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.