中新网上海10月5日电 索诺瓦集团中国区总经理方芳5日在此间接受中新网记者专访时表示，索诺瓦集 团希望加速在中国引入新产品，尽可能与全球同步；加速前沿产品的国产化落地；同时，加速在中国全 听力领域的临床研究和探索。 "索诺瓦集团不仅希望将最先进的技术和产品引入中国，也希望用在华获得的研发成果反哺全球。"她 说，"我们希望借助中国临床研究团队的智慧，研发出适应中国市场需求的产品。" 芳芳认为，在中国，听力健康的意识远远落后于视力健康的意识。吴佩娜亦表示，在临床上，老人对耳 聋有很多误解。有的老人听损已达到重度、极重度，家人和他说话像吵架一样大声。老人却觉得自己还 可以听到声音，就认为没有聋。据了解，既往，全国只有几个领先的耳鼻喉科中心可以开展人工耳蜗植 入手术。现在，全国有更多医院开展人工耳蜗的植入。这需要更多医生具备扎实的操作技能。 "对于成年人，我们希望其植入人工耳蜗后获得良好的听力效果。这除了电极的选择，还需要医生的高 水平操作。"吴佩娜直言，一些曾体验过美妙声音的成年人会对人工耳蜗植入后的效果有更高期待。因 此，在完成人工耳蜗手术时，尤其在植入电极过程中，医生需要更精细、更规范的操作。 "目前人工耳蜗植 ...

清华大学无障碍发展研究院是国内高校中引领无障碍领域发展的跨学科研究机构，长期致力于通过科技 创新推动社会包容。研究院不仅聚焦于无障碍环境规划与设计，还积极拓展信息无障碍、社会认知无障 碍等前沿方向，持续推动校园无障碍建设， 并助力《无障碍环境建设法》立法进程。本次歌唱展演正 是其"科技助残"理念的一次生动实践。 清华大学无障碍发展研究院院长邵磊在活动中表示："我们长期致力于推动'科技助残'从理念层面走向 实践落地。此次歌唱展演不仅生动呈现了听损朋友们享受和表达艺术的权利和热情，更深刻体现出科技 在赋能每个人、共建无障碍包容社会方面的重要意义。我们由衷感谢索诺瓦集团多年来持续的支持，正 是这样的合作让我们能够共同助力听损人士跨越沟通障碍，实现更深层次的社会融入。" 邵磊进一步强调："21世纪是科技驱动社会深刻变革的世纪。而当我们谈论科技与福祉时，有一个领域 值得特别关注，那就是听力健康——它相对容易被社会所忽视，但在人口快速老龄化的今天，其重要性 愈发凸显。数字技术、生命科学等前沿领域的突破，都必然直面"人的尊严"这一根本命题，并以提升全 社会成员的福祉为终极目标。因此，科技创新不能仅停留在实验室阶段，更需要推 ...

