VISHEE(SH:688580) 光大证券研究·2025-10-26 23:04Core Viewpoint - The company reported steady revenue growth and improved profitability in Q3 2025, driven by increased sales and reduced expense ratios [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 326 million, a year-on-year increase of 11.58%, and a net profit attributable to shareholders of 102 million, up 30.68% [4]. - In Q3 2025, revenue reached 115 million, reflecting a year-on-year growth of 14.87%, while net profit attributable to shareholders was 33 million, increasing by 14.99% [4]. Operational Efficiency - The company's net cash flow from operating activities grew by 33.74% year-on-year, primarily due to increased cash receipts from sales [5]. - The sales expense ratio decreased by 6.80 percentage points to 20.94%, while the management expense ratio increased by 1.66 percentage points to 11.14% [5]. R&D and Innovation - In Q3 2025, the company invested 11 million in R&D, accounting for 9.76% of its revenue, and plans to enhance marketing efforts in key growth areas [6]. - The company launched the VisheeNEO physical factor workstation in July 2025, aiming to strengthen its core business competitiveness [6]. Strategic Initiatives - The company is actively developing a comprehensive closed-loop neural rehabilitation system in the non-invasive brain-computer interface field, with numerous patents covering essential technologies [7]. - The system includes four main application scenarios: MagNeuroOne (marketed), brain-computer cognitive training system (in development), brain-computer functional electrical stimulation (in development), and brain-computer upper and lower limb training systems (in development) [8].