Financial Performance - The company expects a net profit loss of approximately -26 million yuan for the year 2025, compared to a profit of 10.8 million yuan in the previous year[4] - The net profit after deducting non-recurring gains and losses is projected to be -30 million yuan, down from 6.23 million yuan in the same period last year[4] - The decline in profit is primarily due to underperformance in the pain management and nasal cavity management business segments, with sales volume decreasing compared to the previous year[6] - Increased competition and price reductions in the market have adversely affected revenue and net profit[6] Non-Recurring Gains and Losses - The company anticipates that non-recurring gains and losses will impact the net profit by approximately 4 million yuan during the reporting period[7] Research and Development - The company is investing more in R&D for new products, including a multi-modal ADHD behavior management system, leading to an increase in R&D expenses compared to the previous year[7] Strategic Plans - The company plans to enhance internal management and focus on the commercialization of new products to achieve sustainable growth in 2026[7] Market Challenges - The nasal care product line faced challenges due to extended clinical development and market entry cycles, as well as intensified price competition[6] Audit and Reporting - The company has communicated with its auditing firm regarding the preliminary financial data, with no significant discrepancies reported[5] - Detailed financial data will be disclosed in the 2025 annual report[8]

Group 1 - The medical device sector increased by 0.19% on January 29, with Sanyou Medical leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the medical device sector showed varied performance, with Sanyou Medical rising by 5.12% to a closing price of 22.60 [1] Group 2 - Major stocks that declined included Daan Gene, which fell by 9.96% to a closing price of 6.87, and Cap Bio, down 9.88% to 7.94 [2] - The medical device sector experienced a net outflow of 376 million yuan from institutional investors, while retail investors saw a net inflow of 201 million yuan [2][3] - Notable net inflows from retail investors were observed in stocks like Lepu Medical, which had a net inflow of 42.29 million yuan [3]

Group 1 - Tianqi Co., Ltd. has entered the brain-computer interface (BCI) sector by investing in Suzhou Huahui Chip, focusing on high-density flexible neural electrode technology, achieving animal testing stages, and becoming a key player in domestic BCI hardware localization. The developed flexible neural electrode has 1024 channels, with signal acquisition precision and anti-interference capabilities at an internationally advanced level. The company has also completed biocompatibility surface modification technology to reduce inflammation after electrode implantation, with core patents authorized by the National Intellectual Property Administration [1][2][3] - Innovation Medical, through its subsidiary Boling Brain Machine, is one of the first companies in China to commercialize BCI rehabilitation products. The core product, Cyberlink AC5, was officially launched in October 2025, generating sales revenue of 114,000 yuan in 2025. Another product, Cyberlink AM5, has completed multi-center clinical trials and is progressing through the approval process. The company plans to establish five additional clinical cooperation centers to accelerate the application of BCI technology in treating neurological diseases [4][5][6] - iFlytek is a leading company in the non-invasive BCI field, leveraging its artificial intelligence technology to develop BCI collaborative technology. The company has established long-term partnerships with universities for research and development. Its non-invasive BCI system has been piloted in 120 schools nationwide, improving student attention by 30%. In the medical field, a collaboration with Beijing Tiantan Hospital has achieved a 92% accuracy rate in identifying abnormal brain signals for epilepsy [7][8][9] Group 2 - Jiahe Intelligent focuses on the research and mass production of BCI hardware, particularly EEG acquisition devices and core components, serving both consumer and medical-grade markets. The company has achieved large-scale production of EEG acquisition headphones with a signal recognition accuracy of 92%, primarily used in sleep monitoring and attention training. It plans to expand into overseas BCI hardware markets by 2026 [10][11][12] - Tom Cat is the first company in China to apply BCI technology in consumer scenarios, focusing on interactive games and rehabilitation training products. The company launched a mind-controlled game product in 2025, which quickly gained over 500,000 users. It also collaborates with rehabilitation institutions to develop BCI rehabilitation training systems, showing a 35% average improvement in patient motor function scores [13][14][15] - Hanwei Technology, through its subsidiary Weisheng Technology, is a leading company in the EEG sensor field, with an annual shipment of over 2 million units. The company has developed an epilepsy early warning system with an 88% accuracy rate in clinical tests. It also focuses on flexible pressure sensors for invasive BCI electrodes, addressing industry pain points [16][17][18] Group 3 - StarNet Ruijie leverages its network communication technology to develop low-power, high-stability EEG signal transmission systems and data encryption modules, becoming a core supplier for BCI data links. The developed transmission system supports real-time transmission of 1024-channel EEG signals with a latency of less than 10ms and a stability of 99.9% [19][20][21] - Yijiahe focuses on the integration of BCI and embodied intelligent robots, exploring applications in smart healthcare. The company has signed a strategic cooperation agreement to develop real-time emotional companionship and brain-controlled robots, enhancing the emotional care capabilities of robots [22][23][24] - Lihua Technology is focused on incubating and investing in the BCI sector, successfully incubating three high-tech companies in the field. The company collaborates with the Shenzhen Institute of Advanced Technology to provide comprehensive services for incubated companies, addressing development pain points [25][26][27] Group 4 - Sanbo Neurosurgery is a leading private hospital in the neurosurgery field, focusing on the clinical application and research of BCI. The company has successfully conducted an interventional BCI surgery, accumulating valuable experience for clinical applications. It is also recruiting participants for ongoing clinical trials [28][29][30] - Shiyun Circuit is a core enterprise in the PCB field, providing customized PCB products for BCI devices. The company focuses on high-density, flexible PCB designs, achieving low signal loss rates below 2% [31][32][33] - Meihua Medical is a leading supplier of core components for BCI, having entered the core supply chain for invasive BCI products. The company has developed components that have passed biocompatibility tests, ensuring long-term stability and safety for implanted devices [34][35][36]

