南京伟思医疗科技股份有限公司 2025 年第三季度报告 证券代码：688580 证券简称：伟思医疗 南京伟思医疗科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 注："本报告期"指本季度初至本季度末 3 个月期间，下同。 （二） 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 | 非经常性损益项目 | 本期金额 | 年初至报告期末 | 说明 | | --- | --- | --- | --- | | | | 金额 | | | 非流动性资产处置损益，包括已计提 | - | -864.63 | | | 资产减值准备的冲销部分 ...

格隆汇10月22日丨伟思医疗(688580.SH)公布，公司前三季度实现营业收入3.26亿元，同比增长11.58%； 归属于上市公司股东的净利润1.02亿元，同比增长30.68%；归属于上市公司股东的扣除非经常性损益的 净利润9360万元，同比增长37.35%；基本每股收益1.07元。 ...

伟思医疗公告，第三季度营收为1.15亿元，同比增长14.87%；净利润为3282.4万元，同比增长14.99%。 前三季度营收为3.26亿元，同比增长11.58%；净利润为1.02亿元，同比增长30.68%。 ...

Core Viewpoint - Weisi Medical (688580.SH) reported a revenue of 326 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 11.58% [1] - The net profit attributable to shareholders reached 102 million yuan, marking a year-on-year increase of 30.68% [1] - The non-recurring net profit was 93.6 million yuan, showing a year-on-year growth of 37.35% [1] - The basic earnings per share stood at 1.07 yuan [1] Financial Performance - Revenue for the first three quarters: 326 million yuan, up 11.58% year-on-year [1] - Net profit attributable to shareholders: 102 million yuan, up 30.68% year-on-year [1] - Non-recurring net profit: 93.6 million yuan, up 37.35% year-on-year [1] - Basic earnings per share: 1.07 yuan [1]

Company Overview - Weisi Medical, established on January 10, 2001, is located in Nanjing, Jiangsu Province, and was listed on July 21, 2020. The company focuses on the research, development, production, and sales of rehabilitation medical devices, particularly in areas such as pelvic and postpartum rehabilitation, neurological rehabilitation, and mental rehabilitation [1]. Business Performance - As of October 17, Weisi Medical's stock price decreased by 5.08%, trading at 46.73 CNY per share, with a total market capitalization of 4.475 billion CNY. The trading volume was 70.9737 million CNY, and the turnover rate was 1.55% [1]. - The revenue composition of Weisi Medical 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]. Fund Holdings - According to data, Beixin Ruifeng Fund holds a significant position in Weisi Medical through its health lifestyle theme flexible allocation fund (001056), which maintained 90,000 shares in the second quarter, accounting for 4.68% of the fund's net value, ranking as the seventh largest holding [2]. - The fund has a total scale of 90.1431 million CNY and has achieved a year-to-date return of 29.83%, ranking 2886 out of 8160 in its category [2]. Fund Management - The fund manager of Beixin Ruifeng's health lifestyle theme flexible allocation fund is Pang Wenjie, who has been in the position for 5 years and 140 days. The fund's total asset size is 18.4 million CNY, with the best return during his tenure being 44.46% and the worst being -40.05% [3].

Core Insights - The rehabilitation equipment industry in China is rapidly growing, with the market size expected to reach approximately 714.6 billion yuan in 2024, an increase of 98.9 billion yuan from 2023 [1][6] - The largest market share within the rehabilitation equipment sector is held by rehabilitation therapy devices at 15%, followed by rehabilitation training devices at 4%, and rehabilitation assessment devices at 1% [6] - The market is projected to grow further, reaching an estimated 815 billion yuan by 2025, driven by an aging population and increasing demand for rehabilitation services [1][6] Industry Definition and Classification - Rehabilitation medical devices are defined as equipment used for the prevention, assessment, treatment, training, or compensation of functional disabilities [3] - The main categories of rehabilitation medical devices include rehabilitation aids, rehabilitation therapy devices, rehabilitation training devices, rehabilitation assessment devices, and other rehabilitation equipment [3] Current Development Status - The rehabilitation equipment market in China is predominantly composed of domestic brands, which account for 97.9% of the market, while imported brands make up about 3% [6] - The industry has seen significant expansion in both market size and application areas due to rapid economic development [6] Industry Chain - The upstream of the rehabilitation equipment industry includes raw materials and software systems, while the midstream involves the manufacturing of rehabilitation devices [8] - The downstream applications primarily serve hospitals, community rehabilitation centers, nursing homes, and other medical institutions catering to populations with functional disabilities [8] Market Environment and Policies - The Chinese government has shown strong support for the rehabilitation equipment industry through various policies aimed at promoting its development, such as the "14th Five-Year" National Health Plan and guidelines for enhancing the welfare of the elderly [11] Competitive Landscape - Major companies in the rehabilitation medical device sector include Yuyue Medical, Kefu Medical, and Xiangyu Medical, with Yuyue Medical leading the market in terms of capital and revenue [12] - The industry exhibits a tiered competitive structure, with leading companies in the first tier and several others in subsequent tiers [12] Future Trends - The rehabilitation equipment industry is expected to experience significant growth opportunities, particularly in home settings, driven by an aging population and increasing chronic disease prevalence [13] - The industry is anticipated to evolve towards high-quality development, supported by technological advancements and favorable government policies [13]

