小咖云 I :: 联合发布 康复辅具行业 可持续发展 自皮书 Rx 荣续智库 康复辅具产业可持续发展白皮书 / | | 一 | 2 前言 在全球人口老龄化加速的大背景下，康复辅具行业的重要性日益凸显。它不仅是提升 老年人及残障群体生活质量的关键支撑，更是推动养老产业与健康服务业发展的重要 力量。 本白皮开篇阐了释康复辅具的定义，深入剖析其市场发展历程与现状。随着社会经济 发展和民众健康意识的提高，银发族对康复辅具的需求持续攀升，国际养老产业的发 展趋势也进一步印证了康复辅具在养老生态中的核心地位。 聚焦国内，中国养老产业近年来蓬勃兴起，康复辅具产业作为其中的重要一环，在政 策的大力扶持下不断前行。从产业发展脉络到主管部门与监管机制的梳理，再到康复 辅具租赁模式的探讨以及对租赁者需求的回应，全方位展现了国内产业的发展全貌。 可持续发展是时代的强音，在康复辅具行业也不例外。本白皮书深入探讨了行业在可 及性、绿色材料应用、循环利用、绿色设计与制造、数智化转型、技术创新以及绿色 人才培养等多维度的可持续发展方向，为行业未来发展勾勒清晰蓝图。 此外，本书选取了松永制作所（MATSUNAGA）、山下福至等国内外优秀企业案 ...

Core Viewpoint - The A-share market has seen a significant increase in institutional research activities in 2026, with approximately 760 listed companies undergoing various institutional investigations, indicating a growing interest in quality investment targets and industry trends [2] Group 1: Institutional Research Trends - Institutional research has accelerated, with a focus on high-quality companies across sectors such as electronics, new energy, machinery manufacturing, healthcare, and information technology [2] - The research activities are characterized by a focus on companies with strong growth potential, industry competitiveness, and favorable market conditions, leading to high frequencies of institutional visits [2][3] - Key areas of interest for institutions include industry prosperity, business development strategies, overseas market expansion, capacity utilization, and performance expectations [2][7] Group 2: High-Frequency Research Companies - Six companies have been the focus of institutional research with over 10 visits each, with Jiemai Technology leading at 15 visits, followed by Taihe New Materials and Binglun Environment [3][4] - Jiemai Technology specializes in electronic packaging materials and has shown steady revenue growth, with figures of 1.301 billion, 1.572 billion, 1.817 billion, and 1.526 billion from 2022 to the first three quarters of 2025 [4] - Taihe New Materials, with 14 visits, is a leader in the domestic spandex and aramid fiber industry, while Binglun Environment, with 13 visits, operates in multiple sectors including low-temperature refrigeration and environmental heating [4] Group 3: Companies with High Institutional Engagement - Four companies have received over 200 institutional visits, with Dajin Heavy Industry leading at over 300 visits, focusing on wind power tower production and high-value offshore wind markets [5] - Dajin Heavy Industry's revenue figures from 2022 to the first three quarters of 2025 are 5.106 billion, 4.325 billion, 3.780 billion, and 4.595 billion, showing a rebound in 2025 [5] - Neipu Mining Machinery, with a focus on heavy mining equipment, and Xiangyu Medical, specializing in rehabilitation medical devices, have also seen significant institutional interest [6] Group 4: Key Focus Areas in Institutional Research - Institutions are particularly interested in the growth potential of companies, with inquiries about industry conditions and capacity utilization being common [7][8] - Jiemai Technology reported full production capacity for its core products, while Dajin Heavy Industry highlighted its overseas market strategies, particularly in Europe [8] - The overall trend reflects a strong market recognition of quality listed companies, with institutions considering fundamental factors, industry outlook, and management teams in their research [7]