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

证券代码：300753 证券简称：爱朋医疗 江苏爱朋医疗科技股份有限公司 投资者关系活动记录表 编号：2026-002 | | 特定对象调研 分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | | | 新闻发布会 路演活动 | | | | | 现场参观 | | | | | 其他（电话会议） | | | | 参与单位名称及 | 中信建投证券，兴业证券，国联民生证券，华创证券，国新证券，国 元证券，上海证券，华龙证券，国泰基金，南方基金，西部利得基金， 工银瑞信基金，汇添富基金，兴全基金，农银汇理基金，中欧基金， | | | | | 中银基金，富国基金，建信基金，建信资产，永赢基金，南华基金， | | | | | 华宝自营，中国人寿养老保险，华鑫信托，交银康联人寿，中信期货， | | | | 人员姓名 | 国泰海通资管，浙商资管，华创证券资管，国源信达资管，易鑫安资 | | | | | 管，鲸域资管，健顺投资，草木资本，友山基金，上海古曲基金，北 | | | | | 京沣沛投资，正圆投资，景泰利丰投资，杭州乾璐 ...

Core Viewpoint - The brain-computer interface (BCI) sector in the A-share market has shown significant activity at the beginning of 2026, with a cumulative increase of 18.04% in the BCI theme index as of January 16, 2026, indicating a strong interest and potential for commercialization in this emerging industry [2][4]. Industry Overview - The BCI industry is projected to reach a market size of trillions, transitioning from laboratory research to commercial applications, driven by advancements in technology and supportive government policies [3]. - The Ministry of Industry and Information Technology and other departments have emphasized the importance of BCI in their strategic plans, including its inclusion in the "14th Five-Year Plan" for future industrial development [3]. Market Performance - As of January 16, 2026, the total market capitalization of 26 listed companies in the BCI sector has increased by approximately 108.7 billion yuan over ten trading days [8]. - Notable companies like Innovation Medical and Meihua Medical have experienced significant stock price fluctuations, reflecting the volatile nature of the market and investor sentiment towards BCI technologies [5][7]. Company Developments - Innovation Medical's subsidiary, Boling Brain Machine Technology, has launched products aimed at rehabilitation for stroke patients, although it reported operating losses of 6.6 million yuan and 8.66 million yuan in 2023 and 2024, respectively [6]. - Meihua Medical, a leader in cochlear implants, is actively collaborating with BCI clients to facilitate the transition from laboratory research to commercial production, highlighting the interconnectedness of BCI and existing medical technologies [7]. Strategic Collaborations - Companies like Yahui Long and Shenzhen Brain Machine Star Chain Technology have entered strategic partnerships to develop BCI-related products, aiming to enhance diagnostic and treatment capabilities in central nervous system diseases [9]. - Aipeng Medical is also expanding its business into BCI applications, focusing on pain management and sleep disorders, indicating a broader trend of diversification within the medical device sector [9]. Technical Insights - The core technological barriers in the BCI industry are concentrated in the upstream supply chain, including hardware components and surgical techniques, with significant potential for growth in domestic market penetration and localization [10].

