Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - On May 4, Neuralink's brain-computer interface (BCI) device, Link, received "Breakthrough Device" designation from the FDA, aimed at helping patients with severe speech impairments regain communication abilities. This certification indicates a positive outlook for the clinical application of the Link device, potentially accelerating the research, evaluation, and review processes, thus hastening the large-scale commercialization of brain-computer interfaces [2][5][11] - The report suggests focusing on three main investment themes: 1) Domestic mapping of the advanced overseas invasive brain-computer interface industry chain; 2) Product landing related to non-invasive brain-computer interfaces in consumer scenarios; 3) Downstream application-related targets of brain-computer interfaces [2][11] Summary by Sections Event Description - Neuralink's Link device received FDA's "Breakthrough Device" certification on May 4, aimed at assisting patients with severe speech impairments [5] Event Commentary - The Link device aids patients with neurological diseases such as ALS, stroke, spinal cord injuries, cerebral palsy, and multiple sclerosis in regaining communication abilities. A recent demonstration showed an ALS patient successfully using the Link device to control a computer cursor through thought, showcasing the device's interaction capabilities [11] - Neuralink is expanding its patient registration globally, which may lead to broader applications of BCI technology in health fields, including visual restoration. The Blindsight device, aimed at restoring vision for those with complete blindness, has also received FDA's "Breakthrough Device" certification [11] - The domestic brain-computer interface industry is expected to accelerate under supportive policies, with recent initiatives from the Ministry of Industry and Information Technology and local governments promoting BCI technology development and commercialization [11]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of ¥393,473,847.68, a year-on-year increase of 16.78% [4] - The net profit attributable to shareholders was ¥38,313,576.61, reflecting a year-on-year growth of 14.56% [4] - After deducting non-recurring gains and losses, the net profit attributable to shareholders was ¥38,606,346.69, with a year-on-year increase of 19.40% [4] Group 2: Industry Outlook - The medical industry in China is experiencing high-quality development driven by policy support and technological innovation [5] - Private hospitals are expected to alleviate pressure on public hospitals and provide diverse medical services, enhancing overall healthcare resource allocation [5] - Specialized hospitals are crucial for the advancement of medical science and improving healthcare quality [5] Group 3: Expansion Plans - The Beijing Sanbo Dongba new hospital project is on track to be completed by March 2026, which will enhance service capacity [6] - The Kunming Sanbo new hospital has completed site acceptance and is in the process of relocation [6] - The Xi'an Sanbo new hospital is undergoing various acceptance procedures and is expected to open in Q3 2025 [6] Group 4: Regulatory and Compliance Issues - The company maintains a commitment to compliance and has not identified any illegal activities involving its executives [10] - The chairman's recent detention is attributed to personal reasons and is not related to the company [10] - The company has established a governance structure to ensure stable operations during this period [10] Group 5: Market Challenges - The impact of medical insurance policies and procurement practices is expected to reduce income, but the company is working to enhance bed turnover and service volume [3] - The company is also integrating its supply chain to lower procurement costs and mitigate the effects of insurance policies on profits [3] - The competitive landscape in the medical service market is intensifying, affecting revenue growth [11]

Group 1 - The core achievement of the company is the successful completion of the first long-term implantation clinical trial of an invasive brain-machine interface system in China at Huashan Hospital, Fudan University [1] - The invasive brain-machine interface system utilizes self-developed ultra-flexible neural electrode technology, with a diameter only 1/100 of a human hair, significantly improving biocompatibility compared to traditional rigid electrodes [1] - The clinical trial involved a participant who had been an amputee for many years, and post-surgery rehabilitation allowed the participant to control a computer mouse using brain signals, achieving a level comparable to that of a normal person after three weeks of training [1] Group 2 - The company received significant support, including being selected for the Ministry of Industry and Information Technology's "Future Industry Innovation Task" project and obtaining special funding for brain-machine interfaces from Shanghai for 2024 [2] - The company raised 350 million yuan in its Series B financing round, setting a record in the domestic implanted brain-machine interface sector, and has established the first medical-grade MEMS electrode processing platform in China [2] - The company aims to not only treat diseases but also expand human capabilities, with short-term focuses on motor function reconstruction and language decoding, and long-term plans to explore new forms of human-machine symbiosis by integrating large language models with embodied intelligent robots [2]

