Group 1 - The core viewpoint of the article highlights that Sanbo Brain Science's stock closed at 44.79 yuan, down 1.10%, with a rolling PE ratio of 83.95 times and a total market value of 9.226 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical services sector is 40.82 times, with a median of 45.93 times, placing Sanbo Brain Science at the 38th position in the industry ranking [1] - On June 5, the net outflow of main funds for Sanbo Brain Science was 23.9984 million yuan, although there was an overall inflow of 7.3365 million yuan over the past five days [1] Group 2 - Sanbo Brain Science Hospital Management Group Co., Ltd. primarily engages in clinical medical services, with its main products including medical services, pharmaceuticals, supply chain, and other businesses [1] - The latest quarterly performance report for Q1 2025 shows that the company achieved an operating income of 393 million yuan, a year-on-year increase of 16.78%, and a net profit of 38.3136 million yuan, a year-on-year increase of 14.56%, with a sales gross margin of 26.44% [1]

北京市中伦律师事务所 关于三博脑科医院管理集团股份有限公司 2024 年年度股东会的 法律意见 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于三博脑科医院管理集团股份有限公司 2024 年年度股东会的 法律意见 致：三博脑科医院管理集团股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受三博脑科医院管理集团股 份有限公司（以下简称"公司"）委托，指派本所律师列席公司 2024 年年度股 东会（以下简称"本次股东会"），并出具本法律意见。 为出具本法律意 ...

证券代码：301293 证券简称：三博脑科 公告编号：2025-024 三博脑科医院管理集团股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、股东会召集人：公司董事会。 2、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件及《公司章程》的规定。 3、会议召开时间： 1、股东出席的总体情况： 1 通过现场和网络投票的股东 242 人，代表股份 87,765,420 股，占公司有表决 权股份总数的 43.2364％。其中：通过现场投票的股东 4 人，代表股份 30,555,079 股，占公司有表决权股份总数的 15.0525％。通过网络投票的股东 238 人，代表 股份 57,210,341 股，占公司有表决权股份总数的 28.1838％。 2、中小股东出席的总体情况： 通过现场和网络投票的中小股东 237 人，代表股份 10,688,5 ...

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The medical services sector is under pressure in 2024 due to high base effects, but macroeconomic improvements are expected to drive a sustained recovery [2][5] - In Q1 2025, the demand for medical services has stabilized, leading to continuous profit improvement [3][5] - The gross profit margin has slightly declined, with 2024's margin at 37.02%, down 1.24 percentage points, and Q1 2025's margin at 36.14% [4][9] Summary by Sections 2024 Performance - The overall revenue for the medical services sector in 2024 is projected at 73.908 billion yuan, a year-on-year increase of 1.29% - The net profit attributable to shareholders is expected to be 4.857 billion yuan, a decrease of 16.37% - The net profit excluding non-recurring items is forecasted at 4.229 billion yuan, down 22.95% [2][9] Q1 2025 Performance - The total revenue for the medical services sector in Q1 2025 is 18.005 billion yuan, reflecting a year-on-year growth of 2.48% - The net profit attributable to shareholders is 1.325 billion yuan, showing a year-on-year increase of 16.24% - The net profit excluding non-recurring items is 1.266 billion yuan, up 18.21% [3][9] Profitability Metrics - The gross profit margin for 2024 is 37.02%, with a slight decline to 36.14% in Q1 2025 - The operating cash flow for Q1 2025 is 2.332 billion yuan, with a cash flow to net profit ratio of 158.22% [4][7]

问：公司从事神经脑科医疗在民营医院里属于前列那么在现在的医保的集采与医保的报销会导致医院的 利润下滑与医保报销的账期会导致公司经营数据不好吗？ 证券之星消息，2025年5月12日三博脑科（301293）发布公告称公司于2025年5月12日召开业绩说明会。 具体内容如下： 问：徐经理您好！我是贵司的股东，请问贵司最近一年以来有无寻求和国内外前沿脑机或脑科技公司接 触洽谈潜在的合作事宜或者一些并购重组事宜？如果有能否介绍一下。谢谢！ 答：您好！三博脑科密切关注脑机接口相关技术发展趋势，前期对国内一些具有前瞻技术和核心优势的 脑机接口及脑科学创新公司进行了考察和技术交流，目前正在洽谈合作事宜；此外，公司正在积极筹备 设立脑科学创新基金，与公司一起进行相关产业投资和业务协同的布局，不断提升公司的临床诊疗水 平，进一步增强公司的科技赋能。感谢您的关注。 答：您好！目前医保报销政策、DRG/DIP打包付费以及集采会在一定程度上减少医保收入，公司亦在积 极提升床位周转，增加服务人次，同时通过供应链整合降低采购成本，降低医保政策对利润的影响。医 保报销的账期变化在短期可能延迟医保收入回款，长期对整体回款影响相对有限。感谢您的 ...

