Billion-Dollar BCI Industry Ecosystem Takes Shape as Commercialization Accelerates

(Source: China Financial Information Center)

CFIC Guide

◆AsOne of the six key future industries clearly outlined in the "Fifteenth Five-Year Plan" recommendations, brain-computer interfaces are rapidly transitioning from cutting-edge technology to practical applications in people's lives, driven by multiple favorable factors. A 100-billion-yuan industry ecosystem is gradually taking shape, marking the entry into a strategic opportunity period for industrial development.

Original Title: Dual Drivers of Policy and Capital Accelerate the Implementation and Commercialization of Brain-Computer Interface Technology

Clinical achievements such as mind-controlled devices for high-level paraplegic patients continue to emerge; in the non-invasive field"Unicorn" NeuroXess Completes Approximately20Billions of yuan in heavyweight financing, setting the second-largest financing record in this field globally; critical support added at the policy level, with Sichuan clarifying the medical service pricing for invasive brain-computer interface.2026At the beginning of the year, China's brain-computer interface industry ushered in a triple boost of technological breakthroughs, capital support, and policy empowerment, accelerating the commercialization process.

Industry insiders believe that, asOne of the six key future industries clearly outlined in the "15th Five-Year Plan" recommendations, brain-computer interface technology is rapidly transitioning from cutting-edge sci-fi to practical applications in daily life under the influence of multiple favorable factors. A 100-billion-yuan industrial ecosystem is gradually taking shape, marking the industry's entry into a strategic opportunity phase.

Technological Breakthroughs at Multiple Points

A brain-computer interface (BCI) is a specialized communication system that enables direct information exchange between the brain and external devices without relying on the brain's normal output pathways. Based on different signal acquisition methods, BCI technology can be divided into three types: non-invasive, semi-invasive, and invasive, each with its own advantages and disadvantages.

China's brain-computer interface field has recently witnessed several technological breakthroughs: StairMed has completed three invasive brain-computer interface clinical trials. One of the patients, who suffers from high-level paralysis, can control a smart wheelchair and a robotic dog through an implanted brain-computer interface system, achieving independent living; NEUCYBER's semi-invasive product"NEUCYBER One" has been completed6For example, human implants, invasive products "NEUCYBER No. 2" wireless fully implantable clinical product is also about to be finalized; NeuroXess's self-developed "fully implanted, fully wireless, fully functional" brain-computer interface product completed the first clinical trial at Huashan Hospital Affiliated with Fudan University, on a high-level paraplegic patient.8Patients only after surgery in the year5Successfully achieved mind control in just a few days.

StairMed founder Zhao Zhengtuo recently told reporters from the China Securities Journal that the company's team has achieved multiple breakthroughs in key technology aspects of brain-computer interfaces, realizing a leap from two-dimensional screen cursor control to three-dimensional physical world interaction, and compressing end-to-end signal transmission delays to...100Within milliseconds, it propels China's invasive brain-computer interface from "laboratory demonstration" towards "practical daily use." Based on the successful validation and data accumulation from relevant clinical trials, the company's team has released an upgraded high-throughput wireless invasive brain-computer interface system (WRS02), the first prospective clinical trial of this system is planned to be carried out in the near future.

Yuan Huaming, General Manager of Huahui Chuangfu Investment, told reporters from the China Securities Journal that in terms of application breakthroughs, patients with stroke, epilepsy, Parkinson's disease, and paralysis, as core demand groups in the early stages of industrial development, have a strong willingness to try and pay for early products. Additionally, the medical market has vast potential and is likely to receive support from the medical payment system and relevant policies. Therefore, the medical field has a higher probability of achieving initial breakthroughs in the application of brain-computer interface technology.

Li Yuan, Business Development Director of NEUCYBER, told reporters from the China Securities Journal that the current clinical applications of brain-computer interfaces mainly focus on the reconstruction of functions such as movement and speech in medical scenarios. Among these, motor function rehabilitation and substitution is the most technically mature and rapidly progressing field. For patients with motor dysfunction caused by spinal cord injuries, strokes, etc., after implanting a brain-computer interface system, they can achieve recovery through..."Mind-controlled" robotic arm grasping, computer cursor typing, tablet operation, and exoskeleton rehabilitation training functions have been achieved. NEUCYBER's "BeiNao No. 1" intelligent brain-computer system has made significant clinical breakthroughs in the field of speech function reconstruction, successfully conducting Chinese speech decoding for patients with severe dysarthria caused by ALS for the first time. Additionally, brain-computer interface technology can also be applied to the treatment of neuropsychiatric disorders. For indications such as Parkinson's disease, epilepsy, and depression, neuro-modulation technology based on dynamic modulation of stimulation signals using EEG signals also falls within the application scope of brain-computer interfaces.

