翔宇医疗(688626.SH)发布公告，因自身资金需求，安阳启旭拟通过集中竞价交易、大宗交易的方式减 持其所持有的公司股份合计不超过480万股，本次减持比例合计不超过公司总股本的3%，自减持计划公 告之日起15个交易日后的3个月内实施。 ...

格隆汇1月13日丨翔宇医疗(688626.SH)公布，因自身资金需求，安阳启旭拟通过集中竞价交易、大宗交 易的方式减持其所持有的公司股份合计不超过4,800,000股，本次减持比例合计不超过公司总股本的 3%，自本减持计划公告之日起15个交易日后的3个月内实施。 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2026-002 河南翔宇医疗设备股份有限公司 关于股东减持股份计划公告 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： 一、减持主体的基本情况 | | | 1 大股东持股的基本情况 截至本公告披露日，河南翔宇医疗设备股份有限公司（以下简称"公司"） 股东安阳启旭贸易咨询服务中心（有限合伙）（以下简称"安阳启旭"）持有公司 股份 8,602,320 股，占公司总股本的 5.38%。上述股份为公司首次公开发行前取 得的股份，且已于 2024 年 3 月 31 日解除限售并上市流通。 减持计划的主要内容 因自身资金需求，安阳启旭拟通过集中竞价交易、大宗交易的方式减持其所 持有的公司股份合计不超过 4,800,000 股，本次减持比例合计不超过公司总股本 的 3%，自本减持计划公告之日起 15 个交易日后的 3 个月内实施。其中，通过集 中竞价方式减持不超过 1,600,000 股，占公司总股本的比例不超过 1%；通过大 宗交易方式减持不超过 3, ...

翔宇医疗公告称，股东安阳启旭持有公司860.23万股，占总股本5.38%，该部分股份已于2024年3月31日 解禁。因自身资金需求，其拟在2026年2月4日至5月3日，通过集中竞价、大宗交易方式合计减持不超 480万股，即不超总股本3%，其中集中竞价不超160万股（占比不超1%）、大宗交易不超320万股（占 比不超2%），减持价格按市场价确定，本次减持不会导致公司控制权变更。 ...

Group 1 - The core point of the news is that Xiangyu Medical has seen a stock price increase of 5.08%, reaching 86.90 CNY per share, with a trading volume of 5.23 billion CNY and a turnover rate of 3.96%, resulting in a total market capitalization of 139.04 billion CNY [1] - Xiangyu Medical, established on March 20, 2002, and listed on March 31, 2021, specializes in the research, production, and sales of rehabilitation medical devices [1] - The company's main business revenue composition includes rehabilitation therapy equipment at 67.79%, rehabilitation training equipment at 22.13%, operating and accessory products at 5.03%, rehabilitation assessment equipment at 3.72%, and other supplementary products at 1.33% [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Xiangyu Medical, with the Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund (004209) holding 9,685 shares, unchanged from the previous period, accounting for 3.76% of the fund's net value [2] - The Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund was established on March 21, 2017, with a latest scale of 8.77 million CNY, and has achieved a year-to-date return of 4.31% [2] - The fund's one-year return stands at 33.84%, ranking 4,163 out of 8,091 in its category, while the cumulative return since inception is 6.82% [2]

Industry Overview - Brain-Computer Interface (BCI) is a new cross-disciplinary technology that creates a communication channel between the brain and external devices, enabling direct information exchange [6] - BCIs can be classified into three types: invasive, semi-invasive, and non-invasive, with applications in medical rehabilitation, consumer interactions, and military fields [7] - The global BCI market is projected to reach $7.63 billion by 2029, growing from $1.2 billion in 2019 to nearly $2 billion in 2023, with a compound annual growth rate (CAGR) exceeding 13% from 2019 to 2023 [13][14] - Over 1,500 financing events in the global BCI sector have raised nearly $10 billion, with significant investments in both the U.S. and China [16] Policy Guidance - Major countries have launched brain initiatives to support BCI development, with the U.S. investing approximately $4.5 billion in its BRAIN Initiative since 2013 [37][40] - China has initiated its "Brain Science and Brain-Like Intelligence Technology" project, with funding expected to reach hundreds of billions of yuan [39][42] Clinical Situation - The medical demand for BCIs is driven by the need for rehabilitation in stroke and disabled populations, with significant clinical research already underway for various diseases [3][33] - Clinical trials for BCIs are accelerating globally, with a rapid increase in the number of trials in China [3][11] Industry Progress - Notable advancements include Neuralink's implantation of over 10 devices and Synchron's achievement of brain-controlled iPad functionality [4][4] - Key overseas companies like Neuralink and Synchron are leading in the invasive BCI field, focusing on treatment and human-computer interaction [4][4] - Domestic companies are also making strides, with clinical trials accelerating and real-time Chinese language decoding being achieved [4][4] Industry Chain Analysis - The BCI industry chain consists of upstream hardware and software supply, midstream BCI product supply, and downstream applications in various fields [18] - Upstream technology innovation barriers are high, with breakthroughs in flexible electrodes and chips being critical [20][21] - Downstream applications are primarily in the medical field, which is the most mature area for commercialization [30]

人民财讯1月10日电，据翔宇医疗消息，近日，由翔宇医疗研发生产的手功能热电治疗仪(型号：XY-K- SRD-I)，成功入选第十一批《优秀国产医疗设备产品目录》。它不仅突破了传统手功能康复设备无法直 接作用于指神经的难题，并且创新性地融合了三种康复疗法，为广大康复医师与治疗师提供了一款融合 创新与实用的专业治疗工具。 ...

