Sou Hu Cai Jing·2026-01-08 11:39Core Viewpoint - The recent surge in brain-computer interface (BCI) concept stocks has led to significant price increases for companies like Innovent Medical and Nanjing Panda, while companies like YHLO and InnoChip have announced their involvement in the BCI sector, prompting regulatory scrutiny due to incomplete and inaccurate disclosures [1][3][4]. Company Developments - YHLO signed a strategic cooperation framework agreement with Shenzhen Brain Machine Star Chain Technology Co., Ltd., focusing on product development, market promotion, and equity investment [3]. - YHLO specializes in in vitro diagnostic products, primarily using chemiluminescence immunoassay methods for the development, production, and sales of diagnostic instruments and reagents [3]. - InnoChip has entered the BCI chip market with its IPA1299 chip, designed for high-precision measurement of human bioelectric signals, suitable for EEG signal acquisition [3][4]. Market Reactions - Following the announcements, InnoChip's stock price increased by 12.74% from January 5 to 7, while YHLO's stock rose by 6.52% on the day of the announcement, with trading volume up by 299% compared to the previous day [4]. - The Shanghai Stock Exchange raised concerns about the accuracy of the disclosures from both companies, leading to additional disclosures clarifying the status of their BCI-related products [4][5]. Regulatory Actions - The Shanghai Stock Exchange issued regulatory warnings to YHLO and InnoChip for their inaccurate and incomplete information disclosures regarding their BCI initiatives [5][6]. - YHLO clarified that its partner, Brain Machine Star Chain, is focused on non-invasive technology and that its EEG analysis products are still in early development stages [4][6]. Financial Performance - YHLO reported a revenue of approximately 1.287 billion yuan for the first three quarters of 2025, a decrease of 7.69% year-on-year, with a net profit of about 60.42 million yuan, down 72.36% [6]. - In contrast, InnoChip experienced growth in both revenue and net profit, with a net profit of approximately 114 million yuan, an increase of 28.54% year-on-year [6].