证券代码：301087 证券简称：可孚医疗 可孚医疗科技股份有限公司 投资者关系活动记录表 编号：2025-006 | 投资者关系活动类 | 特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 电话会议 | | 参与单位名称及人 | 华夏基金、嘉实基金、、前海开源基金、Dymon Asia Capital、前海海运通、 | | 员姓名 | 大家资产、大摩基金、国金证券、华源证券、国盛证券、中信证券、中邮证券、 | | | 天风证券、兴业证券、信达证券、华创证券、中信建投证券、东方财富证券、 | | | 博远基金、国任保险、东北证券、高毅资产、国泰海通、泓德基金、华盖资本、 | | | 华金证券、华西自营、华夏创新、明河投资、青骊投资、山东嘉信、上海坤阳、 | | | 上海盘京、上海勤辰、上海人寿、彤心雕珑、上海证券、尚石投资、尚诚资管、 | | | 一诺基金、太朴生命科学投资、泰信基金、英大自营、甬兴证券、招商基金、 | | | 中银基金、中信证券、浙商资管、真脉投资、中加基金、中 ...

Group 1: Structural Changes in Financial Markets - The global financial market is undergoing structural changes driven by the dual forces of the AI computing power revolution and the carbon neutrality process [1] - Investors are facing valuation reconstruction of emerging tech stocks and yield fluctuations in traditional industry bonds, necessitating the construction of more forward-looking investment portfolios [1] Group 2: Opportunities in the Stock Market - In the tech sector, quantum computing companies have achieved an average increase of 187% since the beginning of the year [2] - In the consumer sector, smart wearable device manufacturers have seen a 340% year-on-year increase in order volume due to breakthroughs in brain-computer interface technology [2] - Solid-state battery companies in the new energy industry have received significant funding from national development funds, amounting to billions [2] Group 3: Safe Haven Value in the Bond Market - Asian dollar bonds have become a safe haven for funds amid expectations of a shift in the Federal Reserve's interest rate policy [3] - A 10-year infrastructure bond issued by a specific company has a current yield of 5.8%, which is significantly higher than the same-rated U.S. Treasury bonds by 120 basis points [3] - The green bond sector has seen carbon neutrality special bonds exceed $50 billion, benefiting from tax incentives and liquidity premiums [3] Group 4: Strategic Positioning of Gold Assets - Geopolitical risks have increased the value of gold allocations, despite digital currencies diverting some safe-haven demand [4] - A specific gold ETF has reached a record high holding of 2,150 tons [4] - Digital gold certificate products have achieved T+0 cross-border settlement with an average daily trading volume exceeding $2 billion [4] - An asset allocation model suggests a growth-oriented portfolio with a 55:30:15 allocation in stocks, bonds, and gold, focusing on high-growth tech stocks and short-duration bonds for hedging [4] - Conservative investors can maintain over 25% in safe-haven positions through gold derivatives [4] Group 5: Market Volatility and Risk Control - Intelligent risk control system providers have seen valuation increases, with their Bayesian network warning model capable of predicting over 80% of price movements 36 hours in advance [5] - The launch of regulatory technology platforms is expected to enhance market transparency, creating a better environment for rational investment [5]

