来源：新浪证券-红岸工作室 2月2日，美好医疗跌1.13%，成交额3.17亿元，换手率2.72%，总市值174.70亿元。 异动分析 脑机接口+减肥药+CRO概念+医疗器械概念+人民币贬值受益 1、根据2025年12月12日互动易：公司正与下游脑机接口客户深入开展产品合作，协助客户实现从实验 室研发到批量出货的高效商业化转化，目前相关业务产生的收入规模较小，具体客户合作细节涉及商业 机密不便回复。 资金分析 今日主力净流入-700.69万，占比0.02%，行业排名93/135，连续2日被主力资金减仓；所属行业主力净流 入-6.62亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-700.69万1250.93万-5495.78万4979.78万-6.99亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.24亿，占总成交额的6.75%。 2、2025年10月22日投资者关系记录表：公司已与客户签订减肥笔订单，相关自动化产线已启动建设， 预计明年投入交付。 3、2023年9月1日公告：公司专注于医疗器械领域，为全球医疗器械百强客户以及细分市场龙头企业提 供CDMO和CRO的一站 ...

Core Viewpoint - The stock of Meihao Medical (301363) has experienced a decline, with significant net outflows from major and retail investors, while the company shows mixed financial performance indicators in the medical device industry [1][2][3]. Financial Performance - As of January 30, 2026, Meihao Medical's stock closed at 31.06 yuan, down 1.52%, with a trading volume of 100,200 hands and a transaction amount of 311 million yuan [1]. - In the last five days, the stock has seen fluctuations in net capital flow, with a net outflow of 16.94 million yuan from major funds and a net inflow of 38.80 million yuan from retail investors on January 30 [2]. - For the first three quarters of 2025, the company reported a main revenue of 1.194 billion yuan, a year-on-year increase of 3.28%, while the net profit attributable to shareholders decreased by 19.25% to 208 million yuan [3]. Industry Comparison - Meihao Medical's total market value is 17.669 billion yuan, which is higher than the industry average of 11.102 billion yuan, ranking 16th out of 127 companies in the medical device sector [3]. - The company's price-to-earnings ratio (P/E) stands at 63.65, significantly lower than the industry average of 104.17, ranking 62nd [3]. - The gross profit margin of Meihao Medical is 39.34%, which is below the industry average of 50.94%, ranking 89th [3]. Investment Sentiment - In the last 90 days, seven institutions have rated Meihao Medical with a "buy" recommendation, with an average target price of 24.57 yuan [4].

Core Viewpoint - Meihua Medical (301363) has shown a mixed financial performance with a slight increase in revenue but a significant decline in net profit for the first three quarters of 2025 [2] Financial Performance - For the first three quarters of 2025, Meihua Medical reported a main revenue of 1.194 billion yuan, an increase of 3.28% year-on-year [2] - The net profit attributable to shareholders was 208 million yuan, a decrease of 19.25% year-on-year [2] - The net profit excluding non-recurring items was 203 million yuan, down 17.85% year-on-year [2] - In Q3 2025, the company achieved a single-quarter main revenue of 462 million yuan, up 2.56% year-on-year [2] - The single-quarter net profit attributable to shareholders was 93.90 million yuan, an increase of 5.89% year-on-year [2] - The single-quarter net profit excluding non-recurring items was 92.70 million yuan, up 9.56% year-on-year [2] - The company's debt ratio stands at 11.43%, with investment income of 4.90 million yuan and financial expenses of -27.39 million yuan [2] - The gross profit margin is reported at 39.34% [2] Market Activity - As of January 29, 2026, Meihua Medical's stock closed at 31.54 yuan, with an increase of 0.38% [1] - The turnover rate was 5.84%, with a trading volume of 218,100 hands and a transaction amount of 712 million yuan [1] - On January 29, the net inflow of main funds was 36.86 million yuan, accounting for 5.18% of the total transaction amount [1] - Retail investors experienced a net outflow of 23.36 million yuan, representing 3.28% of the total transaction amount [1] Analyst Ratings - In the last 90 days, seven institutions have given buy ratings for Meihua Medical, with an average target price of 2.457 billion yuan [3]

Group 1 - The core viewpoint of the news is that Meihao Medical's stock price increased by 5.32% to 33.09 CNY per share, with a trading volume of 161 million CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 18.824 billion CNY [1] - Meihao Medical, established on July 15, 2010, and listed on October 12, 2022, is located in Longgang District, Shenzhen, Guangdong Province, and specializes in the design, development, manufacturing, and sales of precision components and products for medical devices [1] - The revenue composition of Meihao Medical includes: 59.48% from home respiratory machine components, 14.61% from home and consumer electronics components, 10.33% from other medical product components, 8.16% from cochlear implant components, 5.63% from precision molds and automation equipment, 1.09% from other categories, and 0.70% from proprietary products [1] Group 2 - Among the top circulating shareholders of Meihao Medical, Penghua Fund's Penghua New Emerging Industries Mixed A (206009) increased its holdings by 63,000 shares in the third quarter, now holding 3.5758 million shares, which accounts for 2.29% of the circulating shares [2] - The fund has a latest scale of 3.215 billion CNY, with a year-to-date return of 10.77%, ranking 2169 out of 8866 in its category, and a one-year return of 53.75%, ranking 1970 out of 8126 [2] - The fund manager, Liang Hao, has a tenure of 14 years and 204 days, with a total asset scale of 10.837 billion CNY, achieving the best fund return of 359.7% and the worst return of -31.55% during his tenure [2]

