Hainan Haiyao (000566): New generation of cochlear implants approved for further enrichment

Hainan Haiyao (000566): New generation of cochlear implants approved for further enrichment

The market for cochlear implants is promising, and the penetration rate is still relatively low.

The cochlear implant converts sound into electrical signals through a speech processor, and stimulates the auditory nerve by using an electrode system implanted in the body to restore the hearing function of patients with hearing impairment.

According to the second national sample survey of disabled people, 27.8 million disabled people have hearing impairments, of which 7.4 million are suitable for cochlear implants, but the proportion of cochlear implants 青岛夜网 in the body is currently low, only 40,000The patient was treated with a cochlear implant.

The prevalence of neonatal congenital deafness in the summer is about 1 ‰ -3 ‰. Assuming that the number of newborns is 15 million per year, it will continue to increase by 1 every year.


50,000 patients with congenital deafness need conduction.

The policy encourages the replacement of medical insurance in some provinces and cities. The market is expected to further expand the cost of cochlear implants, including cochlear costs, surgical costs, and post-maintenance costs. The overall cost of treatment is expensive, which is a consequence of limiting the expansion of the cochlear implant market.

In 2018, the “Thirteenth Five-Year Plan” cochlear implant assistance project was launched every year to subsidize eligible hearing-impaired children with free implementation of cochlear implants, replacement surgery costs, and rehabilitation training costs, which greatly reduced the cost of cochlear implants.
In addition, Liaoning Province, Jilin Province, Henan Province, and Anhui Province will place cochlear implants in the scope of medical insurance reimbursement, and gradually expand the market through policies and medical insurance cochlear implants.

In a major event, the prices of domestically produced products are dominant, and it is expected that import substitution will be achieved. Global manufacturers of cochlear implants are mainly American Cochlear companies, American Advanced Bionics companies and Austrian MED-EL companies, occupying 55% and 20% of the world respectivelyWith a 20% market share, cochlear implants have been heavily dependent on imports for a long time.

Initially, domestic cochlear implants have made great progress. Currently, Shanghai Lishengte, Shenyang Hongdingkang and Hangzhou Nuoerkang have obtained nationally recognized cochlear implant production certificates.

Compared with imported cochlear implants, domestic cochlear implants are more affordable. Domestic cochlear implants cost 60,000 to 100,000 yuan, while imported cochlear implants are mostly 15?
Above 300,000 yuan, domestic cochlear implants are expected to reduce prices and occupy the market to achieve import substitution.

Apply for multiple patents. The new product is significantly improved compared to the first generation. Listek has applied for multiple national patents. The company’s new-generation cochlear implant and first-generation cochlear implant can support multiple stimulation modes and better protect the cochlea.At the same time, domestic cochlear implants are more suitable for Chinese tonal languages, and the company is expected to break the monopoly of international manufacturers in the field of cochlear implants.

The batch of products released this time is suitable for patients with hearing impairment of both ears who are over 6 years old (including 6 years old) with severe or extremely severe sensorineural hearing and post-speech hearing impairment. In addition, the cochlear implanted speech processor is under review.

Due to the amount of asset impairment losses in 2018, we expect the net profit for 2019-2020 to be 3 from the original.


7.4 billion down to 2.


29 ppm, maintaining the “overweight” rating.

Risk reminder: the company’s new product promotion is less than expected, the product bidding pressure is lower, the recovery of API production is less than expected, administrative intervention may affect future financing, and there is a risk of imperfect internal control, etc.