Group 1 - The issuance of floating rate funds is accelerating, with the second batch showing a faster-than-expected pace, as evidenced by the early closure of fundraising for the China Europe Core Smart Selection Mixed Fund and the E Fund Value Return Mixed Fund, both exceeding 2 billion yuan in scale [1][1] - The total amount of fund dividends reached 141.5 billion yuan as of August 13, a nearly 40% increase compared to the same period last year, with equity funds seeing a significant rise in dividends, amounting to 34.884 billion yuan, over three times that of the same period in 2024 [1][1] Group 2 - The Shanghai Composite Index broke through a previous high, reaching 3674.4 points, leading to a significant increase in public fund performance and a positive cycle of "market trend—profit effect—capital inflow" [2][2] - A total of 23 companies have been delisted this year, with various reasons including financial issues and major violations, indicating a more streamlined delisting process in the A-share market [2][2] Group 3 - The global smart glasses market saw a 110% year-on-year increase in shipments in the first half of 2025, driven by strong demand for Ray-Ban Meta smart glasses and the entry of new brands [3][3] - AI smart glasses accounted for 78% of total shipments, with the AI segment growing over 250% year-on-year, significantly outpacing the overall market [3][3] Group 4 - The energy storage industry is experiencing a recovery, with many companies reporting improved performance due to increased demand for energy storage cells and accelerated project implementation [4][4] - Experts believe that while the new energy storage installation growth trend will continue, challenges such as profit models and market participation need to be addressed for further development [4][4] Group 5 - Several domestic car companies have committed to paying suppliers within 60 days, with some companies actively implementing this promise, which is expected to alleviate cash flow pressures and enhance supply chain stability [5][5] - QFII's holdings in the automotive sector exceeded 1.3 billion yuan by mid-2025, indicating strong interest in this industry [5][5] Group 6 - The World Robot Conference showcased innovations in brain-controlled robots, highlighting their potential for complex tasks in real-world applications [6][6] - A significant advancement in phonon interference effects was reported, which could lead to new applications in molecular sensing and quantum computing [6][6] Group 7 - Manycore Tech Inc.'s IPO application has expired after six months, while another commercial aerospace company, Zhongke Aerospace Technology Co., has initiated its IPO process [7][7] - Ganhua Technology plans to acquire a 65% stake in Ganxin Technology for 388 million yuan, aiming to enter the optical imaging system sector [8][8] Group 8 - The US stock market saw all three major indices rise, with the Dow Jones increasing by 1.04%, and the Nasdaq and S&P 500 reaching new closing highs [9][9] - The performance of small-cap stocks outpaced large-cap stocks, with significant movements in cryptocurrency markets, including Bitcoin reaching a historical high [10][10]

Core Insights - The 2025 World Robot Conference concluded successfully in Beijing, showcasing advancements in robotics technology and applications, emphasizing the theme "Making Robots Smarter and Bodies More Intelligent" [1][17] - The event featured high-level forums, exhibitions, competitions, and various activities, highlighting the latest breakthroughs and future trends in the global robotics industry [1][17] Industry Developments - The conference attracted global participants from government, industry, academia, and research sectors, facilitating productive discussions aimed at sustainable development in the robotics industry [3] - A total of 123 new products were unveiled during the conference, demonstrating significant innovations in the robotics field [7] Academic Contributions - The "Advanced Robotics and Automation International Academic Conference" received 87 papers from 10 countries, with awards given for the best student and conference papers, showcasing the academic engagement in robotics research [5] Innovation and Collaboration - The "2025 'Innovation Star' Project Roadshow" created a platform for efficient connections between technology, capital, and industry, resulting in multiple cooperation intentions for commercializing cutting-edge technologies [12] - The conference emphasized the importance of international cooperation and innovation in advancing the robotics sector, with a commitment to fostering a collaborative ecosystem [3][17]

Group 1: Robotics Trends - The World Robot Expo showcased cutting-edge technologies such as brain-computer interfaces and humanoid robots, indicating a trend of robots moving from laboratories into everyday life [1] - Collaborative scenarios among robots, such as the "打配合" (cooperation) concept, emerged as a new trend in robot development [1] Group 2: Brain-Computer Interface Applications - Brain-computer interface technology is being utilized to treat sleep apnea, with a home-based electrical stimulation device developed by Tsinghua University's research team [2] - The steady-state visual evoked potential (SSVEP) brain-computer interface can transmit up to 400 characters per minute, allowing patients to communicate using brain signals [2] - The device detects nasal airflow to identify breathing abnormalities and uses flexible electrodes to stimulate muscles, enhancing airway patency during sleep [2] Group 3: Humanoid Robots - The CASBOT 02 humanoid robot, designed for various applications including education and research, features enhanced joint torque and movement capabilities [4] - The W1 wheeled robot, suitable for industrial settings, can autonomously navigate and perform tasks, showcasing inter-robot collaboration [5] - The GoMove and GoMate robots, designed for elderly care, can work together to assist individuals, demonstrating the potential for robots to provide services in nursing homes [5]

