Investment Rating - The investment rating for the computer industry is optimistic (maintained) [1] Core Insights - The brain-computer interface (BCI) market has significant potential, with global medical applications expected to reach $40 billion by 2030 and $145 billion by 2040 [5][36] - The technology is maturing, with companies like Neuralink receiving FDA approval for human trials, indicating a shift from concept to practical application [6][8] - Policy support is increasing, with various regions in China implementing plans to accelerate the commercialization of BCI technologies [7][45] Summary by Sections 1. Brain-Computer Interface: Continuous Breakthrough - BCI creates a communication channel between the brain and external devices, enabling direct information exchange [17] - The global BCI market was valued at $2.35 billion in 2023, with a projected CAGR of 16.55% from 2023 to 2033 [35] 2. Policy and Technology Resonance: Bright Commercial Prospects for BCI 2.1 Policy: BCI Medical Pricing Implementation Accelerates Commercialization - Major countries are investing in BCI research, with the U.S. and EU leading in funding and project initiatives [41][44] - China's government has issued multiple directives to guide BCI development, including the establishment of independent pricing for BCI services [45][46] 2.2 Technology: Positive Progress in Clinical Trials, Approaching Industrialization - The BCI system faces numerous technical barriers, particularly in balancing performance and commercial viability [48] - China's BCI sector is rapidly advancing, with increasing publications and patents in the field [51][52] 3. Beneficiary Companies 3.1 Neuralink: Pioneer in Invasive BCI Technology - Neuralink is leading in invasive BCI technology, having initiated human trials and planning further patient implants [55][66] 3.2 Strong Brain Technology: Leader in Non-Invasive BCI - Strong Brain Technology focuses on non-invasive BCI solutions, having developed multiple products and secured significant funding [67][69] 3.3 Rock Mountain Technology: Forward-Looking Layout of Brainwave Large Models - Rock Mountain Technology is developing brainwave large models to enhance human-computer interaction systems [80]

Fundraising Overview - The company, Henan Xiangyu Medical Equipment Co., Ltd., has successfully raised a total of RMB 1,152,800,000 through the issuance of 40,000,000 shares at a price of RMB 28.82 per share, with all funds received and verified by an accounting firm [1] - The net amount raised after deducting issuance costs has been fully accounted for and managed in a dedicated account as per regulatory requirements [1] Use of Remaining Funds - The company has decided to allocate the remaining over-raised funds of RMB 79,119,600 (including interest income and cash management returns) to its wholly-owned subsidiary, Henan Ruibeta Medical Technology Co., Ltd., for the construction of a rehabilitation medical device industrial park [2][3] - This decision was approved during the board and supervisory meetings held on April 23, 2025, and subsequently ratified at the annual shareholders' meeting on May 15, 2025 [2] Establishment of Special Fund Account - On June 12, 2025, the company approved the establishment of a special fundraising account at the Bank of China Zhengzhou Airport Branch for the aforementioned project, ensuring that the funds are exclusively used for the designated purpose [3][4] - The special account will be subject to a four-party supervision agreement involving the company, its subsidiary, the bank, and the underwriting institution to ensure compliance and protect investor interests [4][5] Regulatory Compliance and Oversight - The agreement stipulates that the funds must not be used for any purposes other than those specified in the project, and any cash management investments must comply with relevant regulations [5][6] - The underwriting institution will conduct ongoing supervision and audits of the fund usage, ensuring transparency and adherence to the established guidelines [6][7]

证券代码：688626 证券简称：翔宇医疗 公告编号：2025-040 河南翔宇医疗设备股份有限公司 关于开立募集资金专项账户并签订募集资金专户存 储四方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 1 月 26 日出具的《关于同意河南翔 宇医疗设备股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕254 号），河南翔宇医疗设备股份有限公司（以下简称"公司"）获准向社会公众发 行人民币普通股（A 股）40,000,000 股，每股发行价格为人民币 28.82 元，本次 发行募集资金总额 1,152,800,000.00 元；扣除发行费用后，募集资金净额为 1,049,656,554.20 元，其中，超额募集资金金额为人民币 34,165.66 万元。 上述募集资金已全部到账，并经立信会计师事务所（特殊普通合伙）审验， 并于 2021 年 3 月 26 日出具了信会师报字[2021]第 ZE10046 号的《验资报告》。 公司依照 ...

