【私募调研记录】凡德投资调研三博脑科

Core Insights - Vand Investment recently conducted research on Sanbo Brain Science, highlighting the company's success in the world's first interventional brain-computer interface trial for restoring motor function in patients [1] - The company is expanding its network with new hospital branches in Beijing, Kunming, Xi'an, and Hunan, aiming to enhance medical service capabilities [1] - Sanbo Brain Science is focusing on a nationwide chain operation model and plans to establish over ten group-controlled hospitals while strengthening technological innovation and research成果转化 [1] Company Developments - The chairman's personal reasons do not affect the company's operations [1] - The company has a well-established talent training system, with medical personnel in local hospitals being recruited locally and trained in Beijing [1] - The proportion of medical insurance income varies by region, with Beijing's Sanbo Brain Science having about 30% of its income from insurance, while most out-of-town hospitals exceed this figure [1] Financial Performance - New hospital branches have different ramp-up periods, with Fujian Sanbo typically reaching breakeven in about three years, while Henan Sanbo is expected to improve its operational status in the future [1] - The company has repurchased shares for employee stock ownership plans and will implement this at an appropriate time [1] Market Context - The aging population is leading to an increase in degenerative diseases, particularly in the cardiovascular and neurological sectors, which will influence the company's future business growth [1] - The patient demographic spans a wide age range, from newborns to nonagenarians, with patient sources including reputation, technical training, and local expert collaborations [1] - The company actively fulfills social responsibilities through free clinics, discipline construction, and establishing brain health communities [1] Regulatory Environment - Short-term impacts from medical insurance policies are minimal, but long-term contributions to revenue are expected [1] - The DRG (Diagnosis-Related Group) single disease payment system has varying impacts on different hospital branches [1] - The application of brain-computer interfaces is still in the preliminary experimental verification stage, with more mature applications in neuroregulation for treating elderly Parkinson's disease and epilepsy [1]