Core Insights - The medical sector is experiencing both "explosive growth" and "cooling" simultaneously, with over 100 medical companies queued for IPOs in Hong Kong, and tightening IPO policies expected [1][3] - The performance of new drug IPOs in 2026 is anticipated to be significantly differentiated, with many companies initiating Pre-IPO financing to hedge against regulatory tightening and market risks [4][5] Group 1: IPO Trends and Market Dynamics - The number of companies waiting for IPOs in Hong Kong has exceeded 400, indicating a crowded market, and the performance of these IPOs is likely to vary widely [4] - Investors are expected to favor companies with successful overseas BD (business development) cases and clear product timelines, while those lacking competitive advantages may face significant IPO pressure [4] - The market sentiment is cautious, with many companies considering Crossover financing to mitigate risks associated with the tightening IPO window [5] Group 2: BD Transactions and Investment Opportunities - The enthusiasm for BD transactions from multinational corporations (MNCs) towards Chinese new drug assets remains high, with China accounting for 50% of global BD transaction volume last year [9][8] - The valuation of Chinese new drugs is expected to stabilize, but there are concerns about rising prices that could harm the reputation of Chinese biotech in the global market [9][8] - The focus of BD transactions is shifting from oncology to other therapeutic areas such as autoimmune and cardiovascular diseases, indicating a diversification of investment interests [12] Group 3: AI in Pharmaceuticals and Medical Devices - AI-driven pharmaceutical companies are gaining traction, with significant funding and BD opportunities expected in 2026, emphasizing the importance of data in drug development [15][16] - The AI revolution is anticipated to first impact consumer medical devices, with AI enhancing product effectiveness and consumer willingness to invest in advanced home healthcare devices [17][18] - The competitive landscape for AI in healthcare is evolving, with a focus on developing tools that can integrate various data types to assist clinical decision-making [19][20] Group 4: Medical Device Market Outlook - The investment landscape for innovative medical devices is currently low but is expected to gradually improve, with structural investment opportunities emerging [26][28] - The challenges of international expansion for Chinese medical devices are significant, but improvements in product quality and performance are paving the way for better market acceptance [31][32] - The future of medical device exports is shifting towards local production and direct sales networks, enhancing profitability and market penetration [32][33]

Group 1 - The core theme of the event is "cultural scenic area, technology empowerment, and charitable public welfare," integrating these elements into five experiential zones [1] - The outdoor exhibition area features nearly 40 unique garden landscape pieces, creatively combining themes of "Flying Peak," "New Year," and "Year of the Horse" [1] - The historical significance of the Shennisi Tower site, dating back to 602 AD, is highlighted, with ongoing archaeological excavations planned to continue until June 2025 [2] Group 2 - A special exhibition titled "The Thousand-Year Imprint of the Shennisi Tower on Flying Peak" was launched, showcasing the historical and cultural value of the site [2] - The event includes a technology empowerment display area featuring cutting-edge products from various tech organizations, emphasizing innovation and community support [2] - Visitors are required to make reservations seven days in advance or at least one day prior to their visit, with free entry upon presenting valid identification [2]

经济观察报记者刘晓诺 多动症干预领域，迎来了脑机接口的新方案。 近日，强脑科技发布了缺陷与多动障碍(ADHD)干预产品"专注欣"医疗版，这是一款脑机接口产品，包 括软件和硬件，均已获得二类医疗器械注册证。 其中，注意缺陷与多动障碍康复训练软件适用于6—12岁的ADHD儿童的康复辅助训练，医疗机构、康 复机构或家庭环境中均可使用。而搭载软件的硬件是一款前额叶单通道脑电采集器，采取非侵入式脑机 接口设计，比传统脑电设备更加轻便、易于佩戴，可更快速、更便捷地完成脑电采集与训练。 据强脑科技介绍，专注欣是一种安全、无创、无药的治疗方案。其技术原理是神经反馈训练，即利用大 脑神经元的可塑性，通过一定的训练手段(如奖励、强化机制)，帮助受训练者学会对目标脑神经活动的 自主调节和改善，达成修复或提升脑功能的目的。 专注欣包括用户信息模块、注意力训练模块、训练报告模块3个核心模块。软件里设置了各种有趣画 面，让孩子在高度训练的背景下来完成操作任务。游戏化的设计让孩子感到有趣，容易坚持。 基于严格诊断标准和三组对照研究结果，金星明认为，脑机接口与药物联合应用在症状改善和功能恢复 方面效果显著，且脑机接口技术对6—7岁低龄儿童表 ...