Core Viewpoint - The company is seeking to issue convertible bonds to unspecified investors, with legal opinions provided to ensure compliance with relevant regulations and to address inquiries from the Shenzhen Stock Exchange regarding the issuance process [1][2]. Group 1: Business Operations - The company's gold wire drawing business is primarily conducted by its subsidiary, Jiangsu Shenchang, which processes gold into wire for the semiconductor industry, specifically for chip manufacturing [3][4]. - The company has been engaged in gold wire drawing since around 2012, initially to meet customer demand for electronic components [4]. - Due to high gold prices, the company has faced liquidity constraints, leading to a reduction in the scale of its gold wire drawing operations since the first quarter of 2025 [5][9]. Group 2: Financial Performance - The revenue from the gold wire drawing business has increased in line with rising gold prices, but there was a notable decline in the first quarter of 2025 due to increased capital requirements for raw material procurement [5][9]. - The company’s plastic business, which supplies materials for coaxial cables, operates on a smaller scale and is subject to fluctuations based on production needs and market prices [6][9]. Group 3: Client Relationships - Major clients for the gold wire drawing business include Hangzhou Silan Microelectronics Co., Ltd., which has shown consistent revenue growth, indicating a solid trading background for the company's sales [8]. - The plastic business serves various clients in the chemical industry, with sales dependent on the production needs of coaxial cables [8]. Group 4: Revenue Recognition - The company recognizes revenue from both the gold wire drawing and plastic businesses using the gross method, as it retains control over the products and bears the associated risks [10][12]. - Contracts for the gold wire drawing business include terms that specify the company's responsibilities regarding product quality and delivery, reinforcing its role as the primary responsible party in transactions [10][11]. Group 5: Investment Properties - As of March 31, 2025, the company owns investment properties primarily used for production and office purposes, with a small portion leased out to enhance asset utilization [15]. - The investment properties account for a minor percentage of the company's total assets, indicating a focus on core business operations rather than real estate development [15][16]. Group 6: Financial Investments - The company has a long-term equity investment in Liyuan New Energy, amounting to 28.36 million yuan, which is classified as a financial investment due to its unrelated nature to the company's main business [21][22]. - As of March 31, 2025, the company does not hold significant financial investments that exceed 30% of its net assets, complying with regulatory requirements [21][22]. Group 7: Fundraising Projects - The company plans to expand its production capacity for coaxial cables, with a focus on high-speed data cables, to meet increasing market demand driven by technological advancements [24][25]. - The fundraising project is divided into two phases, with the first phase aimed at producing 272,500 kilometers of data cables, reflecting the company's strategic response to market trends [24][26].

Group 1 - The core point of the article is that BrainCo, a leading company in brain-computer interface technology, is seeking new financing with a valuation exceeding $1.3 billion and is preparing for a potential IPO in Hong Kong or China [1] - BrainCo was established in 2015 and is recognized as the first Chinese team selected for Harvard University's innovation lab, aiming to become a global leader in non-invasive brain-computer interface solutions [1] - The company is noted for producing the world's first mass-produced brain-controlled bionic hand and is the only company in mainland China to have received FDA certification for its smart bionic hand [1] Group 2 - BrainCo has undergone several rounds of financing, with investors including HanTan Investment, Everbright Holdings, Dexun Investment, Dinghui Investment, and China Electronics Huada Technology [3]

