证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260111 本周市场情绪高涨北证大涨 5.82%，持续关 注商业航天及科技个股 [Table_Tag] [Table_Summary] [Table_Summary] 北交所市场表现 证券分析师 余慧勇 行业重要新闻： 本周新股及即将上市新股： ◼ 暂无 观点: 2026 年 01 月 11 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《国家统计局：2025 年 12 月份居民 消费价格同比上涨 0.8%，北证 50 上 涨 1.05%》 2026-01-09 《央行开展 11000 亿买断式逆回购， 北证 50 ...

京东健康 京东健康-R 京东集团-SW 京东集团- 分时图 日K线 周K线 月K线 63.85SWR1.80 2.90% 3.63% 2.42% 1.21% 0.00% 1.21% 2.42% 3.63% 59.80 60.55 61.30 62.05 62.80 63.55 64.30 09:30 10:30 12:00/13:00 14:00 16:10 0 21万 42万 64万 随着中国60岁及以上人口突破3.1亿，占总人口比重达22%，社会对"谁来养老"的追问日益迫切。在此背景下，京东集团正悄然进行一场深刻的战略转向 ——从传统电商平台，向银发经济全场景解决方案提供商转型，试图以商业创新回应社会命题。 在智能硬件领域，动态血糖仪、助听器等适老医疗器械销售增速超100%。京东正构建"监测硬件+AI分析+专业服务"的健康管理闭环，推动老年人健康 从"有药可用"向"科学管理"转变。 社区化服务网络：融入"15分钟生活圈" 银发经济的落地关键在社区。京东七鲜小厨联合北京部分街道，以供应链优势提供养老助餐服务；在家居适老化改造领域，京东联合制定团体标准，推出 战略新品，并计划通过集中采购超100万件适老产品。 ...

证券日报网讯1月6日，可孚医疗（301087）在互动平台回答投资者提问时表示，近年来，公司坚持"产 品聚焦"战略，通过集中研发、生产、渠道等资源，重点打造出呼吸机、助听器、矫姿带、血糖尿酸监 测等大单品。同时公司非常关注并看好脑机接口赛道，所以在早期以战略投资的方式进行布局。2024年 5月，公司投资纽聆氪医疗，持股比例5.83%。该公司专注于植入式脑机接口技术，主要研发仿生眼与 仿生耳产品。该投资与公司现有听力业务形成战略协同，尤其在解决先天性听力损失方面具备重要价 值。2025年底，公司投资力之智能，持股比例12.45%。该公司致力于非侵入式脑机接口机器人等产品 研发，未来有望与公司康复辅具类、呼吸支持类产品实现战略协同。通过以上布局，公司战略切入脑机 接口领域，不仅强化了现有业务的协同潜力，也为未来的技术融合与产业升级奠定了基础。 ...

南方财经记者伍素文 广州报道 "做企业，最困难的是没钱。今年我们已经实现正向现金流，拿不到证和卖不出去的两道坎都迈过去了。这次打算融资3000万 元，把企业在海外注册做起来，与广州打造世界级创新医疗器械高地同频共振！" 在近日举办的广州科技创新创业大赛（以下简称"双创大赛"）2025总决赛暨INNO+大湾区科创嘉年华上，适介医疗董事长蔡诗 洲的一番雄心壮志，让他获得了投资者们投出的"最具人气企业奖"。 太多初创企业，缺的不是实力，而是被看见的机会、撑下去的底气。而在广州双创大赛举办的10年里，有近千家参赛企业获得 投融资超504.84亿元、1800家企业获得160亿元银行授信，众多企业在此实现了关键跃迁。 今年赛事延续了这样的赋能场景，数百名科创精英企业与超60家投融资机构面对面，不用跑断腿，领奖台旁就能对接资本；6家 高成长性企业当场斩获3家银行总计1.3亿元授信……这一幕幕，成为广州创新创业生态的生动注脚。 自2015年以来，双创大赛见证了无数科创梦想萌芽绽放，为粤港澳大湾区的技术研发、成果转化、投融资对接搭建了坚实的桥 梁。以"资金+资源"力撑创业者，一场赛事折射出广州怎样的创新孵化逻辑？ 让更多"金种 ...

