2026.01. 12 本文字数：2226，阅读时长大约4分钟 作者 | 第一财经 金叶子 封图 | "脑智天地"脑机接口未来产业集聚区展厅 金叶子/摄 作为我国脑机接口技术发展的前沿阵地，上海已形成覆盖侵入式、半侵入式和非侵入式技术的完整研 发体系。未来五年，上海将多层次培育更多脑机接口技术和产品应用落地。 日前公布的《上海市脑机接口未来产业培育行动方案（2025-2030年）》（下称"方案"）提出， 2027年前，实现高质量脑控，半侵入式脑机接口产品在国内率先实现临床应用，侵入式脑机接口研 发取得突破，脑机接口创新生态初步构建。具体围绕加速脑机接口产品化、构建共性技术研发服务平 台、推动临床试验与应用示范、健全产品标准与检测体系、培育产业创新生态等方面展开。 2024年6月以来，上海围绕强化科技创新策源功能，聚焦脑机接口等未来产业新赛道，健全"比选寻 优、动态优化"未来产业培育机制，建立专业化项目经理队伍，实施全生命周期项目管理。 去年12月举行的"2025脑机接口大会"上，多项新技术和产品首发，并揭牌了"脑机接口产业联盟长 三角分联盟"。"上海在脑机接口技术领域取得了系列阶段性突破，诞生了多项具有里程碑 ...

Summary of the Conference Call for Xinwei Medical Company Overview - **Company**: Xinwei Medical - **Industry**: Brain-Computer Interface (BCI) and Neurointervention Key Points and Arguments Product Development and Technology - Xinwei Medical employs a minimally invasive endovascular approach to implant electrode stents via the internal jugular vein to capture motor cortex signals, reducing the risks associated with open brain surgery and improving signal stability. Animal experiments show stable signals even after 18 months [2][3] - The company plans to complete the registration application for its brain-computer interface product by 2028 and finish human clinical trials by 2027, with an expected recruitment of 30-50 patients for motor function recovery [2][4][5] - A collaboration with J.T. Medical aims to develop a new endovascular brain-computer interface that addresses the issue of electrode displacement in traditional invasive systems. Xinwei Medical is responsible for the design and development of the stent [2][6] Financial and Operational Aspects - Xinwei Medical anticipates having nearly 800 million yuan in cash by the end of 2025, with operating cash flow exceeding 100 million yuan, sufficient to cover the R&D costs of the brain-computer interface project, estimated at several tens of millions [3][17] - The estimated cost for mass production of the electrode stent is around 3,000-4,000 yuan, with total costs expected to remain under 10,000 yuan, potentially decreasing to a few thousand yuan in the future [9] Clinical Trials and Regulatory Pathway - The clinical trial plan is not fully finalized but is expected to follow a model similar to that of Boruikang, which conducted approximately 32 human experiments. The first patient recruitment is set to begin in the second half of this year [5][12] - The company is in communication with regulatory bodies to establish industry standards for the registration process, with patient recruitment expected to start in 2026 [14] Market and Competitive Landscape - The company aims to collaborate with leading consumer electronics companies like Huawei and Xiaomi to develop software functionalities for their products once the new indications are established [11] - The invasive brain-computer interface is designed for specific applications, primarily targeting patients with motor function impairments, with potential future applications in vision, language, and emotional control [10][22] Team and Resource Allocation - Xinwei Medical currently has a team of about 10 people focused on the brain-computer interface project, with plans to expand the team, particularly in signal decoding [8][7] - The company is actively seeking partnerships with software teams, universities, and research institutions to enhance its capabilities in software development [8] Future Outlook - The company is optimistic about the future of the brain-computer interface market, with a positive sentiment reflected in recent financing activities in the sector [16] - Xinwei Medical's neurointervention business is expected to grow at an annual rate of 30%-35% in the coming years, contributing to overall revenue growth [22] Challenges and Considerations - The main challenges in patient recruitment include ensuring safety and acceptance of the new technology among medical professionals and potential patients, particularly those with severe motor function impairments [12][18] - The company is preparing for potential overseas market entry, contingent on successful domestic registration and compliance with international regulations [20][21] Additional Important Information - The company is focused on optimizing its product, with static samples already available and dynamic samples expected to be showcased soon [13] - The reimbursement policies for invasive procedures are still being defined, with expectations that insurance coverage could reach 70%-80% once the product proves its safety and efficacy [15]

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 ...

