三博脑科 20250827 摘要 三博脑科上半年常性损益后净利润 7,201 万元，同比增长 10.74%；经 营活动现金流量 6,476 万元，同比下降 21%。基本和稀释每股收益 0.34 元，同比增长 6.25%。 新建院区床位利用率逐步提升，昆明三博新院区床位利用率已达 85%， 预计一年内达 100%；西安三博预计年底床位利用率达 40%，明年初达 60%。北京三博计划搬迁至新院区，新老院区同时运营，预计第一年度 床位利用率约 80%。 医保控费政策收紧，DRG/DIP 实施及非医保项目创新成应对策略。医保 政策收紧可能导致医院收入节奏推延半年至一年，医院利用盈利性医院 定价政策优势，开展脑健康管理等非医保项目以弥补收入损失。 三博脑科多层次布局脑科学领域，包括基础研究、临床应用和产业投资， 与清华大学等科研院所合作，推动科研成果转化，并设立四支脑科学基 金，投资人工智能与脑机接口领域。 脑机接口技术在医疗应用中前景广阔，三博脑科专注于生物医学与电子 信息技术相结合的脑机接口领域，与创新企业合作，验证提升其产品技 术，目标是将公司转型为医疗健康科技集团。 Q&A 请介绍一下三博脑科 2025 年上半 ...

Core Viewpoint - The development of China's medical equipment industry during the "14th Five-Year Plan" period has achieved significant progress, showcasing high-end medical equipment and innovative enterprises, which is transforming the healthcare landscape in China and globally [1][2]. Market Growth - The medical equipment industry in China has a compound annual growth rate of approximately 10.7% during the "14th Five-Year Plan," with the market size expected to reach 1.35 trillion yuan by 2024, making it the second-largest market globally [2]. - By the end of 2024, the number of medical device manufacturing companies in China is projected to exceed 33,000, representing a growth of 27.8% compared to the end of the "13th Five-Year Plan" [2]. Technological Advancements - Domestic medical equipment is increasingly moving towards high-end and intelligent solutions, with innovations such as zero-magnetic medical imaging devices and integrated radiation therapy technologies being introduced [3]. - Since the beginning of the "14th Five-Year Plan," 315 innovative medical devices have been approved, with 272 of them being domestic products, accounting for 86.3% [3]. - The domestic production of advanced medical technologies, such as carbon ion therapy systems and artificial hearts, has shifted from reliance on imports to achieving competitive and leading positions in certain products [3]. Clinical Applications - The integration of artificial intelligence and advanced imaging technologies has led to significant improvements in medical equipment, with over 1.045 million patent applications in the medical equipment field during the "14th Five-Year Plan" [4]. - Innovations like the full-body PET/CT scanner have drastically reduced scanning times and improved imaging capabilities, enhancing clinical applications [4]. - The introduction of remote-controlled surgical robots has improved precision and safety in surgeries, benefiting both patients and healthcare providers [6]. Policy Support - The Chinese government has implemented multiple policies to promote high-quality development in the medical equipment sector, focusing on research, industry, and application [7]. - Initiatives such as the "14th Five-Year Plan for Medical Equipment Industry Development" and the establishment of green channels for innovative medical devices are aimed at accelerating the adoption of new technologies [7]. Accessibility and Affordability - The advancements in domestic medical equipment have made healthcare services more accessible and affordable for the public, with significant price reductions for surgical robots enabling more hospitals to offer robotic surgeries [9]. - Technologies like AI-assisted diagnostics and remote surgical systems are breaking geographical barriers, allowing patients in rural areas to access quality medical services [9][10].

本次财报公布的各项数据指标表现一般。其中，毛利率27.43%，同比减41.28%，净利率0.97%，同比减 67.54%，销售费用、管理费用、财务费用总计1.41亿元，三费占营收比44.41%，同比增56.82%，每股净 资产1.75元，同比增1.84%，每股经营性现金流-0.02元，同比减262.56%，每股收益0.01元，同比增 81.54% 据证券之星公开数据整理，近期岩山科技（002195）发布2025年中报。截至本报告期末，公司营业总收 入3.17亿元，同比下降6.38%，归母净利润6710.75万元，同比上升81.51%。按单季度数据看，第二季度 营业总收入1.51亿元，同比下降7.72%，第二季度归母净利润3555.07万元，同比上升186.09%。本报告 期岩山科技三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达56.82%。 建议关注公司应收账款状况（应收账款/利润已达295.54%） | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.38亿 | 3.17亿 | -6.38 ...

