康复器械企业翔宇医疗增收不增利，脑机接口与助浴机器人推进中

Core Viewpoint - The company is cautiously advancing its investment and acquisition efforts in the rehabilitation medical device industry, focusing on external growth through integration and partnerships, despite recent declines in revenue and profit [1][2][3] Group 1: Financial Performance - Since its listing in 2021, the company's revenue and net profit peaked in 2023 but began to decline thereafter, with a projected revenue of 744 million yuan in 2024, down 0.17% year-on-year, and a net profit of 103 million yuan, down 54.68% year-on-year [2] - For the first three quarters of 2025, the company reported a revenue of 537 million yuan, a year-on-year increase of 6.00%, but a net profit of 44 million yuan, down 40.09% year-on-year, primarily due to increased sales and R&D expenses [3] Group 2: Research and Development Focus - The company is increasing its R&D investment, with a total of 140 million yuan in R&D for the first three quarters of 2025, a year-on-year increase of 34.69%, representing 26.11% of revenue, up 5.56 percentage points year-on-year [3] - The company is focusing its R&D efforts on rehabilitation robots and brain-computer interface technologies, with significant projects approved in the field of elderly care, including a specialized bathing robot [4][5] Group 3: Strategic Projects - The company is leading a project for the development and application of a specialized bathing robot for home care, aiming to improve safety, comfort, and cleanliness for bedridden elderly individuals [4] - The company has established a brain-computer interface laboratory and is integrating this technology into its rehabilitation products, which is expected to enhance recovery outcomes for patients [5]