Analysis of Chengyitong (300430) Strong Performance: BCI Concept Catalyst and Fundamental Support

Chengyitong (300430)'s recent strong performance started on January 5, 2026, with a cumulative increase of 40.30% over two consecutive trading days, triggering abnormal stock trading fluctuations [1]. Its rise is mainly driven by the overall heating up of the Brain-Computer Interface (BCI) sector and the company’s own business progress:

• Industry Catalyst
  : Elon Musk announced that Neuralink will mass-produce BCI devices in 2026, triggering market speculation expectations for this field [2].
• Company Progress
  : The holding subsidiary Beijing Brainlink Technology obtained an EEG acquisition patent and is advancing the application for a medical device registration certificate (planned to be obtained in 2026). It has formed a dual-track layout of invasive and non-invasive BCI, and non-invasive products have been applied in the education field [2]; on January 5, 2026, this subsidiary jointly established Chengdu Naoweichuangxin Technology Company to further expand its BCI layout [3].
• Fundamental Support
  : The company deeply cultivates the rehabilitation medical field, with channel advantages covering more than 90% of tertiary hospitals nationwide, which is expected to accelerate the implementation of BCI technology [2]. The 2025 semi-annual report shows that revenue increased by 5.48% year-on-year to 377.4 million yuan, but net profit attributable to parent company decreased by 38.71% year-on-year to 67.8753 million yuan [5], and the current market value is about 5.248 billion yuan [4].
• Technical Aspect
  : After consecutive rises, the stock price entered the strong stock pool [0].

1. Combination of BCI Concept Speculation and Company’s Substantive Progress
   : Chengyitong is not just following the concept; its patents in the BCI field, dual-track technology layout, and channel advantages provide substantive growth expectation support for the market [2].
2. Business Synergy Potential
   : The integration of the company’s original rehabilitation medical business with BCI technology is expected to create a differentiated competitive advantage [2].

• Risks
  :
  1. Valuation bubble risk: The short-term sharp rise in stock price is mainly driven by concept speculation, which may deviate from fundamentals [2];
  2. Technology implementation risk: BCI technology is still in the early stage, and the commercialization process has uncertainties [2];
  3. Performance pressure: The 2025 semi-annual net profit decreased, so continuous attention should be paid to changes in profitability [5];
  4. Sector rotation risk: If the BCI sector cools down overall, the stock price may fluctuate and adjust [2].
• Opportunities
  : The commercial implementation of BCI technology and the synergistic development with the existing rehabilitation medical business provide potential space for the company’s long-term growth [2].

Chengyitong (300430)'s strong performance is jointly driven by BCI industry catalysts and the company’s own business progress. Investors should pay attention to:

1. The company’s BCI technology registration progress and commercial implementation status [2];
2. 2025 full-year and 2026 quarterly financial performance [5];
3. Changes in the overall market sentiment of the BCI sector [2].