Core Viewpoint - The company emphasizes a long-term development strategy amidst domestic market adjustments, focusing on quality management and promoting high-margin products while reducing low-margin sales [2][3]. Group 1: Domestic Market Strategy - The company is addressing the decline in the domestic market by maintaining strict operational quality and ensuring stable accounts receivable and reasonable inventory turnover [2]. - The company is committed to upgrading and promoting cloud products domestically to enhance profitability [2]. Group 2: High Gross Margin Drivers - The company's high gross margin is attributed to its focus on the global market, mastery of core algorithms, and self-production capabilities, which provide both technical and brand premium [3]. - Increasing overseas sales, which have a higher gross margin, is a key factor in the overall high gross margin, driven by customized demand and localized strategies [3]. Group 3: Collaboration and New Product Developments - The company is collaborating with Lingzu Technology to explore the integration of brain-computer interface (BCI) technology with robotics, aiming to build a multi-field collaborative innovation system [4]. - New products related to brain-computer technology showcased at a Thailand exhibition have garnered attention, although these products are still in the research and development phase [4]. - The company encourages investors to follow its official channels for updates on new product launches and acknowledges the uncertainties in new business development [4].

（编辑 王雪儿） 证券日报网讯 诚益通8月27日在互动平台回答投资者提问时表示，公司已确立"侵入式与非侵入式"双轨 并行的战略布局，在非侵入式严肃医疗赛道，公司目前主要将现有康复设备与脑机接口进行结合，升级 现有产品功能，并积极推进相关商业化落地；除医疗领域外，公司也在积极探索"非医疗"场景的应用， 包括教育、养老、健康等多个领域，其中，在教育领域，公司已推出面向专注力检测与训练的脑机接口 生物反馈系统。在侵入式领域，公司脑机接口技术研究验证中心与动物实验中心正在建设中，作为公司 在脑机接口领域的重要战略布局，两大中心将构建"基础研究-技术验证-成果转化"的完整创新链条。 ...

Market Overview - The market saw significant movements with several stocks hitting their daily limits, including Jingtu Qidian, Dongtianwei, and Huayuan Pharmaceutical, all achieving a 20% increase [1][2][3] - The overall market sentiment is mixed, with some stocks experiencing sharp declines, such as Wanfang Development and Chuanrun Shares, both hitting their lower limits [2][3] Key Stocks - **Yanshan Technology**: Reported a 10.07% increase, closing at 7.32, with a trading volume of 84.95 million and a turnover rate of 21.04% [3][5] - **Maigemi**: Achieved a 10% increase, closing at 86.03, with a trading volume of 28.17 million and a turnover rate of 7.26% [9][11] - **Tianrongxin**: Closed at 12.38, up 10.04%, with a trading volume of 45.50 million and a turnover rate of 33.56% [11][12] Trading Activity - The top net buying stocks on the day included Yanshan Technology, Maigemi, and Tianrongxin, with net purchases of 4.89 billion, 4.73 billion, and 2.47 billion respectively [3][4] - Conversely, the top net selling stocks included Huasheng Tiancai, Zhongdian Xindong, and Chuanrun Shares, with net sales of 3.22 billion, 2.41 billion, and 2.21 billion respectively [4][6] Institutional Activity - Institutional buying was notable in stocks like Bubu Gao and Yuyin Shares, with net purchases of 1.13 billion and 810.69 million respectively [14][15] - On the selling side, Wanfang Development and Zhongdian Xindong saw significant institutional net sales of 2.59 billion and 2.39 billion respectively [15][16] Sector Performance - The technology sector showed strong performance with multiple stocks achieving significant gains, particularly in AI and cloud computing [2][3] - Conversely, the agricultural sector faced challenges, with stocks like Wanfang Development and Chuanrun Shares experiencing sharp declines [2][3]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is a leading player in home respiratory devices and cochlear implant components, with expectations for a performance rebound in the second half of 2025 due to the easing of short-term tariff disruptions and the acceleration of new business developments in blood glucose monitoring, brain-computer interfaces, and robotics [1][5] Summary by Sections Business Performance - In the first half of 2025, the company's overseas revenue accounted for approximately 87%, with a decline in revenue from home respiratory device components by 2.8% and cochlear implant revenue by 7.5% due to tariff disruptions. The company's net profit attributable to shareholders was 114 million yuan, a year-on-year decrease of 32.44% [2] New Product Development - The company has seen a 54.4% year-on-year increase in revenue from other medical product components, reaching 76 million yuan in the first half of 2025. The insulin pen and CGM components are expected to contribute to the next growth point, with the insulin pen project achieving large-scale production [3] Technological Expansion - The company is expanding its technology platform into brain-computer interfaces and robotics, leveraging its expertise in electrode precision processing from cochlear implants. This expansion is expected to open long-term growth opportunities [4] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1.895 billion, 2.375 billion, and 2.915 billion yuan, with year-on-year growth rates of 18.85%, 25.34%, and 22.74%, respectively. Net profit attributable to shareholders is forecasted to be 424 million, 543 million, and 653 million yuan for the same period, with corresponding growth rates of 16.64%, 27.97%, and 20.26% [5][11]

