证券日报网讯盈康生命（300143）9月26日在互动平台回答投资者提问时表示，公司在脑机接口、康复 机器人等前沿领域的布局始终以临床价值和长期战略为导向，坚持务实推进。相关临床探索与合作均基 于技术成熟度与业务协同性审慎开展，医疗行业具有技术门槛高、监管要求严的特点，公司更注重技术 的成熟度与商业化可行性，稳步推进创新。关于战略传递，公司通过定期报告、公告及投资者交流活 动，持续向市场传递聚焦肿瘤预诊治康全产业链的战略路径。未来，公司将继续依托海尔生态资源，稳 步提升核心能力，并积极关注符合战略的前沿合作机会。管理层将持续优化团队结构，广泛吸纳专业人 才，共同推动公司高质量发展。公司对大健康行业长期前景充满信心，将通过扎实经营回报投资者信 任。 ...

9月26日，盈康生命在互动平台向投资者表示，公司在脑机接口、康复机器人等前沿领域的布局始终以 临床价值和长期战略为导向，坚持务实推进。相关临床探索与合作均基于技术成熟度与业务协同性审慎 开展，医疗行业具有技术门槛高、监管要求严的特点，公司更注重技术的成熟度与商业化可行性，稳步 推进创新。关于战略传递，公司通过定期报告、公告及投资者交流活动，持续向市场传递聚焦肿瘤预诊 治康全产业链的战略路径。未来，公司将继续依托海尔生态资源，稳步提升核心能力，并积极关注符合 战略的前沿合作机会。管理层将持续优化团队结构，广泛吸纳专业人才，共同推动公司高质量发展。 ...

Core Viewpoint - The company is strategically advancing in cutting-edge technologies such as brain-computer interfaces and rehabilitation robots, enhancing its competitive advantages in the rehabilitation medical device sector [1] Group 1: Technological Advancements - The company is establishing a rehabilitation robot laboratory and planning the Sun-BCI Lab for brain science, focusing on the research, transformation, and application of advanced technologies like brain-computer interfaces, rehabilitation robots, and AI in rehabilitation [1] - The company is developing a brain-controlled exoskeleton robot that integrates brain-computer interface technology, aimed at improving rehabilitation training for patients with weakened lower limb strength [1] Group 2: Market Position - The company's initiatives are expected to strengthen its competitive advantages and barriers in the rehabilitation medical device field [1]

Group 1 - The company has established a rehabilitation industry innovation center in Xi'an, which has been operational for one year [2] - The company's rehabilitation robot series products have completed product design and are currently in the prototype development and testing phase [2] - The company is systematically advancing preliminary research on brain-computer interface technology [2]

Core Insights - Stroke is becoming a significant global health threat, with 12.42 million patients aged 40 and above in China, and a new case occurring every 10 seconds [2] - The rehabilitation medical device market is rapidly growing, with the Chinese rehabilitation robot market expected to reach approximately 4.74 billion yuan in 2024 [2] - The company, LEXI Robotics, founded by Dr. Tong Qiyu, aims to address the limitations of traditional rehabilitation robots by developing a second-generation rehabilitation hand that utilizes flexible actuators and 3D printing technology [4][5] Company Overview - LEXI Robotics was established in 2021 by Dr. Tong Qiyu, who has a strong background in biomedical engineering and has published over 320 high-quality academic papers [2][4] - The company focuses on creating rehabilitation devices that enhance the recovery process for stroke patients, emphasizing the importance of active rehabilitation [5] Product Development - The first-generation rehabilitation hand was developed in 2010 but faced limitations in terms of commercialization and patient accessibility [3] - The second-generation rehabilitation hand features a soft robotic design that mimics natural hand movements, making it more comfortable and effective for patients [4][5] - The product is available in both home and professional versions, with the professional version incorporating electromyographic (EMG) technology to assist in patient rehabilitation [5] Market Strategy - LEXI Robotics initially targeted hospitals and rehabilitation centers for product adoption, recognizing the need for clinical validation to gain trust from medical professionals [6] - The company has collaborated with volunteer organizations to build a positive reputation among patients, which in turn has attracted the attention of healthcare providers [6][8] - As of now, LEXI Robotics has partnered with multiple rehabilitation centers and hospitals, generating over one million Hong Kong dollars in revenue [8] Future Plans - The company plans to introduce a brain-machine interface version of the rehabilitation hand and aims to expand its product line to include a full-body exoskeleton system for comprehensive rehabilitation [8] - LEXI Robotics is preparing for a Pre-A round of financing, targeting 8 million yuan to support product development and market expansion [8] - The company intends to enter the mainland Chinese market, starting with Guangdong, Shanghai, and Beijing, capitalizing on the vast market potential [8]

