Core Insights - The company is focusing on the development of precise neuro-regulation technologies, particularly in the fields of transcranial magnetic stimulation for targeted treatments of mental health disorders such as depression and anxiety [1] - The management expressed confidence in the future potential of the rehabilitation industry, highlighting the diversification of rehabilitation service models extending from hospitals to communities and homes [1][2] Group 1: Research and Development Focus - In the magnetic stimulation field, the company aims to deepen research on targeted treatment solutions for mental health disorders and accelerate international registration of its products [1] - The electrical stimulation sector will see the development of an intelligent electrical stimulation system that supports multi-module combinations, integrating biofeedback technology for comprehensive product certification and market launch [1] - The company is advancing the application of intelligent rehabilitation robots and transcranial magnetic solutions in the rehabilitation market [1] Group 2: Market Strategy and Industry Positioning - The company plans to increase marketing and product promotion resources in the rehabilitation industry to seize growth opportunities and expand its business scale [2] - The integration of the rehabilitation industry and the rise of leading enterprises will be a gradual process, potentially taking 3-5 years, influenced by innovation speed, policy strength, and evolving demand [2] - The company aims to maintain a competitive edge by leveraging its technological advantages, brand influence, and resource integration capabilities [2] Group 3: AI Technology Integration - The company is actively incorporating AI technology into its product design to enhance automation and intelligence levels, such as in the MagNeuro ONE series for precise treatment targeting [2][3] - AI-driven technologies are being utilized to optimize laser energy management and improve operational automation in treatment processes [3] - The company is exploring AI applications in various fields, including biofeedback, brain function, and rehabilitation robotics, to facilitate the transition to intelligent rehabilitation [3] Group 4: Brain-Computer Interface Development - The company possesses a rich portfolio of products and technologies in the non-invasive brain-computer interface sector, including various biofeedback systems [3][4] - It has secured numerous patents related to brain signal acquisition and processing, enhancing its capabilities in the brain-computer interface domain [4] - The company's technology layout in neurological rehabilitation has evolved to provide comprehensive solutions across the diagnostic, treatment, and rehabilitation spectrum [4] Group 5: Personalized Rehabilitation Solutions - For stroke patients, the company utilizes EEG caps to capture movement imagination signals, triggering rehabilitation robots for training while enhancing neural plasticity through transcranial magnetic stimulation [5] - For spinal cord injury patients, the company employs surface electromyography systems to assess residual nerve function, creating personalized rehabilitation plans [5]

Investment Rating - The report suggests focusing on companies with "technical barriers + clinical landing" as the dual main lines for investment, recommending attention to medical scene integrators and leaders in invasive technology [4]. Core Insights - The brain-computer interface (BCI) industry is driven by both policy and technology, with a market expected to grow from $1.2 billion in 2019 to $2 billion in 2023, and projected to reach $7.63 billion by 2029, indicating a compound annual growth rate (CAGR) of 17.5% from 2024 to 2029 [3][24]. - The medical sector is currently the most mature application area for BCI, with 31 clinical trials planned in 2024 covering various diseases, and the integration of medical and consumer applications is expected to create a dual growth curve [3][54]. - The domestic industry chain is becoming more self-sufficient, with significant advancements in invasive BCI technologies, and several regions are expected to form industrial clusters [4][27]. Summary by Sections Industry Overview - BCI technology is a frontier field at the intersection of life sciences and information technology, creating interactive systems between the brain and external devices [14][16]. - The global BCI market is projected to grow significantly, with a forecasted market size of $7.63 billion by 2029, reflecting a CAGR of 17.5% from 2024 to 2029 [24][25]. - The industry is currently in a technology validation phase, with active investment activities, particularly in China, where over 200 financing events have occurred, totaling nearly $2 billion [27][29]. Policy Guidance - The Chinese government has issued several policies to support the BCI industry, aiming for technological breakthroughs by 2027 and the establishment of a robust industrial ecosystem by 2030 [42][43]. - The regulatory framework is evolving, with ongoing efforts to ensure safety, effectiveness, and ethical compliance in BCI technology [45][47]. Clinical Situation - Stroke is identified as the primary indication for BCI applications, with a significant patient population in need of rehabilitation solutions [54][59]. - The number of clinical trials related to BCI is increasing, with 31 trials registered in 2024, indicating a growing interest in the clinical potential of BCI technologies [65][66].

