经济观察网博拓生物股价在2026年2月13日出现上涨，可能与公司近期披露的业绩预告及对未来发展的 积极展望有关。 公司在脑机接口领域的战略布局也受到市场关注。根据证券时报网2026年1月25日的报道，公司正通过 旗下产投平台深度参与脑机接口产业，并已战略入股相关企业，试图打造第二增长曲线。 股票近期走势 截至2026年2月13日11:19更新行情数据显示，博拓生物股价当日上涨5.36%，而所属的医疗器械板块指 数当日下跌0.18%，显示其走势显著强于板块整体表现。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司于2026年1月23日发布的2025年度业绩预告显示，尽管预计全年归母净利润同比出现较大幅度下 滑，但管理层在后续的投资者交流活动中明确表示，随着中美关税环境趋于稳定，以及公司差异化竞争 产品在多个市场陆续获证，对2026年营业收入实现稳步增长抱有信心。这种"短期业绩承压，但未来增 长拐点可期"的预期可能对市场情绪产生了积极影响。 战略推进 ...

Group 1 - On January 29, Botao Bio's stock fell by 2.76%, with a trading volume of 103 million yuan [1] - The financing data showed that on the same day, Botao Bio had a financing purchase amount of 10.18 million yuan and a financing repayment of 14.82 million yuan, resulting in a net financing outflow of 4.64 million yuan [1] - As of January 29, the total balance of margin trading for Botao Bio was 288 million yuan, which accounted for 5.21% of its market capitalization [1] Group 2 - As of September 30, the number of shareholders of Botao Bio was 7,146, an increase of 28% compared to the previous period [2] - For the period from January to September 2025, Botao Bio reported an operating income of 308 million yuan, a year-on-year decrease of 20.76%, and a net profit attributable to shareholders of 22.26 million yuan, down 75.04% year-on-year [2] - Since its A-share listing, Botao Bio has distributed a total of 798 million yuan in dividends, with 478 million yuan distributed in the last three years [2]

Core Insights - The National Medical Products Administration of China has approved two industry standards for medical devices utilizing brain-computer interface (BCI) technology, indicating a push for high-quality development in this sector [1] - Analysts believe that the BCI field is entering a critical window for expansion from research validation to clinical and consumer applications, driven by recent innovative policies in medical devices [1] Industry Overview - Neuralink, founded by Elon Musk, is a leading player in the global BCI field, planning to scale up production of BCI devices and explore automated surgical solutions [3] - The global BCI market is projected to reach approximately $2.6 billion in 2024, with an annual growth rate of 11.5%, and is expected to expand to $3.3 billion by 2026 [3] - McKinsey forecasts that the BCI market in the medical sector could reach around $40 billion by 2030 and further grow to about $145 billion by 2040, with central nervous system disease treatment as a primary application area [3] Domestic Development - China's top-level policy design is providing crucial support for the development of BCI technology, with a goal to achieve breakthroughs in key technologies and establish a standard system by 2027 [4] - The number of companies in China's BCI sector has exceeded 200, with a projected industry scale of tens of billions of RMB by 2026 and an estimated 10-14 billion RMB by 2030 [4] - Rumors suggest that Qiangnao Technology is preparing for an IPO in Hong Kong, potentially becoming the first company among the "Hangzhou Six Little Dragons" to enter the capital market [4] Company Activities - In the A-share market, there are currently 50 listed companies in the BCI sector [5] - Botao Biological has invested in Haoshi Tianhui Technology, focusing on non-invasive BCI and mental health applications, aiming to accelerate clinical transformation and industrialization of innovative technologies [5] - Tianqi Co., Ltd. is entering the core BCI sector by investing in Suzhou Huahui Chip, focusing on high-density flexible neural electrode technology, which is crucial for domestic BCI hardware localization [6] - Innovation Medical is positioning itself in the BCI industry through its subsidiary Boling Brain Machine, which has commercialized BCI rehabilitation products [6]

