（文章来源：证券日报） 证券日报网讯 12月16日，麦澜德在互动平台回答投资者提问时表示，公司产品已销往全球多个国家和 地区，其中包括欧盟成员国。未来公司将结合战略规划稳步推进海外业务布局，具体经营情况请以法定 披露信息为准。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has signed a strategic cooperation agreement with Yijiahe, focusing on the deep integration of brain-computer interface and intelligent robot technology, aiming to expand new applications in intelligent health care, emotional interaction, and health management [6] - The company's main business shows steady growth, with a revenue of 344 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.01% [6] - The company is increasing its R&D investment to support expected performance growth, with a gross margin of 70.05% in the first three quarters of 2025 [6] Financial Summary - Revenue forecast for 2025 is 5.07 billion yuan, with a year-on-year growth rate of 19.51% [5] - Net profit attributable to shareholders is expected to be 1.17 billion yuan in 2025, with a year-on-year growth rate of 14.89% [5] - The company's P/E ratio is projected to be 30.15 in 2025 [5]

Group 1 - The core point of the article is that 麦澜德 announced that 陈江宁 did not reduce her shareholding in the company during the specified period from September 5, 2025, to December 4, 2025, and the share reduction plan has now expired [1] Group 2 - The announcement was made on the evening of December 5 [1] - The company received a notification letter regarding the share reduction results from 陈江宁 [1] - The specified period for the share reduction plan has concluded without any shares being sold [1]

Core Viewpoint - The announcement details the results of a share reduction plan by a senior executive of Nanjing Mailland Medical Technology Co., Ltd, indicating that the planned share reduction did not occur within the specified timeframe [1][3]. Group 1: Shareholding Information - Before the reduction plan, the company's Vice President and Board Secretary, Chen Jiangning, held 1,039,261 shares, accounting for 1.0393% of the total share capital [2]. - The shares held by Chen Jiangning were from the company's initial public offering and were released from restrictions on February 19, 2024 [2]. Group 2: Reduction Plan Implementation Results - According to the reduction plan disclosed on August 15, 2025, Chen Jiangning intended to reduce her holdings by up to 259,815 shares, representing no more than 0.26% of the total share capital, due to personal financial needs [3]. - The reduction was to be executed through centralized bidding and block trading, with prices determined by market conditions [3]. - The company received a notification from Chen Jiangning stating that she did not reduce her shareholdings during the period from September 5, 2025, to December 4, 2025, and the reduction plan has now expired [3][5]. Group 3: Compliance and Plan Status - The reduction plan was in compliance with relevant laws and regulations, and the actual reduction situation was consistent with the previously disclosed plan [6]. - The reduction plan did not set a minimum reduction quantity or percentage, and it was confirmed that no shares were sold during the specified period [5][6].

证券代码：688273 证券简称：麦澜德 公告编号：2025-049 南京麦澜德医疗科技股份有限公司 高级管理人员减持计划时间届满暨减持股份结果 公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 高级管理人员持有股份的基本情况 本次减持计划实施前，南京麦澜德医疗科技股份有限公司（以下简称"公司"） 副总经理、董事会秘书陈江宁女士直接持有公司股份 1,039,261 股，占公司总股 本的 1.0393%。前述股份来源于公司首次公开发行前持有的股份，且已于 2024 年 2 月 19 日解除限售并上市流通。 减持计划的实施结果情况 根据公司 2025 年 8 月 15 日披露的《高级管理人员减持股份计划公告》（公 告编号：2025-029），陈江宁女士因个人资金需求，于本次减持计划公告披露日 起 15 个交易日后的 3 个月内，在符合法律法规的前提下，拟通过集中竞价、大 宗交易的方式减持所持有的公司股份，合计不超过 259,815 股，占公司总股本的 比例不超过 0.26%，减持价格按照市场价格 ...

Group 1 - The core viewpoint of the news is that 麦澜德 experienced a decline in stock price and had significant financing activities, indicating a high level of market activity and investor interest despite the drop [1] - As of December 4, 麦澜德's stock price fell by 1.25%, with a trading volume of 22.1014 million yuan. The financing buy amount was 2.9007 million yuan, while the financing repayment was 4.7555 million yuan, resulting in a net financing buy of -1.8548 million yuan [1] - The total financing and margin trading balance for 麦澜德 reached 112 million yuan, which accounts for 8.75% of its circulating market value, indicating a high level of financing activity compared to the past year [1] Group 2 - As of September 30, 麦澜德 had 6,402 shareholders, an increase of 17.23% from the previous period, while the average circulating shares per person decreased by 14.70% to 5,752 shares [2] - For the period from January to September 2025, 麦澜德 reported a revenue of 344 million yuan, representing a year-on-year growth of 4.01%, while the net profit attributable to shareholders was 95.9987 million yuan, showing a slight decrease of 0.07% year-on-year [2] - 麦澜德 has distributed a total of 297 million yuan in dividends since its A-share listing, with 247 million yuan distributed over the past three years [3]