Summary of Zhongke Information Conference Call Industry and Company Overview - Zhongke Information has been deeply involved in the tobacco industry for nearly 40 years, serving 13 major domestic tobacco enterprises and ranking first in order volume in 2023, establishing itself as a leading provider of information technology in the tobacco sector [2][5] - The company has core technology in banknote quality detection, utilizing machine vision to detect 28 security points on large banknotes within 0.2 seconds, monopolizing the quality detection business for all national printing plants and related paper and ink quality [2][6] - In the medical field, Zhongke Information collaborates with West China Hospital to develop an electronic anesthesia database and AI-assisted anesthesia robots, aiming to enhance anesthesia efficiency and safety [2][3][10] Core Products and Innovations - **AI Anesthesia Robot**: This robot addresses rapid diagnosis and treatment in critical situations during surgery, reducing conventional anesthesia management time by 50%, thus alleviating the shortage of anesthesiologists in China [3][11] - **AI Radiotherapy Robot**: Developed in collaboration with West China Hospital's oncology center, this robot optimizes dosage distribution and treatment plans, shortening radiotherapy cycles to one week or even days, with an expected product launch in 2025 [2][12] - **Machine Vision Technology**: The company has successfully implemented machine vision technology for banknote quality detection since 1999, showcasing its technical capabilities in high-speed detection [6] Strategic Developments - Zhongke Information is actively investing in medical information technology, including IoT device integration and the establishment of smart health platforms in county regions, aiming to create a comprehensive smart health ecosystem [2][13] - The company has initiated research in brain-computer interface (BCI) technology since 2021, with plans for commercialization expected to take 8-10 years [4][23] Market Position and Future Outlook - Zhongke Information's focus on industrialization of its AI anesthesia and radiotherapy robots, along with engineering loading robots, is expected to significantly expand its revenue scale [4][25] - The company maintains strong collaborative relationships with other manufacturers in the anesthesia machine market, emphasizing a combined software and hardware product approach [22] Additional Insights - The company has developed a comprehensive electronic anesthesia database from nearly 10,000 surgical cases, ensuring high-quality and reliable data for its AI models [10] - The integration of AI with BCI technology is anticipated to enhance treatment options for neurological conditions, with a focus on rehabilitation and clinical specialties [14][24] - The domestic BCI industry is progressing rapidly in rehabilitation applications, although it lags behind in foundational modules compared to international counterparts [24] This summary encapsulates the key points from the conference call, highlighting Zhongke Information's strategic initiatives, product innovations, and market positioning within the tobacco and medical technology sectors.

Group 1 - The release of the "Emerging Technology Selection List for Artificial Intelligence" by the Chinese Academy of Engineering signifies a transformative shift in consumer behavior and technology integration, showcasing the rapid adoption of AI in daily life [1][2] - The list highlights 12 key AI technologies that are expected to drive consumer upgrades, including intelligent robots for household tasks and smart logistics systems utilizing drones for efficient delivery [1][2] - The advancements in computing power allow consumers to access cloud-based AI capabilities even with budget-friendly devices, indicating a democratization of technology [1] Group 2 - The integration of "Artificial Intelligence +" into various sectors, such as healthcare and education, is leading to significant improvements in diagnostic accuracy and personalized learning experiences [2] - Brain-computer interface technology is emerging in the medical rehabilitation field, with applications like smart prosthetics providing new opportunities for individuals with disabilities, suggesting a potential expansion into consumer electronics [2] - The ongoing research and development efforts since 2014 have resulted in 297 technologies being introduced, marking a quiet revolution in consumer technology and creating numerous opportunities for engagement and benefit for consumers [2]

Core Insights - A woman in the U.S. who has been paralyzed for 20 years successfully implanted a brain chip developed by Elon Musk's company, allowing her to write her name using only her thoughts [1] Group 1 - The brain chip technology represents a significant advancement in neurotechnology, showcasing the potential for restoring communication abilities in individuals with severe disabilities [1] - This case highlights the practical applications of brain-computer interfaces (BCIs) in improving the quality of life for patients with paralysis [1] - The successful demonstration of writing through thought could pave the way for further developments in assistive technologies and rehabilitation methods [1]