Group 1 - The brain-computer interface (BCI) sector has seen significant advancements since 2025, with related stocks experiencing substantial increases, such as Saily Medical up 165.37% and Innovative Medical up 92.46% as of July 3 [1] - The A-share BCI sector has an overall increase of 49.1% this year, indicating a strong market sentiment towards this industry [1] - Policy support has been a driving force, with cities like Beijing and Shanghai launching five-year action plans for BCI development, aiming to cultivate innovative enterprises and achieve clinical application of BCI products by 2030 [1][2] Group 2 - The establishment of China's first BCI industrial cluster in Shanghai marks a significant step in the domestic BCI landscape, with the new facility expected to be operational within the year [2] - The stock market has reacted positively, with multiple BCI-related stocks experiencing consecutive gains, such as Saily Medical and Jihua Group achieving three consecutive trading limits [2] - The BCI theme index in A-shares has risen by 4.96% over the past month, reflecting ongoing investor interest [2] Group 3 - Companies are increasingly engaging with investors regarding BCI developments, with Chengyitong announcing a dual-track strategy in invasive and non-invasive BCI technologies [3] - Chengyitong plans to release three prototypes of neuro-rehabilitation devices integrating BCI technology by July 2024 [3] - Other companies, such as Chengdu Huamei and Pulite, are also exploring BCI applications, focusing on signal processing hardware and high-performance materials, respectively [3]

Group 1 - The core business of the company is the research, production, and sales of rehabilitation medical devices, with a wide range of products across 10 categories and over 1,000 types [2] - The company has received multiple awards for its projects, including first prizes from the Chinese Rehabilitation Medicine Association and various provincial awards for technological advancements in rehabilitation solutions [2] - As of March 31, 2025, the company had 5,895 shareholders, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] Group 2 - The latest quarterly report for Q1 2025 shows the company achieved a revenue of 186 million yuan, representing a year-on-year increase of 10.02%, while net profit decreased by 41.26% to 22.95 million yuan, with a gross margin of 65.30% [3] - The company's rolling price-to-earnings (PE) ratio is 80.39, significantly higher than the industry average of 51.29 and the median of 37.02, ranking it 101st in the industry [1][3] - The company operates in the medical device industry, which has an average PE ratio of 51.29 and a median of 37.02, indicating a relatively high valuation compared to its peers [1][3]

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) has increased, indicating a growing interest in investments within this sector, with a total balance of 158.34 billion yuan as of July 1, reflecting a continuous increase over the past seven trading days [1]. Financing Balance - As of July 1, the total financing balance on the STAR Market reached 157.77 billion yuan, an increase of 6.26 million yuan from the previous trading day [1]. - The stock with the highest financing balance is SMIC, with a latest balance of 7.12 billion yuan, followed by Cambrian and Haiguang Information with balances of 4.50 billion yuan and 3.65 billion yuan respectively [1]. - A total of 315 stocks saw an increase in financing balance, while 269 stocks experienced a decrease [1]. - Notable increases in financing balance were observed in Xiangyu Medical (66.24%), Botao Bio (43.29%), and Nanmo Bio (31.08%) [1]. Securities Lending Balance - The total securities lending balance on the STAR Market reached 5.65 billion yuan, with an increase of 8.89 million yuan from the previous trading day [1]. - SMIC also leads in securities lending balance with 20 million yuan, followed by Haiguang Information and Chipone Technology, both at 16 million yuan [2]. - A total of 137 stocks saw an increase in securities lending balance, while 133 stocks experienced a decrease [2]. - Significant increases in securities lending balance were noted for Diao Micro (59.14%), Huahai Qingke (56.71%), and China Shipbuilding Gas (53.60%) [2].

Market Overview - On July 1, the Shanghai Composite Index rose by 0.39%, with the total margin trading balance reaching 1,854.563 billion yuan, an increase of 4.111 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 935.827 billion yuan, up by 1.786 billion yuan; in the Shenzhen market, it was 912.867 billion yuan, an increase of 2.269 billion yuan; and in the Beijing Stock Exchange, it was 5.869 billion yuan, up by 0.055 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 20 sectors saw an increase in margin trading balances, with the electronics sector leading with an increase of 1.450 billion yuan, followed by the defense and military industry and non-ferrous metals, which increased by 0.507 billion yuan and 0.486 billion yuan, respectively [1] Stock Performance - A total of 1,844 stocks experienced an increase in margin trading balances, accounting for 50.10% of the total, with 328 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Hengyu Xintong, which had a latest margin balance of 45.283 million yuan, reflecting a 116.63% increase, although its stock price fell by 0.12% on the same day [1] - Other notable stocks with significant increases in margin trading balances included Tengya Precision and Juneng Co., with increases of 101.08% and 73.33%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average stock price rose by 1.88%, with notable gainers including Taotao Automotive, Jixin Technology, and Xiangyu Medical, which saw increases of 14.71%, 9.98%, and 8.11%, respectively [2] - Conversely, the stocks with the largest declines included Hongyu Packaging, Kelon New Materials, and Tengya Precision, with declines of 5.72%, 4.08%, and 3.91%, respectively [2] Margin Trading Balance Declines - In contrast to the stocks with increased margin trading balances, 1,837 stocks saw a decrease, with 225 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease in margin trading balance was Huawi Design, which saw a decline of 35.29%, bringing its latest margin balance to 5.819 million yuan [4] - Other stocks with significant declines included Minexplosion Optoelectronics and Jibeier, with decreases of 32.37% and 27.68%, respectively [4]

