Q&A 美好医疗的基石业务和新业务有哪些主要产品？它们的市场表现如何？ 美好医疗的基石业务包括家用呼吸机组件和人工耳蜗组件。公司是全球家用呼 吸机领域头部客户瑞斯麦的最大供应商，同时也是人工耳蜗领域龙头企业科利 耳的重要供应商。这些传统基石业务预计将保持稳健增长。此外，新业务方面， 血糖管理产品发展迅速，包括传统降糖笔、减肥笔以及 CGM（连续血糖监测） 设备。公司在心血管和 IVD（体外诊断）领域也有布局，这些新兴板块预计将 在未来持续兑现增长潜力。 美好医疗在脑机接口领域的布局情况如何？ 美好医疗 20260105 摘要 美好医疗传统业务如人工耳蜗和呼吸机业务保持稳健增长，同时积极拓 展血糖管理产品线，包括降糖笔、减肥笔和 CGM 设备，心血管和 IVD 领域的新兴业务预计将贡献未来增长。 公司在脑机接口领域已有多元化布局，并已产生小规模销售收入。凭借 在人工耳蜗植入体方面的经验和严格的品质管控，成为下游客户的重要 合作伙伴，尤其是在侵入式脑机接口领域。 美好医疗提供多种类型的侵入式脑机接口产品，产品形态与人工耳蜗相 似，包含电池以支持高带宽信息处理。公司将继续发挥精密制造、品质 管控和自动化生产等核心竞 ...

美好医疗 20251225 公司在新兴的动态连续血糖监测仪（CGM）市场中，下游客户包括硅基、 微泰、鱼跃等知名厂商，预计该业务将在 2026 年实现显著增长，为公 司带来新的增长动力。 美好医疗布局脑机接口和人形机器人等前沿科技领域，与脑机接口公司 合作，实现高绑定作用，有望受益于相关技术的商业化进程，并利用现 有技术优势实现业务拓展。 美好医疗的收入结构和增长情况如何？ 美好医疗 85%以上的收入来自境外市场，主要集中在新加坡和澳大利亚，这与 其呼吸机组件需要发往这些地区的大客户组装厂有关。国内市场相对稳定，占 比约 13%。从产品种类来看，家用呼吸机组件占比呈下降趋势，公司积极拓展 心血管、IVD 及骨科等其他医疗组件业务，以增加收入多元化。 2018 年至 2024 年间，美好医疗收入端复合增速约为 18%，归母净利润端复合增速约为 8%。尽管近两年因费用投放及销售净利润下滑导致利润增速低于收入增速，但 2025 年三季度数据显示，公司毛利率和净利润已回升至历史平均水平，有望 在 2026 年进一步改善盈利质量。 摘要 美好医疗在家用呼吸机组件、人工耳蜗组件和糖尿病器械领域拥有稳固 的业务基础，尤其在 ...

美好医疗 20151223 摘要 美好医疗以医疗器械 CDMO 业务为主，战略方向包括血糖监测、IVD、 心血管及骨科等领域，并积极布局脑机接口和人形机器人等新兴业务。 公司利用在人工耳蜗组件制造方面的技术积累，延伸至脑机接口植入体 制造与代工，已取得一定规模收入，并计划在非侵入式、半侵入式及侵 入式脑机接口领域全面发力。 美好医疗具备全产业链精密制造能力，包括 NPI 开发、模具制造、注塑 和挤出工具生产，以及自主开发自动化设备的能力，并通过国际体系认 证及市场准入认证，确保产品质量。 公司研发投入占总营收的 9%左右，脑机接口产品研发主要集中在人工 耳蜗技术的转产和量产，人工耳蜗植入体毛利率在 60%-70%之间，脑 机接口产品参考此毛利水平。 美好医疗在材料学及生物相容性处理方面具有优势，是全球最大的人工 耳蜗上游供应商之一，并与海外头部企业（如 Neuralink）展开技术探 讨，未来或有合作机会。 Q&A 请介绍一下美好医疗的业务布局和发展方向。 美好医疗是一家专注于医疗器械的 CDMO 企业，业务主要分为三大板块。第一 是传统业务，包括呼吸机组件和人工耳蜗组件，这些产品的客户都是全球细分 领域的龙 ...