Group 1 - Institutional research activity decreased this week, with a reduction in the number of companies being surveyed, but top stocks received increased attention [1] - Xiangyu Medical (688626) was favored by 208 institutions, focusing on rehabilitation medical devices, with strong growth potential driven by aging population and health awareness [1] - The company has a solid capital structure rated BBB, indicating better financial stability compared to most listed companies, but faces challenges in operational efficiency and asset quality [1] Group 2 - SWOT analysis for Xiangyu Medical shows strengths in capital structure, but weaknesses in operational efficiency and scale, with significant room for improvement in multiple dimensions [2][3] - Opportunities exist for Xiangyu Medical to enhance operational efficiency and scale, with potential growth in market channels and cost control [2] - Threats include a notable decline in core capabilities, particularly in operational efficiency and profitability, indicating increased operational pressure [3] Group 3 - Lio Group (002131) was surveyed by 40 institutions, focusing on its dual business model of mechanical manufacturing and digital marketing, with strong interest in its growth potential in emerging sectors [5] - The company has strong scale strength rated AA, indicating significant competitive advantages, but faces challenges in cash flow and debt repayment capabilities [6] - SWOT analysis reveals Lio Group's strengths in asset quality and scale, but weaknesses in cash flow and development capabilities, with opportunities for improvement in emerging markets [7][8] Group 4 - Weichuang Electric (688698) was the subject of a survey by 35 institutions, focusing on its core products in industrial automation and its competitive advantages in the market [10] - The company has strong profitability and asset quality ratings, but faces challenges in cash flow and debt repayment capabilities [11] - SWOT analysis indicates strengths in profitability and operational efficiency, but weaknesses in cash flow and capital structure, with opportunities for growth in high-demand sectors [12][13] Group 5 - Light Optoelectronics (688150) was surveyed by 34 institutions, focusing on its core products in OLED materials and its competitive position in the market [15] - The company has strong debt repayment capabilities and a solid capital structure, but faces challenges in scale and operational efficiency [16] - SWOT analysis shows strengths in financial stability and profitability, but weaknesses in scale and operational efficiency, with significant opportunities for growth in emerging markets [17][18] Group 6 - Yunnan Ge Industry (002428) was surveyed by 32 institutions, focusing on its complete germanium industry chain and its strategic position in the market [20] - The company has a strong development capability rating, but faces significant challenges in cash flow, profitability, and operational efficiency [21] - SWOT analysis indicates strengths in development capability, but weaknesses in scale and financial stability, with opportunities for growth in commercial aerospace and semiconductor sectors [22][23]

Core Insights - The article highlights the advancements in brain-computer interface (BCI) technology, particularly in rehabilitation medical devices, as demonstrated by Xiangyu Medical in Anyang, Henan province [1][2]. Company Overview - Xiangyu Medical is a leading enterprise in China's rehabilitation medical device industry, focusing on integrating cutting-edge technologies like BCI into their products [1]. - The company has successfully adapted 27 rehabilitation devices to BCI technology as of December 31, 2025, with a goal to reach nearly 100 devices by the end of 2026 [3]. Technology and Innovation - The BCI technology showcased includes non-invasive methods that convert brain signals into device commands, allowing users to control rehabilitation equipment through thought alone [1][2]. - The company emphasizes the safety and convenience of non-invasive BCI compared to invasive methods, which require surgical implantation and carry higher risks and costs [2]. Industry Context - The domestic BCI industry is experiencing rapid technological advancements and expanding application scenarios, with both invasive and non-invasive approaches being developed [2]. - Xiangyu Medical collaborates with 62 upstream and downstream companies within the rehabilitation equipment industry park in Neihuang County, creating a comprehensive industrial chain that supports research, manufacturing, and service [3]. Future Goals - The company aims to establish a complete brain-controlled rehabilitation ecosystem by integrating mainstream rehabilitation devices with BCI technology over the next five years [3]. - Xiangyu Medical is committed to accelerating the clinical application of BCI products to benefit patients, leveraging its extensive experience in industry-academia-research collaboration [3].

Core Insights - The article highlights the advancements in brain-computer interface (BCI) technology, particularly in rehabilitation medical devices, as demonstrated by Xiangyu Medical Equipment Co., Ltd. [1][2] Company Overview - Xiangyu Medical is a leading enterprise in China's rehabilitation medical device industry, focusing on innovative technologies such as brain-computer interfaces [1]. - The company has successfully adapted 27 rehabilitation devices to BCI technology as of December 31, 2025, with a goal to achieve nearly 100 BCI-enabled rehabilitation devices by the end of 2026 [3]. Technology Development - The BCI industry in China is experiencing rapid technological iteration and expanding application scenarios, with both invasive and non-invasive technologies being developed [2]. - Non-invasive BCI technology, which uses devices like EEG caps to collect brain signals, is considered safer and more convenient for large-scale promotion in rehabilitation and health management [2]. Industry Collaboration - Xiangyu Medical collaborates with 62 upstream and downstream companies within the rehabilitation equipment industrial park in Neihuang County, creating a complete industrial chain that includes research, manufacturing, and service [3]. - The company aims to accelerate the transformation of innovative results into clinical applications through collaborative innovation and established market channels [3].

