Core Insights - The exoskeleton robots are gaining popularity in various scenic spots in China, such as Huangshan, Taishan, and Wugong Mountain, attracting tourists' interest [1] - The technology integrates artificial intelligence, sensing, ergonomics, power, and electronics, indicating a significant market potential across multiple sectors including medical rehabilitation, military, industrial, and transportation [1][2] Application Areas - Exoskeleton robots can assist users in walking and lifting heavy objects, with a reported ability to help lift 30 kilograms with ease [1] - These devices weigh around 2 kilograms and enhance the wearer's leg or waist strength, reducing physical exertion and absorbing impact to lessen stress on knees and ankles [1] - The market for rehabilitation exoskeletons is projected to reach 48 billion yuan by 2030, while the industrial sector could see a market space of over 10 billion yuan [2] Commercialization Progress - Several A-share listed companies, including Jiangsu Zhenjiang New Energy Equipment Co., Ltd., Henan Xiangyu Medical Equipment Co., Ltd., and Zhejiang Jinggong Integrated Technology Co., Ltd., are actively involved in the exoskeleton robot industry chain [2] - Zhenjiang's subsidiary, Haipuman Robotics, is focused on intelligent control algorithms and plans to begin small-scale production of exoskeleton robots by Q3 2025 [3] - Xiangyu Medical is advancing its portable exoskeleton walking robot towards market launch, aiming to obtain medical device registration within the year [3] - Jinggong Technology is testing its hip exoskeleton robot for various scenarios, including stair climbing and running [3] Industry Challenges - Key challenges in the exoskeleton robot industry include improving battery life, reducing device weight, enhancing comfort, optimizing control algorithms, and lowering costs, which are crucial for widespread application and commercialization [3]

Group 1 - The company Henan Xiangyu Medical Equipment Co., Ltd. has developed a transcranial magnetic-assisted therapy robot that has recently received national medical device registration, allowing it to assist in the treatment of related diseases [1] - The company is accelerating the research and development of key technologies such as embodied intelligent robots and multimodal integration, aiming to create a new highland for innovation and integrated application in the rehabilitation industry [1] - The rehabilitation science city project in Neihuang County is under construction, covering an area of 286 acres and including a high-end traditional Chinese medicine rehabilitation equipment industrial park [1] Group 2 - The Henan Guangyuan New Materials Electronic Materials Industrial Park project has officially commenced production, marking a shift towards high-grade electronic materials for artificial intelligence and high-frequency servers [2] - The project was completed in just over a year, demonstrating effective project management and execution [2] - The local government has implemented measures to stimulate economic growth, including a series of consumption promotion activities and investment expansion initiatives [3]

Investment Rating - The report assigns a "Buy" rating for Xiangyu Medical (688626) as it initiates coverage [1][7]. Core Insights - Xiangyu Medical is focusing on the development of brain-machine interfaces and rehabilitation robots, with revenue stabilizing and poised for growth [1]. - The company reported a slight decline in revenue for 2024 but showed signs of recovery in the last two quarters, with a 10% increase in Q1 2025 [4][6]. - Significant investment in R&D, with a 42% increase in 2024, indicates a commitment to maintaining technological leadership in the rehabilitation industry [6][7]. Financial Performance Summary - In 2024, the company achieved operating revenue of 744 million yuan, a decrease of 0.17% year-on-year, and a net profit of 103 million yuan, down 55% [4][6]. - For Q1 2025, revenue was 186 million yuan, reflecting a 10% increase, while net profit was 23 million yuan, a decrease of 41% [4][6]. - Revenue projections for 2025-2027 are 846 million yuan, 982 million yuan, and 1.141 billion yuan, with expected growth rates of 14%, 16%, and 16% respectively [6][8]. Profitability and Valuation Metrics - The forecasted net profits for 2025-2027 are 156 million yuan, 199 million yuan, and 255 million yuan, with growth rates of 52%, 27%, and 28% respectively [7][8]. - The projected P/E ratios for the same period are 39, 31, and 24 [7][8]. - The company maintains a strong gross margin, with 67.83% in 2024, although it is expected to slightly decline in the following years [6][9].