Group 1 - The A-share market saw a significant decline in brain-computer interface concept stocks, with several companies experiencing drops of over 5% [1] - Notable companies that fell over 5% include Dineike, Xiangyu Medical, Meihao Medical, Chengdu Huamei, and Tom Cat [1] - Other companies such as Yanshan Technology, Zhongke Information, Aipeng Medical, Nanjing Panda, Weisi Medical, Innovation Medical, Robot, Mailande, Beiqingsong, Botuo Biological, and Rongtai Health dropped over 4% [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [7]. Core Insights - The company reported a revenue of 210 million yuan for the first half of 2025, representing a year-over-year increase of 9.85%, with a net profit of 69 million yuan, up 39.71% year-over-year [4][5]. - In Q2 2025, the company achieved a revenue of 115 million yuan, reflecting a 10.23% year-over-year growth, and a net profit of 36 million yuan, which is a 29.56% increase year-over-year [5]. - The company's profitability improved significantly due to optimized expense levels, with a decrease in sales, management, and R&D expense ratios [5][6]. Financial Performance - The company's gross margin for Q1 and Q2 of 2025 was approximately 66.65% and 65.62%, respectively, showing recovery compared to Q4 2024 but still lower than Q1 2024 levels [5]. - The company expects revenues of 473 million yuan, 561 million yuan, and 668 million yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 18.2%, 18.6%, and 19.1% [7][9]. - The projected net profits for the same years are 134 million yuan, 160 million yuan, and 192 million yuan, with growth rates of 31.8%, 19.3%, and 20.0% [7][9]. Product Performance - The laser and radiofrequency product lines showed strong growth, with revenues of 21.58 million yuan (up 64.3% year-over-year) and 40.36 million yuan (up 36.2% year-over-year), respectively [6]. - The company launched new products that contributed to revenue growth, including the next-generation VisheeNEO platform, which stabilized the electrical stimulation segment [6]. Future Outlook - The company has introduced a stock incentive plan, projecting revenue growth rates of no less than 18% and 40% for 2025 and 2026, respectively, indicating strong market confidence [6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.40 yuan, 1.67 yuan, and 2.01 yuan, with corresponding price-to-earnings (P/E) ratios of 35x, 30x, and 25x [7][9].

公司公告汇总：伟思医疗召开2025年第一次临时股东大会，审议通过取消监事会、修订公司章程 等议案。 公司公告汇总：会议审议通过补选第四届董事会独立董事候选人，并修订部分内部治理制度。 公司公告汇总：出席股东代表股份62,083,029股，占公司有表决权股份总额的64.8646%。 南京伟思医疗科技股份有限公司于2025年9月15日召开2025年第一次临时股东大会，会议由董事会召 集，董事长王志愚主持，采用现场与网络投票相结合方式举行。出席会议的股东及代理人共39人，代表 有表决权股份62,083,029股，占公司有表决权股份总数的64.8646%。 截至2025年9月19日收盘，伟思医疗（688580）报收于49.55元，较上周的50.88元下跌2.61%。本周，伟 思医疗9月18日盘中最高价报52.98元。9月19日盘中最低价报49.24元。伟思医疗当前最新总市值47.45亿 元，在医疗器械板块市值排名78/126，在两市A股市值排名3418/5153。 会议审议通过《关于取消监事会、修订并办理工商变更登记的议案》《关于补选公司第四届董事会独立 董事候选人的议案》及《关于修订部分公司内部治理制度的议案》，所 ...

