Analysis of Beiyikang (920199) Strong Performance: Concept-driven and Risk Assessment

Beiyikang recently entered the strong stock pool mainly driven by the hype around the Brain-Computer Interface (BCI) concept, with core catalysts including:

1. Overseas Technological Breakthrough
   : On January 1, 2026, Tesla CEO Elon Musk announced that his brain-computer interface company Neuralink would launch large-scale production of BCI devices in 2026, directly igniting the global BCI concept [1].
2. Domestic Policy Support
   : On the same day, China’s first industry standard for brain-computer interface medical devices was officially implemented, strengthening market expectations for the BCI industry [2].
3. Sector Linkage Effect
   : On the first trading day of A-shares on January 5, the BCI concept rose collectively (the index rose more than 12% intraday), and Beiyikang, as a Beijing Stock Exchange (BSE) listed stock, hit the 30% daily limit and became one of the leading stocks in the sector [3].

• Short-term Trend
  : On January 5, it opened at 34.60 yuan, peaked at 44.96 yuan intraday, and closed with a 29.98% gain (daily limit); on January 6, it consolidated, closing at 35.37 yuan with a 0.51% drop [0].
• Trading Volume and Turnover Rate
  : On January 5, the trading volume was 213 million yuan, and the turnover rate was 12.94%, far exceeding the usual level, indicating significant inflow of short-term funds [5].
• Valuation Level
  : The current price-to-earnings ratio (PE) is 294.85, and the price-to-book ratio (PB) is 5.83, far higher than the industry average (industry PE:32.80, PB:2.97), showing obvious valuation bubbles [5].
• Dragon and Tiger List Performance
  : After hitting the daily limit, it was on the Dragon and Tiger List, with a net purchase of 12.9089 million yuan by brokerage departments, indicating active participation of short-term funds [3][8].

• Business Situation
  : The company mainly engages in the R&D, production, and sales of intelligent rehabilitation equipment, and has not yet laid out clear BCI-related businesses [6].
• Financial Performance
  : In 2025, fundamentals were weak; the non-net profit for the first half of the year was a loss of 8.4586 million yuan (a year-on-year decrease of 242.10%); the basic earnings per share for the first three quarters was 0.0491 yuan (a year-on-year decrease of 83.88%), with continuous decline in profitability [6][7].
• Customer Structure
  : Downstream customers are mainly large ODM cross-border e-commerce or brand owners, with the top 5 customers accounting for 52.89% of total revenue, showing high concentration [6].

1. Obvious Concept Hype Characteristics
   : The current price rise lacks substantial performance support, and the company has not carried out clear BCI business, which is a typical concept-driven market [10].
2. Short-term Capital Game Dominates
   : High turnover rate and Dragon and Tiger List data show that the rise is mainly driven by short-term hot money rather than long-term value investment funds [5][8].
3. Resonance of Policy and Technical Expectations
   : Musk’s mass production announcement and the implementation of domestic industry standards formed a resonance effect, amplifying market hype sentiment around the BCI concept [1][2].

1. Concept Hype Risk
   : If the BCI concept cools down or the company fails to confirm relevant business layout, the stock price may correct sharply [10].
2. Weak Fundamental Risk
   : The company’s profit continues to decline, lacks performance support, and has serious valuation bubbles [5][6][7].
3. Technical Correction Risk
   : Pay attention to the support level of 30 yuan in the short term; if it breaks below, be alert to further correction; 44.96 yuan is the recent high resistance level; if it cannot break through, the adjustment pressure will increase.

The current BCI concept is in a hot period driven by both policy and technology; short-term investors can pay attention to sector linkage effects, but need to strictly control risks.

Beiyikang’s recent strong performance is mainly driven by BCI concept hype, affected by overseas technological breakthroughs and domestic policy support; technically, short-term funds have flowed in significantly, but fundamentals are weak and valuation is too high; this stock belongs to a concept hype market, lacks long-term performance support, and investors need to be alert to correction risks.