Core Viewpoint - The company Yijiahe has signed a strategic cooperation agreement with the rehabilitation enterprise Mairande to explore the integration of "brain-computer interface + embodied intelligent robots" technology in the smart health and care sector [1] Group 1: Strategic Cooperation - Yijiahe and Mairande will focus on the health and care assistance field to create a new user experience [1] - The collaboration aims to integrate Yijiahe's subsidiary Lindong Technology's health care robot platform with Mairande's multimodal brain-computer interface technology [1] Group 2: Technological Innovations - The partnership will lead to innovative technological upgrades for robots, including real-time emotional monitoring for more effective emotional companionship [1] - The brain-computer interface will enable robotic motion control, allowing disabled elderly individuals or patients to regain mobility [1] - A more comprehensive health monitoring system will be developed as part of this collaboration [1]

Group 1 - The core viewpoint of the news is that 麦澜德 (Milan Medical Technology Co., Ltd.) has seen a stock price increase of 5.04%, reaching 37.52 CNY per share, with a total market capitalization of 3.752 billion CNY as of the report date [1] - The company, established on January 16, 2013, and listed on August 11, 2022, specializes in the research, production, sales, and services related to pelvic floor and postpartum rehabilitation products [1] - The revenue composition of the company 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%) [1] Group 2 - Among the top circulating shareholders of 麦澜德, 华夏稳增混合 (Huaxia Stable Growth Mixed Fund) reduced its holdings by 550,500 shares in the third quarter, now holding 701,500 shares, which accounts for 1.9% of the circulating shares [2] - The fund has achieved a year-to-date return of 36.83% and a one-year return of 32.03%, ranking 1759 out of 8199 and 2264 out of 8131 in its category, respectively [2] - The fund manager, 彭海伟 (Peng Haiwei), has a tenure of 11 years and 322 days, with the fund's total asset size at 1.314 billion CNY [3]

Group 1: Industry Perspective on Institutional Research - The research indicates a rebound in institutional research activity, particularly in the electronics, power equipment, and construction decoration sectors, with a total of 726 research instances last week, higher than 674 instances in the same week of 2024 [3][19] - The increase in research activity is noted across various sectors, including electronics, power equipment, construction decoration, agriculture, environmental protection, textiles, building materials, retail, defense, home appliances, and coal [3][19] - In October, due to the earnings report disclosure period, the total number of institutional research instances across the A-share market significantly dropped to 1,768, lower than 1,994 instances in October 2024 [20][21] Group 2: Individual Stock Perspective on Institutional Research - The stocks that received the most attention recently include Huichuan Technology, Fengyuan Co., and Ice Wheel Environment, with Huichuan Technology being researched 9 times last week [25][28] - Over the past month, stocks such as Oke Yi, Huichuan Technology, Ice Wheel Environment, and others have seen a high number of research instances, indicating strong market interest [29][30] - Huichuan Technology has been frequently researched due to its early advantage in the eCall system, which is expected to create a stable demand of nearly 30 million units annually starting from July 1, 2027, as all cars sold in China must be equipped with the system [27]

Core Insights - 麦澜德 is focusing on the development and commercialization of non-invasive brain-computer interface (BCI) technology, integrating it with existing technologies and clinical scenarios [1] Group 1: Clinical Directions and Technology Development - The company has developed a closed-loop system for cognitive function intervention, which includes four modules: emotional recognition, emotional interaction, cognitive assessment, and cognitive intervention, currently in multi-center clinical validation [2] - In the field of motor function rehabilitation, 麦澜德 has innovatively combined soft exoskeleton hand functions with EEG devices to create a brain-machine hand training system, showing preliminary effectiveness superior to traditional interventions [2] - For mental and psychosomatic disease regulation, the company is developing a multi-modal brain physiological signal monitoring platform in collaboration with Zhejiang University and other institutions, aiming to create portable products for monitoring brain states [2] Group 2: Technical Advantages and Ecosystem - 麦澜德's core advantages lie in three areas: multi-modal BCI technology for precise screening and personalized treatment, central-peripheral closed-loop technology with early multi-center clinical trials, and breakthroughs in cognitive impairment and emotional interaction [3] - The company has established a collaborative ecosystem involving universities, hospitals, and enterprises, ensuring that research and development align with clinical needs and facilitating resource sharing [3] Group 3: Market Promotion and Competitive Landscape - 麦澜德 has initiated preliminary cooperation with several hospitals in Jiangsu Province and southwestern regions, with some devices already in use at leading hospitals [4] - The competitive landscape in the BCI field is dominated by non-invasive companies, where the speed of obtaining registration certificates and market promotion capabilities are key factors [4] - The company aims to maintain its competitive edge by focusing on core technology research and clinical transformation [4]