《关于推动脑机接口产业创新发展的实施意见》的落地实施，为康复医疗赛道注入技术突破新动能。在 此机遇下，深耕康复领域20余年的翔宇医疗，正以脑机接口为核心，推动康复医疗从被动治疗向主动康 复跨越。 近日，翔宇医疗董事长、总经理、技术总监何永正接受上海证券报记者专访，详解公司"无创理念"的实 践、脑机接口技术的产业化进展，以及对康复医疗万亿级蓝海市场的布局与展望。 锚定康复赛道：以"无创理念"守护患者健康 2002年，何永正带领团队成立翔宇医疗，选择了在当年还非常"冷门"的康复赛道。"患者只要做手术， 就会对血管、神经、皮肤组织、骨骼造成损伤。我们希望用非手术、非药物的疗法给患者的健康保驾护 航。"何永正表示。 基于这样的"无创理念"，翔宇医疗开始了康复器械领域的探索。 目前，翔宇医疗已成为国内康复医疗器械行业中，少数能够提供康复医疗器械产品、一体化临床康复解 决方案及专业技术支持服务的综合型企业，构建了覆盖康复理疗、康复训练、康复护理等10大门类、55 大系列、上千种产品的全产业链布局，在康复医疗器械领域拥有相对完整的产品体系。 之所以成为康复器械领域的"全能型选手"，离不开翔宇医疗团队的深入调研和"搭建专班" ...

Core Viewpoint - Xiangyu Medical (688626.SH) has shown significant growth in the rehabilitation medical device industry, with a focus on brain-computer interface technology and a strong commitment to research and development [1][2][4]. Financial Performance - In the first half of 2025, the company achieved total revenue of 359 million yuan, with 173 million yuan in the second quarter, and a net profit attributable to shareholders of 35.39 million yuan [1]. Industry Position - Xiangyu Medical is one of the few comprehensive enterprises in China's rehabilitation medical device sector, providing products, integrated clinical rehabilitation solutions, and professional technical support [1]. - The company is recognized as one of the first "little giant" enterprises in the national specialized and innovative category [1]. Technological Development - The company has made early investments in brain-computer interface technology, focusing on non-invasive applications in rehabilitation [2]. - In the first half of 2025, the company invested 91.15 million yuan in research and development, accounting for 25.39% of total revenue, with a year-on-year increase of 38.8% [4][5]. - The company has filed for 117 new patents, bringing the total to 1,933, including 22 new invention patents [5]. Market Outlook - The rehabilitation medical device industry is projected to exceed 220 billion yuan in total revenue by 2025, indicating strong market demand [7]. - The brain-computer interface market is expected to reach 3.8 billion yuan by 2025 and 5.58 billion yuan by 2027, with a compound annual growth rate of 20% [7]. - Long-term projections suggest that the brain-computer interface market in China could surpass 120 billion yuan by 2040, with a compound annual growth rate of 26% [7]. Strategic Collaborations - The company has established partnerships with universities and research institutions for the development and transformation of brain-computer interface technologies [3]. - Xiangyu Medical has launched 13 brain-computer interface devices at recent industry forums, gaining significant attention [6].

Group 1 - The core point of the article is that Chengyitong (SZ 300430) announced the results of its board meeting held on August 26, 2025, where the 2025 semi-annual report and its summary were reviewed [1] - For the first half of 2025, Chengyitong's revenue composition was 71.11% from intelligent manufacturing and 28.89% from rehabilitation medical devices [1]

Core Viewpoint - 康道医疗专注于康复医疗领域，通过技术创新和AI算法提升下肢外骨骼设备的功能，满足患者的个性化康复需求 [1][2][3] Group 1: Product Innovation - 康道医疗自主研发的KD9下肢外骨骼步态训练系统能够帮助下肢运动功能障碍患者独立行走，内置患者管理系统可实时记录和分析训练数据 [1] - 该公司推出的AI智能镜像步态学习功能能够生成个性化训练方案，突破传统设备依赖固定程序的局限 [2] - 采用六轴协同机械臂结构的康复机器人提供更高的自由度，能够模拟复杂运动，满足不同患者的康复需求 [2] Group 2: Research and Development - 康道医疗组建了由资深算法工程师组成的研发团队，通过分析大量训练数据优化算法模型，提升AI算法的准确性和稳定性 [1][2] - 公司与知名高校和科研机构合作，引入先进算法和技术手段，确保研发始终紧扣临床需求 [3] - 康道医疗已申请数十项发明专利，在人工智能康复领域建立技术优势 [2] Group 3: Market Position and Strategy - 康道医疗的产品已应用于部分三甲医院的康复科，并与30多个国家和地区的医疗机构签署合作协议 [3] - 随着全球人口老龄化加速，康复医疗行业呈现快速发展态势，康道医疗将持续以技术创新为引擎，推动康复医疗技术和服务向标准化、规范化、国际化迈进 [3]