2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为河南 翔宇医疗设备股份有限公司（以下简称"翔宇医疗"或"公司"）首次公开发行 股票并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 国泰海通证券股份有限公司 关于河南翔宇医疗设备股份有限公司 1 （二）保荐代表人 刘君、岑平一 （三）现场检查时间 2025 年 4 月 14 日至 2025 年 4 月 17 日 （四）现场检查人员 刘君、李景玉 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重 ...

Industry Insights - The CyberSense flexible microelectrode implantation robot, developed by the Brain and Brain-like Intelligence Laboratory of the Chinese Academy of Sciences, has successfully supported various flexible microelectrode implantation studies, enabling precise implantation in animal brains [1] - The brain-computer interface (BCI) industry is experiencing significant advancements in technology, leading to breakthroughs in applications such as motor recovery, language communication, and hearing restoration [1][2] - Recent policy support from the national level, including the National Healthcare Security Administration's decision to separately list prices for new BCI technologies, is paving the way for clinical application and service charge pathways [1] Company Developments - Cheng Yi Tong is a national high-tech enterprise that has expanded into the BCI-driven rehabilitation medical field through mergers and technological innovation, forming a collaborative ecosystem of "industry + medical" [3] - Xiang Yu Medical, also a national high-tech enterprise, focuses on the research, production, and sales of rehabilitation medical devices, aiming to seize opportunities in BCI medical applications amid an aging population and the "silver economy" [3]

Policy Developments - The National Medical Products Administration (NMPA) released the "Quality Management Specifications for Online Sales of Medical Devices," effective from October 1, 2025, which emphasizes qualification review, information transparency, and risk prevention for online medical device sales [1] Drug and Device Approvals - Insilico Medicine's INS018_055 tablet is expected to receive breakthrough therapy designation for treating idiopathic pulmonary fibrosis [2] - Yuyuan Pharmaceutical's injectable Ganciclovir has passed the consistency evaluation for generic drugs, which will enhance the company's market share and competitiveness [3] - Warner Pharmaceuticals' Bismuth Potassium Citrate Granules have also passed the consistency evaluation for generic drugs, benefiting future market sales [4] - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, received approval for clinical trials of Fuxin Qibai monoclonal antibody injection, aimed at treating endometriosis [5] Financial Reports - Yunnan Baiyao reported a Q1 2025 net profit of 1.935 billion yuan, a 13.67% increase year-on-year, with total revenue of 10.841 billion yuan, up 0.62% [6] - WuXi AppTec's Q1 2025 net profit surged by 89.06% to 3.672 billion yuan, driven by revenue growth and operational efficiency improvements [7][8] - Kefu Medical's 2024 annual report showed a net profit increase of 22.6% to 312 million yuan, with revenue of 2.983 billion yuan, up 4.53% [9] - Hongbo Pharmaceutical's Q1 2025 net profit increased by 226.47% to 11.974 million yuan, with revenue of 16.9 million yuan, up 29.61% [10] Capital Market Activities - Jiangsu Hengrui Medicine has received approval from the China Securities Regulatory Commission for its Hong Kong IPO, planning to issue up to 815.1 million shares [11] - Merck announced its acquisition of SpringWorks for approximately $3.9 billion in equity value [12] - China Merchants Bio intends to increase its stake in Renfu Pharmaceutical by 0.5%-1% within six months, reflecting confidence in the company's future [13] Industry Developments - Xiangyu Medical expects to obtain registration certificates for seven robotic products by 2025, focusing on rehabilitation and other medical applications [14] - Soundon Medical has formed a strategic partnership with MED-EL's BHM to advance global bone conduction hearing solutions [16] - Hanyu Pharmaceutical signed a comprehensive cooperation agreement with Huawei Cloud to focus on "AI Smart Drugs" in drug development [17] Public Sentiment Alerts - Innovative Medical announced that shareholder Shanghai Guanghuan Technology reduced its stake by 3.41 million shares, representing 0.8191% of the total circulating shares [18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to face pressure on its performance in 2024, but the long-term logic of the rehabilitation sector remains strong [6][7] - The company achieved revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][8] - Despite the challenges, the company is maintaining high R&D investments, which are expected to lead to new growth points in the future [6][8] Financial Summary - Revenue for 2024 is projected to be 744 million yuan, with a slight decline from 2023 [9] - The net profit for 2024 is expected to be 103 million yuan, reflecting a significant decrease compared to the previous year [9] - The company’s gross margin is forecasted to be 67.4% in 2024, slightly down from 68.6% in 2023 [9][12] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.04 yuan, 1.34 yuan, and 1.73 yuan respectively [9][12] Industry Outlook - The rehabilitation sector is expected to benefit from an aging population and increasing demand for rehabilitation services [7] - The company is focusing on advanced technologies such as rehabilitation robots and brain-machine interfaces, which are anticipated to create a second growth curve [8] - The integration of rehabilitation services into community health centers and township hospitals is being promoted by policy, enhancing the demand for rehabilitation solutions [7]