Summary of the Conference Call for Meihua Medical Industry and Company Overview - **Company**: Meihua Medical - **Industry**: Medical Devices, specifically focusing on home respiratory devices, cochlear implants, blood glucose management products, and robotics Key Points and Arguments 1. **Home Respiratory Device Business**: - Short-term decline due to factory relocation, expected recovery in Q4 with increased customer inventory replenishment needs [2][3][4] - Current six-month orders and forecasts aim to meet annual targets [5] 2. **Cochlear Implant Business**: - Recovery from previous disruptions caused by rare earth material controls, with normal shipments expected to resume in the second half of the year [2][6] - Anticipated positive impact on overall performance [2] 3. **Blood Glucose Management Products**: - Stable production of insulin pens and new orders for weight loss pens expected to start deliveries in Q1 2026 [7] - Continuous growth in Continuous Glucose Monitoring (CGM) products, with bulk deliveries starting in Q2 and further expansion planned for 2026 [7] 4. **Tariff Impact Mitigation**: - Partial production capacity has been relocated to Malaysia to address tariff impacts and meet domestic and international market demands [8] - Collaboration with overseas clients, including Johnson & Johnson, to enter the domestic market [8] 5. **Shareholder Concerns**: - No significant share reduction risk as the controlling shareholder and employee stock platform have no plans to sell shares until the end of the year [9] 6. **Profitability Metrics**: - Decline in net profit margin at the Huizhou subsidiary reflects an overall decrease in gross margin, primarily due to short-term factors affecting core businesses [10] - Expected recovery in overall performance as these factors dissipate and emerging businesses grow [10] 7. **Gross Margin Decline**: - The decrease in gross margin attributed to increased costs from capacity adjustments and rising operational expenses [11] 8. **Production Capacity and Supply Chain**: - Completion of the relocation of respiratory device component production, with 20%-30% capacity retained domestically and 70%-80% supplied from overseas [12] - New production capacity planning based on customer orders and automation requirements [17] 9. **Brain-Computer Interface (BCI) Development**: - Ongoing research and development in BCI technology based on cochlear implant expertise, with collaborations for invasive electrode development [18][19] - Current projects are in early R&D stages, with no defined commercialization timeline yet [22] 10. **Robotics Business Exploration**: - Focus on lightweight components, micro-motors, and flexible skin sensor technology for robotics applications [27] - Development of proprietary sensor technologies to enhance product offerings [28][29] 11. **Market Positioning**: - Meihua Medical holds approximately 70% of the global cochlear implant market, making it a preferred partner for clients [24] - The company’s experience in long-term implant safety enhances its attractiveness to both domestic and international clients [24] 12. **Future Revenue Projections**: - Shift in revenue structure anticipated, with increased focus on larger market segments such as insulin pens and CGM products [32] - The company aims to balance its revenue sources between traditional and emerging product lines [32] 13. **Cochlear Implant Market Growth**: - Despite a slow overall market growth rate of 5-6%, Meihua Medical expects to achieve a growth rate of around 15% due to stable replacement demand [36] 14. **CGM Business Outlook**: - Positive future outlook for CGM business with plans for factory expansion in Malaysia and stable pricing models that mitigate the impact of terminal price fluctuations [39] Additional Important Information - The company is actively exploring new product developments and collaborations to enhance its market presence and technological capabilities across various medical device sectors [28][30] - The strategic focus on R&D and innovation is expected to drive long-term growth and profitability [31]

8月，秦皇湖中央的成都世运会主火炬余温犹在；9月，金熊猫奖的璀璨光影点亮夜空。 伊朗副总统阿夫辛、乌兹别克斯坦第一副总理拉马托夫、阿塞拜疆副总理穆斯塔法耶夫也怀揣期盼 而来。拉马托夫专程参访通威太阳能研发中心，直言"乌兹别克斯坦阳光资源丰富，与四川光伏合作前 景广阔"。越南国会副主席陈光方参观东方电气集团，盛赞其装备为越南能源安全提供可靠保障，期待 深化可再生能源合作。此前，东方电气已在越南拿下多个风电订单，在老挝执行8个能源项目，南芒河1 号电站入选"小而美"合作案例。 9月，巴基斯坦总统扎尔达里从成都乘坐高铁前往绵阳，亲身体验"中国速度"；老挝国会副主席坎 贝·丹腊漫步春熙路，感受城市生活的便利。两人在金熊猫国际文化论坛上表达同样赞赏：四川既保持 了文化底蕴，又展现现代化成就，令人惊叹。 织密网络，4条通道布局通达未来 从116个国家和地区近4000名运动员的激情角逐，到126个国家和地区5343部作品的思想交锋，竞 技、交流、互鉴，共同绘就一幅文明交流的绚丽画卷。 2025年夏天，中国绽放独特魅力，四川尽显别样风采。从东南亚的热带雨林到中东欧的多瑙河畔， 从南太平洋的碧海蓝天到中亚的辽阔草原，天府之国以 ...

□马宁 四川日报全媒体记者 张立东 8月，秦皇湖中央的成都世运会主火炬余温犹在；9月，金熊猫奖的璀璨光影点亮夜空。 从116个国家和地区近4000名运动员的激情角逐，到126个国家和地区5343部作品的思想交锋，竞 技、交流、互鉴，共同绘就一幅文明交流的绚丽画卷。 2025年夏天，中国绽放独特魅力，四川尽显别样风采。从东南亚的热带雨林到中东欧的多瑙河 畔，从南太平洋的碧海蓝天到中亚的辽阔草原，天府之国以崭新的开放之姿迎接全球宾客。 盛会连台，多国政要频频访川 时间回到5月，四川引力场已现端倪。境内外3000余家企业带着最新科技产品等齐聚成都，第二十 届中国西部国际博览会盛况再现。 作为西博会主宾国代表，老挝副总理吉乔·凯坎皮吞率团访川。在国家成都农业科技中心，他盯着 无人植物工厂垂直种植技术，感叹"老挝需要这样的创新科技"。同期，另一主宾国匈牙利的国会 常务副主席玛特劳伊也率团前来，为匈牙利国家馆揭幕；会后与瓦努阿图副总理科纳坡共访都江 堰、青城山，称赞四川文化遗产保护"值得借鉴"。 随后，第二届"一带一路"科技交流大会在川举办。塞尔维亚国民议会副议长拉古什专程参会，向 与会嘉宾推介塞尔维亚的投资环境，并赴成 ...