Core Viewpoint - JinHao Medical is a leading enterprise in the hearing health sector, achieving rapid growth through continuous technological innovation, global market expansion, and a commitment to deep industry engagement, aiming to become the world's top hearing aid brand and provide better hearing solutions for the hearing impaired globally [1]. Technological Foundation - The hearing aid industry is interdisciplinary, integrating audiology, acoustics, electronics, and psychology. JinHao Medical has significantly increased R&D investment, achieving breakthroughs in chip design, algorithm development, and product miniaturization, including low-power digital hearing aid chips and AI speech enhancement algorithms [3][4]. - The company has a clear path to catch up with international giants, focusing on enhancing its algorithm development depth and clinical trial richness, with a strategy of "ALL in AI" to leverage AI for rapid advancement in the Chinese hearing aid industry [3][4]. Global Market Expansion - The aging population and increased health awareness are driving the hearing aid market's growth in China, with the market size increasing from 2.84 billion to 5.51 billion CNY from 2015 to 2019, reflecting a CAGR of 18.02%. JinHao Medical aims to expand its market share through a comprehensive market expansion strategy [7]. - The company has established online stores on platforms like JD.com and Tmall, and is building a retail network combining direct sales and distribution. Internationally, it has gained certifications from the FDA and EU, allowing entry into major retail chains [7][8]. Product and Brand Strategy - JinHao Medical is focusing on product differentiation across various price segments, leveraging its technological advantages to create a competitive edge for its own brand while avoiding direct competition with ODM clients [8]. - The company is enhancing its brand image by ensuring product quality and implementing a dual-brand strategy targeting both over-the-counter and professional medical-grade products for different levels of hearing loss [10]. Future Development and Integration - JinHao Medical plans to extend its business along the hearing aid industry chain through both organic growth and acquisitions, aiming to integrate upstream components like chips and algorithms, and downstream retail channels to enhance its industry influence and competitiveness [11].

近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进锦好医疗。作为听力健 康领域的领军企业，锦好医疗凭借持续的技术创新、全球化的市场布局和坚定的产业深耕，实现了经营 业绩的快速增长，更在打破海外垄断的道路上稳步前行。 锦好医疗董事长王敏在接受中国证券报记者专访时介绍，从自研芯片突破到AI技术赋能，从跨境渠道 拓展到国内市场深耕，锦好医疗以"做全球最放心的医疗器械"为使命，正朝着"成为助听器行业世界第 一品牌"的愿景迈进，力争为全球听障者带来更优质的听力解决方案。 技术攻坚筑根基 助听器虽体积小巧，却是一个集合了听力学、声学、电子学、心理医学的跨学科产业，集成了多项高科 技零部件与前沿技术。锦好医疗深谙核心技术的重要性，多年来持续加大研发投入，在芯片设计、算法 研发、产品小型化等关键领域不断取得突破，成功研发并量产应用低功耗数字助听器芯片，开发出具有 AI言语增强功能的算法，以及自主测听、自主验配软件，让助听器在性能提升的同时，更贴合用户实 际使用需求。 面对目前与国际巨头的差距，锦好医疗制定了清晰的追赶路径。目前，企业在助听器算法研发深度、第 一代集成电路芯片模数转换、ADC模块声音采集 ...

Core Viewpoint - JinHao Medical is positioned as a leading enterprise in the hearing health sector, focusing on technological innovation and global market expansion to achieve rapid growth and break overseas monopolies [1] Group 1: Technological Advancements - The company emphasizes the importance of core technology and has increased R&D investment, achieving breakthroughs in chip design, algorithm development, and product miniaturization [2] - JinHao Medical is concentrating on AI hearing aid algorithms to enhance user experience, improving speech enhancement in noisy environments and enabling smart fitting and adjustment through apps and remote services [3] - The company has developed several core technologies in self-researched chips, including low-power audio signal conversion and noise enhancement algorithms, and is optimizing the next generation of AI hearing aid chips [4] Group 2: Market Expansion - The hearing aid market in China has shown significant growth, with a CAGR of 18.02% from 2015 to 2019, and JinHao Medical aims to expand its market share through a comprehensive market strategy [5] - The company has established online stores on platforms like JD and Tmall, and is building a retail network combining direct sales and distribution [5] - JinHao Medical is leveraging global certifications to enter international markets, including partnerships with major retailers in the U.S. and establishing subsidiaries in Southeast Asia [5] Group 3: Brand Development - JinHao Medical has made significant strides in developing its own brand, focusing on product differentiation and a full-channel strategy to achieve simultaneous domestic and international market growth [6] - The company is enhancing its brand image by controlling product quality and establishing a differentiated brand identity, targeting both OTC and professional medical-grade products [7] - The company is committed to building a robust talent system to support long-term development, focusing on attracting skilled professionals to enhance R&D and product innovation [7] Group 4: Future Strategy - JinHao Medical plans to extend its business along the hearing aid industry chain through internal growth and external acquisitions, aiming to integrate upstream and downstream resources [8] - The company will focus on acquiring core components and technologies related to hearing aids, as well as retail channels and established brands, to enhance its industry influence and competitiveness [8]

