摘要 湘雅医疗已推出脑机接口系列产品，包括脑电图机和搭载多模态技术的 新品，覆盖疾病诊疗和患者康复，预计 2026 年一季度将有 10 余款非 侵入式脑控产品取得注册证，并计划推出七八十款新产品，年底将有百 余款面市，加速产品迭代。 湘雅医疗的脑控产品已进入 500 多家头部医院，预计到 2027 年春节前 覆盖 1,000 余家，主要通过临床研究、科研项目或采购方式进入，并正 办理非侵入式脑机接口一体机注册，有望在 2026 年带来显著销售收入 提升。 新设备主要为二类医疗器械，无需临床试验，是对传统康复设备的升级， 加载脑机接口技术后实现主动康复，效果较传统被动康复提升 20%以上， 且这一比例还在不断提高，具有显著优势。 脑机接口设备在三甲医院等头部医院的需求和采购意愿强烈，各地政府 也出台相关产业政策支持，已有近 20 个省市公布了脑机接口相关收费 目录，推动了脑机接口设备在临床应用中的加速发展。 Q&A 请介绍一下湘雅医疗在脑机接口领域的最新进展和未来计划。 湘雅医疗在脑机接口领域的探索始于 2015 年，当时与天津大学现任副校长明 东教授联合申报了国家重点课题"脑机交互的康复机器人及脑控电刺激技术 ...

Core Insights - Weisi Medical achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 11.58% [1] - The net profit attributable to shareholders reached 102 million yuan, with a year-on-year increase of 30.68% [1] - Operating cash flow net amount was 104 million yuan, showing a significant year-on-year growth of 69.02% [1] Quarterly Performance - In Q3 2025, Weisi Medical reported a revenue of 115 million yuan, reflecting a year-on-year growth of 14.87% [1] - The net profit attributable to shareholders for the quarter was 32.82 million yuan, with a year-on-year increase of 14.99% [1] - The operating cash flow net amount for Q3 was 39.62 million yuan, marking a year-on-year growth of 33.74% [1] Company Strategy and Technology - Weisi Medical is recognized as a national-level "specialized and innovative" small giant enterprise, leveraging six core technology platforms: magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency [1] - The company focuses on three strategic areas: brain-computer interfaces, rehabilitation robots, and AI healthcare, aiming to create a new rehabilitation medical system that is precise, intelligent, and closed-loop [1] - Weisi Medical is committed to driving technological upgrades in the industry and transforming clinical paradigms through a comprehensive "diagnosis-treatment-rehabilitation" cycle [1] International Expansion - The company is accelerating its internationalization efforts by actively participating in international exhibitions and receiving positive market feedback [2] - With ongoing breakthroughs in product qualification for overseas markets, international business is expected to become a new growth engine for the company's performance in the medium to long term [2]

Core Viewpoint - The company, Yingkang Life, emphasizes its commitment to clinical value and long-term strategy in the fields of brain-computer interfaces and rehabilitation robotics, focusing on technological maturity and business synergy in its clinical explorations and collaborations [1] Group 1: Strategic Focus - The company is strategically focused on the entire industry chain of tumor pre-diagnosis and treatment, consistently communicating this strategy through regular reports, announcements, and investor engagement activities [1] - The management plans to leverage resources from the Haier ecosystem to steadily enhance core capabilities and actively seek frontier collaboration opportunities that align with its strategy [1] Group 2: Operational Approach - The company prioritizes the maturity of technology and commercial viability in its innovation efforts, reflecting the high technical barriers and stringent regulatory requirements of the medical industry [1] - The management will continue to optimize team structure and attract professional talent to drive high-quality development [1] Group 3: Market Outlook - The company expresses strong confidence in the long-term prospects of the health industry and aims to reward investors' trust through solid operational performance [1]

Core Viewpoint - The company emphasizes its commitment to clinical value and long-term strategy in cutting-edge fields such as brain-computer interfaces and rehabilitation robots, focusing on the maturity of technology and commercial viability [1] Group 1: Strategic Focus - The company is advancing clinical explorations and collaborations based on the maturity of technology and business synergy, given the high technical barriers and strict regulatory requirements in the medical industry [1] - The company aims to continuously communicate its strategic path focused on the entire industry chain of tumor pre-diagnosis and treatment through regular reports, announcements, and investor engagement activities [1] Group 2: Future Plans - The company plans to leverage resources from the Haier ecosystem to steadily enhance its core capabilities while actively seeking frontier collaboration opportunities that align with its strategy [1] - Management will continue to optimize team structure and broadly recruit professional talent to drive high-quality development of the company [1]

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]