Summary of Aipeng Medical Conference Call Company Overview - Aipeng Medical focuses on the commercialization of non-invasive brain-computer interfaces, particularly in intraoperative anesthesia monitoring, achieving over 10 million yuan in revenue. However, progress has been hindered by medical cost control measures, prompting the company to actively explore new applications [2][6]. Key Points and Arguments Revenue Projections - The company anticipates that new applications targeting treatment systems for refractory insomnia and multimodal ADHD could generate tens of millions of yuan in revenue by 2026, with 2027 potentially marking a turning point in performance, contingent on a solid commercialization foundation in hospitals [2][6]. Product Offerings and Market Penetration - Aipeng Medical's perioperative brain state monitoring product is available in approximately 20 provinces, charging around 300 yuan per session, and is not covered by medical insurance. Similar models are used for the refractory insomnia and pediatric ADHD treatment systems [2][7]. - The intraoperative anesthesia monitoring product has been adopted in over 100 hospitals, with a target of exceeding 200 by 2026. The refractory insomnia treatment system has partnered with two hospitals, while the pediatric ADHD treatment aims to cover the top 100 pediatric clinics in China [2][8]. Research and Development - A semi-invasive epilepsy warning product is in the prototype research phase, expected to have a prototype by the end of 2026 and enter animal clinical trials in 2027, collaborating with research institutions [2][9]. Strategic Partnerships - Aipeng Medical holds a stake in Ruishen An, a company focused on implantable neurostimulation devices, which has received 15 product certifications and is projected to exceed 100 million yuan in revenue by 2025, ranking among the top three to four in the domestic neurostimulation field [4][11]. Competitive Landscape - The company differentiates its strategy by focusing on pain, anesthesia, sleep, and attention disorders, contrasting with competitors that emphasize rehabilitation or motor imagery. Aipeng Medical plans to accumulate clinical validation through hospital channels before gradually promoting products to the consumer market [5][13]. - Non-invasive and semi-invasive brain-computer interface technologies each have their advantages. Non-invasive products are expected to commercialize rapidly within 2-3 years, while semi-invasive and fully implanted devices will become significant as technology advances and costs decrease [5][14]. Future Outlook - Aipeng Medical aims to enhance its stake in Ruishen An through share transfers, with expectations of results in the first half of the year, despite lengthy processes for state-owned capital exits [4][12]. - The company expects gradual recovery and stable growth in its pain management business by 2026, despite initial impacts from centralized procurement policies. The nasal care business faces challenges but is anticipated to rebound as the economy improves [15]. Additional Important Information - The company’s non-invasive products are currently not covered by medical insurance, which affects their market penetration and pricing strategy [7]. - Aipeng Medical's approach emphasizes building strong clinical data and partnerships with hospitals to establish a competitive edge in the medical field [14].

Core Insights - The A-share market has seen increased activity and emerging themes following the "opening red" in 2026, with a shift in broker research focus towards AI applications and brain-computer interfaces (BCI) [1][2] Group 1: Broker Research Trends - Broker research is increasingly focusing on high-growth industries, performance certainty, and valuation attractiveness, reflecting three major trends: a balanced investment style, a shift from speculative trading to performance realization, and a focus on domestic self-sufficiency and global competitiveness [2][7] - From January 1 to January 14, 2026, over 260 A-share companies were researched by institutions, with more than 230 receiving broker attention, highlighting a strong interest in companies like 壹网壹创, 成都先导, and 翔宇医疗 [3][4] Group 2: Key Companies and Their Focus - 壹网壹创, a leading company in the GEO concept, received attention from 27 brokers, focusing on its R&D investments and partnerships with platforms like Alibaba [4][5] - Other notable companies include 凯盛科技 and 海天瑞声, which received 22 and 21 broker inquiries respectively, with a focus on technological innovation in their respective fields [4] - Companies like 爱朋医疗, 中集集团, and 振江股份 also garnered significant broker interest, indicating a diverse range of sectors being explored [4] Group 3: Market Performance and Investment Opportunities - The AI application index and GEO index saw increases of 18.30% and 44.14% respectively from January 5 to January 15, 2026, indicating strong market interest in these sectors [8] - The global GEO market is projected to reach $24 billion by 2026 and $100 billion by 2030, with domestic expectations of reaching 11.1 billion yuan in 2026 [10] - Investment opportunities are emerging in the AI marketing sector, with a focus on companies that can leverage marketing technology and content creation [10][11] Group 4: Brain-Computer Interface (BCI) Insights - The BCI sector is expected to see significant growth, with applications in various fields such as healthcare and consumer products, driven by technological advancements and diverse application scenarios [12][13] - The global BCI market is projected to reach $7.63 billion by 2029, highlighting the potential for substantial investment opportunities in this emerging field [13]

