普利特主营改性材料业务稳健增长，汽车和非汽车业务订单饱满，为公 司业绩提供坚实基础。同时，公司积极与机器人行业头部企业合作，开 发轻量化材料，有望成为新的增长点。 新能源板块海思达触底反弹，2025 年上半年实现盈亏平衡并盈利约 300 万元。随着两个新基地投产并接近满产，海思达业务显著改善，预 计全年贡献利润。 LCP（液晶聚合物）业务方面，LCP 薄膜已实现批量生产，IC 薄膜预计 年底量产，2026 年出货量有望达到 100 万平方米，贡献营收 2.5-3 亿 元，净利润约 1 亿元。SU 薄膜和纤维在高频高速通信网络中的应用也将 推动业绩增长。 普利特拥有 LCP 树脂、薄膜和纤维的完整产业链，具备技术和工艺壁垒， 尤其是在 LCP 树脂合成和薄膜生产工艺方面，领先于国内其他厂商。与 美国头部客户合作开发脑机接口（BCI）用 LCP 材料，预示着 LCP 在新 兴领域的广阔应用前景。 Q&A 请介绍普利特公司 2025 年上半年的经营情况及其主要业绩驱动因素。 2025 年上半年，普利特公司的销售收入约为 40.9 亿元，同比增长 10%；净 利润为 2.07 亿元，同比增长 44%。这一显著增长主要 ...

丨证券研究报告丨 公司研究丨点评报告丨美好医疗（301363.SZ） [Table_Title] 短期业绩影响波动较大，新业务进展顺利 报告要点 [Table_Summary] 2025 年上半年业绩符合预期，基石业务短期有所波动。2025 年上半年公司收入 7.33 亿元，其 中家用呼吸机组件收入 4.36 亿元，同比下滑 2.76%；人工耳蜗收入 5977.01 万元，同比下滑 7.53%；其他医疗组件收入 7571.80 万元，同比增长 54.41%，主要是由于血糖新产品的放量， 其中在胰岛素笔项目上，目前可调式胰岛素注射笔已实现批量交付，供货顺畅；已与客户签订 减肥笔订单。在 CGM 产品上，2025 年二季度起公司开始批量交付 CGM 产品，后续订单有望 逐步释放。公司持续扩展新业务，在脑机接口和机器人等领域前瞻性布局。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美好医疗（301363.S ...

Company Overview - Company announced an earnings briefing on August 26, 2025, with participation from various financial institutions [1] - Company operates in three main business segments: modified materials, ICT materials, and new energy [8] Financial Performance - Total operating revenue for the company reached 408.98 million yuan, an increase of 9.06% year-on-year [2] - Operating profit was 22.53 million yuan, up 52.46% compared to the previous year [2] - Net profit attributable to shareholders was 20.73 million yuan, reflecting a 43.94% increase year-on-year [2] - In Q2 2025, the company reported a single-quarter revenue of 215.6 million yuan, a 19.6% increase year-on-year [8] New Energy Business - The new energy segment saw a significant improvement, with revenue growth of 21.32% year-on-year, driven by high demand for square batteries and increased orders for sodium-ion batteries [1][3] - Future prospects for the new energy business are positive, with expectations of accelerated overseas expansion and continued development of sodium-ion and semi-solid batteries [3] Modified Materials Business - The company is a leader in the modified materials industry, actively collaborating with clients in the robotics sector to apply modified PEEK, PPS, and P materials [4] - The company has successfully supplied modified materials to industrial robotics and is focusing on lightweight applications for humanoid robots [4] LCP Film and Fiber Business - The company has established a comprehensive LCP resin layout, covering injection molding, film, and fiber grades, which creates significant barriers to entry [5] - LCP electronic fiber cloth has shown excellent performance in high-frequency PCB applications, with ongoing efforts to improve product performance in collaboration with clients [6] - LCP film products are expected to see increased demand in 6G, automotive radar, and brain-machine interface applications, with successful batch deliveries already reported [7] Market Sentiment and Predictions - Recent ratings from two institutions have given a "buy" recommendation for the stock, with a target price of 12.00 yuan [9] - Financing data indicates a net inflow of 74.07 million yuan in the last three months, suggesting positive market sentiment [10]