Group 1 - The core point of the announcement is the resolution of the first extraordinary general meeting of shareholders of Hangzhou Botao Biotechnology Co., Ltd. held on January 26, 2026, with no rejected proposals [1][2] - The meeting was convened in accordance with the Company Law, Securities Law, and the company's articles of association, utilizing a combination of on-site and online voting methods [2][5] - The meeting was attended by 6 out of 7 current directors, with one independent director participating via communication, and the company’s vice president and board secretary also present [3] Group 2 - Two main proposals were reviewed: the revision of the company's articles of association and the anticipated daily related party transactions for 2026, both of which were approved [4][5] - The first proposal required a special resolution, passing with more than two-thirds of the voting rights held by attending shareholders, while the second proposal was a general resolution, passing with more than half of the voting rights [5] - The meeting was witnessed by Zhejiang Tian Ce Law Firm, confirming that the convening and proceedings of the meeting complied with legal and regulatory requirements [5]

2026 年第一次临时股东会的 法律意见书 浙江天册律师事务所 关 于 杭州博拓生物科技股份有限公司 天册律师事务所 杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 电话：+ 86 571 8790 1110 传真：+ 86 571 8790 1500 www.tclawfirm.com 法律意见书 浙江天册律师事务所 关于杭州博拓生物科技股份有限公司 2026 年第一次临时股东会的 法律意见书 编号：TCYJS2026H0118 号 法律意见书 （1）《关于修订<公司章程>及修订、新增部分制度的议案》； 致：杭州博拓生物科技股份有限公司 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》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律、法规和规范性文件及《杭州博拓生物科技股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，浙江天册律师事务所（特殊普通 合伙）（以下简称"本所"）接受杭州博拓生物科技股份有限公司（以下简称"博 拓生物"或"公司"）的委托，指派律师参加博拓生物 2026 年第一次临时股东会， 并出具本法律意见书。 ...

证券代码：688767 证券简称：博拓生物 公告编号：2026-007 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） 股东会召开的时间：2026 年 1 月 26 日 （二） 股东会召开的地点：杭州市余杭区仓前街道途义路 27 号 A 幢 110 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 | 57 | | --- | --- | | 普通股股东人数 | 57 | | 2、出席会议的股东所持有的表决权数量 | 61,718,619 | | 普通股股东所持有表决权数量 | 61,718,619 | | 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 | 41.3294 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.3294 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 ...

1月23日盘后，杭州博拓生物科技股份有限公司(股票简称：博拓生物；股票代码：688767.SH)发布2025 年度业绩预告，受美关税政策扰动以及传染病市场周期性波动双重影响，公司2025年营业收入出现下 滑，加上研发投入以及股权激励费用等增加，预计全年归母净利润及扣非净利润均同比下降。尽管业绩 短期承压，公司管理层在近日投资者交流中明确表示，在中美关税维持相对稳定的背景下，随着差异化 竞争产品持续出新获证，公司2026年营业收入有望实现稳步增长。同时不难看出，公司正从深度和广度 上战略布局脑机接口产业，未来值得期待。 业绩短期承压，2026年拐点或至 公司业绩预告指出，2025年归母净利润的大幅下滑，主要是营业收入受美国加征关税、传染病市场需求 周期性波动的双重影响。此外，公司研发投入、股权激励费用等增加，以及财务性收益的减少导致利润 下降。尽管业绩短期承压，但公司正在积极布局新的增长点，2026年有望成为收入与业绩的拐点。 青石永隽对于产品后续研发进度的信心，得益于背靠浙江大学及南湖脑机交叉研究院的强大技术团队支 持。据公司介绍，青石永隽为南湖脑机交叉研究院孵化的脑机接口产业公司，其团队核心成员来自浙江 大 ...