Core Insights - The company, Xiangyu Medical, is focusing on non-invasive brain-computer interface (BCI) products, which have already been adopted by over 600 top-tier hospitals, with a target to exceed 1,000 by 2026, indicating accelerated commercialization and clinical implementation [1] - Xiangyu Medical has over 20 years of experience in the rehabilitation medical device industry, offering a comprehensive product range across 10 categories and over 1,000 products, addressing various clinical needs [1] - The company emphasizes the integration of BCI technology with its proprietary rehabilitation devices, ensuring compatibility and stability, which creates a competitive advantage in the market [2] Product Development and Market Strategy - Xiangyu Medical is developing a complete solution for BCI applications rather than standalone products, enhancing device compatibility and iteration speed [2] - The company is gradually advancing into the consumer market, with products aimed at health home solutions, attention and mental regulation, and travel assistance, utilizing platforms like Tmall and JD for sales [2] - The company has initiated exploration into invasive rehabilitation technologies in collaboration with Xi'an Jiaotong University, focusing on clinically validated applications that align with existing market channels [3] International Expansion - The company is targeting markets in countries involved in the Belt and Road Initiative, prioritizing products that have received FDA and CE certifications for international expansion [3] - Xiangyu Medical is exploring cross-border e-commerce for consumer-grade therapeutic devices and traditional Chinese medicine health products, while also engaging in technical exchanges with overseas manufacturers [3]

Core Viewpoint - The recent surge in stock price of Xiangyu Medical (688626) is attributed to the market's enthusiasm for brain-computer interface (BCI) concepts, with a notable 40% increase over two trading days, although the stock experienced a decline after peaking at 95 CNY per share [1]. Group 1: Company Overview - Xiangyu Medical has over 20 years of experience in the rehabilitation medical device industry, focusing on a comprehensive range of rehabilitation solutions, including 10 categories and over 1,000 products [1]. - The company has submitted registration applications for several BCI products, covering various therapeutic modes and applications, including cognitive training and sleep monitoring [1]. Group 2: Market Expansion and Product Development - The BCI project has been introduced to over 500 medical institutions, with plans to expand to over 700 by the Chinese New Year and over 1,000 top-tier hospitals by next year [2]. - The company aims to develop a comprehensive product matrix for BCI, with numerous new products expected to launch by 2026, enhancing its market presence [2]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 537 million CNY, a 6% year-on-year increase, while net profit decreased by 40.09% to approximately 43.98 million CNY [4]. - Over 60% of the company's R&D investment is directed towards BCI-related projects, with successful registrations for EEG devices [4]. Group 4: Market Position and Future Outlook - The company has established a strong position in the BCI field with a multi-faceted approach in technology, products, and market channels, which is expected to accelerate product commercialization as regulatory and market conditions mature [2][3]. - The company has confirmed that there are no significant undisclosed events affecting stock price fluctuations, ensuring transparency in its operations [5].

Core Viewpoint - The article emphasizes the significance of private equity fund research activities as a predictive signal for future market trends, especially as the private equity industry in China is projected to exceed 22 trillion yuan by 2025, reflecting macroeconomic recovery and structural transformation [2]. Group 1: Private Equity Research Activities - In 2025, a total of 4,527 private equity institutions conducted research on 4,611 A-share listed companies, with the top five companies being Crystal Optoelectronics, Zhongkong Technology, Huichuan Technology, Huaqin Technology, and Nine Company-WD [2]. - The article highlights the active research frequency of leading private equity firms such as Gao Yi, Dan Shui Quan, and Jing Lin, particularly in December, as they prepare for future investments [2]. Group 2: Performance of Companies Under Research - The top 20 A-share companies by the number of private equity research visits include Crystal Optoelectronics with 340 visits and a 2025 price increase of 14.65%, and Huichuan Technology with 314 visits and a 29.41% increase [6]. - The average stock price increase for companies researched in December 2025 was 12.67%, with notable performers like Xiangyu Medical and Boying Special Welding achieving increases of 86.39% and 42.97%, respectively [11]. Group 3: Notable Private Equity Firms - Gao Yi Asset conducted 515 research visits covering 305 listed companies in 2025, maintaining a high level of research activity [9]. - Dan Shui Quan completed 430 research visits covering 306 companies, with an average stock price increase of 13.90% since December 2025, highlighting significant gains for companies like Guanglian Aviation and Yongding Co., which saw increases of 105.10% and 59.44% [15][16]. - Jing Lin Asset conducted 222 research visits covering 162 companies, with an average stock price increase of 11.83% since December 2025, led by companies like Pulit and Zhongfu Shenying, which increased by 52.96% and 30.18% respectively [17].