2月5日，由北京脑科学与类脑研究所资深研究员、智冉医疗创始人方英领衔的科研团队在国际学术期刊 《Nature Electronics》发表了一项突破性成果，成功研制出一款 兼具高通量信号采集与生物力学顺应性的 可拉伸柔性电极。 可拉伸柔性电极植入大脑后的动态运动效果 一只猕猴大脑里，一根可拉伸的柔性电极正随着呼吸起伏微微摆动，另一端，电脑屏幕上的神经元信号稳定 闪烁，1024个通道同时工作——这是传统电极无法长期捕捉的动态景象。 高通量可拉伸柔性电极示意图 论文链接： http://www.nature.sh.sjuku.top/articles/s41928-025-01560-6 这项技术解决了侵入式脑机接口中传统柔性电极易移位、易脱出的世界难题。此前，马斯克的Neuralink公司 在2024年完成首例人体植入后，曾面临高达85%的电极丝从患者脑组织脱出的情况，其第二例患者植入后， 仍有约60%的电极无法工作。 动态大脑，静态电极：侵入式脑机接口的世界困境 01. Neuralink的困境暴露了侵入式脑机接口的技术瓶颈—— 传统柔性电极的线性结构设计无法实现有效的力学 拉伸形变。 人类大脑并非静止器官， ...

2026年2月，上海证监局IPO辅导备案系统迎来一家备受瞩目的公司—— 博睿康技术（上海）股份有限公司 。这家专注于脑机接口技术的高科技企业正式启动科创板上市进程，由中信证券担任辅导机构。 | 辅导协议签署 | 2026年2月4日 | | --- | --- | | 居 间 | | | ਥ | 导 机 构 中信证券股份有限公司 | | 律师 事 务 所 北京市通商律师事务所 | | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 几乎与此同时，彭博社报道称，另一家脑机接口企业强脑科技已以保密形式递交港股IPO申请。一时间，"中 国脑机接口第一股"的归属引发市场广泛关注。 清华实验室走出的产业化征程 01. 2023年10月，首都医科大学宣武医院的手术室内，一场特殊手术正在进行。博睿康研发的NEO脑机接口系统 被植入一名患者体内，成为 中国首例微创植入式脑机接口临床手术。 博睿康成立于2011年11月，最初注册于常州，于2025年迁至上海并完成更名。公司的核心团队源于清华大学 生物医学工程学院神经工程实验室，该实验室在脑机接口领域长期保持国际前沿水平。 创始人胥红来与联合创始人黄肖山均出身于清华大学 ...

经济观察网据"杭州发布"，近日，杭州市市长姚高员分别赴宇树科技、深度求索、群核科技、云深处科 技、强脑科技和游科互动等企业，专题走访调研新锐科创企业发展情况。他强调，要努力营造一流科技 创新生态，为企业在杭发展提供更优服务，全力推进新兴产业、未来产业壮大，不断拓展高质量发展新 空间。 ...

Core Insights - The brain-computer interface (BCI) sector is experiencing significant investment and government support, marking a transition from experimental technology to industrial application [2][19] - A notable case involves an 11-year-old boy who, after a severe spinal injury, underwent innovative rehabilitation combining spinal cord stimulation and exoskeleton technology, leading to remarkable recovery [4][6] Investment and Government Support - Leading company Strong Brain Technology secured approximately 2 billion yuan in funding, setting a record for non-invasive BCI financing [2] - Various provinces, including Beijing and Guangdong, are incorporating BCI into their government work reports, indicating strategic national interest [2] Technological Advancements - The integration of BCI and spinal cord stimulation technologies is reshaping rehabilitation approaches, with significant improvements in patient outcomes [3][5] - The development of adaptive filtering algorithms has enhanced the accuracy of muscle signal detection, crucial for effective treatment [5] Clinical Applications and Challenges - The case of the boy illustrates the potential of BCI technology in clinical settings, showcasing a successful transition from laboratory research to practical application [6][8] - The complexity of spinal cord injuries necessitates personalized treatment plans, as patient responses can vary widely based on numerous factors [14][15] Regulatory Landscape - Recent guidelines from the National Medical Products Administration aim to clarify the registration process for BCI devices, though strict definitions have sparked debate within the industry [17][18] - The dual nature of invasive and non-invasive BCIs presents regulatory challenges, particularly concerning safety and ethical considerations [18] Future Outlook - The BCI industry is poised for growth, with projections indicating significant breakthroughs and commercialization by 2027 [19][22] - The convergence of AI and BCI technologies is expected to enhance signal decoding and treatment efficacy, potentially revolutionizing rehabilitation practices [20][21]

