证券代码：300003 证券简称：乐普医疗 乐普（北京）医疗器械股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | | | | 家境内外机构共 名参会人员，详见附件明细 93 141 | | 人员姓名 | | | 时间 | 2025 年 8 月 23 日 | | 地点 | 电话会议 | | 上市公司接待人 | 董事长 蒲忠杰 | | | 财务总监 王泳 | | 员姓名 | 董事会秘书 江维娜 | | | 公司介绍： | | | 各位投资者上午好！感谢大家周末参加公司 2025 半年度业绩说明 | | | 会。乐普经过各种产品的集采大周期，过去数年业绩波动较大，在此 | | | 期间公司也进行了组织架构、管理方法和考核思路的调整，目前组织 | | | 再造已基本完成，业绩也逐步企稳。 | | | 公司半年报收入、利润端同比基本持平，经营性净现金流大幅改 | | | 善，同 ...

文 | 新质动能，作者 | 沐风，编辑 | 时楠 2004年，31岁的陈天桥登上中国首富宝座，身家90亿。那一年，他是中国互联网最耀眼的明星。 如今，一个曾经靠《传奇》暴富、两度加冕首富的大佬，把赌注压在"解码人脑+通用人工智能"上。这 不是简单的转型，而是他人生的第二次豪赌。 2025年，前中国首富陈天桥，又杀回来了。 这一次，他的目标不再是网游、文学、盒子，而是人工智能和脑科学。 最新消息显示，清华电子工程系副教授、AI青年大牛代季峰，已经从清华辞职，加盟陈天桥旗下盛 大，领衔筹备一家AGI创业公司。 与此同时，他早年斥资10亿美元创办的天桥脑科学研究院，靠AIGC做的短视频"大圆镜科普"，在各大 平台收获超过2000万播放量，并扩展到海外多语言版本。 陈天桥的AGI豪赌 2025年夏天，陈天桥再一次让科技圈哗然。这位曾经的中国首富，如今把目光投向了最激进的科技前沿 ——通用人工智能（AGI）。 最新消息显示，清华大学电子工程系副教授、国内AI学界的中坚人物代季峰，已正式加盟陈天桥麾 下，由他领衔组建一家全新的AI创业公司。不同于市面上层出不穷的AI应用项目，这家公司直指最硬 核的目标：做AGI基础研究。 ...

Core Insights - The brain-computer interface (BCI) industry is experiencing rapid growth and innovation, marking it as a significant area for technological and industrial integration [1][7] - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a nearly 10-year high, indicating robust investor interest [1][2] Industry Developments - The first global multi-center clinical trial for a neural critical care brain-computer interface has been launched, focusing on precise diagnosis and treatment of hydrocephalus [5] - The project aims to expand BCI applications beyond traditional motor and cognitive function recovery, paving the way for new medical applications [5][6] - A comprehensive "end-edge-cloud" BCI intelligent platform has been developed, significantly reducing the diagnosis time for hydrocephalus from 2-3 days to 30 minutes [6] Market Trends - The Chinese BCI market is projected to grow from 3.2 billion yuan in 2024 to 6.14 billion yuan by 2028, reflecting increasing demand driven by aging populations and industrial upgrades [7] - Over 30 listed companies are currently involved in the BCI industry, with significant product launches and innovations reported [8][10] Stock Performance - BCI concept stocks have seen an average increase of 47.88% this year, outperforming the Shanghai Composite Index, with six stocks rising over 80% [10] - Notable companies in the sector include Xiangyu Medical, Hanwei Technology, and Aipeng Medical, which have introduced various BCI products [10][9] Investment Activity - As of August 22, seven BCI concept stocks have recorded net financing purchases exceeding 100 million yuan in August, indicating strong investor interest [13]

Core Viewpoint - Neuralink's brain-machine interface technology has the potential to significantly enhance the quality of life for individuals with paralysis, as demonstrated by the first participant, Noland Arbaugh, who has regained autonomy and control over digital devices after receiving the implant [7][16][31]. Group 1: Noland Arbaugh's Experience - Noland Arbaugh became the first human participant to receive a Neuralink brain-machine interface implant, allowing him to control devices using his thoughts [7][16]. - The surgery was performed using a Neuralink-designed robotic surgical device, which implanted a chip with over 1000 electrodes into the motor cortex of his brain [12][22]. - After the surgery, Arbaugh was able to perform tasks such as playing video games and controlling household devices without physical movement, breaking previous records for cursor control speed and accuracy [16][19]. Group 2: Neuralink's Technological Innovations - Neuralink's device offers a higher connection rate compared to other brain-machine interfaces currently in research, as it is implanted deeper into the brain's motor control area [22]. - The device is wireless, allowing participants to move freely without being tethered to external receivers, although it requires charging approximately every five hours [24]. - The company aims to develop further applications, including restoring vision for the blind and creating robotic arms for participants to regain sensory control [56][60]. Group 3: Public and Personal Impact - Since revealing his identity as the first participant, Arbaugh has become a public figure, facing both opportunities and challenges, including media attention and personal security issues [28][30]. - He has expressed a renewed sense of purpose and autonomy, engaging in educational pursuits and planning to start a business focused on professional speaking [31][33]. - Arbaugh's experience highlights the potential societal impact of Neuralink's technology, as he believes it represents a significant leap in the field of neuroscience and technology [49][70]. Group 4: Future Directions and Controversies - Neuralink is expanding its clinical trials and aims to increase the number of participants, with ongoing studies in multiple countries [60][66]. - The company faces criticism regarding the invasiveness of its methods and ethical concerns related to animal testing, although it maintains a commitment to safety and ethical standards [61][62]. - Elon Musk has emphasized the careful approach taken in human trials, asserting that the company prioritizes safety in its advancements [63][64].