Core Insights - Shanghai Ladder Medical Technology Co., Ltd. has achieved a significant breakthrough in brain-machine interface (BMI) technology, demonstrating the feasibility of "thought control" in real-world scenarios through a video of a quadriplegic subject playing a video game using an implanted flexible BMI device [1] Group 1: Technological Breakthrough - The company developed flexible electrodes made from biocompatible polyimide, only 4 micrometers thick, which significantly reduces immune rejection risks [2] - The wireless transmission module allows real-time brain signal transmission at 10MB per second with a latency of 50 milliseconds, enabling subjects to move freely within a 10-meter radius [2] - A nano-scale conductive coating was developed in collaboration with the Shanghai Institute of Ceramics, reducing electrode impedance to 1/50 of traditional products while maintaining over 3 years of signal stability [2] Group 2: Clinical Application - A case study of a subject named Zhang Wei, who lost all four limbs due to an accident, showed that after receiving the BMI implant, he achieved a 89% accuracy in controlling the game after 37 days of training [3] - The team developed a reinforcement learning-based adaptive algorithm to dynamically adjust the decoding model based on real-time brain signals [3] - Neuroimaging revealed significant functional reorganization in the motor cortex of the subject's brain, indicating a new theoretical basis for brain injury rehabilitation [3] Group 3: Global Competition - Ladder Medical is the second company globally to enter the clinical stage of invasive BMIs, having completed 23 primate experiments and 5 human implants, while competitors like Neuralink have not yet received approval for human trials [4] - The company has established a complete self-sufficient technology chain in the neuroengineering field, from materials to clinical trial systems [4] - The low-power chip used in the wireless transmission module reduces power consumption by 60% compared to similar products [4] Group 4: Ethical Considerations - The company has implemented three safety mechanisms in clinical trials to address ethical concerns, including encrypted signal transmission and a "panic button" for subjects [5] - Ethical discussions are emerging regarding the potential blurring of lines between natural abilities and technological enhancements, raising questions about the future of human identity [5] - The company's principle is to prioritize restoration over enhancement, focusing on severe motor impairment patients [5] Group 5: Future Outlook - Ladder Medical plans to launch a second-generation product in 2024, increasing the number of electrode channels from 128 to 1024 for finer control [6] - The long-term goal includes creating a "neural-digital" bidirectional interface to allow patients to receive sensory feedback [6] - The potential for a "brain-cloud collaboration" system could redefine human-machine relationships and create new job roles in the future [6]

Group 1 - The event was a large-scale campus open day held by Zhejiang University, aimed at showcasing the university's academic charm, innovative vitality, and inclusive campus culture to prospective students and their families [3][4] - The open day featured engaging activities, including a performance by robotic dogs, which delighted attendees and created a lively atmosphere [3] - The university's undergraduate dean emphasized the importance of choosing a good university for personal development and the potential for students to encounter unforeseen opportunities at Zhejiang University [4] Group 2 - In 2025, Zhejiang University plans to increase enrollment in artificial intelligence programs and introduce new interdisciplinary programs, including Turing Class, Robotics Engineering, Digital Law Excellence Class, and others [4] - The university aims to strengthen its foundational, emerging, and interdisciplinary disciplines while fostering top talent through specialized programs [4] - Parents showed keen interest in the university's offerings, with many taking notes and photos during the presentations, indicating a strong desire for their children to become part of the Zhejiang University community [4]

