CTN(SZ:300430) Cai Jing Wang·2025-09-22 07:02Core Insights - The company has established a dual-track strategy for its brain-computer interface (BCI) business, focusing on both invasive and non-invasive approaches [1] Non-Invasive Medical Field - In the non-invasive serious medical sector, the company has launched three prototype rehabilitation devices that integrate BCI technology, currently progressing with registration applications [1] - These devices feature modular designs, supporting synchronous collection of EEG, EMG, and ECG signals, and possess precise coordination capabilities with electrical stimulation systems [1] - The devices are designed for flexibility, supporting 8 to 64 channel expansions, and are compatible with mainstream BCI and medical systems, providing reliable support for basic research, neuro-rehabilitation, and BCI application development [1] Consumer Market - In the non-invasive consumer market, the company plans to launch its first batch of prototypes in the first half of 2025, including a next-generation smart EEG headband [2] - This product integrates a self-developed EEG amplification system and intelligent analysis algorithms, enabling high-precision collection and decoding of EEG signals [2] - The headband includes a gamified cognitive training module that adjusts task difficulty based on EEG responses, enhancing user engagement and training effectiveness in attention and memory [2] Invasive Field - In the invasive field, the company is currently focused on technological reserves, with related research in the experimental stage [2] - The company has initiated the construction of a BCI technology research validation center and an animal experiment center, which are crucial for its strategic layout in the BCI field [2] Research Focus - The BCI technology research validation center will focus on cutting-edge theories, key technologies, new materials, and core components in the BCI field, bridging basic mechanism exploration to engineering applications [3] - The animal experiment center will provide in vivo research and application validation for core BCI technologies, equipped for experiments ranging from small rodents to large mammals [3] Financial Performance - In the first half of 2025, the company reported a revenue of 408 million yuan, a year-on-year decrease of 36.65%, and a net profit attributable to shareholders of 51 million yuan, down 38.76% [3] - Revenue breakdown shows that control systems generated 223 million yuan, down 46.12%; rehabilitation medical devices generated 118 million yuan, down 18.10%; and system equipment and others generated 67 million yuan, down 19.50% [3] Market Positioning - The company is leveraging "Longzhijie" to tap into the rehabilitation medical market, which has a comprehensive product line in physical factor therapy and exercise therapy [4]