在倍益康产品展厅内，一台正在演示的六轴艾灸机器人正无声运行，机械臂精准复现着传统灸法手法。 几步之外，可供双人使用的微压氧舱、扫码即用的共享制氧机，与展架上琳琅满目的小型筋膜枪、气压 恢复靴等产品，共同构成一幅"专业医疗"与"健康消费"交融共生的场景。 在康复医疗市场持续成长的背景下，倍益康这家拥有近三十年技术积累的公司，正通过双轮驱动的路 径，探索专业与消费深度融合的发展模式。 构筑双重护城河：专业的深度与消费的广度 "倍益康的核心优势，在于同时深耕两个板块：一端是要求严格的专业医疗，另一端是追求体验感的健 康消费。"倍益康董事长张文介绍。 这一战略布局的背后，是一个持续增长的市场。智研咨询发布的行业报告显示，2024年我国康复器械市 场规模为714.6亿元，其中康复理疗设备占据最大市场份额。对此，倍益康在专业与消费两侧构建了差 异化的竞争壁垒。 "在专业医疗领域，相关需求早已超越单一设备，转向整体解决方案。"张文介绍，公司构建了覆盖电 疗、力疗、氧疗、磁疗、热疗、光疗及生物反馈疗法等物理因子治疗领域的技术矩阵。截至2025年9 月，公司拥有境内外专利800余项，构成了其专业领域深厚的技术护城河。 近年来， ...

2025首届医工结合创新大会11月30在北京举行，会议由中国指挥与控制学会（CICC）主办，CICC 医工结合专业委员会等单位联合承办。大会以"医工源头创新，智创健康未来"为主题，不仅汇聚众医工 结合领域的知名专家分享前沿成果，更以"医工结合开放空间・源头创新对接沙龙"打破传统学术会议范 式，推动医工融合从"观点交流"向"行动落地"。 作为2025首届医工结合创新大会的重要配套环节，"医工结合开放空间·源头创新对接沙龙"以"自组 织、去中心化、需求导向"为核心模式，打破传统会议"专家主讲、听众被动参与"的局限。来自临床机 构、工科院校、医疗企业的代表围绕智能医疗装备、AI药物研发、康复器械创新等方向自主提出议 题，现场组队展开针对性讨论，实时对接医疗场景、核心技术、产业资源。有效打通"临床需求提出、 工科技术响应、产业资源落地"的闭环，为医工结合从"学术探讨"转向"源头性突破"提供了精准对接载 体，也为后续专项合作推进奠定基础。沙龙最终促成38项实质性合作意向。 此次大会作为首届医工结合创新盛会，不仅凝聚了"医工融合是健康中国必由之路"的行业共识，更 明确了"临床需求牵引、中医药差异化突破、机制人才保障"的实 ...

县计县策 内黄县坚定走科技强县、产业兴县之路，聚焦陶瓷、康复器械、农机三大产业集群，陶瓷靠智能+绿色 转型，康复器械凭全链+平台立标杆，农机以集群+配套育增长极，推动企业高端化、智能化发展，打 造高质量发展县域样板与中原先进制造业基地。 总投资30亿元的农机产业园快速起势。星光农机组装大型联合收割机、雨丰农机生产新型播种机等项目 投产后可年产拖拉机5万台。与此同时，大野机械制造的农机部件等配套产品相继投产，园区内形成 了"主机+配套"的完整产业生态。 锚定高质量发展航向，新质生产力正成为县域经济跃升的核心引擎。"党的二十届四中全会吹响了加快 高水平科技自立自强的冲锋号，省委十一届十次全会又为我们因地制宜发展新质生产力画好了施工 图。"内黄县委书记王辉表示，下一步，将紧跟战略部署、紧扣发展脉搏，以更大力度推动科技创新与 产业创新同频共振，让新质生产力在县域大地上加速成长、迸发活力。（记者 李琳 赵阿娜 通讯员 刘小 方） 责任编辑： 路娇 政策红利让企业创新底气十足。安阳贝利泰陶瓷三期车间内，全新智能生产线生产效率较传统生产线提 升了40%。今年9月，该企业智能化岩板项目投运，填补了我省大型高端岩板规模化生产的 ...

