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 ...

"For about eight years, I was trying to find some purpose in my life, and now anything anyone can do on a computer, I can do as well”Neuralink is truly changing and saving lives! https://t.co/Y8dTJLPh62 ...

当前,脑机接口在认知领域的角色,更像是"学习加速器"或"状态调节器",有望帮助我们提升专注力、记忆 力或辅助感知,而非替代学习过程本身。 知识并非静态的"文件",而是大脑神经元之间动态、复杂的连接模式。人类尚未破解大脑存储和读取知 识的底层"神经编码",自然无法将外部信息"转译"成大脑能理解的信号。 强行向大脑写入未经验证的信息模式,不仅技术上面临着信号通道带宽不足的物理限制,更可能干扰甚至 破坏原有的神经连接,导致不可预知的后果。 想要实现"知识一键拷贝",还得先破解神经编码、提升设备带宽、解决生物兼容等一系列难题,乐观估计 也需要半个世纪甚至更久。 随着脑机接口的新闻频出,不少人幻想:能否跳过学习过程,像拷贝文件一样,将知识直接输入大脑?这个充 满科幻感的设想,在可预见的未来仍难以实现。 目前,即便最先进的脑机接口(如Neuralink的临床实验),其核心能力仍停留在解读和输出简单的运动意图 信号(如移动光标、点击按钮),远未达到处理复杂逻辑、语言和知识结构的水平。 ...

Core Insights - Neuroscience has historically been viewed as a high-risk area in pharmaceutical R&D, particularly for conditions like Alzheimer's disease and schizophrenia, due to complex pathophysiological mechanisms leading to high failure rates [1] - Recently, there has been a notable shift as the neuroscience sector is gaining momentum, driven by commercial success in Alzheimer's treatments and advancements in technologies such as small molecules, RNAi, cell therapy, and AI [1][6] - The combination of technological breakthroughs and market confidence is prompting multinational corporations (MNCs) to engage in mergers, acquisitions, and collaborations, signaling a potential "gold rush" in neuroscience [1] Industry Trends - The number of clinical trials and transactions in the neuroscience field is increasing, with 138 new drugs currently undergoing 182 clinical trials for Alzheimer's disease, marking a 9% increase from 2024 [2] - Over the past five years, more than 200 new clinical trials have been initiated for Alzheimer's disease, depression, and Parkinson's disease, indicating a growing interest in these areas [5] Market Developments - Confidence in the sector is rising, particularly due to breakthroughs in Alzheimer's treatments, such as Biogen's Leqembi, which achieved sales of $214 million in 2024 and $121 million in Q3 2025, reflecting an 82% year-over-year increase [6] - The approval of diagnostic methods, such as the Elecsys® pTau181 blood test by Roche and Eli Lilly, is enhancing the efficiency of Alzheimer's diagnosis and treatment [7] Technological Innovations - Emerging technologies like brain-computer interfaces and brain stimulation devices are becoming part of the investment narrative in neuroscience, with companies like Neuralink and Synchron conducting human clinical trials [8] - Advances in biomarkers and imaging agents are improving patient stratification in drug development, enhancing predictability of treatment efficacy [8] Policy Support - Significant government investments in brain science initiatives, such as the U.S. "Brain Initiative" with over $4 billion funding from 2014 to 2023, and China's brain plan with a budget exceeding 5 billion yuan, are fostering growth in the sector [8] Treatment Paradigms - The treatment landscape for Alzheimer's is evolving, with new therapies targeting Tau proteins gaining prominence over traditional Aβ-targeting approaches [9] - Innovations in drug delivery methods, such as brain-penetrating antibodies and RNAi technologies, are redefining treatment boundaries in neuroscience [11][12] Conclusion - After decades of exploration, the neuroscience field is experiencing unprecedented research intensity and commercialization, marking the onset of a new "gold rush" in the industry [13]

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 ...