20250511复盘 宏观： 4月CPI环比由降转涨至0.1%（前值-0.4%），同比下降0.1%（前值-0.1 %）。 其中食品价格环比上涨0.2%（前值-1.4%）。 PPI同比降幅扩大至2.7%。 关税： 1. 新华时评：中方决不会牺牲原则立场与国际公平正义与美达成协议。 2. 特朗普：今天在瑞士与中国举行的会 20250511复盘 宏观： 4月CPI环比由降转涨至0.1%（前值-0.4%），同比下降0.1%（前值-0.1 %）。 其中食品价格环比上涨0.2%（前值-1.4%）。 PPI同比降幅扩大至2.7%。 关税： 1. 新华时评：中方决不会牺牲原则立场与国际公平正义与美达成协议。 2. 特朗普：今天在瑞士与中国举行的会议非常成功讨论了许多事情，达成了许多共识。 3. 路透：贝森特称取得了实质性进展，格里尔称差异不像想象的大。 总结：期待周一早上分享细节。 4. 卖方：第一阶段：初步接触，实现破冰（2025年5-6月）；第二阶段：机制建立期，围绕单边关税让步及建立对 话机制进行博弈和沟通（2025年7-9月）；第三阶段：实质博弈期，围绕双方关切的核心问题开展持续博弈和谈判 （2025Q4甚至2026 ...

Group 1 - The private equity issuance market has seen a significant increase in activity, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% growth compared to the same period last year [1] - NIO plans to issue H-shares at a maximum price of 263 HKD per share, with the pricing expected between May 13 and May 16, and trading to commence on May 20 [1] - A trend of consumer companies going public overseas has emerged, with several new consumption brands planning listings in Hong Kong and the US, driven by the need for international expansion and brand enhancement [1] Group 2 - Shanghai Ladder Medical Technology has successfully conducted a clinical trial of an invasive brain-computer interface system, allowing a participant to control a game using thoughts after implant surgery [2] - Samsung has reportedly reached an agreement with major clients to increase DRAM prices, with DDR4 prices rising by double-digit percentages and DDR5 prices increasing by single-digit percentages [2] - Polestar is recalling 3,664 vehicles in the US due to a rearview camera issue that may reduce driver visibility, with software updates planned to address the problem [2] Group 3 - Specialized Medical Company in Saudi Arabia successfully completed a $500 million IPO, with all shares sold within hours, indicating strong demand [3] - Mirxes Holding Company Limited has passed the listing hearing at the Hong Kong Stock Exchange, focusing on miRNA technology for cancer screening [4] Group 4 - Huiyuan Juice has issued a statement refuting rumors about its financial difficulties, emphasizing that such claims are malicious and damaging to its reputation [5] - Hualan Biological Engineering announced that its major shareholder plans to reduce its stake by up to 3% within three months [6] - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau due to internal control deficiencies and inaccurate information disclosure [7] Group 5 - ST Jinke has received court approval for its restructuring plan, allowing the company and its subsidiary to enter the execution phase of the plan [8]

投资者关系活动记录表 编号：2025-004 立讯精密投资者关系活动记录表 证券代码：002475 证券简称：立讯精密 立讯精密工业股份有限公司 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他：_________ | | 参与单位名 | | | 称及人员姓 | 投资者 | | 名 | | | 时间 | 2025 年 5 月 9 日 15:00-17:00 | | 地点 | 全景网 | | 上市公司接 | 董事长、总经理王来春女士；财务总监吴天送先生；董事会秘书肖 | | 待人员姓名 | 云兮女士；独立董事侯玲玲女士。 | | | 投资者提问 | | | 问题 1：1、年报和一季报显示，公司业绩增长不错，请分析一 | | | 下各业务板块的经营亮点？2、公司发行 30 亿元可转债还有 1 年多 | | | 就要到期了，是否已经准备做好到期还钱的准备了？如无法转股， | | | 到期能否兑付本息？3、年报显示外销业务占比 87%，请简要介绍 | | | 一 ...