Industry Overview - Rehabilitation devices are defined as medical equipment or assistive tools used in rehabilitation to assess, train, and treat patients, helping them improve functionality and recover bodily functions or compensate for deficiencies [1] - The rehabilitation device industry can be categorized into rehabilitation medical aids, rehabilitation therapy equipment, rehabilitation training devices, and assessment instruments [1] Industry Chain Analysis - The upstream of the rehabilitation medical device industry mainly consists of raw materials and software systems, with raw materials being the core element affecting product quality and manufacturing efficiency [2] - The midstream involves the production of rehabilitation assessment instruments, training devices, therapy equipment, and other rehabilitation devices [2] - The downstream consumer segment primarily includes elderly, chronic disease, and disabled groups [2][5] Industry Development History - The Chinese rehabilitation device industry has gone through three stages: initial phase (1980-1989), transformation phase (1990-2011), and rapid growth phase (2012-present), with significant policy support and market expansion in the latter phase [7][8] Policy Background - Recent national policies have promoted high-level standardization and integration of rehabilitation devices with technologies like AI, IoT, and 5G, creating favorable conditions for high-quality industry transformation [10][11] Current Industry Status - The number of registered rehabilitation device products in China has seen explosive growth since 2019, with projections indicating 1,167 registrations by 2024 [14] - The market size for rehabilitation devices in China is expected to reach approximately 21.1 billion yuan in 2024, driven by an aging population and increasing chronic diseases [15] - Rehabilitation aids dominate the market, accounting for 82.15% of the total market size in 2024 [17] - The elderly care segment is projected to account for about 67% of the application structure in 2024 [18] Competitive Landscape - The competitive landscape of the rehabilitation device industry shows a concentration of core manufacturing enterprises in eastern coastal provinces like Jiangsu, Guangdong, and Shandong, while central and western regions focus on raw material supply [21] - The top three companies in the rehabilitation device market by share in 2024 are Kefu Medical, Yuyue Medical, and Xiangyu Medical, with market shares of 6.47%, 6.18%, and 3.51% respectively [24] Future Development Outlook - By 2030, the market size of the rehabilitation device industry is expected to exceed 47 billion yuan, driven by the aging population and increased demand for rehabilitation services [26] - The industry is predicted to grow at a compound annual growth rate (CAGR) of around 14% from 2025 to 2030 [26] Industry Trends - The rehabilitation device industry is experiencing a trend towards smart technology and product diversification, with the integration of AI, IoT, and 3D printing technologies [28] - The aging population and the rise in chronic diseases are expected to sustain the growth of rehabilitation demand, supported by favorable policies and market expansion [28]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company achieved steady revenue growth in Q3 2025, with total revenue reaching 326 million yuan, a year-on-year increase of 11.58%. The net profit attributable to shareholders was 102 million yuan, up 30.68% year-on-year [1][2]. - The company is focusing on innovation and expanding its emerging business sectors, particularly in mental health, pelvic floor, and neurological rehabilitation, while also enhancing its aesthetic medicine and urology segments [2][3]. - The company has established a comprehensive closed-loop system for neurological rehabilitation, covering diagnosis, treatment, and rehabilitation, with several products in various stages of development [3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 115 million yuan, a 14.87% increase year-on-year, and a net profit of 33 million yuan, reflecting a 14.99% growth [1][2]. - The operating cash flow increased by 33.74% year-on-year, primarily due to higher cash receipts from sales [2]. - The company’s R&D expenses were 11 million yuan, accounting for 9.76% of revenue, highlighting its commitment to innovation [2]. Profit Forecast and Valuation - The projected net profit for 2025 is 131 million yuan, with a corresponding P/E ratio of 36 times [4][3]. - The company is positioned as a leader in the magnetic-electric rehabilitation device sector, benefiting from the growing rehabilitation industry and consumer spending upgrades [3].

Core Insights - The rehabilitation equipment industry in China is rapidly growing, with the market size expected to reach approximately 714.6 billion yuan in 2024, an increase of 98.9 billion yuan from 2023 [1][6] - The largest market share within the rehabilitation equipment sector is held by rehabilitation therapy devices at 15%, followed by rehabilitation training devices at 4%, and rehabilitation assessment devices at 1% [6] - The market is projected to grow further, reaching an estimated 815 billion yuan by 2025, driven by an aging population and increasing demand for rehabilitation services [1][6] Industry Definition and Classification - Rehabilitation medical devices are defined as equipment used for the prevention, assessment, treatment, training, or compensation of functional disabilities [3] - The main categories of rehabilitation medical devices include rehabilitation aids, rehabilitation therapy devices, rehabilitation training devices, rehabilitation assessment devices, and other rehabilitation equipment [3] Current Development Status - The rehabilitation equipment market in China is predominantly composed of domestic brands, which account for 97.9% of the market, while imported brands make up about 3% [6] - The industry has seen significant expansion in both market size and application areas due to rapid economic development [6] Industry Chain - The upstream of the rehabilitation equipment industry includes raw materials and software systems, while the midstream involves the manufacturing of rehabilitation devices [8] - The downstream applications primarily serve hospitals, community rehabilitation centers, nursing homes, and other medical institutions catering to populations with functional disabilities [8] Market Environment and Policies - The Chinese government has shown strong support for the rehabilitation equipment industry through various policies aimed at promoting its development, such as the "14th Five-Year" National Health Plan and guidelines for enhancing the welfare of the elderly [11] Competitive Landscape - Major companies in the rehabilitation medical device sector include Yuyue Medical, Kefu Medical, and Xiangyu Medical, with Yuyue Medical leading the market in terms of capital and revenue [12] - The industry exhibits a tiered competitive structure, with leading companies in the first tier and several others in subsequent tiers [12] Future Trends - The rehabilitation equipment industry is expected to experience significant growth opportunities, particularly in home settings, driven by an aging population and increasing chronic disease prevalence [13] - The industry is anticipated to evolve towards high-quality development, supported by technological advancements and favorable government policies [13]