Core Viewpoint - WeiSi Medical (688580) experienced a decline in stock price, closing at 49.55 yuan on September 19, 2025, down 2.9% from the previous day, with significant net outflows from major funds [1][2]. Financial Performance - The company reported a main revenue of 210 million yuan for the first half of 2025, an increase of 9.85% year-on-year, and a net profit attributable to shareholders of 69.32 million yuan, up 39.71% year-on-year [4]. - The second quarter of 2025 saw a single-quarter main revenue of 115 million yuan, a 10.23% increase year-on-year, and a net profit of 36.10 million yuan, up 29.56% year-on-year [4]. Market Position - WeiSi Medical's total market capitalization is 4.745 billion yuan, with a net asset value of 1.622 billion yuan, and a net profit of 69.32 million yuan, ranking 73rd, 84th, and 46th respectively in the medical device industry [4]. - The company has a price-to-earnings ratio of 34.23 and a price-to-book ratio of 2.93, both of which are favorable compared to the industry averages [4]. Investment Sentiment - Over the past 90 days, six institutions have rated the stock, with five giving a "buy" rating and one an "increase" rating, indicating positive sentiment towards the stock [5]. - The average target price set by institutions for the stock is 60.0 yuan [5]. Fund Flow Analysis - On September 19, 2025, the net inflow of retail funds was 534.96 million yuan, while major funds experienced a net outflow of 517.84 million yuan, indicating a mixed sentiment among different types of investors [1][2]. - The financing balance for WeiSi Medical stood at 216 million yuan, with a net financing purchase of 7.638 million yuan on the same day [2].

证券代码：688580 证券简称：伟思医疗 公告编号：2025-037 南京伟思医疗科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 15 日 （二） 股东大会召开的地点：南京市雨花台区宁双路 19 号 H 栋公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 39 | | --- | --- | | 普通股股东人数 | 39 | | 2、出席会议的股东所持有的表决权数量 | 62,083,029 | | 普通股股东所持有表决权数量 | 62,083,029 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 64.8646 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64.8646 | 注：截至本次股东大会 ...

伟思医疗 2025年第一次临时股东大会 南京伟思医疗科技股份有限公司: 根据《中华人民共和国公司法》(以下简称"《公司法》")《中华人民共和国 证券法》(以下简称"《证券法》")和中国证监会发布的《上市公司股东会规则》 等法律、法规和规范性文件以及《南京伟思医疗科技股份有限公司章程》(以下 简称"《公司章程》")的规定,本所受公司的委托,指派本所律师出席公司 2025 年第一次临时股东大会,并就本次股东大会的召集、召开程序、出席会议人员资 格、召集人资格、表决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序 1.本次股东大会的召集 本次股东大会由董事会召集。2025年8月27日,公司召开了第四届董事会 第五次会议,决定于 2025 ...

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation modulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]

Core Viewpoint - The company has a strong presence in the non-invasive brain-computer interface (BCI) field, with a comprehensive range of products and technologies, including group biofeedback, multi-parameter biofeedback, and neonatal EEG monitoring [1] Group 1: Product and Technology Development - The company has obtained dozens of patents related to brain-computer interfaces, covering core technologies such as EEG signal acquisition, interference signal correction, signal transmission analysis, and machine learning algorithms [1] - The company has also accumulated multiple patents and technological reserves in non-invasive BCI electrodes [1] Group 2: Neurological Rehabilitation Solutions - The company's technology layout in the neurological rehabilitation field has evolved from a single device to a full-cycle solution encompassing "diagnosis-treatment-rehabilitation" [1] - For closed-loop neurological rehabilitation systems, the company has developed technologies for EEG acquisition, non-invasive neural modulation, and rehabilitation robots, enabling a closed-loop rehabilitation chain that includes brain signal acquisition, intention analysis, magnetic stimulation regulation, and mechanical assistance execution [1] Group 3: Clinical Applications - For stroke patients, the company can capture motor imagery signals in real-time using EEG caps, triggering rehabilitation robots for training while utilizing transcranial magnetic stimulation (TMS) to enhance neural plasticity and accelerate motor function recovery [1] - For spinal cord injury patients, the company's surface electromyography analysis system can assess residual nerve function, combined with a pulsed magnetic field therapy device to intervene in damaged spinal segments, creating personalized rehabilitation plans [1] Group 4: Future Directions - The company will closely monitor the development and application of cutting-edge neuroscience technologies, actively exploring various forms of business and technical cooperation to promote the transition of rehabilitation medicine from traditional models to precision and intelligent development [1]