Core Viewpoint - Weisi Medical (688580) has experienced significant stock price movement, with a closing price of 69.7 yuan on January 6, 2026, marking a 20.01% increase and achieving a consecutive two-day limit-up [1]. Group 1: Trading Information - On January 6, 2026, the net inflow of main funds was 8.11 million yuan, indicating increased attention from institutional investors [3][6]. - The stock was listed on the "Dragon and Tiger List" due to its price increase deviation reaching 15% and a cumulative increase of 30% over three trading days [4][6]. Group 2: Company Announcements - Weisi Medical announced that its stock price had deviated significantly, with a cumulative increase exceeding 30% over three consecutive trading days, but confirmed that there were no undisclosed major issues and that operations remain normal [5]. - The company focuses on rehabilitation medical devices, with its brain-computer interface products still in the early stages of market cultivation and contributing limited revenue [5][6]. - For the first three quarters of 2025, Weisi Medical reported a revenue of 326 million yuan, representing a year-on-year growth of 11.58%, and a net profit attributable to shareholders of 102 million yuan, reflecting a year-on-year increase of 30.68% [5][6].

Summary of Xiangyu Medical Conference Call Company Overview - **Company**: Xiangyu Medical - **Industry**: Rehabilitation Medical Devices, Brain-Computer Interface (BCI) Key Points and Arguments R&D Investment and Focus - Approximately **60%** of R&D expenses in the first three quarters were allocated to the brain-computer interface (BCI) sector, involving collaboration across **20+** departments to enhance technology and product iterations [2][5] - The company has established a **brain science laboratory** and developed five major technology platforms, leading to the launch of **14** BCI rehabilitation devices, with plans to introduce nearly **30** more products by the upcoming Spring Festival [3][9] Clinical and Market Development - BCI products have been introduced to over **500** top clinical institutions in China, receiving positive feedback [3] - The company is actively pursuing product certification and clinical promotion, collaborating with local health authorities to expedite registration processes [2][6] - The establishment of demonstration wards in collaboration with hospitals is aimed at promoting clinical research and accumulating data [7][8] Commercialization Strategy - The pricing for BCI-related devices ranges from **300,000 to 500,000** yuan, primarily targeting **tertiary hospitals** with substantial research funding [19] - The company aims for a **20%** growth target, leveraging BCI products and expanding into home care and overseas markets to achieve clearer data-driven goals [4][18] Future Revenue Expectations - Current revenue contribution is projected to be less than **10 million yuan** for 2025, with a target to exceed **100 million yuan** in 2026 as more products gain certification and market traction [16][9] - The anticipated revenue from BCI technology is expected to grow significantly, with a sales growth rate potentially exceeding **20% to 30%** over the next **3 to 5 years** [22] Regulatory and Competitive Landscape - The company is compliant with national regulations for BCI product classification, with ongoing efforts to ensure rapid approval of integrated devices [11][20] - Xiangyu Medical has filed over **20** invention patents and **40** utility model patents, establishing a strong competitive barrier in the BCI sector [21] Impact of Healthcare Policies - Current healthcare policies are supportive of the BCI industry, with various regions implementing specific reimbursement policies to facilitate innovation [23] Market Trends and Opportunities - The aging population and increasing demand for rehabilitation services are expected to drive market growth, with a focus on expanding into home care and international markets [17][22] - The company is also exploring the medical robotics market, with plans to introduce more products that integrate BCI technology [24][25] Additional Important Insights - The BCI technology is seen as a transformative force in rehabilitation, potentially replacing traditional methods and expanding the market size significantly [22] - The company emphasizes the importance of data accumulation and algorithm optimization to maintain a leading position in the industry [9][12]