Core Viewpoint - Both Neuralink and Qingstone Yongjun are focused on invasive brain-machine interface technology, but they have distinct core objectives and approaches [1] Group 1: Company Comparison - Neuralink aims to create a comprehensive "whole-brain interface" that integrates multiple functions such as movement, language, and vision, with the ultimate goal of deep integration with artificial intelligence and achieving human-AI coexistence [1] - Qingstone Yongjun, on the other hand, concentrates on the vertical medical field, specifically targeting the treatment of treatment-resistant severe depression with its first product, which offers personalized treatment plans through a closed-loop control system [1] - The technological approach of Neuralink is characterized by platformization and generalization, while Qingstone Yongjun seeks to excel in specific brain disease treatment scenarios [1]

Core Viewpoint - The company has strategically invested in Hangzhou Haoshi Tianhui Technology Co., Ltd., acquiring a 16% stake as the sole investor in its latest financing round, marking another exploration in the non-invasive brain-computer interface sector following its 2025 investment in Qingshi Yongjuan [1] Group 1: Company Overview - Haoshi Tianhui is an innovative high-tech enterprise focused on artificial intelligence in the medical field, with a founding team that has overseas entrepreneurial experience and strong industry expertise [1] - The company has developed a diverse product matrix that includes applications in mental health, cardiovascular monitoring, and imaging diagnostics [1] Group 2: Product and Technology - Haoshi Tianhui's self-developed medical-grade non-invasive brain-computer interface and mental health assessment devices can accurately evaluate emotional issues such as depression and anxiety, integrating music therapy interventions into a comprehensive service model [1] - The products are designed for various settings, including hospitals, schools, health check centers, and mental health institutions, providing objective and efficient assessments compared to traditional evaluation methods [1] Group 3: Regulatory and Market Plans - The company obtained a Class II medical device registration certificate in November 2025 for its products aimed at detecting mental health issues, with plans to promote and sell these products in the domestic market starting in 2026 [1]

Core Viewpoint - The company plans to establish a specialized industry fund for brain-computer interfaces and brain science, with a total scale of 200 million yuan, to accelerate its strategic layout in this field [1] Group 1: Fund Details - The fund will be co-invested with professional investment institutions, with the company contributing 190 million yuan, accounting for 95% of the total committed capital [1] - The initial investment amount from the company is set at 50 million yuan, with the remaining contributions to be made based on project investment needs [1] Group 2: Investment Focus - The fund will target unlisted companies in the domestic and international brain-computer interface and brain science industry chain [1] - The aim is to enhance the company's industrial layout in brain-computer interfaces and neuroscience, promoting resource sharing and integration [1] Group 3: Strategic Goals - The fund seeks to achieve capital appreciation while serving the company's long-term strategic development goals [1] - The establishment of the fund is still pending approval from relevant authorities, and there are uncertainties regarding the smooth progress of investment projects [1]

Core Viewpoint - Botao Bio has received funding from the National Natural Science Foundation for a significant project focused on high-precision vascular interventional brain-machine interfaces, with direct funding amounting to 22 million yuan [1] Group 1 - The project titled "Research on Stent-free High-precision Vascular Interventional Brain-Machine Interfaces" is part of a major initiative under the National Natural Science Foundation [1] - Qingstone Yongjun is the only enterprise involved in this project, highlighting its unique position in the industry [1]

Core Viewpoint - Botao Bio is forecasting a significant decline in net profit for 2025, with an expected net profit of approximately 45 million yuan, representing a year-on-year decrease of about 73.45% [1] Revenue Impact - The company's revenue is expected to be adversely affected in the first half of 2025 due to multiple tariff increases imposed by the U.S. government, leading to a decline in exports to the U.S. [1] - Domestic demand for respiratory testing products and mosquito-borne disease products in Latin America has also decreased year-on-year, further impacting overall revenue [1] Expense Impact - The company is focusing on innovation and team incentives, which has led to increased research and development expenses and costs associated with employee stock ownership plans [1] - Financial income from foreign exchange gains and interest has decreased year-on-year, contributing to a significant decline in profits [1] Non-Operating Income Impact - In the previous period, the company benefited from a $5 million advance payment and transportation fees from overseas customers for COVID-19 testing products, which were recognized as revenue in 2024, leading to increased net profit [1] - The current reporting period did not experience similar non-operating income, which has negatively affected profit figures [1]