Core Viewpoint - The article emphasizes the importance of brain-computer interface (BCI) technology as a key direction for cultivating future industrial sectors in China, highlighting the recent implementation of policies to promote innovation and development in this field [1][3]. Industry Development - The Ministry of Industry and Information Technology and six other departments have issued the "Implementation Opinions" to guide the high-quality development of the BCI industry in China, aiming to overcome technical bottlenecks and improve the industrial ecosystem [3][4]. - The BCI technology is positioned as a critical force for future industrial development, with China making significant progress in this area, although challenges such as core technology limitations and an incomplete industrial ecosystem remain [3][5]. Key Tasks and Focus Areas - The "Implementation Opinions" outline five key tasks and 14 specific initiatives to enhance innovation capabilities in the BCI industry, focusing on the development of foundational hardware and software, high-performance products, and the application of technological achievements [5][6]. - The document emphasizes the need for breakthroughs in signal acquisition, processing, and application across the entire value chain, including advancements in sensor components and chip technology [5][8]. Technological Innovations - The article discusses the integration of various technologies, such as light, magnetic, and ultrasound, to enhance the performance of non-invasive electrodes and improve the adaptability of implanted electrodes in different brain regions [1][5]. - It highlights the importance of developing high-density integrated devices and optimizing existing products like deep brain stimulators and cochlear implants for better clinical applicability [6][9]. Application and Market Expansion - The BCI technology is expected to create new pathways for public services, particularly in providing precise rehabilitation solutions for disabled individuals and patients with neurological disorders, thereby enhancing quality of life [4][10]. - The article outlines targeted engineering projects aimed at addressing core bottlenecks in the industry, including the development of portable and wearable health monitoring devices and applications in various fields such as industrial manufacturing and healthcare [9][10].

丨证券研究报告丨 公司研究丨点评报告丨美好医疗（301363.SZ） [Table_Title] 短期业绩影响波动较大，新业务进展顺利 报告要点 [Table_Summary] 2025 年上半年业绩符合预期，基石业务短期有所波动。2025 年上半年公司收入 7.33 亿元，其 中家用呼吸机组件收入 4.36 亿元，同比下滑 2.76%；人工耳蜗收入 5977.01 万元，同比下滑 7.53%；其他医疗组件收入 7571.80 万元，同比增长 54.41%，主要是由于血糖新产品的放量， 其中在胰岛素笔项目上，目前可调式胰岛素注射笔已实现批量交付，供货顺畅；已与客户签订 减肥笔订单。在 CGM 产品上，2025 年二季度起公司开始批量交付 CGM 产品，后续订单有望 逐步释放。公司持续扩展新业务，在脑机接口和机器人等领域前瞻性布局。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美好医疗（301363.S ...

Core Viewpoint - The implementation of policies in Sichuan Province has significantly reduced the costs associated with cochlear implants, making them more accessible for families with hearing-impaired children [3][4]. Group 1: Policy Impact - The average cost of cochlear implants has decreased from over 200,000 yuan to around 50,000 yuan due to centralized procurement [4]. - As of June 1, 2023, cochlear implantation surgeries have been included in the basic medical insurance coverage in Sichuan Province, further lowering the treatment costs to approximately 30,000 yuan per case [4]. - A new assistance program for hearing-impaired children under 18 years old has been introduced, providing subsidies of up to 36,000 yuan per side for cochlear implants [4]. Group 2: Rehabilitation Support - Post-implantation rehabilitation training is crucial, and a tailored rehabilitation plan will be developed for each patient, with a training period of 1 to 3 months [5]. - The local government will cover rehabilitation training costs for eligible children through the disability assistance program [5]. - There is a need for community rehabilitation stations and technology integration, such as AI voice coaches, to enhance accessibility and effectiveness of rehabilitation services [6].

