BCI Concept Surges as Beyikang Jumps 12.41%; Industry Profitability Still Unproven

On the morning session of June 24, the brain-computer interface concept saw unusual movement and a surge.Beoka(920199.BJ) surged 12.41%;Innovative Medical(Rights Protection)(002173.SZ) hits the daily price limit,Apon Medical（300753.SZ）、Nanjing Panda(Rights Protection)（600775.SH）、Sanbo Brain（301293.SZ）、Sunnyou(688626.SH) and other individual stocks rose in tandem.

Based on the fundamental analysis of the aforementioned companies, Zhejiang Shanxiahu Pearl Group Co., Ltd. has established a deep presence in the brain-computer interface (BCI) sector, with its BCI projects officially launched and generating sales revenue in the fourth quarter of 2025. Specifically, the CyberLink AC5 Upper Limb Motor Function Assistance and Enhancement System, developed by its subsidiary Boling Brain-Computer Interface, was launched for sale in the fourth quarter of 2025, while the HC2 Hand Flexible Exoskeleton Rehabilitation Training System was introduced to the market in May 2026.

Xiangyu Medical Recently Disclosed Private Placement Plan, Raising No More Than 1.366 Billion Yuan, All Invested in High-End Rehabilitation Equipment Innovation and R&D Projects, with Remaining Funds Used to Supplement Working Capital for Main Business Operations; the Overall Construction Period of the Project is 5 Years.

Sichuan Qian Li Beoka Medical Technology Co., Ltd. is one of the joint applicant enterprises for the “Sichuan Provincial Engineering Research Center for Implantable Brain-Computer Interfaces.” Jiangsu Apon Medical Technology Co., Ltd. has deployed a multimodal ADHD behavioral therapy management system in the field of non-invasive brain science, and its subsidiary Zhiyuan Brain Science has settled in China’s first brain-computer interface industrial cluster. Sanbo Hospital Management Group Limited, as a specialized neuro-medical service group, continues to follow up on the implementation of brain-computer interface technology in the neurological medical field and participates in related scientific research projects. Nanjing Panda Electronics Group publicly stated at the beginning of the year that the company currently has no mature brain-computer interface-related products available for external release.

From the perspective of first-quarter performance, the industry's path to sustainable commercial profitability remains to be further validated.

As of the market close on June 23, Sanbo Brain ranked first among the six companies with a total market capitalization of RMB 10.796 billion. In the first quarter of 2026, it achieved revenue of RMB 445 million and net profit attributable to shareholders of RMB 15 million. Sunnyou had a market capitalization of RMB 7.384 billion, with revenue of RMB 193 million and net profit attributable to shareholders of RMB 25 million during the same period, representing the highest profitability among the six enterprises. Innovation Medical had a market capitalization of RMB 7.692 billion, with Q1 2026 revenue of RMB 167 million and a net loss attributable to shareholders of RMB 25 million. Nanjing Panda had a market capitalization of RMB 6.913 billion, with revenue of RMB 595 million and a net loss attributable to shareholders of RMB 13 million during the same period. Apon Medical had a market capitalization of RMB 2.598 billion, with Q1 2026 revenue of RMB 68 million and a net loss attributable to shareholders of RMB 4 million. Beoka had a market capitalization of RMB 1.663 billion, with revenue of RMB 51 million and net profit attributable to shareholders of only RMB 550,000 during the same period.

Industry data shows that the total number of brain-computer interface (BCI) related enterprises in China has exceeded 200. According to estimates by multiple industry institutions, the market size of China's BCI sector is expected to surpass RMB 5 billion in 2026, and may reach RMB 15 billion by 2030.BOC International (China) Securities Co., Ltd.Analysis suggests that the brain-computer interface (BCI) industry is at a critical transition stage from laboratory technological breakthroughs to commercial implementation. R&D along the three core technical routes continues to accelerate, and the market size is poised for rapid expansion. The industrial chain is gradually being established and perfected; upstream core hardware components present high technical barriers, while the downstream medical rehabilitation sector offers the broadest application potential. In the long term, China’s BCI market holds significant development potential, with prospects for scaling up from the tens of billions to the hundreds of billions in value.