Summary of Xiangyu Medical Conference Call Industry and Company Overview - **Company**: Xiangyu Medical - **Industry**: Medical Technology and Rehabilitation Key Points and Arguments 1. **Core Technology and Market Position**: Xiangyu Medical has been developing brain-computer interface (BCI) technology for nearly a decade, mastering core technologies such as chips and EEG information collection, establishing a unique domestic advantage, and planning to export technology externally [2][3][4] 2. **Product Launch Timeline**: The company expects to launch approximately 24 new BCI rehabilitation products between June and September 2025, with registration certificates anticipated by the end of the year [2][4] 3. **Insurance Policy Support**: Relevant medical insurance charging standards have been established in regions like Hubei (966 RMB per session) and Zhejiang (960 RMB per session), which are expected to promote industry development [2][4][14] 4. **Order Procurement Trends**: There is a recovery trend in order procurement, with expectations for continued growth in the third quarter, as both large hospitals and grassroots medical institutions increase purchases [2][5][6] 5. **Application Areas**: Current BCI products are primarily used for rehabilitation training in neurodegenerative diseases and post-stroke recovery, with future plans to integrate with exoskeleton robots and balance training products [2][7] 6. **Non-invasive Signal Acquisition**: The company’s non-invasive signal acquisition devices utilize self-developed technology, featuring 2 to 512 channels, with industry-leading parameters in signal transmission rate, common-mode rejection ratio, and signal-to-noise ratio [2][10] 7. **AI Model Development**: Xiangyu Medical has launched the VTE intelligent prevention system, achieving a 99% accuracy rate in NLP multi-data analysis and a 45% reduction in missed diagnoses [3][25] 8. **Market Expansion Plans**: The company plans to leverage existing channels and partnerships with research institutions to promote BCI products and develop embedded projects like BCI treatment centers [3][12] 9. **Employee Incentives**: An employee stock ownership plan has been introduced to incentivize R&D and marketing personnel, with specific performance targets set for revenue and registration achievements [13] 10. **Future Product Development**: New BCI products are aimed at conditions such as stroke sequelae, spinal cord injuries, Parkinson's disease, depression, sleep disorders, and autism, with a comprehensive rehabilitation treatment system being developed [19][20] Additional Important Information 1. **Cost Advantages**: Xiangyu Medical has significant cost advantages due to self-developed core algorithms and hardware, allowing for lower pricing compared to foreign competitors [16][17] 2. **Regulatory Environment**: The company anticipates obtaining the BCI registration certificate by the end of December 2025, with a typical approval cycle of around six months [8] 3. **Consumer Market Plans**: Plans for consumer-oriented BCI devices include products for motion sickness, attention monitoring, and sleep assistance, with prototypes expected to be released this year [21] 4. **Exoskeleton Robot Integration**: The integration of BCI with exoskeleton robots is expected to yield prototypes this year, with certification anticipated in 2026 [22] 5. **Technological Maturity**: Key technologies include human-computer interaction, multi-sensor fusion, and autonomous navigation, which are already mature and being applied in various rehabilitation and elderly care scenarios [24] 6. **Future R&D and Marketing Strategy**: The company is increasing its R&D and marketing personnel to support its technology layout, with a focus on traditional channels and training for new product promotion [27][28]

河南翔宇医疗设备股份有限公司 2025 年员工持股计划 证券简称：翔宇医疗 证券代码：688626 河南翔宇医疗设备股份有限公司 2025 年员工持股计划 河南翔宇医疗设备股份有限公司 二〇二五年七月 河南翔宇医疗设备股份有限公司 2025 年员工持股计划 声明 本公司董事会及全体董事保证本员工持股计划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。 本员工持股计划主要条款与公司于 2025 年 6 月 13 日披露的《河南翔宇医 疗设备股份有限公司 2025 年员工持股计划（草案）》及其摘要内容一致。 2 河南翔宇医疗设备股份有限公司 2025 年员工持股计划 风险提示 一、有关本员工持股计划的具体资金来源、出资金额、实施方案等属初步结 果，能否完成实施，存在不确定性。 二、若参加对象认购比例较低，本员工持股计划存在不能成立的风险；若参 加对象认购资金不足，本员工持股计划存在低于预计规模的风险。 三、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 3 河南翔宇医疗设备股份有限公司 2025 年员工持股计划 特别提示 一、河南翔宇 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2025-039 （一） 股东大会召开的时间：2025 年 7 月 1 日 （二） 股东大会召开的地点：河南省安阳市内黄县帝喾大道中段公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 71 | | --- | --- | | 普通股股东人数 | 71 | | 2、出席会议的股东所持有的表决权数量 | 12,912,332 | | 普通股股东所持有表决权数量 | 12,912,332 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 8.3745 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 8.3745 | 河南翔宇医疗设备股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 注：公司表决权数量不 ...