Mai Lande (688273): Advancing synergistically in serious and consumer healthcare, actively expanding into brain-computer interface business
Investment Highlights: Event: The company released its first-quarter results for 2025 and 2026. In 2025, it reported revenue of RMB 432 million (up 1.66% year-over-year) and net profit attributable to shareholders of RMB 1.03 billion (up 1
Mailande (688273.SH) 2025 Annual Profit Distribution: RMB 0.50 per share
Gelonghui, May 19 — Mailande (688273.SH) announced its 2025 annual profit distribution implementation notice. As of the date of this announcement, the company's total share capital is 100,000,000 shares. After deducting 2,192,143 shares held in the repurchase dedicated securities account, the total number of shares eligible for dividend distribution is 97,807,857 shares, resulting in a proposed total cash dividend of RMB 48,903,928.50 (before tax). The company plans to distribute a cash dividend of RMB 5.00 per 10 shares (before tax) to all shareholders. The record date for this profit distribution is May 25, 2026.
BOCI International: Three Key Technologies Drive Growth; Positive Outlook for Brain-Computer Interface Industry's Potential Expansion
Since 2026, financing activities for brain-computer interface enterprises have remained robust, with companies such as Qiangnao Technology and Jieti Medical securing substantial funding. The influx of capital is accelerating the industrialization of brain-computer interface technologies.
Company Q&A | Mailande: The company's non-invasive brain-computer interface product is currently in the market promotion stage and has not yet obtained a medical insurance code.
On April 20, a user inquired on an interactive platform whether Mailande's brain-computer interface products had obtained a medical insurance code as an innovative product. Mailande responded that its non-invasive brain-computer interface products are currently in the market promotion phase and have not yet received a medical insurance code. The company consistently prioritizes research and development as well as industrial implementation of brain-computer interface technology, while closely monitoring national and regional medical insurance support policies for innovative medical devices.
Comment on Malande's (688273) 2025 Annual Report and 2026 Q1 Report: Steady Growth in Reproductive Rehabilitation Products; Innovative Breakthroughs in Brain-Computer Interface Technology
Event: 1) The company released its 2025 annual report, achieving operating revenue, net profit attributable to shareholders, and non-recurring net profit attributable to shareholders of RMB 432 million, RMB 103 million, and RMB 80 million respectively, representing year-on-year changes of +1.66%, +1.03%, and -1.98%.
Mailande's revenue in 2025 reached 432 million yuan, a slight increase of 1.66%, while its non-GAAP net profit amounted to 80.3825 million yuan, marking a decline of 1.98%.
The sales expense ratio exceeds 20%, R&D investment has increased to 15.31%, but the number of R&D personnel has decreased.
Mailande: First Quarter Report for 2026
Mailande: 2025 Annual Report
Mailande: Summary of the 2025 Annual Report
First Quarter Report for 2026
Annual Report 2025
Summary of the 2025 Annual Report
Malande's net profit slightly increased in 2025, while capacity disruptions led to a decline in Q1 performance this year.
①Currently, the domestic rehabilitation medical device market exhibits clear stratification characteristics. Mid-to-low-end products are predominantly imitations, with significant homogeneity issues and generally low unit prices, while the high-end market is dominated by imported products. ②Brain-computer interface technology, which is currently highly popular, represents the field in which Mailande holds higher expectations.
MaiLanDe (688273.SH): Transfers 55% equity stake in its subsidiary XiaoFu Technology to ZhiMei Stars for a total consideration of RMB 60.5 million.
Gelonghui, April 15th: Mailande (688273.SH) announced that in accordance with the company’s overall operational planning, to enhance asset quality and investment returns, the company held the 17th meeting of its second board of directors on April 14, 2026. The meeting reviewed and approved the proposal regarding the transfer of subsidiary equity, agreeing to transfer 55% of the equity in Xiaofu Technology, a subsidiary, to Zhi Mei Xingchen for a total price of 60.5 million yuan. Upon completion of this transaction, the company will no longer hold any equity in Xiaofu Technology, and Xiaofu Technology will no longer be included in the company’s consolidated financial statements.
STAR Market Daily | Biwin Storage Q1 turns loss into profit; Rongbai Technology plans to invest in building LFP precursor production capacity.
①Dingtong Technology's Q1 net profit increased by 52% year-on-year, driven by strong demand for 112G and 224G products and bulk deliveries of liquid cooling solutions; ②Canrui Technology plans to repurchase shares worth between 16 million yuan and 32 million yuan for employee stock ownership or equity incentives; ③Nami Technology intends to raise no more than 710 million yuan through a private placement.
MaiLanDe (688273.SH): 2025 net profit increased by 1.03% year-over-year; proposes a dividend of 5 yuan per 10 shares
Gelonghui reported on April 15 that Mailande (688273.SH) released its 2025 annual report, showing the company achieved a total revenue of 432 million yuan for the full year, representing a year-on-year increase of 1.66%; net profit attributable to shareholders was 103 million yuan, up 1.03% year-on-year; non-recurring net profit attributable to shareholders was 80.3825 million yuan, down 1.98% year-on-year. The company proposed a dividend distribution plan of 5 yuan per 10 shares for all shareholders.
Express News | MaiLanDe: Net profit in the first quarter decreased by 42.49% year-on-year.
The release of national standards such as brain-computer interface marks the industry's official transition from 'planning blueprint' to 'fast track for implementation.' Institutions are optimistic about these two sectors.
① Brain-computer interfaces have officially transitioned from the technology exploration phase into clinical application, opening up commercialization opportunities in the fields of neural modulation and implantable medical devices; ② In just the first quarter of this year, the total financing amount for brain-computer interface companies has already surpassed the entire year of 2025, with industry momentum continuing to rise.
CSC Financial: Aging population and policy-driven silver economy present investment opportunities in select companies related to elderly care and nursing.
Participants in China's long-term care insurance program can independently choose between home-based care, community-based care, or institutional care, with policies encouraging home and community-based care.
BOCI International: The world's first invasive brain-computer product approved, industry enters commercial validation phase
The first invasive brain-computer interface product has been approved for market launch, marking a new era of commercialization in China.