Summary of Yingkang Life's Conference Call Company Overview - **Company**: Yingkang Life - **Industry**: Healthcare and Medical Services Key Financial Performance - **Total Revenue**: 8.43 billion yuan in H1 2025, up 2.4% year-on-year [3] - **Net Profit**: 61.83 million yuan, up 12.82% year-on-year [3] - **Medical Services Revenue**: 6.53 billion yuan, up 2.28% year-on-year [2] - **Medical Devices Revenue**: 1.9 billion yuan, up 2.8% year-on-year [6] Medical Services Segment - **Oncology Revenue**: 2.15 billion yuan, up 25.14% year-on-year [2] - **Surgical Volume**: Increased by 6.62% for tertiary and quaternary surgeries [2] - **Outpatient Visits**: 24,200 visits for oncology outpatient services, up 21.59% [4] - **Hospital Performance**: Key indicators improved, with inpatient visits up 17% [9] Medical Devices Segment - **Equipment and Consumables Revenue**: Increased by 13.34% [6] - **Overseas Market Growth**: Revenue up 35%, now accounting for 30% of total revenue [6] Strategic Initiatives - **AI Empowerment**: Business model reconstruction through AI to enhance management and diagnostic capabilities [2][7] - **Comprehensive Treatment System**: Development of a full-cycle treatment service system to optimize disease structure and improve CMI values [8] - **Regional Expansion**: Physical bed capacity expansion to solidify regional medical centers [12] Challenges and Responses - **Industry Changes**: Facing challenges from medical reform, payment method changes, and volume-based procurement [7] - **Operational Efficiency**: Focus on lean operations and personalized services to enhance competitiveness [7][15] - **Policy Adaptation**: Adjusting to DRG 2.0 and optimizing service offerings to maintain revenue [8][16] Future Growth Strategies - **Out-of-Hospital Revenue**: Targeting growth through AI health management services [14] - **Investment and M&A**: Plans for future project investments and acquisitions as appropriate [14] - **Innovative Medical Devices**: Ongoing development of new products for potential inclusion in DRG exclusion payment directory [23] Additional Insights - **User Experience**: Enhancing patient experience through differentiated health management solutions [10] - **Cost Management**: Strengthening drug and consumable management to optimize clinical pathways [9][20] - **Market Positioning**: Maintaining a competitive edge through innovative technologies and personalized care [19][22] This summary encapsulates the key points from Yingkang Life's conference call, highlighting financial performance, strategic initiatives, challenges, and future growth plans.

消息面上，美联储主席鲍威尔在杰克逊霍尔年会上表示，尽管通胀仍受关注，但就业市场风险上升可能使美联储在9月降息。会议过后，交易员对美 联储9月份降息预期由75%提升至90%。美国降息预期升温，短期内支持黄金相关股票上涨。 短视频概念、云计算、云办公、SaaS概念、明星科网股、手游股等板块继续冲高。微盟集团（02013.HK）涨13.17%，第四范式（06682.HK）涨 8.17%，百度集团-SW（09888.HK）涨6.25%，网易-S（09999.HK）涨6.04%，阿里巴巴-W（09988.HK）涨5.51%，快手-W(01024.HK)涨5.14%，京东 集团-SW（09618.HK）涨4.28%。 消息面，互联网平台价格新规终结"恶性竞争"。国家发展改革委、市场监管总局、国家网信办联合起草《互联网平台价格行为规则（征求意见 稿）》，并于2025年8月23日至9月22日向社会公开征求意见。 8月25日，港股三大指数再度走高。截至收盘，恒生指数涨1.94%，国企指数涨1.85%，恒生科技指数涨3.14%。 分板块看，黄金股、有色金属股涨幅靠前。板块中，金力永磁（06680.HK）涨14.34%，洛阳钼业（ ...