Group 1 - The People's Bank of China and the State Administration of Foreign Exchange issued measures to support the construction of a cross-strait integration development demonstration zone in Fujian, focusing on financial support for cross-strait exchanges [2][3] - The measures include allowing banks in Fujian to handle cross-border RMB payments for Taiwanese residents involved in real estate transactions and enhancing payment services for foreign personnel in Fujian [2][3] - The initiative aims to facilitate high-level openness in cross-border trade and capital financing, encouraging Taiwanese enterprises to invest in Fujian and participate in the mainland financial market [3] Group 2 - Ant Group announced plans to apply for stablecoin licenses in Hong Kong and Singapore, aiming to enhance its global treasury management and blockchain innovations [4] - Tencent is reportedly exploring the acquisition of South Korean gaming giant Nexon, with discussions ongoing with the founder's family regarding potential options [5] - New China Life Insurance plans to invest up to 15 billion yuan in a private equity fund to optimize asset-liability matching and improve capital efficiency [5] Group 3 - Vanke A completed the sale of 72.96 million A-shares, raising approximately 479 million yuan to enhance liquidity [6] - GAC Group launched its first mass-produced flying car, AirCab, with a price not exceeding 1.68 million yuan [6] - 360 Group introduced a new AI-powered search product capable of processing complex tasks and integrating information from multiple platforms [6] Group 4 - Yonghui Supermarket reported that 41 reformed stores have distributed over 26 million yuan in bonuses to employees [7][8] - New City Development issued a 300 million USD bond with a coupon rate of 11.88%, marking a significant step for private real estate companies in resuming USD bond financing [8] Group 5 - Boeing is in contact with Air India regarding a recent aircraft accident, offering support as needed [9] - Micron Technology announced plans to invest approximately 200 billion USD in memory manufacturing and R&D in the U.S., reinforcing its position as a global leader in memory technology [9] Group 6 - Nvidia's CEO highlighted the expected growth of autonomous driving and robotics in the coming years, emphasizing Nvidia's role in providing both hardware and software solutions [10] - Meta AI launched a new generative AI video editing feature, allowing users to change clothing, scenes, and lighting with preset prompts [11] Group 7 - The Chinese government has approved a number of export licenses for rare earth-related items, indicating a commitment to meet global demand while ensuring compliance [21] - The National Development and Reform Commission supports Hong Kong-listed companies in issuing depositary receipts on the Shenzhen Stock Exchange [16]