美好医疗在互动易平台回复投资者提问时表示，目前，侵入式脑机接口产品在植入材料选择、生物相容 性、自供电技术等关键领域与人工耳蜗高度相通。公司在脑机接口业务领域有着长期业务布局。具体来 看，在侵入式脑机接口领域，持续提升植入体组件的长期稳定性与生物相容性，推进材料安全性及排异 反应等方面的测试与优化，提供具备长期植入性、低排异、可量产、高可靠性的产品解决方案，并为非 植入组件提供集成化、小型化、便携式的产品研发制造支持。在半侵入式脑机接口领域，提供长期植入 产品方案，并配套相关手术辅助器械与耗材。在非侵入式脑机接口领域，提供小型化、便携性强、质量 稳定的产品组件与耗材。 美好医疗(301363)12月10日在互动易平台表示，公司已进入侵入式脑机接口产品的核心供应链，正与下 游脑机接口客户深入开展产品合作，协助客户实现从实验室研发到批量出货的高效商业化转化，目前已 产生小规模销售收入。未来将紧密追踪产业发展需求，全品类布局非侵入式、半侵入式、侵入式脑机接 口产品的核心供应链。 脑机接口产品的成熟度和应用场景随着下游客户产品的成熟和完善性能不断提高。美好医疗表示，公司 正与下游脑机接口客户深入开展产品合作，协助客户 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [8][13]. Core Insights - The company reported a revenue of 1.194 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.28%. However, the net profit attributable to the parent company was 208 million yuan, reflecting a year-on-year decline of 19.25% [3][4]. - The gross margin for the third quarter of 2025 was 42.24%, showing a year-on-year decrease of 0.73 percentage points but a quarter-on-quarter increase of 5.91 percentage points. The net margin was 20.34%, with a year-on-year increase of 0.64 percentage points and a quarter-on-quarter increase of 6.06 percentage points, indicating improved profitability [4]. - The company is actively collaborating with clients in the brain-computer interface (BCI) sector, leveraging its competitive advantages in invasive BCI CDMO. The company is a strategic partner and core supplier for a leading global cochlear implant manufacturer, focusing on the development and production of cochlear implant components [4][5]. - The company has also made strides in the humanoid robotics sector, with plans to develop products utilizing its expertise in PEEK materials and small motor components. Initial products have already been supplied to domestic and international clients in the surgical robotics field [5]. Financial Forecast - Revenue projections for 2025 to 2027 are 1.730 billion yuan, 2.164 billion yuan, and 2.662 billion yuan, with year-on-year growth rates of 8.50%, 25.10%, and 23.03%, respectively. Net profit attributable to the parent company is forecasted to be 370 million yuan, 478 million yuan, and 608 million yuan for the same period, with corresponding growth rates of 1.69%, 29.32%, and 27.14% [6][9]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 32.28, 24.96, and 19.63, respectively [6][9].

Core Insights - The company, Meihao Medical, reported growth in both revenue and net profit for the third quarter of this year, highlighting its strategic expansion from cochlear implant technology into the brain-computer interface (BCI) sector [1][2] Group 1: Financial Performance - For the first three quarters of the year, Meihao Medical achieved revenue of 1.194 billion yuan, representing a year-on-year increase of 3.28% [2] - In the third quarter, the company recorded revenue of 462 million yuan, up 2.56% year-on-year, and a net profit of 93.9 million yuan, which is a 5.89% increase compared to the same period last year [2] Group 2: Strategic Positioning - Meihao Medical is a leading global player in cochlear implants and has established itself as a strategic partner and core supplier in this field, focusing on the research and production of cochlear implant components [1] - The company possesses extensive experience in key areas such as implant material selection, biocompatibility, and self-powering technology, which are crucial for invasive BCI products [1] - Meihao Medical is actively collaborating with downstream BCI clients to facilitate efficient commercialization from experimental research to mass production [1][2] Group 3: Product Development - In the invasive BCI sector, the company aims to enhance the long-term stability and biocompatibility of implant components while optimizing material safety and rejection response [2] - Meihao Medical is also developing integrated, miniaturized, and portable product solutions for non-implant components, alongside providing long-term implant product solutions and related surgical assistance tools in the semi-invasive BCI field [2]

