Group 1 - The core viewpoint of the news is the performance and market position of Weisi Medical, which saw a stock price increase of 5.11% to 51.61 CNY per share, with a total market capitalization of 4.943 billion CNY [1] - Weisi Medical specializes in the research, development, production, and sales of rehabilitation medical devices, focusing on areas such as pelvic and postpartum rehabilitation, neurological rehabilitation, and mental rehabilitation [1] - The company's revenue composition includes magnetic stimulation products (39.44%), consumables and accessories (19.42%), electrophysiological products (19.18%), laser radiofrequency products (10.26%), electrical stimulation products (8.42%), and others (3.28%) [1] Group 2 - From the perspective of fund holdings, Weisi Medical is a top ten holding of the Beixin Ruifeng Health Life Theme Flexible Allocation Fund, which reduced its holdings by 15,000 shares to 75,000 shares, representing 4.13% of the fund's net value [2] - The Beixin Ruifeng Health Life Theme Flexible Allocation Fund has a total scale of 90.1431 million CNY and has achieved a year-to-date return of 30.46% [2] - The fund manager, Pang Wenjie, has a tenure of 5 years and 150 days, with the best fund return during this period being 44.46% [3]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2025年三季度报告。2025年前三季度，公司实现营业收入3.26亿元，同比增长11.58%；归母净利 润1.02亿元，同比增长30.68%；扣非归母净利润0.94亿元，同比增长37.35%。其中，2025年Q3实现营收 1.15亿元，同比增长14.87%；归母净利润0.33亿元，同比增长14.99%；扣非归母净利润0.30亿元，同比增 长21.61%。 点评： 25Q3营收稳步增长，经营现金流净额增加 25Q3公司归母净利润同比增长14.99%，扣非归母净利润同比增长21.61%，主要系公司销售收入增加，期 间费用率下降所致。25Q3公司的经营活动产生的现金流量净额同比增长33.74%，主要系销售商品收到的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [9]. Core Insights - The company reported a steady performance in Q3 2025, with a revenue of 326 million yuan, representing a year-on-year growth of 11.58%, and a net profit attributable to shareholders of 102 million yuan, up 30.68% year-on-year [5][9]. - The company is actively expanding its product offerings, particularly in the brain-machine interface sector, with several innovative applications under development [6][9]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of approximately 66.65%, 65.62%, and 68.27% for Q1, Q2, and Q3 respectively, showing an upward trend [5]. - The company’s operating expenses have decreased, with the sales expense ratio at 18.77%, down 7.99 percentage points year-on-year, and the management expense ratio at 10.03%, down 1.50 percentage points year-on-year [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 473 million yuan, 561 million yuan, and 668 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.2%, 18.6%, and 19.1% [9][11]. - The net profit attributable to shareholders is expected to reach 134 million yuan, 160 million yuan, and 192 million yuan for the same years, with growth rates of 31.8%, 19.3%, and 20.0% respectively [9][11].

Core Insights - The medical device sector experienced a slight increase of 0.37% on October 24, with Mai Lande leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Medical Device Sector Performance - Top gainers included: - Mai Lande (688273) with a closing price of 41.92, up 6.31%, trading volume of 29,300 hands, and a transaction value of 121 million yuan [1] - Xiangyu Medical (688626) at 53.21, up 6.10%, with a trading volume of 41,100 hands and a transaction value of 216 million yuan [1] - Xiangsheng Medical (688358) at 35.27, up 4.75%, with a trading volume of 38,400 hands and a transaction value of 136 million yuan [1] - Other notable gainers included: - Aohua Endoscopy (688212) at 50.59, up 4.74%, with a transaction value of 225 million yuan [1] - Weisi Medical (688580) at 49.10, up 4.71%, with a transaction value of approximately 99.8 million yuan [1] Decliners in Medical Device Sector - Notable decliners included: - Chenguang Medical (920300) at 17.51, down 8.80%, with a trading volume of 124,000 hands [2] - Toukeng Life (300642) at 22.95, down 5.40%, with a trading volume of 175,700 hands [2] - Haitai New Light (688677) at 48.50, down 5.05%, with a trading volume of 38,800 hands [2] - Other significant decliners included: - Sino Medical (688108) at 28.00, down 4.73%, with a trading volume of 263,700 hands [2] - Tianchen Medical (688013) at 55.66, down 3.98%, with a trading volume of 19,200 hands [2] Capital Flow in Medical Device Sector - The medical device sector saw a net outflow of 654 million yuan from major funds, while retail investors contributed a net inflow of 455 million yuan [2]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]

Core Insights - Weisi Medical (688580) reported a strong performance in its Q3 2025 financial results, with both revenue and net profit showing significant year-on-year growth [1] - The company achieved a total revenue of 326 million yuan, an increase of 11.58% compared to the previous year, and a net profit of 102 million yuan, up 30.68% year-on-year [1] Financial Performance - Q3 2025 total revenue reached 115 million yuan, reflecting a 14.87% increase year-on-year [1] - Q3 2025 net profit was 32.82 million yuan, marking a 14.99% rise compared to the same quarter last year [1] - Gross margin improved to 66.86%, up 0.93% year-on-year, while net margin increased to 31.38%, a rise of 17.12% [1] - Total operating expenses (selling, administrative, and financial) amounted to 91.41 million yuan, accounting for 28.08% of revenue, down 8.42% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) for Q3 2025 was 1.07 yuan, a 30.49% increase from the previous year [1] - The company reported a significant increase in operating cash flow per share to 1.09 yuan, up 69.02% year-on-year [1] - The company's return on invested capital (ROIC) was 5.69% last year, with a historical median ROIC of 23.96% since its listing [5] Market Position and Fund Holdings - The largest fund holding Weisi Medical shares is Beixin Ruifeng Health Life, which reduced its holdings to 75,000 shares as of Q3 2025 [4] - The fund's current size is 0.9 billion yuan, with a recent net value of 1.227, reflecting a 0.65% decline from the previous trading day [6]

