1月9日，江苏省药品监督管理局显示，麦澜德脑机接口经颅磁刺激仪取得医疗器械注册证。这不仅标志 着麦澜德在前沿医疗技术领域实现了重要突破，也标志着公司在非侵入式脑机接口产业化应用上迈出了 实质性落地的一步，同时，为公司未来的技术拓展和业绩增长打开了新的空间。 ...

截至公告披露日，该产品在非侵入式脑机接口领域尚处于市场培育期，尚未实现规模化销售，暂未对公 司业绩产生重大影响，未来销售情况存在不确定性。 格隆汇1月7日丨英集芯(688209.SH)公布，公司于2026 年1 月6 日在上证 E 互动平台就投资者"脑机接 口"相关问题作出回复，为保障广大投资者的合法权益，公司就相关业务情况补充说明，并进行风险事 项提示如下，敬请广大投资者审慎决策，注意投资风险。 公司与参股公司精芯唯尔(常州)电子科技有限公司(以下简称"精芯唯尔")共同推出的 IPA1299 是一款支 持 8 通道低噪声设计，24 位同步采样模数转换器芯片(ADC)，主要应用于脑电图(EEG)、心电图(ECG) 和肌电图(EMG)，该产品主要特点在于可实现高精度信号采集功能，可应用于非侵入式脑机接口领域。 该产品用于人体生物电信号的高精度测量，其适用于各种可穿戴式设备应用场景，技术路线与当前国际 上的侵入式脑机接口存在显著技术路径差异。 ...

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 11.58%, and a net profit attributable to the parent company of 102 million yuan, up 30.68% year-on-year [1][4]. - The core business of rehabilitation is steadily growing, while new emerging businesses in aesthetic medicine and urology are being developed, creating a multi-layered business structure [1]. - The mental rehabilitation business is benefiting from policy support and market demand, maintaining double-digit growth, while the pelvic floor rehabilitation business is experiencing single-digit growth due to product upgrades [1][2]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 326 million yuan, with a net profit of 102 million yuan and a non-recurring net profit of 94 million yuan [1]. - The company expects net profits for 2025, 2026, and 2027 to be 133 million yuan, 165 million yuan, and 184 million yuan, respectively, with year-on-year growth rates of 30.1%, 24.0%, and 11.8% [2][3]. - The sales, management, and R&D expense ratios for the first three quarters of this year were 18.77%, 10.03%, and 9.74%, respectively, showing a decrease compared to the previous year [2].

Core Insights - Neuralink has completed a $650 million Series E funding round, setting a new record in the brain-computer interface (BCI) sector, bringing its total funding to over $1.3 billion, which is significant compared to the global BCI market size of $2.6 billion in 2024 [1][2] - Despite substantial funding, Neuralink faces high operational costs, burning several hundred million dollars annually without a clear path to commercialization [2][3] - The BCI industry is experiencing a funding boom, with nearly 100 financing events in the past five years in China alone, totaling over 10 billion yuan, indicating strong investor interest [3][4] Funding Landscape - Neuralink's funding history includes multiple rounds, with significant contributions from major investors like ARK Invest and Sequoia Capital in the latest round [2] - The BCI sector has seen a 30% increase in financing events in China from January to November 2025, with notable records set by companies like JieTi Medical [5] - Government funding is becoming increasingly important, with various local and national policies supporting BCI development, including a 10 billion yuan fund in Tianjin [6][7] Market Dynamics - The BCI market is characterized by a lack of stable commercialization and profitability, leading many companies to face survival challenges [3][4] - Investors are shifting focus from upstream technology to practical clinical applications and commercialization capabilities, indicating a maturation of the investment landscape [6] - The potential applications of BCI technology, such as restoring vision or mobility, present significant market opportunities, attracting early investments [4] Product Development and Commercialization - Companies are adopting a "laying eggs along the way" strategy, focusing on both research and consumer applications to maintain cash flow [9][10] - Non-invasive BCIs are targeting consumer healthcare markets, while invasive BCIs are focusing on research applications due to the complexity of clinical scenarios [10][12] - Successful commercialization examples include products like the intelligent bionic hand from QiangNerve Technology, which has seen rapid sales growth [11] Future Outlook - 2025 is anticipated to be a pivotal year for the BCI industry in China, with significant clinical advancements expected [15] - Challenges remain in signal processing, material compatibility, and market education, which could delay widespread commercialization [16] - Companies must balance short-term survival with long-term innovation to thrive in the evolving BCI landscape [18][19]