Group 1: Company Overview and Financial Performance - The company achieved a total revenue of 408,977.86 million yuan in the first half of 2025, an increase of 9.06% compared to the same period last year [3] - Operating profit reached 22,526.72 million yuan, reflecting a significant increase of 52.46% year-on-year [3] - Total profit amounted to 22,540.60 million yuan, up by 55.93% compared to the previous year [3] - Net profit attributable to shareholders was 20,729.14 million yuan, marking a 43.94% increase year-on-year [3] Group 2: Business Segments and Growth Drivers - The modified materials business saw substantial growth due to a full order book and the gradual release of new production capacity, alongside breakthroughs in non-automotive markets [2][3] - The new energy business experienced a significant improvement, with a year-on-year revenue growth of 21.32%, driven by high demand for square batteries and increasing orders for sodium-ion batteries [3][4] Group 3: Future Outlook and Strategic Initiatives - The company anticipates positive impacts on its new energy segment from accelerated overseas expansion, rapid development of sodium-ion batteries, and ongoing deliveries of semi-solid batteries [4] - In the robotics sector, the company is actively collaborating with downstream clients to apply modified materials in industrial robots, focusing on lightweight applications for humanoid robots [5] Group 4: LCP Film and Fiber Developments - The company has established a comprehensive LCP resin portfolio, covering injection-grade, film-grade, and fiber-grade resins, which are essential for LCP film production [6] - Progress in LCP electronic fiber cloth has been made, with ongoing collaborations with high-frequency PCB clients to enhance product performance [8] - LCP film products are expected to see increased demand in 6G, automotive millimeter-wave radar, AI servers, brain-machine interfaces, and low-orbit satellites, with batch deliveries already initiated in certain sectors [8]

（编辑 王雪儿） 证券日报网讯 可孚医疗8月26日发布公告，在公司回答调研者提问时表示，公司早在2024年5月已投资 纽聆氪医疗，主要是在线下健耳听力验配中心，公司发现部分先天性听力损失问题无法通过助听器有效 解决，因而开始关注并布局脑机接口等前沿技术，以探索更先进的听力康复方案。纽聆氪医疗主要基于 植入式脑机接口技术，研发仿生眼和仿生耳。此次投资与公司现有听力业务形成战略协同，尤其在解决 先天性听力损失方面具有重要价值。 ...

Core Viewpoint - The State Council has issued an opinion on the implementation of the "Artificial Intelligence +" initiative, emphasizing the cultivation of new consumption formats for products and the development of a smart product ecosystem [1] Group 1: Smart Product Development - The initiative aims to promote the interconnectivity of smart terminals, fostering the development of smart networked vehicles, AI smartphones, intelligent robots, smart homes, and wearable devices [1] - There is a focus on creating an integrated smart interaction environment that covers all scenarios [1] Group 2: Technological Integration - The plan encourages the acceleration of the integration of artificial intelligence with technologies such as the metaverse, low-altitude flight, additive manufacturing, and brain-computer interfaces [1] - Exploration of new forms of smart products is a key objective of the initiative [1]

其中，兰考第一医院于今年3月份顺利通过三级综合医院执业校验评审，医院管理水平和医疗服务质量 进一步提升。泗阳医院于5月份由二级甲等综合医院成功晋升为三级综合医院，成为泗阳当地唯一的三 级综合医院。盱眙中医院于6月份接受了江苏省中医药管理局组织的省三级中医医院评审委员会进行的 三级中医医院定等评审工作，在建设三级乙等医院上取得重要进展。 此外，新里程在上半年聚焦智慧医疗技术前沿动态，持续追踪人工智能、脑机接口等创新技术在医疗领 域的应用突破。公司通过构建线上线下融合的互联网医疗服务体系，推进人工智能技术的深度应用，以 新质生产力驱动诊疗效率与质量提升，加速打造数字化、智慧化、精准化的医疗与养老产业新生态。 本报讯 （记者刘欢）8月25日晚间，新里程健康科技集团股份有限公司（以下简称"新里程"）发布2025 年半年度报告。公司上半年实现营业收入15.88亿元，归属于上市公司股东的净利润743.11万元。 新里程是一家涵盖医疗服务、药品制造等业务领域的医疗健康产业集团，依据自身业务实际及行业特 性，公司明确制定了高质量发展目标，并进一步深化了"医疗+医药"双轮驱动战略。医疗服务方面，聚 焦于"综合医院本部+肿瘤专科 ...

Group 1 - Ele.me and Taobao Shanguo announced the expansion of social security subsidies for urban riders to nationwide coverage, with a maximum subsidy of 100% for pension and medical insurance [2] - The company will fully pay for "new occupational injury" costs and provide heatstroke insurance for all riders, indicating an upgrade in rider protection and acceleration of professionalization [2] Group 2 - The actual controller and chairman of Ningbo Ge Kong Intelligent Technology Co., Ltd., Lin Shuiyang, passed away due to illness, marking a significant loss for the company and the smart sensor chip industry [3] - Lin was recognized for his contributions to the company's growth and development, establishing a solid foundation for its long-term success [3] Group 3 - Experts predict that local policy documents related to urban village renovation will accelerate in September, as the real estate market stabilizes and housing sales are boosted during the traditional peak season [3] - Key areas for future renovation projects include those along transit lines, concentrated university areas, and large urban villages [3] Group 4 - Tianjin University and several top medical institutions have launched the world's first multi-center clinical trial using brain-computer interface technology for precise diagnosis and treatment of hydrocephalus [4][5] - This project significantly reduces the traditional diagnosis time from 2-3 days to 30 minutes, marking a breakthrough in applying brain-computer interface technology to critical neurological conditions [5] Group 5 - Hangzhou's retail sales of consumer goods reached 527.1 billion yuan from January to July, with a year-on-year growth of 5.1%, driven by consumption promotion policies [6] - Significant growth was observed in home appliances and communication equipment, with increases of 86.3% and 34.5% respectively, indicating a trend towards green and smart consumption [6] Group 6 - ByteDance responded to reports about an upcoming AI glasses product, stating that it is still in the early exploration stage with no release plans yet [7] - The company cautioned investors about the accuracy of circulating information due to the complexity of hardware supply chains [7] Group 7 - JD.com and Wanda established a partnership in Beijing with an investment of approximately 8.05 billion yuan, focusing on business management and consulting services [8] Group 8 - Xian Dao Intelligent's Hong Kong IPO prospectus expired, but the company stated that its listing process is still progressing normally and will update its financial data soon [9] Group 9 - New policies in Shanghai will significantly reduce mortgage rates for second homes, with monthly payments for a 2 million yuan loan decreasing by 439 yuan in non-differentiated areas [9] Group 10 - Geely's Galaxy M9 has officially started pre-sales with prices ranging from 193,800 to 258,800 yuan, featuring advanced technology and targeting the large SUV market [10] - The vehicle is equipped with the new Galaxy Flyme Auto 2 smart cockpit and supports advanced driving assistance features [10] Group 11 - Authorities are expected to issue satellite internet licenses soon, marking a significant step towards commercial operations in this sector [11] Group 12 - PwC reported that China's M&A market saw a 45% year-on-year increase in transaction value in the first half of 2025, exceeding 170 billion USD [12] - The report anticipates continued strong growth in the M&A market, particularly driven by domestic strategic investors [12]

