Analysis of the Strong Performance of Mehao Medical (301363)

The core catalyst for the strong performance of Mehao Medical (301363) is the collective surge in the Brain-Computer Interface (BCI) sector. On December 31, 2025, Elon Musk announced that Neuralink would mass-produce BCI devices in 2026, igniting related concept stocks globally [1][2][3]. The A-share BCI sector rose more than 13% on the first trading day of 2026, with over 20 stocks hitting daily limits, and Mehao Medical was one of the leading gainers.

• Technical aspects
  : On January 5, 2026, the stock hit a “20CM” daily limit (20% increase), but due to data limitations, real-time price and volume details were not obtained [1][2][3].
• Fundamentals
  : The company’s core business is medical device components and end-to-end services, with its cornerstone businesses being home ventilator components and cochlear implant components. In Q3 2025, it achieved revenue of 461.7 million yuan (+2.56% YoY), net profit of 93.9 million yuan (+5.89% YoY), and non-GAAP net profit of 92.7 million yuan (+9.56% YoY) [0]. The company has a comprehensive layout in the BCI field; based on its cochlear implant technology accumulation, it covers invasive, semi-invasive, and non-invasive BCI, provides CDMO services, and promotes commercial cooperation [4][5][6][7].

In terms of institutions, Huaan Securities gave a “Buy” rating in October 2025, Guosen Securities maintained an “Outperform the Market” rating, with a target price range of 33.92-38.09 yuan [8][9]. However, the sector currently shows signs of overheating, and the company’s BCI business is unlikely to contribute significantly to performance in the short term, while facing risks related to technology commercialization, policy, and competition [2][3].

The strong performance of Mehao Medical reflects the market’s high expectations for the large-scale application of BCI technology, but it is necessary to note the difference between cochlear implants (a mature BCI application) and emerging BCI technologies. Although the company has technical accumulation, its BCI business is still in the early stage, so attention should be paid to the progress of commercialization.

1. Technical risks
   : BCI technology is still in the early stage; signal interpretation, data security, and ethical issues need to be resolved. The company’s BCI business has a small revenue scale and is unlikely to affect performance in the short term [2][3][5][6][7].
2. Market risks
   : The sector is overheated; short-term gains may lack performance support [2].
3. Policy and competition risks
   : BCI involves sensitive areas with high policy uncertainty; the industry is highly competitive, requiring continuous R&D investment [2][9].
4. Operational risks
   : There is a certain degree of dependence on global leading cochlear implant enterprises [9].

The commercialization process of BCI technology is accelerating; as a participant in the medical device field, the company is expected to seize industry development opportunities through technical accumulation and CDMO services [7].

The recent strong performance of Mehao Medical (301363) is mainly driven by the surge in the BCI sector, with the company’s own technical layout and stable financial performance providing certain support. Investors should pay attention to changes in sector popularity, progress in the commercialization of the BCI business, and the resistance level of the target price range 33.92-38.09 yuan [9].