文章来源：神经未来 转载要求：可以直接转载，请在文首注明来源 2026年2月5日，证监会IPO辅导公示系统显示， 博睿康 已向上海证监局提交IPO辅导备案，正式启动上市进程 。 作为国内脑机接口（BCI）领域最早一批系统级企业之一，博睿康的核心产品为 微创植入式脑机接口系统 NEO 。据公开信息， NEO 已于 2025 年完成注册性临床试验，并进入国家药监局创新医疗器械特别审查程序， 有望成为 国内首个实现商业化落地 的植入式脑机接口产品 。 在海外脑机接口持续取得阶段性突破、国内政策与临床同步加速的背景下，博睿康的 IPO 动向，被视为中国医疗级 BCI 从"科 研主导"迈向"产业化验证"的重要信号。 # 海内外脑机接口进展提速，产业关注度持续升温 近一个月内，脑机接口赛道连续释放多重信号： 海外公司在侵入式技术路径上的持续突破，与国内企业在监管、临床和政策端的同步推进，使脑机接口从"前沿探索"逐步进入 可被资本 和产业评估的阶段 。 # 医疗仍是 BCI 最大基本盘，市场规模正在被重新评估 从全球视角看， 医疗健康是脑机接口当前最成熟、占比最高的应用方向 。 综合多家研究机构测算，医疗领域通常占整体 B ...

Company Overview - Brain-computer interface company, BoRuiKang Technology (Shanghai) Co., Ltd., has completed its IPO counseling registration on February 4, 2026, with CITIC Securities as the counseling broker, marking the official start of its Sci-Tech Innovation Board IPO process [1][2][3] - Established in November 2011, BoRuiKang's core team includes experts from Tsinghua University's Neural Engineering Laboratory and clinical neuroscience, focusing on the research, production, and technical services of brain-computer interface systems [3][4] - The company has developed products for clinical diagnosis and research education, including digital EEG machines and transcranial electrical stimulation systems, with some products already receiving medical device registration [3][4] Product Development - BoRuiKang's flagship product, the NEO wireless minimally invasive brain-computer interface system, is the world's first to use an epidural implant with fully wireless transmission design [3][4] - NEO employs a "semi-invasive" technique, implanting coin-sized electrodes beneath the skull but outside the dura mater, allowing proximity to neurons without direct contact, thus avoiding damage to neural tissue [4] - The NEO system has undergone successful clinical trials, with 32 patients having completed implantation across 11 hospitals, achieving a 100% success rate in primary clinical endpoints [4][5] Regulatory Progress - NEO is set to submit a Class III innovative medical device registration application to the National Medical Products Administration, potentially becoming the first marketed implantable brain-computer interface product in China [5] - The product's first version, NEO 1.0, is expected to be followed by a 2.0 version that will include additional features such as language decoding and small limb decoding [5] Financial Backing and Valuation - BoRuiKang has completed multiple rounds of financing, with notable investors including Sequoia China and Baidu Ventures, achieving a post-investment valuation of 3.5 to 4 billion yuan by the end of 2025 [5][6] - The company has raised a total of 1.2 million yuan in angel funding and 30 million yuan in Pre-A funding, among other financing rounds [5] Industry Context - The brain-computer interface industry is experiencing significant growth opportunities in China, supported by favorable policies and market conditions [9][10] - The Ministry of Industry and Information Technology and other departments have included brain-computer interfaces in key future industry cultivation, with projections indicating the market could exceed 120 billion yuan by 2040 [10]

又一家脑机接口（BCI）公司，筹备IPO。 | 辅导协议签署 | 2026年2月4日 | | --- | --- | | 时 间 | | | 辅 导 机 构 | 中信证券股份有限公司 | | 律师事务所 | 北京市通商律师事务所 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 来源：证监会官网截图 今年1月12日有消息称，强脑科技被爆以保密形式提交香港IPO申请；另据外媒2025年8月消息，该公司正以超13亿美元估值洽谈约1亿美元的IPO前融资， 或为后续在香港或内地IPO铺路。 值得一提的是，据新华网消息，从实验室里第一束脑电波纹被捕捉，到2025年我国市场规模突破38亿元，脑机接口在中国正完成从"产学研"到"用"的关键 一跃。 我国"十五五"规划明确提出推动脑机接口成为新的经济增长点，上海、深圳等地直接设立数十亿元规模的脑机接口、脑科学（核心股）专项基金。 2月4日，脑机接口技术研发商博睿康技术（上海）股份有限公司（下称：博睿康），在上海证监局进行上市辅导备案，辅导机构为中信证券。 | 辅导对象 | 博睿康技术(上海)股份有限公司 | | --- | --- | | 成立日期 | 2011 ...