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]