Summary of the Conference Call for Xinwei Medical Industry and Company Overview - The conference call discusses Xinwei Medical's focus on **interventional brain-machine interfaces (BMIs)**, leveraging its existing technology in the **neurovascular field**. The company aims to address complex issues such as paralysis through advanced medical devices [2][5]. Key Points and Arguments 1. **Product Development Timeline**: - Xinwei Medical plans to complete product optimization by **2025**, conduct preclinical tests and animal experiments in **2026**, and initiate non-blind clinical trials by the end of **2026** to early **2027**. The entire process to finalize reports is expected to take **two to three years** [2][10]. 2. **Market Potential**: - Approximately **1.5 to 2 million** new stroke patients are reported annually in China, with a cumulative patient population exceeding **30 million**. This presents a significant demand for rehabilitation solutions [4][18]. 3. **Technical Advantages**: - The interventional approach offers a signal acquisition strength comparable to semi-invasive methods while maintaining lower infection risks and higher safety [3][5]. The existing technology from Xinwei Medical's thrombectomy stents facilitates easier entry into this market [5]. 4. **Clinical Trial Costs**: - The estimated cost for clinical trials is around **200,000 to 300,000 RMB** per patient, with a minimum of **100 patients** required for trials [12][13]. 5. **Regulatory and Reimbursement Landscape**: - Currently, there are no clear regulations for interventional BMIs in the national medical insurance directory. However, future alignment with interventional methods is anticipated as technology matures [14]. 6. **Commercialization Strategy**: - The product will be marketed through hospitals, requiring inclusion in reimbursement directories. The pricing strategy will consider production costs and potential reimbursement to alleviate patient financial burdens [15][19]. 7. **Competitive Landscape**: - Domestic competitors include **Zhonghua Brain Machine**, while international players like **Zenko** have initiated small-scale clinical studies. However, most companies are still in early development stages [2][7]. 8. **Technical Barriers**: - Significant challenges exist in hardware design, particularly for the electrode stent and subcutaneous signal transmission systems. Xinwei Medical's experience over the past nine years provides a competitive edge in overcoming these barriers [8][9]. 9. **Future Adaptations**: - The initial focus is on stroke patients, but there is potential for expanding indications based on technological advancements and market needs [16][17]. 10. **Surgical Considerations**: - The surgical procedure is complex, positioned between interventional and surgical methods, with neurosurgery being the most suitable field for these operations [21]. Additional Important Insights - The current prototype has a high domestic production rate, with core components being locally sourced, indicating a robust domestic supply chain [11]. - The industry is still in its nascent stages, with significant time required for product validation and market introduction, potentially taking **3 to 5 years** for mature products to emerge [25][26]. - The impact of national medical insurance policies on neuro-interventional products is evolving, with a focus on maintaining competitive pricing while ensuring quality care [27].

Summary of Key Points from the Conference Call Company Overview - **Company**: 新为医疗 (New Medical) - **Industry**: Neurointervention and Brain-Computer Interface (BCI) Core Insights and Arguments 1. **Product Development**: New Medical's invasive brain-computer interface (BCI) collects brain signals via intravascular electrode stents, with plans to start small-scale exploratory clinical trials by the end of 2026, primarily for post-stroke motor function recovery [2][3][5] 2. **Market Potential**: Approximately 1.5 to 2 million new stroke cases occur annually in China, with an estimated 4 to 5 million patients needing rehabilitation training in the next three years, representing a significant potential user base for BCI products [2][5] 3. **Technical Advantages**: The invasive BCI technology offers advantages over non-invasive methods, including less trauma and higher signal strength, although the precise wall-adhesion technology for electrode stents remains a key challenge [2][6] 4. **Financial Projections**: For the first half of 2025, the company expects profits of 15 to 18 million, with a full-year target of 30 million and revenue goals of 380 million, aiming for a long-term gross margin of 65% and a net margin of 15% to 20% [2][20] 5. **Strategic Planning**: The company aims to achieve profitability by 2025, with annual revenue growth of 30% over the next three to five years, leveraging collective procurement and product launches to capture market share [4][27] Additional Important Insights 1. **Clinical Research and Collaboration**: New Medical has partnered with Nankai University for clinical applications in stroke recovery, focusing on motor function restoration [5][18] 2. **Regulatory Environment**: The company is closely monitoring policy developments from regulatory bodies to facilitate product registration and inclusion in medical insurance reimbursement systems [10][12] 3. **Market Expansion**: New Medical is actively pursuing overseas market expansion, currently limited by FDA and EU certification processes [15][21] 4. **Product Pipeline**: The company plans to submit for regulatory review of its self-expanding drug-eluting stent by Q4 2025, with expectations for approval within a year [17] 5. **Industry Trends**: The collective procurement policy has significantly increased the market share of domestic neurointervention products, with projected growth in ischemic and hemorrhagic surgery volumes of 15%-20% and 10%-15%, respectively, in 2025 [4][22] Conclusion - New Medical is positioned to capitalize on the growing demand for neurointervention and BCI technologies, with a robust product pipeline and strategic partnerships aimed at enhancing recovery for stroke patients. The company is focused on achieving profitability and expanding its market presence while navigating regulatory challenges and industry dynamics.