Investment Rating - The investment rating for Xiangyu Medical (688626) is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and expansion strategies [1]. Core Viewpoints - The company has shown a recovery in revenue growth, with a focus on expanding its business outside hospitals and into overseas markets, which is expected to create a second growth curve [2]. - Despite a decline in net profit due to increased investments and depreciation, the company is significantly increasing its R&D efforts, particularly in brain-machine interface technology and rehabilitation robotics, which are anticipated to enhance future growth potential [2]. - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 8.61 billion, 10.17 billion, and 12.21 billion respectively, alongside a recovery in net profit margins [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 744 million (down 0.17% YoY) and a net profit of 103 million (down 54.68% YoY) [1]. - The revenue for Q1 2025 was reported at 186 million (up 10.02% YoY) [1]. - The gross profit margin for 2024 was 67.42%, reflecting a slight decrease from the previous year [2]. Revenue Breakdown - Revenue from rehabilitation therapy equipment was 504 million (down 9.85% YoY), while rehabilitation training equipment generated 165 million (down 19.89% YoY) [2]. - The company has made strides in international markets, achieving 10.33 million in overseas revenue (up 22.78% YoY) [2]. R&D and Future Outlook - R&D expenses reached 152 million in 2024, with a R&D expense ratio of 20.45% (up 6.12 percentage points YoY) [2]. - The company is focusing on high-potential areas such as brain-machine interfaces and rehabilitation robotics, which are expected to drive future growth [2]. Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 8.61 billion, 10.17 billion, and 12.21 billion respectively, with corresponding net profits of 1.37 billion, 1.78 billion, and 2.29 billion [3].

Investment Rating - The investment rating for Xiangyu Medical (688626) is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth potential and market expansion [1]. Core Viewpoints - The company has shown a recovery in revenue growth, with a focus on expanding its business outside hospitals and into overseas markets, which is expected to create a second growth curve [2]. - Despite a decline in net profit due to increased investments and depreciation, the company is significantly increasing its R&D efforts, particularly in brain-machine interface technology and rehabilitation robotics, which are anticipated to enhance future growth [2]. - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 8.61 billion, 10.17 billion, and 12.21 billion respectively, alongside a recovery in net profit margins [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 744 million (down 0.17% YoY) and a net profit of 103 million (down 54.68% YoY) [1]. - The revenue for Q1 2025 was reported at 186 million (up 10.02% YoY) [1]. - The gross profit margin for 2024 was 67.42%, reflecting a slight decrease from the previous year [2]. Revenue Breakdown - The revenue from rehabilitation therapy equipment was 504 million (down 9.85% YoY), while rehabilitation training equipment generated 165 million (down 19.89% YoY) [2]. - The company has made strides in international markets, achieving 10.33 million in overseas revenue (up 22.78% YoY) [2]. R&D and Future Outlook - R&D expenses for the year reached 152 million, with a R&D expense ratio of 20.45% (up 6.12 percentage points YoY) [2]. - The company is focusing on high-potential areas such as brain-machine interfaces and rehabilitation robotics, which are expected to drive future growth [2]. Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 8.61 billion, 10.17 billion, and 12.21 billion respectively, with corresponding net profits of 1.37 billion, 1.78 billion, and 2.29 billion [3].

证券代码：688626 证券简称：翔宇医疗 公告编号：2025-028 河南翔宇医疗设备股份有限公司 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 15 日 14 点 00 分 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开地点：河南省安阳市内黄县帝喾大道中段公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间 ...