麦澜德（688273）：生殖康复持续高增长，积极布局脑机接口

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 241 million yuan in the first half of 2025, representing a year-over-year increase of 5.62%, while the net profit attributable to the parent company was 64 million yuan, down 11.96% year-over-year [5] - The reproductive rehabilitation business continues to grow rapidly, with a revenue of 79.84 million yuan in the first half of 2025, up 42.45% year-over-year [6] - The company is actively expanding into the brain-computer interface sector, which is seen as a core strategic direction for future growth [7] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 123 million yuan, a decrease of 0.89% year-over-year, and a net profit of 24 million yuan, down 33.76% year-over-year [5] - The company expects revenues for 2025-2027 to reach 500 million yuan, 613 million yuan, and 748 million yuan, with year-over-year growth rates of 17.8%, 22.6%, and 22.1% respectively [9] Business Segments - The reproductive rehabilitation and anti-aging business is a key growth driver, while the pelvic floor rehabilitation business faced short-term pressure, with a revenue of 89 million yuan in the first half of 2025, down 15.93% year-over-year [6] - The company is launching innovative products, including the PI-ONE system for pelvic floor rehabilitation and a new radar magnetic stimulation device [6] Future Outlook - The company has several ongoing research projects in the brain-computer interface area, including a key national research plan and various provincial initiatives [7][8] - The projected net profit for 2025-2027 is expected to be 117 million yuan, 164 million yuan, and 203 million yuan, with corresponding year-over-year growth rates of 15.0%, 40.7%, and 23.7% [9]