亚辉龙跨界脑机接口遭监管闪电三问 业绩三连降应收账款及存货达11.7亿

Core Viewpoint - Company Ayhuilong (688575.SH) is entering the rapidly growing brain-computer interface (BCI) sector through a strategic partnership with Shenzhen Brain Machine Starlink Technology Co., Ltd, which has raised concerns from the stock exchange regarding the feasibility and details of this collaboration [1][2][3] Group 1: Partnership Details - Ayhuilong signed a strategic cooperation framework agreement with Brain Machine Starlink to integrate BCI technology with clinical and market resources for product development and market expansion [1][2] - Brain Machine Starlink, established in September 2025 with a registered capital of 5 million yuan, focuses on comprehensive diagnosis, treatment, and rehabilitation of brain diseases, with several products still in early development stages [3][4] - Ayhuilong holds a 4% indirect stake in Brain Machine Starlink, which is currently developing non-invasive technology products, distinguishing it from Neuralink's invasive approach [4] Group 2: Exchange Inquiries - The Shanghai Stock Exchange issued a rapid inquiry to Ayhuilong, requesting detailed disclosures on the commercial viability of Brain Machine Starlink, the feasibility of collaborative R&D, and the potential for future investments [2][5][6] - The first inquiry focuses on the commercial rationale of Brain Machine Starlink, including its technology routes, product types, and development status, as well as the timeline for future agreements and revenue sharing [4][5] - The second inquiry addresses the feasibility of collaborative R&D, asking for details on ongoing projects, expected investments, and the timeline for signing specific agreements [5][6] - The third inquiry concerns the feasibility of future investments, requesting specifics on potential equity investments or funding support for Brain Machine Starlink [6] Group 3: Financial Performance - Ayhuilong's core business involves the development, production, and sales of in vitro diagnostic instruments and related reagents, with a significant market presence in hospitals [7] - The company experienced a dramatic increase in revenue and net profit in 2022, attributed to sales growth in both non-COVID and COVID-related products, but has since faced a decline in performance [8] - From 2023 to 2025, Ayhuilong's revenue and net profit have shown consecutive declines, with a reported net profit of 60.42 million yuan in the first three quarters of 2025, down 72.36% year-on-year [8][9] - As of September 2025, Ayhuilong's cash flow has significantly decreased, with a net cash flow of 64.99 million yuan, and total receivables and inventory amounting to 1.171 billion yuan [9][10]