环球产业观丨脑机接口概念热潮下监管亮剑 亚辉龙等公司因信披问题收警示

Core Viewpoint - The "brain-computer interface" has become a hot topic in the capital market, leading to significant stock price fluctuations and heightened regulatory scrutiny on companies involved in this sector [1]. Group 1: Company Actions and Regulatory Responses - Company Yahui Long announced a strategic cooperation with Shenzhen Brain Machine Star Chain Technology Co., Ltd., which has only been established for four months, to collaborate on product development and market promotion [2]. - Prior to the announcement, Yahui Long's stock price surged by 6.52%, with trading volume increasing by 299%, raising concerns about the timing of the announcement [2]. - Following regulatory pressure, Yahui Long issued a supplementary announcement retracting its previous statements, clarifying that the partner's products are still in early development stages and have not yet entered the registration phase [2][3]. - The Shanghai Stock Exchange issued a regulatory warning to Yahui Long for inconsistent disclosures regarding the technical capabilities of its partner, which violated listing rules [3]. Group 2: Financial Performance and Market Context - Yahui Long's financial performance has been under pressure, with a reported revenue of approximately 1.287 billion yuan for the first nine months of 2025, a year-on-year decline of 7.69%, and a net profit of 60.42 million yuan, down 72.36% [4]. - The company attributed its declining performance to reduced domestic market demand due to industry policies and losses from the fair value changes of financial assets [4]. - The Shanghai Stock Exchange requested Yahui Long to explain the rationale behind its cross-industry cooperation given its financial situation, emphasizing that the investment in Brain Machine Star Chain would not significantly impact its operations [4]. Group 3: Broader Industry Implications - Other companies, such as Yingjixin, also received regulatory warnings for misleading disclosures related to brain-computer interface technologies [5]. - Yingjixin claimed its IPA1299 chip is suitable for brain signal acquisition but later clarified that it is still in the market cultivation phase and has not achieved large-scale sales [6]. - Several other companies in the sector, including Weisi Medical and Xiangyu Medical, experienced stock price surges and subsequently issued risk warnings, stating that their brain-computer interface businesses are not their main operations and are still in early development stages [6].