现夏静波先生因个人原因发生工作变动，不能继续履行对公司的持续督导职责。 为保证持续督导工作的有序进行，国泰海通委派戴祺先生担任公司的保荐代表人 （戴祺先生简历参见附件），继续履行对公司的持续督导职责，戴祺先生具有较丰 富的投行工作经验，具备履职能力。本次保荐代表人变更后，公司首次公开发行股 票并在科创板上市的持续督导保荐代表人为沈强先生、戴祺先生。国泰海通及相关 保荐代表人将按照《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》等有关规定，认真做好相关保荐工作的交接，切实履行持续督导职责。 本公司董事会及全体董事保证本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。 杭州博拓生物科技股份有限公司（以下简称"公司"）于近日收到国泰海通证 券股份有限公司（以下简称"国泰海通"）出具的《关于变更保荐代表人的函》。 国泰海通作为公司首次公开发行股票并在科创板上市的保荐机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》等有关规定， 原委派沈强先生、夏静波先生为该项目持续督导的保荐代表人。持续督导期限自首 次公开发 ...

证券代码：688767 证券简称：博拓生物 公告编号：2026-005 杭州博拓生物科技股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经杭州博拓生物科技股份有限公司（以下简称"公司"）财务部门初 步测算，预计 2025 年年度实现归属于母公司所有者的净利润为 4,500.00 万元左 右，与上年同期（法定披露数据）相比，将减少 12,451.55 万元左右，同比减少 73.45%左右。 （2）归属于母公司所有者的扣除非经常性损益的净利润为 2,400.00 万元左 右，与上年同期（法定披露数据）相比，将减少 9,528.76 万元左右，同比减少 79.88%左右。 二、上年同期业绩情况 （一）营业收入影响 2025 年上半年，由于美国政府多次加征关税引发全球市场重大波动，公司 对美出口下滑；受周期性波动影响，国内呼吸道检测产品以及拉美地区登革热等 ...

博拓生物1月23日公告，预计2025年年度归母净利润4500万元左右，同比减少73.45%左右。 ...

归属于母公司所有者的扣除非经常性损益的净利润为2400.00万元左右，与上年同期(法定披露数据)相 比，将减少9528.76万元左右，同比减少79.88%左右。 格隆汇1月23日丨博拓生物(688767.SH)公布，经杭州博拓生物科技股份有限公司财务部门初步测算，预 计2025年年度实现归属于母公司所有者的净利润为4500.00万元左右，与上年同期(法定披露数据)相比， 将减少12,451.55万元左右，同比减少73.45%左右。 ...

Summary of the Conference Call for Botao Bio Company Overview - **Company**: Botao Bio - **Industry**: Brain-Computer Interface (BCI) and In Vitro Diagnostics (IVD) Key Points Strategic Positioning in Brain-Computer Interface - Botao Bio views the brain-computer interface sector as a second growth curve and has invested in two companies: Qingshi Yongjun (invasive) and Haoshi Tianhui (non-invasive) to cover different technological paths for depression treatment [2][4] - Haoshi Tianhui focuses on non-invasive BCI combined with AI technology, capable of assessing depression or anxiety in 90 seconds and providing personalized music therapy, currently applied in hospitals and schools, with Botao holding a 16% stake [2][6] - Qingshi Yongjun specializes in invasive BCI for treatment-resistant depression, currently conducting clinical trials with significant results from the first patient treated with deep brain stimulation (DBS) [2][7] Clinical Trials and Progress - The first patient in the invasive BCI clinical trial has been followed for nearly five years without relapse, indicating long-term efficacy [2][11] - A new round of clinical trials started in June 2025, with 4 patients enrolled so far, and plans to enroll 100 patients by the end of 2026 [2][12] Financial and Investment Plans - Botao Bio plans to increase its stake in Qingshi Yongjun to over 10% by the end of 2026 to support formal clinical registration and related costs [2][14] - The company maintains a strong cash flow and is actively seeking suitable projects for investment in the healthcare sector to drive innovation and commercialization [3][9] Market Potential and Product Development - The global market for depression treatment is substantial, with approximately 300 million patients worldwide, including 95 million in China [7] - Botao Bio has developed a personalized depression brain network technology that is considered leading both domestically and globally [10] Future Expansion Plans - The company aims to expand its BCI strategy beyond current projects to include other indications such as Parkinson's and epilepsy [8] - Botao Bio is committed to deepening its industrial cooperation in the BCI field, supported by national policies and local government collaboration [19] Collaborations and Partnerships - Botao Bio's collaboration with Qingshi Yongjun is positioned as a strategic investment rather than a financial one, focusing on registration systems and market channels, particularly in domestic and international markets [20] - The company also plans to collaborate with Haoshi Tianhui in sales, production, and registration [20] New Product Developments - Botao Bio is advancing new products in the microfluidics technology sector, which are gradually obtaining certifications and being promoted in the market [21] - The company expects significant milestones in 2026, including progress in microfluidic product certifications and further developments in the BCI field [22]