中信证券股份有限公司 1 2024年度跟踪报告 | 一致 | | | --- | --- | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 无 | | （2）列席公司董事会次数 | 无 | | （3）列席公司监事会次数 | 无 | | 5.现场检查情况 | | | （1）现场检查次数 | 2次 | | （2）现场检查报告是否按照深圳证券交易所规定 | 是 | | 报送 | | | （3）现场检查发现的主要问题及整改情况 | 无 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 8次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向深圳证券交易所报告情况（现场检查报告除 | | | 外） | | | （1）向深圳证券交易所报告的次数 | 无 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 不适用 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of ¥393,473,847.68, a year-on-year increase of 16.78% [4] - The net profit attributable to shareholders was ¥38,313,576.61, reflecting a year-on-year growth of 14.56% [4] - After deducting non-recurring gains and losses, the net profit attributable to shareholders was ¥38,606,346.69, with a year-on-year increase of 19.40% [4] Group 2: Industry Outlook - The medical industry in China is experiencing high-quality development driven by policy support and technological innovation [5] - Private hospitals are expected to alleviate pressure on public hospitals and provide diverse medical services, enhancing overall healthcare resource allocation [5] - Specialized hospitals are crucial for the advancement of medical science and improving healthcare quality [5] Group 3: Expansion Plans - The Beijing Sanbo Dongba new hospital project is on track to be completed by March 2026, which will enhance service capacity [6] - The Kunming Sanbo new hospital has completed site acceptance and is in the process of relocation [6] - The Xi'an Sanbo new hospital is undergoing various acceptance procedures and is expected to open in Q3 2025 [6] Group 4: Regulatory and Compliance Issues - The company maintains a commitment to compliance and has not identified any illegal activities involving its executives [10] - The chairman's recent detention is attributed to personal reasons and is not related to the company [10] - The company has established a governance structure to ensure stable operations during this period [10] Group 5: Market Challenges - The impact of medical insurance policies and procurement practices is expected to reduce income, but the company is working to enhance bed turnover and service volume [3] - The company is also integrating its supply chain to lower procurement costs and mitigate the effects of insurance policies on profits [3] - The competitive landscape in the medical service market is intensifying, affecting revenue growth [11]

Core Insights - Sanbo Brain Science has demonstrated strong resilience in its operations, achieving significant growth in both revenue and profitability for the year 2024 [1][2] Financial Performance - For the year 2024, Sanbo Brain Science reported a revenue of 1.429 billion yuan, an increase of 8.84% compared to the previous year [1] - The net profit attributable to shareholders exceeded 100 million yuan, reaching 105 million yuan, which represents a year-on-year growth of 34.24% [1] - The net profit excluding non-recurring gains and losses was 94 million yuan, showing a slight increase of 0.77% year-on-year [1] - Core business segments showed stable growth, with medical service revenue at 1.091 billion yuan (up 8.47%) and pharmaceutical revenue at 323 million yuan (up 7.97%) [1] Shareholder Returns - The company announced a profit distribution plan for 2024, proposing a cash dividend of 1.48 yuan per 10 shares (including tax), totaling 30.0425 million yuan [1] Business Expansion - Sanbo Brain Science operates eight hospitals across key regions in China, including five specialized neurology hospitals and three general hospitals [2] - The company has established a competitive edge in treating complex conditions, talent development, and research translation, supported by a team of expert academicians [2] - Recent acquisitions, including a supply chain company and a significant stake in another firm, have enhanced business synergies and expanded the company's operational footprint [3] Future Outlook - The company anticipates continued growth into 2025, with a first-quarter revenue increase of 16.78% to 393.4738 million yuan and a net profit growth of 14.56% [3] - Plans to expand hospital operations and enhance information technology infrastructure are in place to improve operational efficiency and service delivery [3]

Group 1 - The A-share brain-computer interface sector experienced an initial rise, with Aipeng Medical increasing by over 8% [1] - Chengyitong, Rongtai Health, and Xiangyu Medical all saw increases of over 5% [1] - Companies such as Dineike and Sanbo Neuroscience also followed the upward trend [1]

Core Insights - Brain-computer interface (BCI) technology enables direct communication between the brain and external devices, revolutionizing human-machine interaction and integrating advanced technologies such as neuroscience, AI, and new materials [2][4] - The global BCI industry is projected to reach $7.63 billion by 2029, indicating significant growth potential [4] - China and the United States are leading in BCI development, with a notable number of companies and products entering clinical stages [6][7] Industry Overview - The BCI industry is characterized by a competitive landscape with active companies in over 40 countries, primarily in the US and China, where the number of companies exceeds 100 [7] - As of early 2024, China holds 55.62% of the global patent technology in BCI, leading all countries [6] - The industry is still in its early stages, with many startups emerging and a significant increase in patent applications and funding events [55] Key Companies - **Qiangnao Technology**: Founded in 2018, it specializes in non-invasive BCI technology and has over 200 core patents, with a goal to help 1 million disabled individuals regain mobility [10][12] - **Brain Tiger Technology**: Established in 2021, it focuses on flexible invasive BCI technology and has made significant breakthroughs in core technologies [13][15] - **Brain Land Technology**: Founded in 2018, it integrates BCI technology with medical big data and AI, holding 147 patents as of April 2025 [20][21] - **Borecon**: Founded in 2021, it has developed high-performance BCI systems and has over 100 patents [24][25] - **Weiling Medical**: Established in 2019, it is focused on BCI technology and has initiated clinical research for implantable BCI systems [28] - **Roulint Technology**: Founded in 2020, it specializes in non-invasive BCI technology for consumer electronics and medical applications, holding 161 patents [33] - **Aipeng Medical**: Established in 2001, it has invested in BCI technology and developed several non-invasive BCI products [36][37] - **Kedou BCI**: Founded in 2016, it focuses on invasive BCI technology and has developed various microelectrodes and related devices [40][41] - **Sanbo Neuroscience**: Established in 2003, it has over 50 patents and is involved in clinical applications of BCI technology for neurological disorders [43] - **Chengyitong**: Founded in 2011, it has developed several non-invasive BCI prototypes and holds 303 patents, covering key areas of BCI technology [46] Technological Insights - BCI technology is categorized into invasive, semi-invasive, and non-invasive types, with a focus on improving accuracy, feedback speed, and safety [50][52] - The majority of BCI product development is currently centered on non-invasive devices due to their higher safety and market acceptance [53] - As of 2024, there are 222 registered medical devices related to BCI in China, with 194 classified as Class II medical devices [53]