Important Market News - The high-level economic and trade talks between China and the U.S. were held in Geneva from May 10 to 11, resulting in substantial progress and important consensus on mutual economic concerns [1] Industry Insights - On May 11, the humanoid robot startup Songyan Power launched a new generation of bionic robot named Xiao Nuo, featuring multi-modal interaction and near-human facial expressions. The company has already secured over 1,000 orders for its N2 robot, which has gained attention for its performance in various terrains [2] - The introduction of 5G-A technology is being noticed by consumers in cities like Beijing and Shanghai, enhancing communication capabilities significantly compared to 5G. The expected investment in 5G-A in China is projected to reach 120 billion yuan by 2025, driving growth in related industries [3] - A new online platform for "brain-computer interface patents and intellectual property" was launched at the 2025 Pujiang Innovation Forum, marking a significant step in the commercialization of brain-computer interface technology, with a market potential projected to reach $150 billion by 2040 [4] - The State Council approved the draft of the "Regulations on Government Data Sharing," aiming to enhance public service efficiency and promote the integration of data resources, which is expected to benefit cloud computing and big data platform companies [5][6] Risk Alerts - Xi'an Qujiang Cultural Tourism announced that its major shareholder's 12 million shares will be auctioned, representing 10.48% of its holdings and 4.7% of the company's total shares, although this will not affect the company's operations [7] - Keli Ke plans to reduce its shareholding by up to 14.647 million shares, accounting for 3% of the total shares, while other executives also plan to sell a small percentage of their shares [8]

Data Elements - The State Council approved the draft "Regulations on Government Data Sharing," aiming to break down data barriers while ensuring data security, promoting public services, and enhancing economic development [1] - The National Development and Reform Commission released the "China Business Environment Development Report (2025)," highlighting data as a core driver of economic innovation [1] - The advancement of government data sharing is expected to benefit data governance service providers and privacy computing technology companies, with a focus on cloud computing, big data platforms, and data security technology [1] Brain-Computer Interface - Fudan University launched China's first online platform for "Brain-Computer Interface Patents and Intellectual Property" during the "2025 Pujiang Innovation Forum" [2] - The brain-computer interface technology is seen as a strategic point in global tech competition, reshaping brain science research and offering breakthroughs in brain disease treatment [2] - The industry is in its early stages of commercialization, with significant support from the government leading to growth in market size, number of companies, and technological innovation [2] Solid-State Batteries - The 17th Shenzhen International Battery Technology Exchange and Expo (CIBF2025) will take place from May 15 to 17, focusing on advanced battery technologies [3] - Companies like Guoxuan High-Tech and Better Ray are set to launch new solid-state battery products, coinciding with accelerated overseas production and domestic material capacity [3] - Solid-state batteries are expected to meet the growing performance demands in various emerging industries, with significant market growth potential anticipated in the coming years [3] National Economic Development Zones - The State Council is advancing reforms in national economic and technological development zones to promote high-level opening and high-quality development [4] - The zones are transitioning from traditional manufacturing bases to open, innovative, and green economic hubs, with new business models emerging in data cross-border flow and green finance [4] - By 2025, the total output value of national economic development zones is projected to reach 15 trillion yuan, accounting for 20% of national GDP [4] 5G-A Technology - 5G-A (5G-Advanced) is gaining visibility among consumers, enhancing coverage in dense areas and industrial applications [5] - As an upgraded version of 5G, 5G-A is expected to increase speeds by tenfold and redefine communication boundaries, driving growth in smart manufacturing and low-altitude economies [5] - Investment in 5G-A in China is projected to reach 120 billion yuan by 2025, stimulating growth in related industries such as chips and base stations [5] Energy Storage - A breakthrough in bionic self-generating energy storage concrete technology has been achieved, which can generate electricity in temperature-variable environments [6] - This technology addresses the instability of clean energy supply and offers a low-carbon solution for the construction industry [6] Semiconductor Industry - Nvidia plans to launch a downgraded version of its H20 AI chip in response to U.S. export restrictions, aiming to maintain its market presence in China [7] - The downgraded chip will have reduced specifications, particularly in memory capacity, but may still be adjustable by downstream customers [7] - Nvidia's revenue from the Chinese market was $17 billion last fiscal year, accounting for 13% of total sales [7] Robotics - The humanoid robot startup Songyan Power introduced a new female humanoid robot named Xiaonuo, featuring advanced interaction capabilities and customizable appearances [8] - The sales of humanoid robots are expected to accelerate, potentially leading to a market scale exceeding 10 billion yuan by 2025, capturing over 50% of the global market [8]