● 本报记者 万宇 近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进锦好医疗。作为听力健 康领域的领军企业，锦好医疗凭借持续的技术创新、全球化的市场布局和坚定的产业深耕，实现了经营 业绩的快速增长，更在打破海外垄断的道路上稳步前行。锦好医疗董事长王敏在接受中国证券报记者专 访时介绍，从自研芯片突破到AI技术赋能，从跨境渠道拓展到国内市场深耕，锦好医疗以"做全球最放 心的医疗器械"为使命，正朝着"成为助听器行业世界第一品牌"的愿景迈进，力争为全球听障者带来更 优质的听力解决方案。 技术攻坚筑根基 助听器虽体积小巧，却是一个集合了听力学、声学、电子学、心理医学的跨学科产业，集成了多项高科 技零部件与前沿技术。锦好医疗深谙核心技术的重要性，多年来持续加大研发投入，在芯片设计、算法 研发、产品小型化等关键领域不断取得突破，成功研发并量产应用低功耗数字助听器芯片，开发出具有 AI言语增强功能的算法，以及自主测听、自主验配软件，让助听器在性能提升的同时，更贴合用户实 际使用需求。 面对目前与国际巨头的差距，锦好医疗制定了清晰的追赶路径。目前，企业在助听器算法研发深度、第 一代集成电路芯片模数转换 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 56 yuan [2][8]. Core Insights - The company's core product categories have shown strong performance, with significant revenue growth driven by products such as respiratory machines, hearing aids, and home testing kits [8]. - The company is accelerating its overseas business expansion, supported by successful integration of recent acquisitions, which enhances its market presence and operational efficiency [8]. - The hearing aid business is gradually improving profitability, with a focus on enhancing the operational quality of existing stores [8]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 2.398 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 260 million yuan, up 3.30% [2]. - In Q3 2025 alone, revenue reached 902 million yuan, reflecting a substantial growth of 30.72%, while net profit increased by 38.68% to 93 million yuan [2]. - The financial forecast indicates a steady growth trajectory, with projected revenues of 3.346 billion yuan in 2025, 3.890 billion yuan in 2026, and 4.556 billion yuan in 2027, representing year-on-year growth rates of 12.2%, 16.2%, and 17.1% respectively [4][9]. Market Position and Strategy - The company is strategically focusing on its core product categories to enhance sales and profitability, while also optimizing its product structure by phasing out less profitable items [8]. - The successful acquisition of Shanghai Huazhou and Hong Kong Ximan has strengthened the company's product offerings and market access, particularly in overseas markets [8]. - The introduction of advanced hearing aid technology, such as the new bone conduction hearing aid featuring Tencent's AI algorithm, is expected to improve product competitiveness and market share [8].

Core Points - The article discusses the launch of the "Jin Xiao Huan Xin" action plan in Shanxi Province, aimed at providing subsidies for home modifications to support the elderly [1] - A total of 10 sales merchants have been approved to participate in the subsidy program as of November 20, 2025 [1] Group 1: Action Plan Details - The action plan is part of a broader initiative by the Shanxi Provincial Civil Affairs Department and other relevant authorities to enhance home modifications for the elderly [1] - The program includes a public solicitation for sales entities to participate in the subsidy initiative [1] Group 2: Approved Merchants - The list of approved merchants includes various companies specializing in medical and assistive devices, such as hearing aids [2] - The approved merchants are located in different districts of Changzhi City, with specific addresses and contact information provided for each [2]