Core Viewpoint - 康道医疗 is leveraging advanced technology to develop innovative rehabilitation solutions, particularly focusing on AI-driven exoskeleton systems for patients with lower limb mobility impairments [1][2][3] Group 1: Product Development - 康道医疗 has developed the KD9 lower limb exoskeleton gait training system, which allows patients to independently control their movements and provides various training options such as walking and sitting [1] - The company has introduced a range of high-tech rehabilitation products, including AI rehabilitation robots and multifunctional treatment beds, showcasing its commitment to innovation in the rehabilitation medical field [1] - The company has applied for dozens of invention patents in the field of artificial intelligence rehabilitation, establishing a technological advantage [2] Group 2: Technological Innovation - 康道医疗's rehabilitation robots utilize AI dynamic optimization algorithms, enabling them to create personalized training programs based on patients' gait data, moving beyond traditional fixed programs [2] - The company employs a six-axis collaborative robotic arm structure, providing higher degrees of freedom compared to traditional three-axis devices, allowing for more complex movements and personalized rehabilitation training [2] - The lightweight exoskeleton developed by the company weighs under 2 kilograms, making it nearly imperceptible for users [2] Group 3: Collaborative Ecosystem - 康道医疗 has established a strong interdisciplinary research and development system, collaborating with rehabilitation medicine experts to ensure that product development aligns with clinical needs [3] - The company's products are already being utilized in several top-tier hospitals, facilitating big data management in patient treatment and rehabilitation [3] - 康道医疗 has signed cooperation agreements with medical institutions in over 30 countries and regions, indicating its international outreach and collaboration efforts [3] Group 4: Market Outlook - The global rehabilitation medical industry is experiencing rapid growth due to the accelerating aging population, presenting significant opportunities for 康道医疗 [3] - The company aims to drive technological innovation and international collaboration to standardize and enhance rehabilitation medical technology and services [3]

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]

Core Insights - The world's first "muscle exoskeleton" wearable robot has officially entered mass production in Wuxi, developed by Dr. Ding Ye, a scientist returned from Harvard University, aimed at providing precise assistance for individuals with mobility impairments such as stroke patients [1] - Clinical studies have shown that patients using this device can significantly improve their walking distance by 47% and walking speed by 60% compared to traditional rehabilitation methods [1] Group 1 - Dr. Ding Ye proposed the innovative concept of "assisting muscles rather than merely supporting bones" in 2012, which revolutionized the design paradigm of traditional exoskeletons that relied on rigid frameworks [2] - The new wearable robot technology focuses on intelligent collaboration rather than mechanical load-bearing, utilizing over 30 sensors to collect multidimensional data and provide real-time assistance [2] - The device has achieved a 40% reduction in net energy consumption, marking a significant breakthrough in energy efficiency for wearable devices [2] Group 2 - In 2023, Dr. Ding Ye established a 2,000 square meter intelligent production base in Wuxi, ending reliance on outsourced core components by achieving 100% domestic production of key parts [3] - The company plans to scale up production of the world's lightest power knee joint device, weighing only 670 grams, with an initial batch of 3,000 units set for global supply [3] - Collaborations with hospitals aim to shorten the product development cycle for wearable robots and related medical devices, addressing challenges posed by an aging society [3] Group 3 - A case study of a stroke patient, Mr. Chen, illustrates the transformative impact of the technology, enabling him to walk independently for an average of 18,000 steps daily after six months of training with the muscle exoskeleton [4] - The global wearable robot market is projected to reach $5.8 billion by 2028, with Chinese companies capturing the technological high ground at an annual growth rate of 50% [4] - The company plans to lead the establishment of ISO international standards for muscle exoskeletons, aiming to enhance China's international influence in this technology sector [4]