【编者按】因地制宜发展新质生产力，是江苏推动高质量发展的核心战略路径。作为全国制造业集群规模最大的 省份，江苏以科技创新为引擎，统筹推进传统产业升级、新兴产业壮大、未来产业培育。为生动讲述新质生产力 在江苏从"概念"到"遍地开花"的精彩故事，央广网江苏频道策划推出融媒体专栏《你好，新质造》。本期，我们 走进江苏爱朋医疗科技股份有限公司（以下简称"爱朋医疗"），看爱朋医疗如何推进数字化和智能化转型，实现 数据驱动下的持续改进与精益制造。 全自动灌装产线飞速运转，物料精准流转灌装；试喷环节智能视觉质检探头敏锐测量……高效顺畅的生产体系背 后，是爱朋医疗倾力打造的智能"神经中枢"。 近年来，爱朋医疗在发展新质生产力的过程中，更关注数智化与实际业务的匹配度，通过夯实系统底座、贯通业 务全流程、聚焦关键场景的"软硬结合"等举措，让生产更透明，实现效率与质量的双赢。公司也先后获得国家级 专精特新"小巨人"企业、国家级知识产权优势企业、2025年江苏省先进级智能工厂等荣誉。 "以前生产过程和质量检测更多是依赖人工操作和经验复核，效率低且存在经验性偏差。"爱朋医疗信息化高级总 监吴玲玲说，随着公司各数字化项目落地，通过设备智 ...

Macro Economy - The Ministry of Industry and Information Technology (MIIT) issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to have over 450 influential platforms and more than 120 million industrial devices connected by 2028, with a platform penetration rate exceeding 55% [2] - MIIT held the 18th manufacturing enterprise symposium, emphasizing active participation in industry rule-making and self-regulation to promote a win-win environment and protect industry development [2] Investment News - On January 13, A-shares experienced a collective pullback, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64%. The total trading volume in Shanghai, Shenzhen, and Beijing reached 3.7 trillion, setting a new historical record [5] - The Hang Seng Index rose by 0.9%, with the Hang Seng Technology Index increasing by 0.11%. Pharmaceutical stocks performed well, with WuXi AppTec rising over 8% and WuXi Biologics nearly 6%. The H-share listing of Zhaoyi Innovation saw a peak increase of over 53% on its first day, closing with a 37.53% rise, valuing the company at 155.2 billion HKD [5] - As of January 12, the management scale of ETF products under Huaxia Fund officially surpassed 1 trillion RMB, reaching 1,016.424 billion RMB, making it the first domestic ETF manager to enter the "trillion club" [5] - Approximately 130 A-share listed companies have disclosed their 2025 performance forecasts, with around 70 companies expecting positive results, including profit increases and recoveries [5] - A total of 186 listed companies have been subject to concentrated research by public funds and brokerages, with the number of research instances reaching 220, indicating strong interest in popular stocks like Aipeng Medical and Entropy Technology [5] Company Movements - Guizhou Moutai is establishing a dynamic adjustment mechanism for retail prices based on market orientation, aiming for a "market-following, relatively stable" self-operated system [6] - The "Dead or Alive APP" will officially adopt the global brand name Demumu in its upcoming new version [7] - Alibaba Cloud has completed further strategic investment in ZStack, achieving a controlling stake, and plans to create a standardized and inclusive cloud-edge integrated solution [7] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University [7] - Huaxia Happiness expects a net loss of 16 billion to 24 billion RMB in 2025, with potential delisting risk warnings for its stock [8] - Zhongwen Online anticipates a net loss of 580 million to 700 million RMB in 2025, as its overseas short drama business is still in the investment phase [8] - Luxshare Precision has terminated its acquisition of the business asset package held by India's Wingtech [8]