Group 1: Economic and Market Developments - Trump is set to interview current Federal Reserve Governor Waller for the position of Fed Chair, with an announcement expected in early January [1] - The U.S. stock market showed mixed results, with the Dow down 0.62% and the Nasdaq up 0.23%, while major tech stocks like Tesla and Meta saw gains [2] - The international oil prices declined, with WTI crude oil futures dropping to $55.27 per barrel, a decrease of nearly 2.73% [2] Group 2: Corporate News and Developments - AMD's CEO Lisa Su visited Lenovo's headquarters in Beijing, showcasing Lenovo's latest products and technologies [4] - Apple is expected to launch at least seven new iPhone models by fall 2027, including a foldable iPhone and a 20th-anniversary edition [5] - XPeng Motors received a license for L3 autonomous driving road tests in Guangzhou, while Huawei's Hongmeng Zhixing began internal testing for L3 capabilities [6] Group 3: Regulatory and Policy Changes - The EU plans to abandon the 2035 ban on internal combustion engines, allowing some plug-in hybrid vehicles and reducing emissions targets [9] - China's Ministry of Commerce announced anti-dumping duties on EU pork products, ranging from 4.9% to 19.8%, effective from December 17 [22] - The Chinese government approved the establishment of a joint venture between Chilean companies for lithium mining, with conditions to ensure fair supply [15] Group 4: Industry Trends and Forecasts - Morgan Stanley predicts a copper supply deficit of 60,000 tons by 2026, indicating a tightening market [20] - The automotive sector in China saw significant growth in commercial vehicle production and sales, with November figures showing a year-on-year increase of 18.6% [21] - The postal industry in China reported a 6.7% increase in business revenue year-on-year for the first eleven months of the year [21]

选定六大方向发展未来产业的上海，近日在多个领域传来好消息。 8日下午，智元机器人第5000台通用具身机器人量产下线。在智元量产工厂内，智元联合创始人、总裁 兼CTO彭志辉说，5000台是里程碑，更是新征程的起点。这一成果不仅验证了智元自身的规模化交付能 力，为后续万台、十万台级产能规划奠定基础，更向全行业证实了通用具身机器人规模化量产的可行 性。 此外，在量子计算领域，上海不筹量子科技有限公司近日完成数千万元天使轮融资，上海未来产业基金 也在开展尽调工作，有望投资不筹量子；在脑机接口领域，4日举行的2025脑机接口大会上，7家企业发 布了5款侵入式新产品和2款非侵入式新产品。 前不久，上海出台《关于加快推动前沿技术创新与未来产业培育的若干措施》（下称"措施"），提出力 争到2027年，突破一批前沿颠覆性技术，体系化布局建设一批未来产业集聚区，培育20家左右未来产业 生态主导型企业。重点发展领域则包括未来制造、未来信息、未来材料、未来能源、未来空间、未来健 康六大方向。 上述这些领域，都是上海近年来瞄准和重点突破的未来产业。 上海市科委副主任屈炜解释重点发展领域选择时说，首先需要清晰地把握全球当前科技发展的趋势 ...

格隆汇12月4日｜据中新网，从4日在上海揭幕的2025脑机接口大会上获悉，上海在脑机接口技术领域取 得了系列阶段性突破，标志性创新产品研发持续迈入临床试验深水区。据了解，在最能代表行业高度的 侵入式和半侵入式脑机接口领域，上海已取得多个全球或全国首创。目前，上海有3款侵入式产品进入 国家创新医疗器械特别审查程序。当天，多家中国国内代表性脑机接口创新企业集中发布最新成果，涵 盖神经调控、视觉重建、运动功能恢复、睡眠干预等领域，彰显中国脑机接口技术从基础研究向临床应 用的跨越性进展。 ...