Capital and Policy Synergize to Drive Progress

Multiple breakthroughs in brain-computer interface technology have been driven by the dual forces of policy and capital. Among these, policy support has been particularly crucial, providing comprehensive backing for the development of brain-computer interfaces across three key areas: planning and layout, payment guarantees, and standard establishment.

In terms of policy, previously releasedThe "Fifteenth Five-Year Plan" proposal has clearly listed brain-computer interface as one of the six future industries, elevating it to a national strategy. Meanwhile,2025Year7In the month, the Ministry of Industry and Information Technology and six other departments issued the "Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry," explicitly stating2027Year,2030The overall goal and development path of the two-step approach for the year emphasize the creation of industrial development clusters and the cultivation of leading enterprises.

In terms of payment guarantees, recently, the Sichuan Provincial Medical Insurance Bureau issued a notice to integrate the price items of neurological medical services.82Items, and specify the medical insurance payment category.82The item of neurosystem medical service prices includes multiple brain-computer interface medical services.2025Year3In a landmark move, China's National Healthcare Security Administration has established an independent billing category for brain-computer interface (BCI) technology for the first time. Currently, regions such as Hubei, Zhejiang, Jiangsu, and Guangdong, aside from Sichuan, have clarified the medical service pricing for BCI, providing a regulatory foundation for its clinical application.

In terms of standard establishment,1Month9On [date], the National Medical Products Administration (NMPA) announced the initiation of two recommended brain-computer interface industry standards. Additionally, the medical device industry standard "Terminology for Medical Devices Using Brain-Computer Interface Technology" was published.2026Year1Month1Implemented on the 16th. Open Source Securities stated that the successive introduction of standards for brain-computer interface terminology and data formats effectively reduces the costs and risks associated with technological research and clinical applications, playing a leading role in standardization for technical norms, industrial collaboration, and ecosystem construction.

Li Yuan stated that these policies will accelerate the iteration and industrialization process of brain-computer interface technology in China: at the national level, they can drive breakthroughs in fundamental sciences across multiple fields, helping to seize the global technological high ground; at the industrial level, they are expected to boost the development of industry chains such as medical devices and neural chips, providing support for fostering new quality productive forces; at the social level, they can offer entirely new treatment pathways for intractable brain diseases like severe paralysis and depression, aiding patients in regaining functionality and dignity.

Listed companies are actively making plans. According to a reporter from the China Securities JournalBaiyang PharmaceuticalIt is reported that Baiyang Pharmaceutical and Xuanwu Hospital of Capital Medical University have jointly built"Xuanwu"-Baiyang Pharmaceutical Neurological Network Disease Collaborative Innovation Joint Laboratory", focusing on the integration and application of brain-computer interfaces and large AI models, to develop new approaches for the diagnosis and treatment of brain network diseases, achieving deep collaboration between clinical innovation and industrial transformation. Additionally,Pulite、Xiangyu Medical、Hanwei Technology、Innovative Healthcare、Meihao MedicalOther listed companies have also laid out key links in the industrial chain through material supply and equipment research and development, recently receiving intensive institutional research. The resonance effect between industry and capital is significant.

The industry will gradually move towards standardization.

Yuan Huaming stated that the brain-computer interface industry will gradually develop towards standardization and scale."As scientific research achievements are translated into products, a preliminary consensus on related products and quality evaluation systems is expected to be reached.2027Year-2028The industry standards are expected to be preliminarily established in the coming years; once the standards are set and the industrial chain is improved, the industry will enter a stage of large-scale development and application promotion.2030"A number of brand manufacturers are expected to emerge this year."

Yuan Huaming frankly stated that there are two potential constraints on the development of the brain-computer interface industry at present. First, the speed and pace of the development of brain-computer chip design and production could be restricted and influenced by external factors. Second, brain data falls within the scope of personal privacy, and the construction of relevant ethical norms and regulatory systems may lag behind industrial development.

However, Yuan Huaming also stated that the brain-computer interface industry in China has significant local advantages, mainly reflected in three aspects: First, policyDriving ForceFirst, China has the institutional advantage of concentrating resources to accelerate industrial development; second, the domestic hospital system is extensive, with abundant clinical resources and lower clinical costs compared to European and American countries, providing a solid foundation for technology implementation; third, China has the advantage of a complete industrial chain, capable of offering comprehensive support for the scaled development of the brain-computer interface industry.

In terms of investment direction,CSC FinancialBrain-computer interface possesses both medical and technological investment attributes, focusing on disease treatment in the short term, and in the long term, if it can enhance human capabilities and...AI、RobotIntegration is expected to open up a trillion-dollar market space. Meanwhile, neither non-invasive nor invasive approaches are superior or inferior; the key lies in identifying "true brain-computer interface" targets supported by policy. China's technological R&D progress is relatively at the forefront globally, with the potential to cultivate world-leading brain-computer interface enterprises, forming a capital-industry resonance between the secondary and primary markets.

Source: China Securities Journal

Author:Fu Su Ying

WeChat Editor: Hu Wenjie