8月25日医疗器械板块持续上涨，医疗器械ETF（562600）实现四连阳，今日收涨0.62%，持仓股美好医 疗、乐普医疗、透景生命涨幅居前，分别上涨14.49%、13.55%、10.70%。近期医疗器械ETF （562600）持续获得资金青睐，资金近5个交易日有4天净流入医疗器械 ETF（562600），累计"吸 金"4625万元，近10个交易日有8天净流入，累计"吸金"8487万元。 医疗器械 ETF（562600）为投资者提供一键把握医疗器械行业成长机遇的便捷工具。该ETF追踪中证全 指医疗器械指数，精心选取 100 只覆盖医疗器械、医疗服务、医疗信息化等核心医疗领域的代表性上市 公司证券作为样本。从行业结构看，该指数医疗器械行业占比高达 89.34%，集中度突出，能精准捕捉 医疗器械领域的发展红利。感兴趣的投资者可以持续关注。 （文章来源：每日经济新闻） 8月22日，高质量完成"十四五"规划系列主题新闻发布会表示要全链条支持医药产业高质量发展，持续 深化审评审批制度改革，设立突破性治疗药物、附条件批准、优先审评审批、特别审批4个加快通道， 对重点品种实行"提前介入、一企一策、全程指导、研审联动"。"十四 ...

该技术能够在不改变细胞遗传密码的前提下，显著加快大脑类器官的成熟过程，从而为 神经系统疾病的研究、脑机接口开发以及活体神经组织与技术系统的融合开辟全新路径。大 脑类器官在研究神经系统发育和疾病机制方面具有重要价值。然而，这种类器官通常成熟缓 慢。以往的神经刺激手段要么依赖基因改造，要么使用直流电刺激，而后者往往会对脆弱的 神经元造成损伤。 美国加州大学圣迭戈分校桑福德干细胞研究所研发了一种石墨烯介导的光刺激 （GraMOS）新技术，能加速大脑类器官发育和成熟。这是一种安全、非遗传、生物相容且 无破坏性的技术，能够在数天至数周内有效调控神经活动。该技术为理解阿尔茨海默病等神 经退行性疾病如何破坏大脑回路提供了新视角，还能实现类器官对机器人设备的实时控制。 相关研究成果发表于新一期《自然·通讯》杂志。 这项研究标志着石墨烯在神经科学、纳米技术和神经工程领域的应用取得重要突破，有 望发展为研究神经退行性疾病和发育性脑病的强大平台，还可拓展至组织工程领域。 【总编辑圈点】 GraMOS有两大应用：首先，它能加速神经系统成熟，人们得以在更具生理相关性的模 型中更快地观察疾病的发展过程；其次，与石墨烯界面结合的大脑类器官 ...

未来产业的突破性进展依赖多学科深度协同。当前传统学科间的边界正加速消弭，具备跨学科知识整合 能力与复合思维特质的科研人才，是国家创新体系的核心资产 建立包容审慎监管机制，探索"监管沙盒"、触发式监管，对看不准的新事物设置"初创包容期" 文 |《瞭望》新闻周刊记者 扈永顺 大力发展未来产业，是抢占全球科技竞争制高点、构筑现代化产业体系、加快形成新质生产力的战略抉 择。未来技术是未来产业的基石，其生成路径充满不确定性。如何强化源头技术供给、突破转化瓶颈、 培育关键人才、平衡发展与安全，构建高效的技术生成逻辑链，是破题的关键。多位权威专家就此建言 献策。 以未来技术供给夯实未来产业基座 《瞭望》：如何更好锻造未来技术策源地，形成多维度的技术供给体系？ 王晓明：未来产业具有前沿性、战略性特征，其发展需三类技术协同供给： 吴宜灿：先进核能创新技术具有清洁、高效、稳定等特性，是未来清洁能源的关键技术。 在长期基础研究投入下，我国先进核能技术创新取得显著进展。以压水堆为基础的第三代大型核电技术 等商用示范工程建成发电或者正在建造；第四代核能系统已逐步完成实验堆、示范堆建成测试，以铅基 反应堆为代表的新一代小型可移动模块化反 ...

转自：证券时报 人民财讯8月25日电，8月24日，由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 合国内顶尖医疗机构，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。 当前，我国脑机接口创新成果持续涌现，产业加速壮大，正孕育颠覆性突破，已成为科技创新和产业创 新深度融合的重要领域。公开数据显示，2024年中国脑机接口市场规模为32亿元，预计到2028年将达 61.4亿元。 作为当前最热门的赛道之一，脑机接口概念股持续受到资金追捧。证券时报·数据宝统计，截至8月25日 收盘，今年以来概念股平均上涨47.88%，大幅跑赢同期上证指数。6股累计上涨超80%，分别是创新医 疗、汉威科技、翔宇医疗、爱朋医疗、乐普医疗、博拓生物。 ...