - The company is actively expanding into the brain-computer interface sector, which is seen as a core strategic direction for future growth [7] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 123 million yuan, a decrease of 0.89% year-over-year, and a net profit of 24 million yuan, down 33.76% year-over-year [5] - The company expects revenues for 2025-2027 to reach 500 million yuan, 613 million yuan, and 748 million yuan, with year-over-year growth rates of 17.8%, 22.6%, and 22.1% respectively [9] Business Segments - The reproductive rehabilitation and anti-aging business is a key growth driver, while the pelvic floor rehabilitation business faced short-term pressure, with a revenue of 89 million yuan in the first half of 2025, down 15.93% year-over-year [6] - The company is launching innovative products, including the PI-ONE system for pelvic floor rehabilitation and a new radar magnetic stimulation device [6] Future Outlook - The company has several ongoing research projects in the brain-computer interface area, including a key national research plan and various provincial initiatives [7][8] - The projected net profit for 2025-2027 is expected to be 117 million yuan, 164 million yuan, and 203 million yuan, with corresponding year-over-year growth rates of 15.0%, 40.7%, and 23.7% [9]

Company Overview - Nanjing Mailland Medical Technology Co., Ltd. was established on January 16, 2013, and went public on August 11, 2022. The company is located in Nanjing, Jiangsu Province, and specializes in the research, development, production, sales, and services related to pelvic floor and postpartum rehabilitation products [1]. Business Segmentation - The main business revenue composition is as follows: pelvic rehabilitation products account for 36.98%, reproductive rehabilitation products 33.10%, consumables and accessories 24.32%, sports rehabilitation products 2.77%, other supplementary products 2.18%, and other products 0.66% [1]. Stock Performance - On September 16, Mailland's stock rose by 5.04%, reaching a price of 41.87 CNY per share, with a trading volume of 59.33 million CNY and a turnover rate of 3.97%. The total market capitalization is 4.187 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Mailland, a fund under Huatai-PineBridge holds a position. The Huatai Growth Focus Mixed Fund (519068) reduced its holdings by 299,400 shares in the second quarter, now holding 363,800 shares, which represents 0.99% of the circulating shares. The estimated floating profit today is approximately 731,200 CNY [2]. Fund Performance - The Huatai Growth Focus Mixed Fund (519068) was established on March 12, 2007, with a current asset size of 2.851 billion CNY. Year-to-date returns are 18.31%, ranking 4,518 out of 8,174 in its category; the one-year return is 29.39%, ranking 5,272 out of 7,982; and since inception, the return is 355.46% [2]. Fund Management - The fund manager of Huatai Growth Focus Mixed Fund is Chen Xiaoyang, who has been in the position for 3 years and 261 days. The best fund return during his tenure is -33.12%, and the worst is also -33.12% [3].

Core Insights - The domestic brain-computer interface (BCI) industry is entering a phase of accelerated development in 2025, with significant advancements emerging continuously [1] - Multiple A-share listed companies have disclosed recent updates on their BCI businesses, indicating a clear industry application blueprint and a push towards commercialization [2][5] Company Developments - MaiLand has focused on non-invasive BCIs, achieving technological accumulation in areas such as upper limb and hand movement robotics and non-invasive neural regulation, with clinical validation underway for key projects [2][7] - Xiangyu Medical has launched over 10 new products, including BCIs and exoskeleton robots, and has established a collaborative center for BCI rehabilitation treatment and neural regulation [3][7] - QiSheng Technology is exploring cross-industry integration with BCI technology, particularly in sleep health, and has set up a digital sleep industry fund [3] - Zhongke Information has established a laboratory for cognitive and smart medical applications, focusing on developing closed-loop BCI systems for intelligent anesthesia and rehabilitation [3][7] - Aipeng Medical is working on monitoring brain states during surgery and developing treatment systems for conditions like insomnia and ADHD [3][7] Industry Trends - The BCI industry is seeing a multi-faceted approach to commercialization, with companies accelerating investment and product rollout, supported by local policies that facilitate the commercialization process [5][6] - The Shanghai Medical Insurance Bureau has introduced new medical service pricing items for invasive and non-invasive BCI procedures, which is expected to clear obstacles for commercialization [6] - Companies like Daoshi Technology and Botuo Bio are making strategic investments in BCI-related ventures, indicating a growing interest in the sector [5][6]

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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688273 证券简称：麦澜德 公告编号：2025-039 南京麦澜德医疗科技股份有限公司 关于选举职工董事的公告 南京麦澜德医疗科技股份有限公司（以下简称"公司"）根据《中华人民共和国公司法》（以下简 称"《公司法》"）、修订后的《南京麦澜德医疗科技股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，于2025年9月11日召开职工代表大会，会议的召开及表决程序符合职工代表大会决策的有 关规定。经全体与会的职工代表认真审议，一致审议通过了《关于选举第二届董事会职工董事的议 案》，同意选举屠宏林先生（简历详见附件）为公司职工董事。 根据《公司法》和《公司章程》的有关规定，公司董事会成员中应包含一名职工董事。本次职工代表大 会会议一致同意选举屠宏林先生为公司职工董事，任期自本次职工代表大会审议通过之日起至公司第二 届董事会任期届满之日止。 屠宏林先生原为第二届董事会非职工董事，本次选举完成后，其变更为公司第二届董 ...

Core Viewpoint - The company announced the convening of a staff representative meeting on September 11, 2025, to elect a new employee director, which was unanimously approved by the attending representatives [1] Group 1 - The staff representative meeting was held in accordance with relevant regulations regarding decision-making procedures [1] - The proposal to elect Mr. Tu Honglin as the employee director of the second board was passed unanimously by all attending representatives [1]