脑机接口风口下的价值重估，心玮医疗-B（6609.HK）的技术卡位与资本进阶

Core Insights - Elon Musk's Neuralink plans to start large-scale production of brain-machine interface devices in 2026, indicating a shift from clinical trials to commercialization in the industry [1] - The domestic brain-machine interface sector is benefiting from favorable policies, including the introduction of medical service pricing and discussions on insurance coverage for invasive procedures [1] - Shanghai-based WeBrain, a subsidiary of Xinwei Medical, is focusing on the research and clinical application of brain-machine interface technology, marking a significant step in the commercialization of this technology [1] Industry Trends - The competition in the global brain-machine interface market is fundamentally a contest of technological routes and clinical application capabilities [2] - Neuralink's invasive approach has precision advantages but is limited by surgical risks, while Xinwei Medical's interventional approach mitigates these risks and aligns with its expertise in neurointervention [2][4] - The interventional brain-machine interface system developed by Xinwei Medical is expected to complete its first human clinical enrollment by the end of 2026 and achieve market launch by 2027, positioning it among the leading companies in the domestic sector [2] Market Potential - The global brain-machine interface market is projected to reach $12.4 billion by 2034, with a compound annual growth rate of 17% from 2025 to 2034 [6] - Xinwei Medical's technology addresses critical issues of accessibility and payment feasibility in high-value medical technology, aligning with the industry's growth potential [6] Company Developments - Xinwei Medical's recent establishment in Shanghai's brain-machine interface industrial cluster enhances its connections with academic, research, and clinical resources, providing a competitive edge in technology development and commercialization [6] - The company has made significant capital movements, including executive stock purchases and share buybacks, reflecting management's confidence in long-term value [8][9][10] - In 2025, Xinwei Medical reported a revenue of 186 million yuan, a year-on-year increase of 44.39%, marking its entry into a phase of scalable profitability [12] Strategic Initiatives - Xinwei Medical has initiated an A-share IPO process, aiming to leverage its financial data from 2025 to enhance its capital platform and support ongoing expansion in high-value medical sectors [14] - The IPO is expected to improve liquidity, reduce financing costs, and enhance brand credibility, facilitating market penetration and product expansion [14][15] Conclusion - The brain-machine interface market is on the verge of significant growth, with Xinwei Medical's interventional approach poised to capture market opportunities due to its safety and accessibility advantages [20] - The company's strategic capital actions, solid performance, and clear growth plans position it favorably within the industry, suggesting that its intrinsic value may be in the early stages of reassessment [20]