Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [7]. Core Insights - The company reported a stable revenue growth of 4.01% year-on-year for the first three quarters of 2025, achieving a total revenue of 344 million yuan. The net profit attributable to the parent company was approximately 96 million yuan, showing a slight decrease of 0.07% year-on-year. In Q3 2025, the company generated a revenue of 103 million yuan, a year-on-year increase of 0.42%, while the net profit attributable to the parent company rose by 36.71% to 32 million yuan, primarily due to increased financial subsidies [5][6]. - The company is focusing on high-potential business areas such as brain-computer interfaces, with several key projects underway, including a national key research plan and various provincial initiatives aimed at developing advanced rehabilitation technologies [6]. Financial Performance Summary - For the fiscal year 2025, the company is projected to achieve revenues of 500 million yuan, with a year-on-year growth rate of 17.8%. The net profit attributable to the parent company is expected to be 117 million yuan, reflecting a growth of 15.0%. The earnings per share (EPS) for 2025 is estimated at 1.17 yuan, with a price-to-earnings (P/E) ratio of 34x [11][7]. - The financial forecasts for 2026 and 2027 indicate continued growth, with revenues expected to reach 613 million yuan and 748 million yuan, respectively, and net profits of 164 million yuan and 203 million yuan, with corresponding growth rates of 40.7% and 23.7% [11][7].

Core Insights - The first national standard for brain-computer interface (BCI) medical devices in China has been approved, laying a foundation for the high-quality development of the BCI industry, effective from January 1, 2026 [1] - The Chinese government aims to achieve breakthroughs in key BCI technologies by 2027, establishing an advanced technology, industry, and standard system, with the industry expected to grow significantly by 2030 [1] Industry Developments - The average increase in A-share BCI concept stocks this year is 62.55%, with companies like Hanwei Technology, Innovation Medical, and Sainuo Medical seeing stock prices double, exceeding 170% growth [2] - Seven companies have received institutional research since September, with Xiangyu Medical receiving the most attention from 49 institutions, focusing on self-developed core components and rapid certification of BCI products [2][3] - Dao's Technology is enhancing its capabilities in BCI by investing in leading companies and exploring collaborations in various sectors [2] Market Activity - Since September, half of the BCI concept stocks have seen net purchases from financing clients, with six stocks having net buy amounts exceeding 100 million yuan, led by companies like Sanqi Interactive Entertainment and Dao's Technology [3][4] - A table of BCI concept stocks shows significant net buy amounts and year-to-date performance, with Sanqi Interactive Entertainment at 499.74 billion yuan market cap and a 51.83% increase, while Dao's Technology has a market cap of 202.68 billion yuan and a 92.81% increase [4]