Core Insights - 麦澜德 is focusing on the development and commercialization of non-invasive brain-computer interface (BCI) technology, integrating it with existing technologies and clinical scenarios [1] Group 1: Clinical Directions and Technology Development - The company has developed a closed-loop system for cognitive function intervention, which includes four modules: emotional recognition, emotional interaction, cognitive assessment, and cognitive intervention, currently in multi-center clinical validation [2] - In the field of motor function rehabilitation, 麦澜德 has innovatively combined soft exoskeleton hand functions with EEG devices to create a brain-machine hand training system, showing preliminary effectiveness superior to traditional interventions [2] - For mental and psychosomatic disease regulation, the company is developing a multi-modal brain physiological signal monitoring platform in collaboration with Zhejiang University and other institutions, aiming to create portable products for monitoring brain states [2] Group 2: Technical Advantages and Ecosystem - 麦澜德's core advantages lie in three areas: multi-modal BCI technology for precise screening and personalized treatment, central-peripheral closed-loop technology with early multi-center clinical trials, and breakthroughs in cognitive impairment and emotional interaction [3] - The company has established a collaborative ecosystem involving universities, hospitals, and enterprises, ensuring that research and development align with clinical needs and facilitating resource sharing [3] Group 3: Market Promotion and Competitive Landscape - 麦澜德 has initiated preliminary cooperation with several hospitals in Jiangsu Province and southwestern regions, with some devices already in use at leading hospitals [4] - The competitive landscape in the BCI field is dominated by non-invasive companies, where the speed of obtaining registration certificates and market promotion capabilities are key factors [4] - The company aims to maintain its competitive edge by focusing on core technology research and clinical transformation [4]

Core Insights - The article discusses the competition between Sam Altman, CEO of OpenAI, and Elon Musk in the brain-computer interface (BCI) sector, highlighting the recent developments at Merge Labs, a company co-founded by Altman [1][2][5]. Company Developments - Merge Labs has recruited Mikhail Shapiro, a prominent researcher from Caltech, known for his work in non-invasive brain imaging and gene therapy [1][5][7]. - Altman is expected to serve as the chairman of Merge Labs, while Shapiro is anticipated to play a key leadership role in the company [5]. - Merge Labs is reportedly in discussions for a $250 million funding round led by OpenAI, which would value the company at $850 million [5]. Technology Approach - Merge Labs aims to develop a non-invasive brain-computer interface using "gene therapy + ultrasound" methods, contrasting with Neuralink's invasive techniques [5][11]. - Shapiro's research focuses on using ultrasound to interact with the brain without the need for surgical procedures, which is a significant departure from Neuralink's approach [7][12]. Industry Context - The article outlines the ongoing debate between invasive and non-invasive BCI technologies, with the former posing higher risks and potential complications [12]. - Altman has publicly expressed his preference for non-invasive methods, indicating a strategic direction for Merge Labs that may influence the future of human-AI integration [5][12].