Industry Overview - The 2026 Brain-Computer Interface (BCI) Developer Conference will be held on February 3-4, 2026, in Tianjin, focusing on "technology open-source, ecological co-construction, and industrial landing" to promote the commercialization of BCI technology from laboratories to clinical and consumer applications [1] - The BCI industry is accelerating its transition from laboratory research to clinical and consumer applications, with policies supporting its development, including its inclusion in the "14th Five-Year Plan" and the establishment of independent billing items by the National Medical Insurance Administration by 2025 [1] - The global market for medical applications in the BCI sector is projected to reach $40 billion by 2030 and grow to $145 billion by 2040, according to McKinsey [1] Company Developments - Xiangyu Medical has made significant progress in BCI, establishing a comprehensive product matrix and five brain science laboratories, with two EEG machines expected to receive registration certificates by June 2025 [1] - Meihua Medical's cochlear implant business is a key application of BCI and represents one of the most successful technologies in clinical applications, with the company collaborating closely with downstream BCI clients to facilitate efficient commercialization from laboratory development to mass production [2]

Core Viewpoint - The company emphasizes the importance of artificial intelligence (AI) and its potential in enhancing research and development efficiency and product capabilities [1] Group 1: AI Development and Application - The company recognizes the significant potential of AI in areas such as material parameter intelligent selection, testing, production process optimization, quality compliance, and quality control [1] - The company is actively monitoring the latest advancements in relevant technologies and is integrating these innovations into its application scenarios [1] - The company aims to effectively seize the development opportunities brought by AI technological innovations within the industry [1]

Core Viewpoint - The company emphasizes the importance of artificial intelligence (AI) and its potential in enhancing research and development efficiency and product quality [1] Group 1: AI Development and Application - The company recognizes the significant potential of AI in areas such as material parameter selection, testing, production process optimization, quality compliance, and quality control [1] - The company is actively monitoring the latest advancements in relevant technologies and is integrating these innovations into its application scenarios [1] - The company aims to effectively seize the development opportunities brought by AI technology innovations within the industry [1]

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]

Group 1 - The core viewpoint is that innovative drugs are expected to show significant excess returns in 2025, driven by continuous BD overseas expansion, excellent clinical data, and policy support [1] - The CXO sector is anticipated to experience substantial growth due to the recovery in demand and improved investment environment in the global pharmaceutical industry [1] - The report emphasizes the importance of focusing on new technologies, particularly bispecific antibodies, small nucleic acid drugs, AI healthcare, and brain-computer interface innovations [3] Group 2 - Domestic supply and demand are relatively stable, with national health expenditure showing a year-on-year growth of 4.7% from January to November 2025, marking a positive turnaround after two years of decline [2] - The medical insurance fund's income and expenditure growth rates continue to decline, with total income of 2.63 trillion yuan (+2.9%) and expenditure of 2.11 trillion yuan (+0.5%) from January to November [2] - The report suggests that the commercialization of new drug forms is entering a critical phase, with significant clinical data supporting the application of B-cell depletion therapies in autoimmune diseases [3] Group 3 - Investment recommendations include focusing on innovative overseas expansion and new technology directions, with suggested stocks such as Mindray Medical, WuXi AppTec, and others [4] - The report highlights the potential for explosive growth in the global market for brain-computer interfaces, supported by policy incentives and technological breakthroughs [3]

1月26日，美好医疗跌5.46%，成交额5.96亿元。两融数据显示，当日美好医疗获融资买入额4868.64万 元，融资偿还5884.57万元，融资净买入-1015.93万元。截至1月26日，美好医疗融资融券余额合计3.21 亿元。 融资方面，美好医疗当日融资买入4868.64万元。当前融资余额3.19亿元，占流通市值的1.74%，融资余 额超过近一年90%分位水平，处于高位。 分红方面，美好医疗A股上市后累计派现2.93亿元。 机构持仓方面，截止2025年9月30日，美好医疗十大流通股东中，国泰聚信价值优势灵活配置混合A （000362）位居第二大流通股东，持股591.79万股，为新进股东。华宝中证医疗ETF（512170）位居第 三大流通股东，持股481.27万股，相比上期减少88.13万股。香港中央结算有限公司位居第五大流通股 东，持股371.34万股，相比上期增加71.48万股。国泰金牛创新成长混合（020010）位居第六大流通股 东，持股361.79万股，为新进股东。鹏华新兴产业混合A（206009）位居第七大流通股东，持股357.58 万股，相比上期增加6.30万股。博时医疗保健混合A（050026 ...