Group 1 - The article highlights the emergence of new business leaders from Henan, showcasing a transformation in the region's economic landscape [2][3] - The "Two Highs and Four Focuses" framework proposed by President Xi Jinping emphasizes high-quality development and efficient governance as essential for Henan's modernization [4][5] - Henan's agricultural strength is underscored, with the province being a key contributor to national food security, producing over 1.3 trillion jin of grain annually [6][13] Group 2 - The establishment of high-standard farmland and the integration of smart agricultural technologies are enhancing productivity and ensuring food security in Henan [9][12] - The province is advancing towards a modern food industry, aiming to transition from being a "grain warehouse" to a significant player in the national and global food market [14][15] - The manufacturing sector in Henan is evolving, with a focus on intelligent and green manufacturing practices, exemplified by companies like BYD and the Luoyang Bearing Group [16][17][18] Group 3 - Social governance initiatives are being implemented to address complex societal issues, with a focus on community engagement and grassroots participation [21][22] - The integration of technology in public services is transforming governance, making processes more efficient and accessible for citizens [25][26] - The article emphasizes the importance of environmental protection and sustainable development as integral to Henan's economic strategy [30][33] Group 4 - Cultural development is highlighted as a vital component of Henan's modernization, with efforts to promote local heritage and engage the community through innovative cultural experiences [36][39] - The article discusses the potential for cultural brands to drive economic growth and enhance the region's identity in the new development landscape [45][46]

Core Viewpoint - The company is focusing on expanding its production capacity and product line through innovation and strategic investments, particularly in the rehabilitation medical device sector [1][2][4]. Group 1: Investment and Expansion - The company is investing 400 million yuan in a new smart manufacturing base in Chengdu, expected to be completed by August this year, aimed at increasing production capacity and improving efficiency [1]. - The company has obtained 19 medical device registration certificates, covering various fields such as electrotherapy, oxygen therapy, and biofeedback [2]. Group 2: Product Development and Innovation - The company has launched several new products this year, including mid-frequency therapy devices and pelvic floor rehabilitation devices, which are essential for expanding market reach [1][2]. - The interference electric therapy device, a key product, has been developed with proprietary technology and patents, enhancing the company's competitiveness in the electrotherapy market [1]. - The company is also focusing on consumer health products, leveraging its expertise in professional medical devices to create innovative solutions for home use [3]. Group 3: Market Strategy - The company is actively expanding its overseas market presence, with products already reaching 70 countries, and plans to enhance its export efforts [4]. - The company recognizes the growing demand from the elderly population and is developing products tailored to their rehabilitation and health needs, such as portable oxygen machines and mid-frequency therapy devices [4].

Core Viewpoint - The company is focusing on expanding its product offerings in AI healthcare, brain-machine interfaces, rehabilitation robots, and other areas to meet clinical and elder care market demands while maintaining its technological leadership in the rehabilitation industry [2][3]. Product Development and Market Strategy - The company plans to launch more products in AI healthcare, brain-machine interfaces, and rehabilitation robots to enhance its overall R&D capabilities and meet market needs [2]. - The brain-machine interface products are applicable in various fields such as neural rehabilitation, education, VR, smart living, military engineering, and entertainment [6]. - The company is developing a series of rehabilitation robots, with a focus on medical-grade versions for hospitals and rehabilitation centers, while also planning to introduce home-use versions in the long term [2][4]. Financial Performance and Projections - In 2024, the company faced challenges due to delays in bidding activities in the medical field, leading to a slight decline in revenue. However, it anticipates a recovery in net profit by 2025 as expenses stabilize [3]. - The company's revenue for Q1 2025 was 186.05 million yuan, a year-on-year increase of 10.02%, while net profit decreased by 41.26% to 22.95 million yuan [15]. - The company aims to improve its financial performance by enhancing its product offerings and expanding into home rehabilitation markets [13][14]. Research and Development Focus - The company has established the Sun-BCI Lab to focus on brain-machine interface research, with plans to launch over 20 products by 2025, including EEG machines and psychological products [5]. - The company is committed to developing intelligent rehabilitation devices across various domains, including pain rehabilitation, neurological rehabilitation, and geriatric care [7][10]. Market Position and Sales Strategy - The company has a strong market presence in rehabilitation medical devices, with a comprehensive product range covering various rehabilitation needs [11]. - The company is exploring partnerships with leading insurance and elder care companies to enhance its market reach and product commercialization [9][10]. - The company is also focusing on expanding its sales channels beyond hospitals to include outpatient and home care settings [8][13].