Core Viewpoint - The Chinese medical equipment industry is experiencing significant growth and innovation, marking a shift towards self-sufficiency and high-end manufacturing, which is transforming both domestic and global healthcare landscapes [1][2][3]. Industry Growth - During the 14th Five-Year Plan period, the medical equipment industry in China has achieved a compound annual growth rate of approximately 10.7%, with the market size expected to reach 1.35 trillion yuan by 2024, maintaining its position as the second-largest market globally [2]. - By the end of 2024, the number of medical device manufacturing companies in China is projected to exceed 33,000, representing a 27.8% increase compared to the end of the 13th Five-Year Plan [2]. Technological Advancements - The industry is advancing towards high-end and intelligent medical equipment, with innovations such as zero-magnetic medical imaging devices and integrated radiation therapy technologies being introduced [3]. - Since the beginning of the 14th Five-Year Plan, 315 innovative medical devices have been approved, with 272 of these being domestic products, accounting for 86.3% [3]. - Key technologies such as carbon ion therapy systems and artificial hearts have achieved domestic production, reversing the previous scenario where imported devices dominated the high-end market [3]. Clinical Applications - The integration of artificial intelligence and advanced imaging technologies is enhancing the capabilities of medical equipment, with over 1.045 million patent applications filed in the medical equipment sector during the 14th Five-Year Plan [4]. - Innovations like the full-body PET/CT scanner have significantly reduced scanning times and improved imaging capabilities, demonstrating the effectiveness of domestic innovations in clinical settings [4]. Policy Support and Infrastructure - The Chinese government has implemented multiple policies to promote high-quality development in the medical equipment sector, including key projects and planning documents aimed at enhancing research, industry, and application [6]. - Continuous improvements in grassroots medical facilities are being made, with significant upgrades in medical equipment conditions and accelerated construction of county-level medical communities [6]. Accessibility and Affordability - The emergence of domestic surgical robots has led to a noticeable decrease in equipment prices, enabling more county-level hospitals to perform robotic surgeries [8]. - Advanced technologies such as AI-assisted diagnostics and remote surgery systems are breaking geographical barriers, allowing patients in rural areas to access quality medical services [8]. Conclusion - The ultimate goal of the development of medical equipment is to benefit public health, with ongoing efforts to ensure that more patients can access and afford high-quality domestic medical equipment [9].