Summary of Conference Call Notes Industry Overview - The conference focuses on the innovative pharmaceutical sector, particularly the PD-(L)1 Plus treatment landscape, which is becoming a competitive area for overseas pharmaceutical companies [1][2]. Key Insights and Arguments - **Market Performance**: The pharmaceutical sector has shown strong performance recently, with significant volatility in innovative drugs. The core stocks have remained relatively stable during adjustments, driven by short-term trading dynamics [3]. - **Investment Outlook**: There is a strong bullish sentiment towards the innovative drug market, supported by solid underlying logic and clear industry trends. Key innovative drug targets, especially those with BD expectations or PD-1 Plus logic, are expected to perform well even during market corrections [3]. - **Investment Strategy**: Four main investment lines are recommended: Chinese supermarkets, generic drug opportunities, re-evaluation of small-cap pipelines, and large overseas pharmaceuticals. The strategy includes a combination of buying and random rotation for explosive growth [3]. - **Focus Areas**: Attention is drawn to the PD-1 Plus logic, particularly the potential upgrade from PD-1/VEGF to PD-1/IL-2. Upcoming opportunities related to the ADA conference in late June and advancements in medical technology (brain-computer interfaces, rehabilitation robots, AI in healthcare) are highlighted [3]. - **2025 Outlook**: Optimism prevails for the pharmaceutical sector, with expectations of a structural bull market. Focus areas include innovative drugs, new technologies, and industry restructuring [3]. Clinical Data Insights - **Sinda's PD-1/IL-2 (IBI363) Data**: - In non-small cell lung cancer (wild-type), the 1-1.5 mg/kg group showed an ORR of 25.9% and a median OS of 15.3 months, while the 3 mg/kg group had an ORR of 36.7% and a median PFS of 9.3 months, suggesting a potential median OS of 20-25+ months [3]. - In lung adenocarcinoma (wild-type), the low-dose group (0.6/1.5 mg/kg) had an ORR of 13.08% and a median PFS of 2.7 months, while the high-dose group (3 mg/kg) showed an ORR of 24% and a median PFS of 5.6 months, with a potential median OS of 25-30 months [3]. - The data indicates a high OS/PFS ratio, particularly in lung adenocarcinoma, which is rare and suggests a potential to limit metastatic tumors [3][4]. Competitive Landscape - **PD-1 Plus Market**: The PD-(L)1 market is substantial, estimated at around $40 billion, and is undergoing innovation. Major multinational corporations are actively investing in PD-1 Plus, contributing to rising upfront payments in business development [6]. - **Key Companies to Watch**: Notable companies in the PD-1 Plus space include Sinda, Hengrui, BeiGene, Kangfang Biotech, Rongchang Biotech, Aosaikang, and Zhimeng Junshi [6]. Sector-Specific Updates - **Innovative Drugs**: The index for innovative drugs rose by 0.34% last week, with a positive long-term outlook driven by clinical data and business development catalysts [6]. - **Generic Drugs**: The index increased by 1.69%, outperforming the pharmaceutical index. Key events include the approval of a compound release tablet by Shenda and the acceptance of a conditional listing application for a hemophilia drug [6]. - **Traditional Chinese Medicine & Pharmacies**: The Chinese medicine index rose by 0.39%, while pharmacies increased by 1.67%, with a focus on policy impacts and operational strategies [6]. - **Medical Devices**: The medical device index rose by 1.11%, with attention on equipment updates and market recovery [6]. - **Life Sciences**: The life sciences sector saw an average increase of 1.47%, with a focus on operational recovery and investment trends [6]. Additional Considerations - **Stock Selection**: Emphasis on companies with clean shareholding structures, low stock prices, and positive future operational trends. Monitoring monthly operational data and overall consumption data is crucial [7].

Group 1 - Xiangyu Medical has been focusing on the rehabilitation market for over 20 years, developing clinical rehabilitation equipment and integrated solutions based on specific clinical needs [1] - The company plans to launch more products and solutions in rehabilitation robotics, brain-computer interfaces, AI healthcare, mental health, and cardiopulmonary rehabilitation [1] Group 2 - Hualan Biological is evaluating various production expression systems for recombinant human albumin, including yeast, plant cell, and bacterial expression systems [2] - Currently, no domestic companies have obtained drug registration certificates for recombinant human albumin, which could alleviate the high reliance on imports if approved [2] Group 3 - Sanxin Medical identifies the ASEAN market as one of the most promising growth markets for blood dialysis globally, with significant sales achievements in countries like Indonesia, Malaysia, Thailand, and Vietnam [3] - The company aims to leverage multilateral economic cooperation mechanisms between China and ASEAN countries for further overseas market expansion [3] Group 4 - Renhe Pharmaceutical's outsourcing production aims to enrich the variety of products on the market, focusing on complementary products that the company does not have registration for or lacks production capacity [4] - All revenue and profits from outsourced products are reflected in the company's financial statements [4] Group 5 - Jinbo Biological has established partnerships with L'Oréal Group for raw material products, generating certain revenue [5] - The company is prioritizing market expansion in Southeast Asia while focusing on the speed of registration for medical devices [5] Group 6 - Guilin Sanjin's "Dizziness Ning" series sales surpassed 100 million yuan in 2021, with a target for double-digit growth this year [6] - The company is supporting second and third-tier products, which are showing better growth trends compared to first-tier products [6]