Summary of Weisi Medical's Conference Call Company Overview - **Company**: Weisi Medical - **Industry**: Rehabilitation Medical Devices Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue increased by 14.87% year-on-year, reaching 3.26 billion CNY [2][3] - **Net Profit Growth**: Net profit grew by nearly 15%, with a net profit margin of 31.38% [2][3] - **Gross Margin**: Gross margin for the first three quarters was 66.86%, an increase of 4.6 percentage points year-on-year [2][14] - **Operating Cash Flow**: Operating cash flow increased by 69% to 1.04 billion CNY, driven by marketing performance and cost control [2][14] Business Segments Performance - **Mental Rehabilitation**: This is the largest segment, showing double-digit growth due to high market demand and stable market share [6][22] - **Pelvic Rehabilitation**: The second-largest segment, benefiting from new products and channel expansion, also achieved good growth [6][23] - **Neuro Rehabilitation**: This segment remained flat, with new products expected to be trialed in the second half of the year [6] - **Aesthetic Medicine**: Although small, this segment showed significant growth compared to last year [6] Product Development and Innovation - **New Products**: The company launched several new products, including pelvic radiofrequency robots and imaging robots for neuro-regulation, with plans for more products targeting skin anti-aging [2][15] - **Brain-Computer Interface (BCI)**: Weisi Medical has developed two main technology platforms: non-invasive neural regulation and non-invasive BCI integration [7][9] - **Market Penetration**: The MagnaNeuro 1 closed-loop neural regulation robot has been installed in over 60 hospitals, while the FreeMind biofeedback product has been installed in over 1,000 units [7][11] Market Strategy and Future Outlook - **Revenue Target for 2025**: The company aims for a revenue target of 472 million CNY, representing an 18% increase year-on-year [2][8] - **Future Growth Areas**: Key growth areas include mental health, pelvic health, rehabilitation, aesthetic products, and international markets [19][20] - **International Expansion**: The company has begun overseas R&D and registration work, expecting significant revenue contributions from international markets in three years [20] Challenges and Market Conditions - **Tender Trends**: The overall market for rehabilitation equipment showed slight growth, with mental health devices experiencing double-digit growth [21] - **Price Pressure**: The impact of centralized procurement on pricing is limited due to the company's product design and low correlation with insurance [21] Research and Collaboration - **Collaborative Innovation**: Weisi Medical actively collaborates with universities and research institutions to accelerate technology breakthroughs and project implementations [10] Conclusion - **Overall Performance**: Weisi Medical has shown strong financial performance in 2025, driven by technological advancements and strategic market positioning. The company is optimistic about achieving its revenue growth target and expanding its market presence in the coming years [18][23]

Core Insights - The company reported a total revenue of 326 million yuan for Q3 2025, with a net profit attributable to shareholders of 102 million yuan and a net cash inflow from operating activities of 104 million yuan [1]. Financial Performance - The latest debt-to-asset ratio stands at 9.06%, which is an increase of 0.11 percentage points from the previous quarter [3]. - The gross profit margin is reported at 66.86% [3]. - The return on equity (ROE) is 6.16% [3]. - The diluted earnings per share (EPS) is 1.07 yuan [3]. - The total asset turnover ratio is 0.18 times, while the inventory turnover ratio is 2.56 times [3]. Shareholder Information - The number of shareholders is 8,098, with the top ten shareholders holding a total of 66.35 million shares, accounting for 69.28% of the total share capital [3]. - The top shareholders include: - Wang Zhiyu: 39.4% - Hu Ping: 16.4% - Nanjing Zhida Venture Capital Center (Limited Partnership): 8.15% - Shenzhen Yanghe Biomedical Industry Investment Co., Ltd.: 1.18% - Feng Lixia: 0.93% - Zhao Guangming: 0.78% - Shen Tao: 0.74% - Hu Jun: 0.58% - Yu Fenghua: 0.57% - Fan Lili: 0.49% [3].

Core Insights - Weisi Medical achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 11.58% [1] - The net profit attributable to shareholders reached 102 million yuan, with a year-on-year increase of 30.68% [1] - Operating cash flow net amount was 104 million yuan, showing a significant year-on-year growth of 69.02% [1] Quarterly Performance - In Q3 2025, Weisi Medical reported a revenue of 115 million yuan, reflecting a year-on-year growth of 14.87% [1] - The net profit attributable to shareholders for the quarter was 32.82 million yuan, with a year-on-year increase of 14.99% [1] - The operating cash flow net amount for Q3 was 39.62 million yuan, marking a year-on-year growth of 33.74% [1] Company Strategy and Technology - Weisi Medical is recognized as a national-level "specialized and innovative" small giant enterprise, leveraging six core technology platforms: magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency [1] - The company focuses on three strategic areas: brain-computer interfaces, rehabilitation robots, and AI healthcare, aiming to create a new rehabilitation medical system that is precise, intelligent, and closed-loop [1] - Weisi Medical is committed to driving technological upgrades in the industry and transforming clinical paradigms through a comprehensive "diagnosis-treatment-rehabilitation" cycle [1] International Expansion - The company is accelerating its internationalization efforts by actively participating in international exhibitions and receiving positive market feedback [2] - With ongoing breakthroughs in product qualification for overseas markets, international business is expected to become a new growth engine for the company's performance in the medium to long term [2]