今天（12月1日）下午，上海市科委举行2025脑机接口大会新闻通气会。市科委副主任屈炜介绍上海脑 机接口产业发展情况及2025脑机接口大会的有关情况，闵行区副区长谭瑞琮、脑机接口产业联盟秘书长 李文宇、上海市医疗器械检验研究院副院长顾楠、复旦大学附属华山医院神经外科医生吴泽翰、上海未 来产业基金投资总监刘通共同出席新闻发布会，并回答记者提问。 市科委副主任屈炜： 前期，在国家相关部委的支持与指导下，在市委、市政府坚强领导下，上海在全国率先发布了《脑机接 口未来产业培育行动方案（2025-2030年）》，以医疗级场景为核心，以战略产品为导向，坚持项目经 理团队主责、重点任务清单突破、未来产业基金赋能、未来产业集聚区支撑的"四位一体"未来产业培育 机制，持续强化脑机接口全链条联动、全过程创新和全产业链布局，聚力打造具有全球影响力的脑机接 口创新高地。 目前，上海在脑机接口技术领域取得了系列阶段性突破，诞生了多项具有里程碑意义的成果。一是标志 性创新产品研发迈入临床试验阶段。国内首个植入式脑机接口GCP临床试验、全球首例实时汉语言解码 IIT试验、国内首例脑脊接口IIT试验、国内首例侵入式脑机接口系统注册前前瞻性临 ...

Industry Overview - The year 2025 is regarded as the "year of brain-computer interfaces" in China, with significant policy support and investment activity in the sector [1][2] - The "14th Five-Year Plan" has identified brain-computer interfaces as one of the six key future industries for strategic development [4] Policy Support - In July, multiple government departments released implementation opinions to promote innovation and development in the brain-computer interface industry, setting clear development timelines [3] - By 2027, breakthroughs in key technologies are expected, with the establishment of advanced technical, industrial, and standard systems [3] - By 2030, the industry aims to enhance innovation capabilities and cultivate globally influential leading enterprises [3] Investment Landscape - As of November, the brain-computer interface sector in China has completed 28 financing rounds, totaling over 5 billion yuan [1] - The brain-computer interface concept index (8841700.WI) has seen a 50.74% increase over the past year, outperforming the Shanghai and Shenzhen 300 index, which rose by 17.64% [1] Company Developments - A total of 24 companies in the A-share market are involved in the brain-computer interface sector, with average revenues of 3.428 billion yuan and average net profits of 431 million yuan in the first three quarters [8] - However, there is significant variance in performance, with 8 companies reporting losses and 11 companies with net profits below 100 million yuan [10] - Companies like Mindray Medical and 37 Interactive Entertainment reported net profits exceeding 1 billion yuan [10] Clinical Advancements - In June, China became the second country globally to conduct invasive clinical trials for brain-computer interfaces, marking a significant milestone in the field [6] - The "North Brain No. 1" GCP multi-center clinical trial was launched in October, representing the first high-throughput, wireless, fully implanted semi-invasive brain-computer system [7] Market Potential - The brain-computer interface industry is expected to grow rapidly, with companies like Lepu Medical and Meihua Medical actively pursuing commercialization of their products [10][11] - Lepu Medical is working on deep brain stimulation devices, while Meihua Medical collaborates with global cochlear implant leaders to develop invasive brain-computer interface products [10][11] - Aipeng Medical has received approval for its EEG collection products and is focusing on ADHD treatment solutions, with new pricing policies being introduced for brain-computer interface services [11]

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 recent Shanghai Stock Exchange salon focused on "Brain-Computer Interfaces: Exploring the Digital Intelligence Era," discussing technology routes, commercialization, payment methods, and industry regulation [1] Group 1: Technology and Applications - Brain-Computer Interfaces (BCIs) create an information channel between the brain and external devices, enabling direct information exchange, with two main technical routes: invasive and non-invasive [1] - Non-invasive BCIs are wearable and highly safe, while invasive BCIs excel in precise control and clinical applications but face challenges in biocompatibility, long-term stability, and minimally invasive surgical techniques [2] - There is potential for the integration of algorithms, chips, and materials technology to enhance high-precision brain signal acquisition and real-time decoding, leading to a complete ecosystem from chips to clinical applications [2] Group 2: Commercialization and Market Challenges - Transitioning BCIs from an "information loop" to a "commercial loop" is a long-term goal, requiring laboratory development, clinical trials, and regulatory approval [3] - Neurorehabilitation and motor function restoration are expected to be among the first invasive BCI applications to achieve commercialization [3] - Market challenges include user acceptance and privacy protection, necessitating a prolonged market cultivation period, alongside efforts in ethical safety system construction and market education [3] Group 3: Industry Support and Development - The Shanghai Stock Exchange plans to implement a "three-door" initiative to align capital market reforms with industrial policies, providing a diverse capital tool matrix for quality tech companies [3] - The goal is to support the full lifecycle, product line, and business chain of technology enterprises, promoting the development of new productive forces [3]