脑机接口技术进入“元年”，投资人直呼“估值太高”

Group 1 - The core viewpoint is that brain-computer interface (BCI) technology is primarily focused on clinical applications, with significant breakthroughs in consumer-level applications unlikely in the near term [1] - 2025 is anticipated to be the "year of BCI" in China, with multiple research teams announcing clinical trials and achieving "world's first" clinical treatments to help patients regain motor functions [1][3] - Investment in BCI technology is gaining momentum, with notable funding rounds such as Neuralink's $650 million financing, valuing the company at $9 billion, and a domestic company raising 350 million RMB [1][5] Group 2 - The first successful clinical trial of an interventional BCI was completed by a team from Nankai University, helping a 67-year-old male patient regain motor function after a stroke [3] - The interventional BCI technique minimizes surgical risks by placing electrodes via blood vessels, offering advantages like reduced trauma and shorter recovery times [3] - A prospective clinical trial for an invasive BCI system was successfully conducted, allowing participants to perform tasks similar to controlling a computer touchpad within 2-3 weeks of training [3][4] Group 3 - Semi-invasive BCI technology is also entering clinical stages, with the "Beijing Brain No. 1" system completing its first human implants and set to undergo clinical validation [4] - Investors express concerns about high valuations of leading BCI companies, with some stating that the first-tier companies are too expensive while second-tier companies lack sufficient technological value [5][6] - The highest valuations for leading BCI companies in China have reached several billion RMB, with many investors hesitant to invest at current price levels due to unclear commercialization prospects [6] Group 4 - The industry is still in its early development stage, with a focus on clinical problem-solving rather than consumer applications, which are expected to take much longer to mature [6][7] - A new wave of financing is anticipated as BCI companies enter clinical phases, with clinical trial sample sizes typically ranging from dozens of patients [7] - Investors are particularly interested in technologies like "brain-spinal interfaces," which are seen as more likely to achieve commercialization compared to entirely new BCI technologies [7]