Core Insights - The company reported a revenue of 730 million yuan (+3.7%) and a net profit attributable to shareholders of 110 million yuan (-32.4%) for the first half of 2025, with Q2 revenue at 440 million yuan (+2.9%) and net profit at 60 million yuan (-43.8%), indicating short-term pressure from tariffs and a slowdown in order delivery [1] - The company's core businesses, home respiratory device components and cochlear implants, are expected to improve in the second half of 2025 after experiencing inventory destocking in 2023, with H1 2025 revenues of 440 million yuan and 60 million yuan, reflecting year-on-year declines of -2.8% and -7.5% respectively [1] - New business segments are entering a growth phase, particularly in blood glucose management, cardiovascular, and IVD sectors, with rapid progress in blood glucose management expected to contribute to revenue growth in 2025 [1] - A new stock incentive plan was launched in April 2025 for 304 core employees, with a target compound annual growth rate of 25% for revenue or profit from 2025 to 2027, reflecting the company's confidence in long-term stable development [2] - Revenue projections for 2025-2027 are estimated at 1.9 billion yuan, 2.4 billion yuan, and 2.9 billion yuan, with net profits of 500 million yuan, 500 million yuan, and 700 million yuan respectively, indicating a positive outlook for the company's new business segments [2]

Summary of the Conference Call for Meihao Medical Company Overview - **Company**: Meihao Medical - **Industry**: Medical Devices and Healthcare Key Points and Arguments Strategic Investments and Financial Performance - Meihao Medical is strategically investing in disease prevention and in vitro diagnostics, which is putting short-term financial pressure on the company but is expected to enhance long-term competitiveness [2][3] - The adjusted net profit decreased by 25.46% year-on-year to 126 million yuan, reflecting challenges during the transformation period [2][3] Business Segment Performance - The home respiratory machine and cochlear implant businesses experienced slight declines due to tariff wars and rare earth regulations, while the home and consumer electronics components business grew by 35.69% [2][4] - Other medical product components saw a significant increase of 54.41%, indicating progress in business diversification [2][5] Global Trade and Supply Chain Strategies - The company is actively responding to changes in the global trade landscape by implementing strategies such as global supply chain layout, talent development, technology capability enhancement, and digital platform construction [2][6] - Meihao Medical's cash flow is sufficient, and there may be further acquisition plans to enhance market competitiveness and expand business areas [2][8] Production Capacity and Future Plans - The third phase of the production base in Malaysia is expected to be completed and operational by the end of 2025, with capacity planning adjusted according to customer orders [2][7][9] - The company plans to invest 80 million USD in the third phase, aiming to match domestic capacity and focusing on high-growth, high-tech barrier segments such as cardiovascular and blood glucose management [2][9][10] M&A Strategy - Meihao Medical's M&A strategy focuses on high-growth, high-tech barrier segments, considering factors such as customers, technology, talent, and geographical location [2][10] - The company has established a strategic and investment department to enhance its international perspective and resource integration capabilities [2][10] Product Development and Market Position - The insulin pen market is maturing, with the company achieving significant sales and preparing for future deliveries [2][13] - In the GLP-1 drug sector, the company has developed three main types of injection pens, with technology solutions now mature [2][14] Challenges and Competitive Landscape - The company faces intense price competition in the blood glucose sector, which may impact profit margins, but it aims to optimize cost structures and improve production efficiency [2][15] - The CGM (Continuous Glucose Monitoring) business has seen significant growth, with expectations for further market disclosure as customer progress continues [2][16][17] R&D and Future Growth - R&D expenses account for approximately 9% of revenue, with plans to maintain this level to support future growth [2][36] - The company aims to expand its international supply chain advantages and introduce new products to create a second growth curve [2][37] Stock and Shareholder Management - Meihao Medical is preparing for a significant unlock of shares in October 2025, with expectations that the impact of potential sell-offs will be limited due to the structure of its shareholder base [2][20] Conclusion - Meihao Medical is navigating a complex landscape of strategic investments, market challenges, and growth opportunities, with a focus on long-term sustainability and competitiveness in the medical device industry [2][37]