Group 1 - The 2025 Shanghai Technology Festival opened in Zhangjiang, Shanghai, showcasing robots from Fourier, a company specializing in robotics [1] - The two featured robots, Fourier N1 and GR-2, attracted significant attention, highlighting the company's advancements in robotics technology [1][3] - Fourier N1 is a compact robot with a height of 1.3 meters and a weight of 38 kilograms, capable of running at a speed of 3.5 meters per second and has completed over 1000 hours of outdoor testing [3] Group 2 - Fourier GR-2 is a larger robot, standing at 1.75 meters and weighing 63 kilograms, equipped with advanced actuators and a self-developed dexterous hand, enabling versatile applications in various fields [3] - The company has been active in the medical robotics sector for ten years, with products deployed in over 3000 medical terminals globally [3][4] - Fourier has developed over 30 rehabilitation robot products, delivering thousands of units, and aims to expand the use of humanoid robots in rehabilitation hospitals and community health service centers in the next few years [4] Group 3 - The rehabilitation robots possess significant commercial and social value, with a large market potential, but they require advanced technology for effective human interaction [4] - The integration of the robot's "brain" and "cerebellum" is a current challenge, affecting real-time and rapid action generation [4] - The company is focused on building a robust industrial ecosystem through collaborations with hospitals, universities, and research institutions to shorten innovation cycles [5]

Investment Rating - Investment rating: Buy (maintained) [2][8] Core Views - The company is facing short-term pressure on performance in 2024, but is increasing R&D investment to build long-term advantages [2][6] - The company reported a revenue of 744 million yuan in 2024, a slight decrease of 0.17% year-on-year, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][9] - The company is focusing on the rehabilitation sector, which has significant long-term potential, while experiencing short-term profit pressure due to rising expense ratios [6][9] Financial Performance Summary - 2024 revenue: 744 million yuan (yoy -0.17%); net profit: 103 million yuan (yoy -54.68%); non-recurring net profit: 89.97 million yuan (yoy -55.90%) [6][11] - Q4 2024 revenue: 237 million yuan (yoy +16.74%); net profit: 29.53 million yuan (yoy -38.45%); non-recurring net profit: 25.54 million yuan (yoy -35.06%) [6][11] - Q1 2025 revenue: 186 million yuan (yoy +10.02%); net profit: 22.95 million yuan (yoy -41.26%); non-recurring net profit: 18.71 million yuan (yoy -48.72%) [6][11] Expense and Profitability Metrics - Sales expense ratio: 28.91% (yoy +6.10pct); management expense ratio: 8.10% (yoy +2.60pct); R&D expense ratio: 20.45% (yoy +6.12pct) [6][9] - Gross margin: 67.42%, down 1.20 pct year-on-year; net margin: 13.83%, down 16.82 pct year-on-year [6][9] R&D Investment and Future Outlook - R&D investment in 2024 was 152 million yuan, an increase of 42.41% year-on-year, accounting for 20.45% of total revenue [6][9] - The company has established multiple R&D centers and is focusing on advanced technologies such as brain-machine interfaces and rehabilitation robotics [7][9] - Revenue projections for 2025-2027 are 848 million yuan, 972 million yuan, and 1.121 billion yuan, with growth rates of 14.1%, 14.6%, and 15.3% respectively [8][11] Earnings Per Share and Valuation - Expected EPS for 2025-2027: 0.94 yuan, 1.21 yuan, and 1.57 yuan, with corresponding P/E ratios of 38x, 29x, and 23x [9][11]