【私募调研记录】观合资产调研麦澜德

Group 1 - The core viewpoint of the article highlights that 麦澜德 is focusing on the male prostate disease market, which is expected to become a new growth point in the next 2-3 years [1] - 麦澜德's gross margin in the pelvic floor business has declined due to low margins from new product promotions, but it is anticipated to gradually recover and stabilize [1] - The company is concentrating on common scenarios such as stroke and neurological injury rehabilitation, with its pricing policy still in the improvement phase [1] Group 2 - 麦澜德 employs non-invasive brain-machine interface technology, targeting neurodegenerative diseases, strokes, and pediatric cerebral palsy, with plans to expand application scenarios in the future [1] - The short-term goal for overseas business is to deepen the Asia-Pacific market, while the medium to long-term goal shifts from "product output" to "demand-driven" [1] - Nearly half of the research and development investment is allocated to projects involving AI technology [1] Group 3 - The promotion of 康美中心 is still in its early stages, facing core challenges such as medical insurance pricing restrictions, insufficient market pricing mechanisms in hospitals, and consumer demand recognition [1] - The company adopts a tiered distribution model in the serious medical market and a multi-faceted marketing approach in the consumer medical market, emphasizing compliant promotion [1]