Policy and Capital Drive Accelerated Commercialization of Brain-Computer Interface Technologies

Source: China Securities Journal

Xinhua Finance, Beijing, January 13th, by reporter Fu Su Ying — Continuous clinical achievements such as mind-controlled devices for高位截瘫 patients have emerged; NeuroXess, a "unicorn" in the non-invasive field, has completed a significant financing round of approximately 20 billion yuan, setting the record for the second-largest financing in this field globally; at the policy level, Sichuan has clarified the pricing for invasive brain-computer interface medical services. At the beginning of 2026, China's brain-computer interface industry is welcoming triple benefits of technological breakthroughs, capital support, and policy empowerment, accelerating the commercialization process comprehensively.

Insiders believe that, as one of the six future industries clearly outlined in the "15th Five-Year Plan" proposal, brain-computer interfaces are accelerating from cutting-edge black technology towards practical civilian applications amid multiple favorable conditions. A 100-billion-level industry ecosystem is gradually taking shape, and the industry development has entered a strategic opportunity period.

Technological Breakthroughs at Multiple Points

Brain-computer interface (BCI) is a special communication system that does not rely on the brain's normal output pathways and can achieve direct information interaction between the brain and external devices. According to 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 seen several technological breakthroughs: StairMed has completed three invasive brain-computer interface clinical trials. One of the participants, a high-level paralyzed patient, can control a smart wheelchair and a robotic dog through an implanted brain-computer interface system, achieving independent living; NEUCYBER’s semi-invasive product "Beijing Brain No. 1" has completed six human implants, and its invasive product "Beijing Brain No. 2," a wireless fully-implanted clinical product, is also nearing the final stage of development; NeuroXess's self-developed "fully implanted, fully wireless, fully functional" brain-computer interface product completed its first clinical trial at Huashan Hospital Affiliated with Fudan University. A patient who had been paralyzed for eight years successfully achieved mind control just five days after surgery.

StairMed Founder Zhao Zhengtuo Recently Stated in an Interview with Reporters: The Company's Team Has Achieved Multiple Breakthroughs in Key Technology Links of Brain-Computer Interfaces, Realizing a Leap from Two-Dimensional Screen Cursor Control to Three-Dimensional Physical World Interaction. End-to-End Signal Transmission Delay Has Been Compressed to Within 100 Milliseconds, Advancing Invasive Brain-Computer Interfaces in China from "Laboratory Demonstration" Towards "Practical Daily Use." Based on Successful Verification and Data Accumulation from Relevant Clinical Trials, the Company’s Team Has Released the Upgraded High-Throughput Wireless Invasive Brain-Computer Interface System (WRS02). The First Prospective Clinical Trial of This System Is Planned to Be Conducted in the Near Future.

Yuan Huaming, General Manager of Huahui Chuangfu Investment, told reporters that from the perspective of application breakthroughs, patients with stroke, epilepsy, Parkinson's disease, and paralysis, as the core demand group in the early stages of industry development, have a strong willingness to try and pay for early products. Additionally, the medical market has vast potential and is more 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.

NEUCYBER's Business Development Director Li Yuan told reporters that the current clinical applications of brain-computer interfaces mainly focus on the reconstruction of motor, speech, and other functions in medical scenarios. Among them, 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 functions such as robotic arm grasping, computer cursor typing, tablet operation, and exoskeleton rehabilitation training through "thoughts." The company’s "Beijing Brain No. 1" intelligent brain-computer system has achieved significant clinical breakthroughs in the field of speech function reconstruction, successfully conducting Chinese speech decoding for the first time in patients with severe dysarthria caused by ALS. In addition, brain-computer interface technology can also be applied to the treatment of neuropsychiatric diseases. 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 are inseparable from the dual drivers of policy and capital. Among them, the support at the policy level is particularly crucial, forming comprehensive backing for the development of brain-computer interfaces across three major aspects: planning and layout, payment security, and standard establishment.

In terms of policy, the previously released "15th Five-Year Plan" proposal has clearly listed brain-computer interface as one of the six future industries, elevating it to a national strategy. At the same time, in July 2025, 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 proposing a two-step overall goal and development path for 2027 and 2030. The document emphasizes 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 integrating 82 medical service price items for the nervous system and clarifying the medical insurance payment categories. Among these 82 items, several involve brain-computer interface medical services. In March 2025, the National Medical Insurance Bureau established an independent charge category for brain-computer interfaces for the first time. Currently, in addition to Sichuan, regions such as Hubei, Zhejiang, Jiangsu, and Guangdong have also defined the pricing for brain-computer interface medical services, laying a systemic foundation for their clinical application.

In terms of standard establishment, on January 9, the National Medical Products Administration (NMPA) announced the initiation of two recommended brain-computer interface industry standards. Moreover, the medical device industry standard, "Terminology for Medical Devices Using Brain-Computer Interface Technology," will be implemented on January 1, 2026. Opensource Securities stated that the successive introduction of standards such as terminology and data formats for brain-computer interfaces effectively reduces costs and risks in technology research and clinical application, 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 of brain-computer interface technology in China: at the national level, they can drive breakthroughs in fundamental sciences across multiple fields, helping to secure a leading position in global technology; at the industry level, they are expected to boost the development of industrial chains such as medical devices and neural chips, providing support for cultivating new productive forces; at the social level, they can offer entirely new treatment pathways for intractable brain diseases like severe paralysis and depression, assisting patients in regaining functionality and dignity.

Listed companies are actively making strategic moves. According to a reporterBaiyang PharmaceuticalIt is reported that Baiyang Pharmaceutical and Xuanwu Hospital of Capital Medical University have jointly built the "Xuanwu-Baiyang Pharmaceutical Collaborative Innovation Joint Laboratory for Neural Network Diseases", focusing on exploring the integrated application of brain-computer interfaces and large-scale artificial intelligence models, tackling new treatment solutions for brain network diseases, and achieving deep linkage between clinical innovation and industrial transformation. In addition,Pulit、Xiangyu Medical、Hanwei Technology、Innovative Healthcare、StairMedOther listed companies have also laid out key links in the industrial chain through material supply and equipment R&D, recently receiving intensive research from institutions, with a significant resonance effect between the industry and capital.

The industry will gradually move towards standardization.

Yuan Huaming stated that the brain-computer interface industry will gradually move towards standardization and scale development. "As scientific research achievements are transformed into products, a preliminary consensus on related products and quality evaluation systems is expected to be reached, with industry standards potentially being initially established between 2027 and 2028; once standards are set and the industrial chain is perfected, the industry will enter a phase of scaled development and application promotion, with a group of brand manufacturers expected to emerge by 2030."

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 may be restricted and affected by the external environment. 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 China's brain-computer interface industry 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 vast, 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 full industrial chain, which can provide comprehensive support for the scaled development of the brain-computer interface industry.

In terms of investment direction,CSC FinancialIt is stated that brain-computer interfaces possess both medical and technological investment attributes, focusing on disease treatment in the short term, and in the long term, if they can enhance human capabilities and integrate with 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 and industry resonance between the secondary and primary markets.

Editor: Hu Chenxi