Group 1 - The core point of the news is that Xiangyu Medical's stock price dropped by 5.01% to 80.50 yuan per share, with a total market capitalization of 12.88 billion yuan as of the report date [1] - Xiangyu Medical, established on March 20, 2002, specializes in the research, production, and sales of rehabilitation medical devices, with its main revenue sources being rehabilitation therapy equipment (67.79%), rehabilitation training equipment (22.13%), and other related products [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Xiangyu Medical, with its Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund holding 9,685 shares, unchanged from the previous period, representing 3.76% of the fund's net value [2] - The Dachen Zhihui Quantitative Multi-Strategy Mixed A Fund has a total asset size of 8.42 billion yuan, with a year-to-date return of 2.37% and a one-year return of 28.86% [2][3]

Group 1 - The core focus of the news is the surge in stock prices of companies involved in brain-computer interface (BCI) technology, reminiscent of the AI boom following AlphaGo's victory over Lee Sedol in 2016, with a notable increase in the sector's stock prices exceeding 12% on the first trading day of 2026 [1] - Companies like Sanbo Neuroscience and Xiangyu Medical have experienced consecutive trading halts, with Xiangyu Medical and Weisi Medical achieving two 20% trading halts in four trading days, indicating strong market interest [1] - The market's enthusiasm is driven by the perceived potential of the BCI sector, with Morgan Stanley predicting that the U.S. market for BCI implant devices could reach $80 billion by 2035 [1] Group 2 - Despite the excitement, experts caution that medical-grade applications of BCI are expected to take 3 to 5 years for approval, while consumer-grade products face challenges such as bulkiness, low user engagement, and high costs [2] - Historical precedents raise concerns about the sustainability of the current hype, with past instances like the metaverse index and AI stocks experiencing significant volatility [2] - Investment in the BCI sector has seen 16 financing events totaling 983 million yuan in 2025, but no products have been commercially launched yet, indicating that many startups are still in the concept validation stage [2] Group 3 - Sanbo Neuroscience clarified that it does not engage in the research, production, or sales of BCI products, and the revenue from neuro-regulation technology is minimal, having little impact on overall performance [3] - Xiangyu Medical acknowledged its investment in BCI technology but noted that related products have not achieved significant sales volume as of the end of 2025 [3] - Some companies, like Yahui Long, faced regulatory warnings for inaccurate disclosures related to BCI partnerships, highlighting the risks of speculative trading in this sector [3]

Summary of Xiangya Medical's Conference Call Company Overview - **Company**: Xiangya Medical - **Industry**: Brain-Computer Interface (BCI) and Rehabilitation Equipment Key Points and Arguments Product Development and Market Entry - Xiangya Medical has launched a series of brain-computer interface products, including EEG machines and new products with multimodal technology, covering disease diagnosis and patient rehabilitation. Over 10 non-invasive brain-controlled products are expected to receive registration by Q1 2026, with plans to launch 70-80 new products by the end of the year, totaling over 100 products in the market [2][3][4] - The brain-controlled products have entered over 500 top hospitals, with a target of over 1,000 hospitals by the Lunar New Year of 2027, primarily through clinical research, scientific projects, or procurement methods [2][4] - New devices are classified as Class II medical devices, which do not require clinical trials, representing an upgrade to traditional rehabilitation equipment. The active rehabilitation effect is over 20% better than traditional passive rehabilitation methods, with this percentage continuously improving [2][6] Revenue and Growth Projections - Xiangya Medical anticipates approximately 100 million yuan in revenue from the brain-computer interface business by the end of 2026, despite a macroeconomic downturn, projecting single-digit growth in 2026 and a return to double-digit growth in 2027 [3][19] - The company has established a goal of achieving over 100 million yuan in revenue based on the progress of registration certificates and hospital procurement processes [19] Competitive Advantages - Xiangya Medical has a significant competitive edge in the BCI field due to 10 years of technical accumulation, including hardware, algorithms, and data collection precision. All key components are self-developed, which reduces costs and enhances compatibility with rehabilitation devices [11][12] - The company is the only one in the rehabilitation industry that simultaneously produces self-developed data collection devices and rehabilitation equipment, making it difficult for competitors to catch up quickly [11] Market Demand and Policy Support - There is strong demand and procurement willingness for BCI devices in top hospitals, driven by government policies supporting the industry. Nearly 20 provinces have published related charging directories, accelerating the clinical application of BCI devices [9][10] - The pricing for BCI rehabilitation training is affordable, ranging from tens to over a hundred yuan, which aligns with clinical needs and enhances the market's acceptance [10][16] Non-Medical BCI Products and Future Plans - Xiangya Medical is also developing non-medical BCI products focusing on attention, meditation, and insomnia, with plans to launch consumer-grade products in 2026 [22] - The company has established a robotics research center to focus on rehabilitation robots, with plans for lightweight portable exoskeleton products expected to receive registration in the first half of 2026 [23][25] Clinical Integration and Regulatory Environment - The integration of clinical specialties is increasingly recognized despite current procurement pressures. The company promotes a comprehensive clinical rehabilitation model, which is expected to improve hospital revenue structures in the long term [31] - The DRG system positively impacts the rehabilitation business, with evidence showing that rehabilitation revenue in high-level hospitals can account for one-third of total income [32][33] Conclusion - Xiangya Medical is positioned for significant growth in the BCI and rehabilitation equipment market, leveraging its technological advancements, strong market demand, and supportive government policies to achieve its revenue goals and expand its product offerings in both medical and non-medical applications [3][19][22]