10月9日，伟思医疗盘中上涨2.02%，截至13:00，报50.59元/股，成交5237.46万元，换手率1.09%，总市 值48.45亿元。 资金流向方面，主力资金净流入325.57万元，大单买入1009.05万元，占比19.27%，卖出683.48万元，占 比13.05%。 伟思医疗今年以来股价涨86.61%，近5个交易日涨2.12%，近20日跌1.19%，近60日涨12.35%。 资料显示，南京伟思医疗科技股份有限公司位于江苏省南京市雨花台区宁双路19号9栋，成立日期2001 年1月10日，上市日期2020年7月21日，公司主营业务涉及康复医疗器械的研发、生产和销售,以研发创 新为发展驱动力,致力于在盆底及产后康复、神经康复、精神康复等细分领域为医疗及专业机构提供安 全、有效的康复医疗产品及整体解决方案。主营业务收入构成为：磁刺激类39.44%，耗材及配件 19.42%，电生理类19.18%，激光射频类10.26%，电刺激类8.42%，其他3.28%。 伟思医疗所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：互联医疗、养老产业、 医疗美容、智慧医疗、医疗器械等。 截至6月30日，伟思医疗 ...

Core Insights - The company is focusing on the development of precise neuro-regulation technologies, particularly in the fields of transcranial magnetic stimulation for targeted treatments of mental health disorders such as depression and anxiety [1] - The management expressed confidence in the future potential of the rehabilitation industry, highlighting the diversification of rehabilitation service models extending from hospitals to communities and homes [1][2] Group 1: Research and Development Focus - In the magnetic stimulation field, the company aims to deepen research on targeted treatment solutions for mental health disorders and accelerate international registration of its products [1] - The electrical stimulation sector will see the development of an intelligent electrical stimulation system that supports multi-module combinations, integrating biofeedback technology for comprehensive product certification and market launch [1] - The company is advancing the application of intelligent rehabilitation robots and transcranial magnetic solutions in the rehabilitation market [1] Group 2: Market Strategy and Industry Positioning - The company plans to increase marketing and product promotion resources in the rehabilitation industry to seize growth opportunities and expand its business scale [2] - The integration of the rehabilitation industry and the rise of leading enterprises will be a gradual process, potentially taking 3-5 years, influenced by innovation speed, policy strength, and evolving demand [2] - The company aims to maintain a competitive edge by leveraging its technological advantages, brand influence, and resource integration capabilities [2] Group 3: AI Technology Integration - The company is actively incorporating AI technology into its product design to enhance automation and intelligence levels, such as in the MagNeuro ONE series for precise treatment targeting [2][3] - AI-driven technologies are being utilized to optimize laser energy management and improve operational automation in treatment processes [3] - The company is exploring AI applications in various fields, including biofeedback, brain function, and rehabilitation robotics, to facilitate the transition to intelligent rehabilitation [3] Group 4: Brain-Computer Interface Development - The company possesses a rich portfolio of products and technologies in the non-invasive brain-computer interface sector, including various biofeedback systems [3][4] - It has secured numerous patents related to brain signal acquisition and processing, enhancing its capabilities in the brain-computer interface domain [4] - The company's technology layout in neurological rehabilitation has evolved to provide comprehensive solutions across the diagnostic, treatment, and rehabilitation spectrum [4] Group 5: Personalized Rehabilitation Solutions - For stroke patients, the company utilizes EEG caps to capture movement imagination signals, triggering rehabilitation robots for training while enhancing neural plasticity through transcranial magnetic stimulation [5] - For spinal cord injury patients, the company employs surface electromyography systems to assess residual nerve function, creating personalized rehabilitation plans [5]

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]