- The report discusses a **quantitative timing model based on volume signals**, which indicates a "bullish" view for all major indices except the ChiNext Index as of January 23, 2026[30][31][33] - A **momentum sentiment indicator** is introduced, calculated as the proportion of stocks in the CSI 300 Index with positive returns over the past N days. The indicator is smoothed using two moving averages (N1=50, N2=35). When the short-term average exceeds the long-term average, it signals a bullish market sentiment[32][34][36] - The **moving average sentiment indicator** is based on the eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to these moving averages. A value greater than 5 indicates a bullish signal for the CSI 300 Index[40][44] - The **cross-sectional volatility factor** is analyzed, showing that the CSI 300 Index's cross-sectional volatility increased week-over-week, indicating an improved short-term alpha environment. Conversely, the cross-sectional volatility for the CSI 500 and CSI 1000 indices decreased, suggesting a deteriorated alpha environment[45][46] - The **time-series volatility factor** is also evaluated, revealing that the time-series volatility for the CSI 300, CSI 500, and CSI 1000 indices decreased week-over-week, indicating a worsening alpha environment. Over the past quarter, the CSI 300 Index's volatility was in the lower range of the past six months, while the CSI 500 and CSI 1000 indices were in the middle range[46][49]

Core Insights - The main viewpoint of the article highlights the limitations of traditional mental health diagnostic methods and introduces a non-invasive brain-computer interface technology as a more efficient and objective solution for diagnosing conditions like depression and anxiety [1] Group 1: Current Diagnostic Methods - Current mainstream methods for diagnosing mental health issues rely on a combination of "scale assessment + comprehensive judgment by doctors," which is time-consuming and difficult to quantify [1] - In non-hospital settings, such as community screenings or corporate health management, the lack of professional psychological resources can lead to subjective biases in results [1] Group 2: Innovative Solutions - The non-invasive brain-computer interface technology offers a solution by utilizing real-time EEG signal collection and AI analysis for efficient and objective assessments [1] - The core competitive advantage of Haoshi Tianhui lies in its fully self-developed non-invasive brain-computer interface technology system, which includes high-precision AI algorithms that decode EEG signals into quantifiable emotional indicators [1] Group 3: Product Features and Efficacy - The developed system can conduct tests for depression and anxiety in as little as 90 seconds per session, achieving an accuracy rate of over 90% [1] - The system has received medical device registration certification and integrates a software platform that generates customized therapeutic music based on real-time EEG data, creating a complete "assessment-intervention-feedback" loop [1] Group 4: Market Potential and Expansion - The solution significantly reduces subjective bias and enhances screening efficiency, making it applicable in various settings such as hospitals, education, and justice [1] - Recent policy support in China for mental health diagnosis, including the incorporation of AI+EEG diagnostics into national medical guidelines, creates favorable commercialization conditions [1] - Haoshi Tianhui has initiated collaborations with medical institutions and distributors in regions like Yunnan, Guizhou, Sichuan, Jiangxi, Guangdong, Hebei, and Jiangsu-Zhejiang-Shanghai to accelerate product scaling [1] - Future plans include expanding into consumer applications through the sale of devices and consumables, as well as a system service model to achieve sustainable revenue growth [1]

Core Viewpoint - The brain-computer interface (BCI) industry is identified as a long-term investment opportunity in the healthcare sector, with significant strategic importance for the company in the medical device field [1] Summary by Relevant Sections Industry Outlook - The implementation opinions jointly issued by seven departments, including the Ministry of Industry and Information Technology, aim to establish an advanced technology, industry, and standard system for the BCI industry by 2027, and to cultivate 2 to 3 globally influential leading enterprises by 2030 [1] Company Strategy - The company has been researching and exploring the BCI direction since 2023 and strategically invested in Hangzhou Qingshi Yongjun in 2025, successfully entering the invasive BCI treatment field for severe treatment-resistant depression [1] - The recent investment in Haoshi Tianhui further enhances the company's detection and treatment layout for depression and anxiety disorders within the BCI field [1] Future Plans - The company plans to continue its strategic layout in the BCI field by participating deeply through its investment platform, using its own funds for equity participation or acquisitions to accelerate the product industrialization and commercialization processes of invested enterprises [1] - Additionally, the company intends to establish a BCI industry fund, leveraging the strengths and resources of professional investment institutions to expedite its industrial chain layout in the BCI and neuroscience fields [1]