Core Viewpoints - The company has shown performance improvement with stable overseas capacity construction, achieving revenue of 1.19 billion yuan in the first three quarters of 2025 (up 3.3% year-on-year) and a net profit attributable to shareholders of 210 million yuan (down 19.3% year-on-year) [1] - In Q3 2025, the company reported revenue of 460 million yuan (up 5.6% quarter-on-quarter) and a net profit of 90 million yuan (up 50.4% quarter-on-quarter), indicating a positive trend [1] - The company is constructing a third industrial base in Malaysia to enhance supply chain stability amid geopolitical tensions, which may affect the order delivery pace but has shown sequential improvement in quarterly performance [1] Business Development - The respiratory machine business is developing steadily, with a strategic partnership established with a leading global home respiratory machine company, leading to stable growth in business scale [1] - The company is actively developing new businesses, including adjustable insulin pens, energy pens, and PFS pens, with mass delivery of adjustable insulin pens already achieved and weight loss pen orders successfully signed for delivery next year [1] - The Continuous Glucose Monitoring (CGM) business has entered mass delivery phase since Q2 2025, with plans to expand new customers and gradually increase production capacity [1] Frontier Fields - The company is exploring brain-machine interface and robotics sectors, focusing on cochlear implants as a key application area for brain-machine interfaces, and is collaborating with downstream clients for commercial transformation [2] - The company is also actively entering the humanoid robot field, leveraging its technical expertise in PEEK materials and small motor components, and has initiated product technology layout and client engagement [2] Profit Forecast and Investment Recommendations - Based on the Q3 2025 report, the company has adjusted revenue forecasts downward while raising gross margin forecasts, predicting net profits attributable to shareholders of 390 million, 460 million, and 540 million yuan for 2025-2027 [3] - The company maintains strong competitiveness in respiratory machines and cochlear implants, with a continuously rich product pipeline and ongoing development of new businesses and clients, indicating broad long-term potential [3] - The company is assigned a target price of 24.48 yuan based on a 36x price-to-earnings ratio for 2025, maintaining a "buy" rating [3]

Financial Performance - In Q3 2025, the company achieved a revenue of 4.62 billion CNY, a year-on-year increase of 2.56% [2] - The net profit attributable to shareholders was 93.90 million CNY, with a year-on-year growth of 5.89% [2] - For the first three quarters of 2025, total revenue reached 1.194 billion CNY, up 3.28% year-on-year [2] - The net profit attributable to shareholders decreased by 19.42% to 208 million CNY [2] Business Development Plans - In the invasive brain-machine interface sector, the focus is on enhancing the long-term stability and biocompatibility of implantable components [3] - In the semi-invasive brain-machine interface area, the company aims to provide long-term implant products along with necessary surgical tools and consumables [3] - In the non-invasive brain-machine interface field, the goal is to develop compact, portable, and stable product components [3] Competitive Advantages - The company has established a quality management system for long-term implant products that meets FDA, EU, and Chinese regulatory standards [4] - It possesses experience in the commercialization of implantable materials such as titanium alloy and PEEK, providing support for material selection and manufacturing processes [4] - A complete precision manufacturing system is in place, including capabilities in micro-injection molding and micro-processing [4] Key Business Segments - The home respiratory machine segment has a stable growth trajectory, supported by a strategic partnership with a leading global company [5] - The adjustable insulin injection pen has achieved mass delivery, with ongoing development for a weight-loss pen expected to launch next year [6] - Continuous advancements in CGM technology are being made, with products entering a stable ramp-up phase [6] Robotics Business Development - The company is actively pursuing opportunities in humanoid robotics and surgical robotics, leveraging its expertise in materials and components [8] - Initial products have been supplied to domestic and international clients in the surgical robotics sector [8]

Core Viewpoint - The company reported a slight decline in revenue from home respiratory device components and cochlear implant components for the first half of 2025, while showing significant growth in new business areas [1] Group 1: Revenue Performance - Revenue from home and consumer electronics components increased by 35.69% year-on-year [1] - Revenue from other medical product components grew by 54.41% year-on-year [1] Group 2: Strategic Initiatives - The company plans to continue systematic advancement in technology, business expansion, and talent development to establish a solid foundation for long-term high-quality sustainable growth [1]

Group 1 - The core viewpoint of the article highlights that Meihao Medical's H1 2025 net profit attributable to the parent company is 110 million yuan, a year-on-year decrease of 32.4% [1] - The company's core business revenue from home respiratory machine components is 440 million yuan, down 2.8% year-on-year, while revenue from cochlear implant components is 60 million yuan, down 7.5% year-on-year [1] - The underperformance is attributed to geopolitical tensions affecting the construction and production timeline of the company's Malaysian Phase III industrial base, impacting the delivery rhythm of core business orders [1] Group 2 - Despite the short-term challenges, the company has strong respiratory and cochlear implant businesses, with a continuously enriching product pipeline and ongoing development of new businesses and customers, indicating broad long-term potential [1] - Based on comparable companies' average valuation for 2025, the company is given a 36 times price-to-earnings ratio, corresponding to a target price of 24.48 yuan, maintaining a "buy" rating [1]