Summary of Weisi Medical's Conference Call Company Overview - **Company**: Weisi Medical - **Industry**: Rehabilitation Medical Devices Key Financial Performance - **Revenue Growth**: In the first three quarters of 2025, revenue increased by 14.87% year-on-year, reaching 3.26 billion CNY [2][3] - **Net Profit Growth**: Net profit grew by nearly 15%, with a net profit margin of 31.38% [2][3] - **Gross Margin**: Gross margin for the first three quarters was 66.86%, an increase of 4.6 percentage points year-on-year [2][14] - **Operating Cash Flow**: Operating cash flow increased by 69% to 1.04 billion CNY, driven by marketing performance and cost control [2][14] Business Segments Performance - **Mental Rehabilitation**: This is the largest segment, showing double-digit growth due to high market demand and stable market share [6][22] - **Pelvic Rehabilitation**: The second-largest segment, benefiting from new products and channel expansion, also achieved good growth [6][23] - **Neuro Rehabilitation**: This segment remained flat, with new products expected to be trialed in the second half of the year [6] - **Aesthetic Medicine**: Although small, this segment showed significant growth compared to last year [6] Product Development and Innovation - **New Products**: The company launched several new products, including pelvic radiofrequency robots and imaging robots for neuro-regulation, with plans for more products targeting skin anti-aging [2][15] - **Brain-Computer Interface (BCI)**: Weisi Medical has developed two main technology platforms: non-invasive neural regulation and non-invasive BCI integration [7][9] - **Market Penetration**: The MagnaNeuro 1 closed-loop neural regulation robot has been installed in over 60 hospitals, while the FreeMind biofeedback product has been installed in over 1,000 units [7][11] Market Strategy and Future Outlook - **Revenue Target for 2025**: The company aims for a revenue target of 472 million CNY, representing an 18% increase year-on-year [2][8] - **Future Growth Areas**: Key growth areas include mental health, pelvic health, rehabilitation, aesthetic products, and international markets [19][20] - **International Expansion**: The company has begun overseas R&D and registration work, expecting significant revenue contributions from international markets in three years [20] Challenges and Market Conditions - **Tender Trends**: The overall market for rehabilitation equipment showed slight growth, with mental health devices experiencing double-digit growth [21] - **Price Pressure**: The impact of centralized procurement on pricing is limited due to the company's product design and low correlation with insurance [21] Research and Collaboration - **Collaborative Innovation**: Weisi Medical actively collaborates with universities and research institutions to accelerate technology breakthroughs and project implementations [10] Conclusion - **Overall Performance**: Weisi Medical has shown strong financial performance in 2025, driven by technological advancements and strategic market positioning. The company is optimistic about achieving its revenue growth target and expanding its market presence in the coming years [18][23]

Group 1: Industry Overview - Brain-computer interface (BCI) technology is advancing rapidly due to breakthroughs in artificial intelligence, neuroscience, and sensing technologies [1] - The Sichuan Provincial Economic and Information Technology Department has launched a plan to develop BCI products, aiming to complete the R&D of 3 invasive and 5 non-invasive BCI products by 2027 [1] - The plan also targets to serve over 50,000 medical patients annually by 2027 and to establish Sichuan as a national leader in BCI and human-computer interaction by 2030 [1] Group 2: Non-Invasive BCI Applications - Non-invasive BCI technology is expected to significantly improve the early diagnosis and treatment efficiency of Alzheimer's disease [2] - The technology aims to manage chronic diseases in the elderly through early screening and outpatient rehabilitation [2] - A project named "Swan Lake" has been developed for community-based early screening and non-drug interventions for mild cognitive impairment (MCI) [2][3] Group 3: Research Findings - Research involving over 3,000 elderly participants has shown that MCI patients exhibit abnormal frequency bands and network patterns [3] - Non-invasive BCI screening can achieve over 90% sensitivity using just 4 electrodes in a 5-10 minute test, enhancing the efficiency of MCI screening [3] - Non-invasive BCI techniques like transcranial magnetic stimulation (TMS) and transcranial electrical stimulation (TES) are being explored for outpatient rehabilitation of MCI [3] Group 4: Invasive BCI Innovations - Invasive BCI technology has achieved a breakthrough in the surgical treatment of gliomas, marking a significant advancement in neurosurgery [5][6] - The technology allows for real-time analysis of brain signals to differentiate tumor tissue from normal brain tissue, improving tumor resection rates [6] - The first successful application of invasive BCI technology for glioma surgery in China has been reported, showcasing its potential to enhance surgical outcomes [6][7] Group 5: Future Prospects - Invasive BCI technology not only maximizes safe tumor removal but also predicts tumor recurrence, potentially extending patient survival [7] - The industry is awaiting the development of mature products and technologies that could lead to transformative changes in medical practices [7]