扫码体验「睿兽Ａi智能体验」 2.【国内团队首次利用脑机接口实现脑积水精准诊疗】近日，天津大学脑机交互与人机共融海河实验 室与天津市环湖医院牵头，联合首都医科大学宣武医院、天坛医院等国内多家顶尖医疗机构，聚焦解 决脑积水精准诊疗这一国际性难题，共同启动全球首个神经重症脑机接口多中心临床试验。该项目以 脑积水精准诊疗为切口，基于脑机接口联合脑脊液循环动力学技术，将传统脑积水诊断时间从2至3天 缩短到30分钟，标志着脑机接口技术首次突破传统运动和认知功能修复应用范畴，全面走向神经重症 这一全新领域。（财联社） 3.【吉利：已拥有行业最大短刀电池产能】吉利透露旗下的吉曜通行已拥有行业最大的短刀电池先进 产能，目前在全国拥有8大生产基地，到2027年将形成70GWh产能规模。据吉利此前发布的2025年 中期财报显示，上半年新能源总销量超72万，同比增长126%。（钛度车库） 更多智能制造产业资讯 …… 此外，如果您还想 查公司、找项目、看行业，深入了解人形机器人、商业航天、AGI等热门赛 道 ，欢迎加入睿兽分析会员，解锁相关行业图谱和报告等。 （活动期间加入会员可免费获赠一 份产业日报） 1.【面向6G低轨卫星的多天 ...

Core Viewpoint - The A-share market is experiencing a surge in sentiment, with the Shanghai Composite Index breaking through key levels of 3700 and 3800, and trading volume exceeding 2 trillion yuan for several consecutive days. The medical device sector, particularly high-elasticity sub-sectors, has become a major focus for capital inflow [1] Group 1: Market Performance - The Medical Device Index ETF (159898) has seen a continuous inflow of 116 million yuan over the past 10 days and 163 million yuan over the last 20 days, with the latest fund size reaching 410 million yuan, a new high since its listing [1] - The ETF closed at 0.616 yuan yesterday, reflecting a 40% decline since its listing in 2021 [1] - The Medical Device Index ETF has outperformed its benchmark across various time frames this year, over the past year, and the past three years, ranking among the top in excess return capabilities among similar index ETFs [1][9] Group 2: Industry Outlook - The medical device industry is currently facing pressures on performance and valuation due to multiple factors such as centralized procurement, DRGs implementation, and medical anti-corruption efforts. However, support from the National Medical Insurance Administration for domestic innovative drugs and devices is expected to ease price reductions from centralized procurement, potentially marking a turning point for performance, valuation, and policy in the medical device sector [1][16] - Future focus areas for the medical device sector include innovation, technology, international expansion, and companies with low baselines benefiting from operational improvements [2][17] Group 3: Key Stocks in the Index - The top ten weighted stocks in the Medical Device Index include: - Mindray Medical (300760) - 13.71% - United Imaging Healthcare (688271) - 8.62% - Aimeike (300896) - 3.75% - Lepu Medical (300003) - 3.08% - Huatai Medical (688617) - 3.06% - New Industries (300832) - 3.03% - Yuyue Medical (002223) - 2.83% - Yingke Medical (300677) - 2.22% - Furuya Co., Ltd. (300049) - 2.21% - Shandong Pharmaceutical Glass (600529) - 2.00% [5] Group 4: Historical Performance - Since its inception on December 31, 2004, the Medical Device Index has achieved a cumulative increase of 1026%, translating to an annualized return of 12.83%, outperforming the same period's performance of the CSI Medical Index and the CSI 300 Medical Index [6][8]