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: Xiangyu Medical - **Industry**: Brain-Computer Interface (BCI) Technology Core Insights and Arguments - **Focus on Non-Invasive BCI Technology**: Xiangyu Medical specializes in non-invasive brain-computer interface technology, developing five major research and development systems, including BCI acquisition devices, algorithms, and rehabilitation products, with plans to launch related products between late 2025 and 2026 [1][2] - **Applications in Rehabilitation**: The primary applications of Xiangyu Medical's non-invasive BCI products are in rehabilitation, targeting post-operative recovery, high-level paraplegia, Alzheimer's disease, and other clinical challenges through a multi-channel wireless EEG acquisition system and seven algorithms for high-precision signal acquisition and processing [1][4] - **Self-Developed Hardware**: The company has developed a complete set of self-researched chips, electrodes, and acquisition devices, obtaining two Class II medical device registration certificates, which establish a solid foundation and high barriers to entry in the industry [1][5] - **Government Support**: The Ministry of Industry and Information Technology's implementation opinions on promoting innovation in the brain interface industry provide top-level design and reduce policy uncertainty, which Xiangyu Medical is actively leveraging to accelerate product launch processes [1][8] Additional Important Content - **Clinical Applications and Collaborations**: As of the latest statistics, 87 hospitals have applied Xiangyu Medical's BCI products, utilizing various cooperation models, including research project collaborations and the establishment of BCI wards [10] - **Market Commercialization Stage**: The commercialization of BCI products is still in its early stages, with few certified products on the market. Xiangyu Medical plans to launch 27 products in 2025 and potentially 70-80 products in 2026 [9][14] - **Technological Advancements**: The company has achieved breakthroughs in hardware development, including high-precision, high-signal quality acquisition devices, and various electrode models to meet different customer needs [5][11] - **Future Growth and Revenue Projections**: Xiangyu Medical is optimistic about rapid revenue growth in the coming years, with over 100 devices shipped, valued conservatively at 200-300 million yuan, expected to convert into sales revenue depending on certification progress and hospital procurement rhythms [14] Competitive Landscape - **Other Companies in the BCI Field**: Aipeng Medical is also active in the BCI sector, focusing on brain state monitoring systems, insomnia treatment systems, and ADHD behavior management systems, utilizing AI technology to enhance product competitiveness [3][15][17] - **Market Potential for Cognitive Disorders**: The market potential for cognitive disorders, particularly Alzheimer's disease, is significant, with approximately 43.77 million patients in China, indicating a vast opportunity for BCI applications in this area [33] Challenges and Future Directions - **Technical Bottlenecks**: The industry faces challenges such as signal-to-noise ratio, packaging processes, and the need for multi-modal information fusion, which are critical for future development [31][45] - **Regulatory and Market Dynamics**: The current regulatory environment and market dynamics, including the need for certification and pricing strategies, will significantly impact the commercialization and adoption of BCI products [40][41] This summary encapsulates the key points from the conference call records, highlighting the strategic direction, technological advancements, market potential, and challenges faced by Xiangyu Medical and the broader BCI industry.

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation modulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation regulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]

Core Viewpoint - The company, 麦澜德, reported a decline in net profit for the first half of 2025 despite a revenue increase, primarily due to the disposal of a subsidiary's bad assets [2][3][7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 241 million yuan, representing a year-on-year growth of 5.62% [2][3][7]. - The net profit attributable to shareholders was 63.92 million yuan, showing a year-on-year decrease of 11.96% [2][3][7]. Business Segments - The reproductive rehabilitation and anti-aging product lines were the main contributors to revenue growth, with a 42.45% increase in income from these segments, amounting to 79.84 million yuan [4][7]. - The company focuses on non-invasive brain-computer interface technology, with existing technical accumulations in upper limb and hand robotics, non-invasive neural regulation, and multi-modal physiological signal collection [4]. Strategic Initiatives - The company is developing emotional interaction products based on a national key research and development project, with plans to conduct clinical pre-experiments within the year [4]. - The overseas business primarily focuses on pelvic floor products, targeting Southeast Asia, with efforts to enhance promotion through exhibitions and academic exchanges [5]. Corporate Governance - The company plans to hold a second extraordinary general meeting in 2025 to discuss three proposals, including the reappointment of an auditing firm and the cancellation of the supervisory board [6].