Core Viewpoint - The Chinese medical equipment industry is experiencing significant growth and innovation, marking a shift towards self-sufficiency and high-end manufacturing, which is transforming both domestic and global healthcare landscapes [1][2][3]. Industry Growth - During the 14th Five-Year Plan, the medical equipment industry in China has achieved a compound annual growth rate of approximately 10.7%, with the market size expected to reach 1.35 trillion yuan by 2024, maintaining its position as the second-largest market globally [2]. - By the end of 2024, the number of medical device manufacturing companies in China is projected to exceed 33,000, representing a 27.8% increase from the end of the 13th Five-Year Plan [2]. Technological Advancements - The industry is advancing towards high-end and intelligent medical equipment, with innovations such as zero-magnetic medical imaging devices and integrated radiation therapy technologies being introduced [3]. - Since the beginning of the 14th Five-Year Plan, 315 innovative medical devices have been approved, with 272 of these being domestic products, accounting for 86.3% [3]. - Key technologies such as carbon ion therapy systems and artificial hearts have achieved domestic production, reversing the previous trend where imported devices dominated high-end markets [3]. Clinical Applications - The integration of artificial intelligence and advanced imaging technologies is enhancing the capabilities of medical equipment, with over 1.045 million patent applications filed in the medical equipment sector during the 14th Five-Year Plan [4]. - Innovations like the full-body PET/CT scanner have significantly reduced scanning times and improved imaging capabilities, demonstrating the effectiveness of domestic innovations in clinical settings [4]. Policy Support and Infrastructure - The Chinese government has implemented multiple policies to promote high-quality development in the medical equipment sector, including key projects and planning documents aimed at enhancing research, industry, and application [6]. - Continuous improvements in medical equipment conditions at grassroots levels are being observed, with accelerated construction of county-level medical communities [6]. Accessibility and Affordability - The emergence of domestic surgical robots has led to significant price reductions, enabling more county-level hospitals to perform robotic surgeries [8]. - Advanced technologies such as AI-assisted diagnostics and remote surgical systems are breaking geographical barriers, allowing patients in rural areas to access quality medical services [8]. Future Outlook - The ultimate goal of medical equipment development is to benefit public health, with ongoing efforts to ensure that more patients can access and afford high-end domestic medical equipment [9]. - The industry is transitioning from reliance on imports to self-sufficiency, focusing on comprehensive solutions rather than single products, contributing to global healthcare advancements [9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a strong growth trajectory in its core product categories, with a year-on-year revenue increase of over 30% in key segments, indicating a promising long-term growth potential [2] - The company reported a total revenue of 1.496 billion yuan for the first half of 2025, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% year-on-year [2] - The company is accelerating its internationalization process and expanding its core product offerings, which is expected to drive future growth [2] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.496 billion yuan, with a net profit of 167 million yuan and a net cash flow from operating activities of 351 million yuan, reflecting a 14.46% increase year-on-year [2] - The sales gross margin for the first half of 2025 was 52.49%, an increase of 1.82 percentage points year-on-year, indicating improved profitability [2] - The company’s revenue projections for 2025-2027 are 3.33 billion, 3.91 billion, and 4.56 billion yuan respectively, with corresponding net profit estimates of 388 million, 484 million, and 589 million yuan, reflecting growth rates of 24.6% for 2025 and 2026 [4] Business Segment Performance - The medical care segment generated 424 million yuan in revenue, up 9.67% year-on-year, driven by new product launches and the consolidation of Shanghai Huazhou [2] - The health monitoring segment saw revenue of 271 million yuan, a year-on-year increase of 12.89%, with strong sales of key products such as blood glucose and uric acid testing devices [2] - The rehabilitation aids segment reported revenue of 563 million yuan, down 6.41% year-on-year, although the hearing aid segment experienced over 20% growth [2] Strategic Initiatives - The company is focusing on optimizing its product structure to enhance profitability and is investing in AI and brain-machine interface technologies to improve its competitive edge [2] - The company has made significant investments in research and development, with R&D expenditures reaching 46.95 million yuan in the first half of 2025, a 2.45% increase year-on-year [2] - The company has expanded its overseas market presence, achieving nearly 100 million yuan in overseas revenue in the first half of 2025, a growth of over 200% year-on-year [2]