爱朋医疗 20260115 摘要 爱朋医疗聚焦非侵入式脑机接口商业化，尤其在术中麻醉监测领域，已 实现超 1,000 万元收入，但受医疗控费影响，进展未达预期，正积极拓 展新应用。 公司预计 2026 年，针对顽固性失眠和多模态 ADHD 治疗系统的新应用 有望带来数千万元收入，2027 年或成业绩新拐点，前提是医院端商业 化基础良好。 爱朋医疗的围术期脑状态监测产品已在约 20 个省市有自费收费项目， 每次约 300 元，顽固性失眠和小儿 ADHD 治疗系统也采用类似模式， 均不在医保范围内。 术中麻醉监测已进入 100 多家医院，目标 2026 年超 200 家；顽固性失 眠治疗系统已与两家医院合作，小儿 ADHD 治疗目标是覆盖国内头部 100 家儿科门诊率 1 万以上的医院。 半植入式癫痫预警产品处于样机预研阶段，预计 2026 年底出样机， 2027 年进入动物临床，与科研院所合作，如瑞金医院徐文教授及中科 学院系。 Q&A 爱朋医疗在脑机接口领域的布局情况如何？未来是否会有重点技术方向？ 爱朋医疗在脑机接口领域的布局非常全面，涵盖了无创、半侵入式和全侵入式 三大技术方向。在无创脑机接口方面，公司主 ...

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: Xiangyu Medical - **Industry**: Brain-Computer Interface (BCI) Technology Core Insights and Arguments - **Focus on Non-Invasive BCI Technology**: Xiangyu Medical specializes in non-invasive brain-computer interface technology, developing five major research and development systems, including BCI acquisition devices, algorithms, and rehabilitation products, with plans to launch related products between late 2025 and 2026 [1][2] - **Applications in Rehabilitation**: The primary applications of Xiangyu Medical's non-invasive BCI products are in rehabilitation, targeting post-operative recovery, high-level paraplegia, Alzheimer's disease, and other clinical challenges through a multi-channel wireless EEG acquisition system and seven algorithms for high-precision signal acquisition and processing [1][4] - **Self-Developed Hardware**: The company has developed a complete set of self-researched chips, electrodes, and acquisition devices, obtaining two Class II medical device registration certificates, which establish a solid foundation and high barriers to entry in the industry [1][5] - **Government Support**: The Ministry of Industry and Information Technology's implementation opinions on promoting innovation in the brain interface industry provide top-level design and reduce policy uncertainty, which Xiangyu Medical is actively leveraging to accelerate product launch processes [1][8] Additional Important Content - **Clinical Applications and Collaborations**: As of the latest statistics, 87 hospitals have applied Xiangyu Medical's BCI products, utilizing various cooperation models, including research project collaborations and the establishment of BCI wards [10] - **Market Commercialization Stage**: The commercialization of BCI products is still in its early stages, with few certified products on the market. Xiangyu Medical plans to launch 27 products in 2025 and potentially 70-80 products in 2026 [9][14] - **Technological Advancements**: The company has achieved breakthroughs in hardware development, including high-precision, high-signal quality acquisition devices, and various electrode models to meet different customer needs [5][11] - **Future Growth and Revenue Projections**: Xiangyu Medical is optimistic about rapid revenue growth in the coming years, with over 100 devices shipped, valued conservatively at 200-300 million yuan, expected to convert into sales revenue depending on certification progress and hospital procurement rhythms [14] Competitive Landscape - **Other Companies in the BCI Field**: Aipeng Medical is also active in the BCI sector, focusing on brain state monitoring systems, insomnia treatment systems, and ADHD behavior management systems, utilizing AI technology to enhance product competitiveness [3][15][17] - **Market Potential for Cognitive Disorders**: The market potential for cognitive disorders, particularly Alzheimer's disease, is significant, with approximately 43.77 million patients in China, indicating a vast opportunity for BCI applications in this area [33] Challenges and Future Directions - **Technical Bottlenecks**: The industry faces challenges such as signal-to-noise ratio, packaging processes, and the need for multi-modal information fusion, which are critical for future development [31][45] - **Regulatory and Market Dynamics**: The current regulatory environment and market dynamics, including the need for certification and pricing strategies, will significantly impact the commercialization and adoption of BCI products [40][41] This summary encapsulates the key points from the conference call records, highlighting the strategic direction, technological advancements, market potential, and challenges faced by Xiangyu Medical and the broader BCI industry.