Core Viewpoint - The aging population presents both challenges and opportunities, with the development of the silver economy being a key strategy to enhance the well-being of the elderly and promote sustainable economic growth [1][8]. Policy Support - Since the 18th National Congress, China has gradually improved its policy framework to support the development of the silver economy, establishing a clear path for advancement [2]. - The "Healthy China 2030 Planning Outline" and subsequent national strategies have integrated the silver economy into health and aging policies, emphasizing the importance of a multi-level policy system [2]. - The 2024 State Council policy on the silver economy includes 26 specific measures aimed at enhancing the welfare of the elderly, marking a shift towards precise implementation [2]. Silver Economy Definition - The silver economy encompasses a wide range of economic activities related to the aging population, not limited to elder care services, but forming a complete economic system that includes production, distribution, circulation, and consumption [3]. - It consists of both established industries and emerging sectors, with significant growth in areas such as silver goods, services, finance, and real estate [3][5]. Market Dynamics - The silver economy in China has shown rapid expansion, with the overall market size exceeding 12 trillion yuan in 2023, growing at an average annual rate of over 10% from 2019 to 2023 [5]. - Key growth areas include rehabilitation medical devices, which are projected to reach a market size of 71.46 billion yuan in 2024, and the silver service industry, which saw a market size exceeding 5 trillion yuan in 2023 [5][6]. Future Trends - The silver economy is expected to evolve through "multi-dimensional integration and technological empowerment," with a focus on meeting the diverse needs of the elderly population [7]. - By 2035, the elderly population in China is projected to exceed 400 million, driving demand for high-quality products and services, particularly in the fields of rehabilitation and home care [7]. Economic Impact - The silver economy is positioned as a critical area for optimizing economic structure and fostering new growth drivers, contributing to both improved living standards for the elderly and overall economic growth [8].

Core Viewpoint - Weisi Medical's performance showed steady growth in the first half of 2025, driven by a recovery in hospital procurement demand and the expansion of new business initiatives [2][3]. Financial Performance - In the first half of 2025, Weisi Medical achieved operating revenue of 210 million yuan, a year-on-year increase of 9.85% [2]. - The net profit attributable to shareholders was 69.32 million yuan, reflecting a year-on-year growth of 39.71% [2]. - The net profit excluding non-recurring gains and losses was 63.57 million yuan, up 46.30% year-on-year [2]. - The net cash flow from operating activities reached 64.78 million yuan, marking a significant increase of 101.53% [2]. Business Development - Weisi Medical focuses on high-end rehabilitation equipment across various fields, including pelvic and postpartum rehabilitation, neurological rehabilitation, mental rehabilitation, sports rehabilitation, and pediatric rehabilitation [2]. - The company launched a new generation of physical factor platforms, enhancing the competitiveness of pelvic electrical stimulation products [2]. - Future plans include deepening efforts in women's health and exploring new demands for lifecycle management, aiming to upgrade the pelvic market towards a comprehensive solution combining "pelvic rehabilitation + light medical beauty" [2]. Strategic Initiatives - Weisi Medical is accelerating its layout in laser technology through external acquisitions, establishing a competitive edge in the urology field [3]. - The company is focusing on the medical beauty energy source market, developing innovative products such as picosecond lasers and radiofrequency devices to align with international standards [3]. - Plans to enhance market share in core businesses like pelvic, neurological, and mental rehabilitation are underway, with a focus on clinical applications for products like transcranial magnetic stimulation devices in mental health [3]. Incentive Plans - Weisi Medical introduced a stock incentive plan for 2025-2026, with revenue growth as the sole assessment criterion, targeting an 18% and 40% increase in revenue for 2025 and 2026, respectively, compared to 2024 [4][5].

Group 1 - The company currently holds 19 medical device registration certificates covering various fields such as electrotherapy, oxygen therapy, physical therapy, and thermal therapy [2] - In 2024, the company launched new products including a bio-stimulation feedback device and a portable deep muscle massager, which received "Chengdu Industrial Boutique" certification, and has opened overseas markets with a pressure massage system certified by the US FDA [2] - New products such as medium frequency therapy devices, shortwave therapy devices, interference electric therapy devices, and pelvic floor rehabilitation therapy devices have obtained medical device registration certificates by early 2025, accelerating the commercialization process of the medical segment [2] Group 2 - The company emphasizes research and innovation, having successfully launched several market-demand-driven new products since its listing, including a variable amplitude deep muscle massager that has become a market hit due to its portability and diverse features [3] - The portable pressure massage system has gained recognition for its wireless design and comprehensive functional upgrades, making it an ideal choice for home and outdoor activities, receiving global user approval at the recent trade fair [3] - The company plans to continue launching home rehabilitation products such as therapy and moxibustion robots, aiming to cover health needs throughout the entire lifecycle, with a goal of developing 7-8 new products annually to maintain its leading position in the rehabilitation equipment sector [3]