2026年A股开门红，脑机接口相关概念股均迎来暴涨。 自1月5日开始，三博脑科（301293）、翔宇医疗、美好医疗（301363）、伟思医疗、诚益通（300430） 等股票连续多个交易日出现20%涨停，冠昊生物（300238）、塞力医疗（603716）、创新医疗 （002173）、南京熊猫（600775）、岩山科技（002195）等也都连续10%涨停。截至1月7日记者发稿， 脑机接口板块依然涨停不断。 多重利好消息传来 消息面上，埃隆.马斯克近日表示，旗下脑机接口公司Neuralink将于2026年开始大规模生产脑机接口设 备，并将同步推进流程高度精简、几乎完全自动化的外科手术方案。这一表态更是引发脑机接口相关概 念股热度快速攀升。有消息称，量产后，脑机单台植入手术的成本将从百万美元降至10万美元以内，全 自动化落地后有望进一步下探至5万美元区间，为日后脑机接口设备的大规模商业化埋下伏笔。 国内政策层面，2025年7月，工业和信息化部、国家发展改革委、教育部、国家卫生健康委、国务院国 资委、中国科学院、国家药监局七部门联合印发《关于推动脑机接口产业创新发展的实施意见》（以下 简称《意见》），首次系统性地明确了 ...

Core Viewpoint - In the first half of 2025, while many self-developed model companies in the A-share market faced losses, Yanshan Technology reported a profit of 67.11 million yuan, a year-on-year increase of 81.51%, despite a revenue decline of 6.38% to 317 million yuan, raising questions about the sustainability of its high market valuation of 50 billion yuan [1][2]. Revenue and Profit Analysis - Yanshan Technology's revenue for the first half of 2025 was 317 million yuan, down 6.38% year-on-year, while net profit was 67.11 million yuan, up 81.51% year-on-year [2]. - The company's revenue heavily relies on traditional internet value-added services, with 94.58% coming from this segment, while AI-related business revenue plummeted by 72.3% to 9.52 million yuan, resulting in a negative gross margin of -12.95% [2][10]. - The overall gross margin for the company was 27.43%, a decline of nearly 20 percentage points compared to the same period last year [2]. AI Business Performance - Yanshan Technology's AI initiatives, including smart driving and brain-computer interface projects, have not generated significant revenue and are described as "loss-making black holes" [2]. - The subsidiary Nullmax reported a revenue of 9.52 million yuan and a loss of 86.99 million yuan in the first half of 2025, compared to 34.38 million yuan in revenue and 27.96 million yuan in losses in the same period last year [3][4]. - The Yan architecture model, launched by Yanshan Technology, is still in its early stages, with revenue of 2.426 million yuan and a loss of 40.95 million yuan reported in 2024 [5]. Investment Gains - The significant increase in net profit is attributed to investment gains, specifically from stock trading, which contributed 120 million yuan in fair value changes, a turnaround from a loss of 4.7 million yuan in the previous year [6][7]. - The primary source of this investment gain was the substantial increase in the stock price of Innovation Medical, which rose 79% from 7.96 yuan to 14.25 yuan per share, generating over 100 million yuan in "floating profit" for the company [7]. Financial Structure and Market Valuation - As of mid-2025, Yanshan Technology's total assets reached 10.587 billion yuan, with trading financial assets exceeding 5.676 billion yuan, accounting for over 50% of total assets [10]. - Despite a strong cash position, the company has not issued dividends in 2024 or mid-2025, contrasting with many other A-share companies [10]. - Yanshan Technology's R&D expenditure of 170 million yuan is significantly lower than its peers, with companies like iFlytek spending 2.07 billion yuan, indicating a potential mismatch between its high market valuation and R&D investment [11][12]. Market Perception and Future Outlook - The high market valuation of Yanshan Technology is perceived as a result of its "AI concept" rather than solid fundamentals, raising concerns about the sustainability of its valuation if it cannot achieve breakthroughs in AI business [12]. - Analysts suggest that the reliance on investment income for profitability poses risks, as market fluctuations could lead to significant declines in both performance and valuation [12].