Group 1 - The core idea of the news is that Elon Musk's business empire is accelerating vertical integration, with SpaceX acquiring xAI, which previously merged with social platform X, creating a super entity focused on space data centers and AI computing energy breakthroughs [2] - The "Big X Group" is a loose alliance centered around SpaceX, integrating xAI and X, with a valuation exceeding $1.25 trillion, and includes Tesla, The Boring Company, and Neuralink [2] - Musk's acquisition history shows a preference for centralized control, as seen with Tesla's $2 billion investment in xAI, indicating a potential for Neuralink to be integrated into the "Big X Group" to enhance overall valuation and support SpaceX's IPO plans [6] Group 2 - Neuralink, founded in 2016, focuses on invasive brain-machine interfaces, with plans for human implantation in 2024 and expansion into text translation and thought control by 2025 [5] - The synergy potential between Neuralink and xAI is significant, as xAI's Grok relies on real-time data, while Neuralink provides a direct interface for human thought, enabling a closed-loop brain-machine ecosystem [5][6] - Regulatory barriers are high for Neuralink due to its medical device nature, which may lead to data privacy and ethical concerns if integrated into a commercial entity like SpaceX or xAI [6] Group 3 - The probability of integration between Neuralink and the "Big X Group" is high, potentially occurring by late 2026 or early 2027, as Neuralink is seen as a key component in Musk's vision of understanding the universe [7] - If integration occurs, it would signify a leap towards a "super entity" that merges AI, space, and human intelligence, while if it does not happen, Neuralink may remain independent or align more closely with Tesla [7]

来源：@消费者报道微博 【#国内脑机接口相关企业超650家#，#脑机接口商业化转向医疗健康领域#】2026年1月，OpenAI创始 人萨姆・奥尔特曼以联合创始人身份创立脑机接口公司Merge Labs；马斯克旗下Neuralink官宣年内启动 设备量产。受此影响，全球脑机接口热度攀升，中国市场也持续活跃，截至2026年1月，国内相关企业 数量已超650家，2025年新增注册量同比增长约50%。 近年来，脑机接口企业正加速从消费场景转向医疗健康领域。这一转变的背后，是全球脑卒中、帕金森 病等神经系统疾病患者数量持续增长，而传统医疗手段效果有限，存在大量未满足的临床需求。 然而，从技术落地到全面普惠仍面临多重挑战。侵入式脑机接口单套设备成本超过50万元，非侵入式产 品也对部分家庭构成经济压力。北京康复医院党委副书记、院长盖海山呼吁构建"医保+商保+个人支 付"多元体系以降低负担。@蓝鲸新闻 来源：@消费者报道微博 【#国内脑机接口相关企业超650家#，#脑机接口商业化转向医疗健康领域#】2026年1月，OpenAI创始 人萨姆・奥尔特曼以联合创始人身份创立脑机接口公司Merge Labs；马斯克旗下Neurali ...

文 | 张俊 "为中国经济点赞——企业家之夜"于1月29日在北京举行。浙江强脑科技有限公司创始人兼 CEO韩璧丞出席接受致敬。全国工商联纺织服装业商会理事长，波司登品牌创始人、集团 董事局主席兼总裁高德康，华大集团CEO尹烨为其见证荣誉。 见证嘉宾致辞： 高德康：强脑科技把科幻变成现实，让世界看到了中国创新的力量和高度，期待强脑科技不 断超越攀登脑机接口技术的新高峰，为人类未来创造无限可能。 尹烨：当你看到已经失去了小腿的人又可以去跳舞和去攀岩，当你看到已经失去了前臂的人 居然可以重新通过他的仿生手弹钢琴，那一刻所有人并不是为科技所震撼，而是为了这种人 性的温度而流泪。这就是中国创造、中国制造的力量。 韩璧丞荣誉感言： 韩璧丞：强脑科技想做的事情非常简单，用看起来最先进的技术 ——意念控制，来帮助这 些没有手和没有脚的残疾人，让他们重新"长出"手脚，重新走出家门，让他们重新工作和 生活。 一名肢体残疾人佩戴着仿生手，通过意念操控先后完成了抓举哑铃、弹钢琴、抓橘子的展 示，引发现场观众连连惊叹。 这一幕发生在企业家之夜现场，这个残疾人正是强脑科技 研发测试兼产品体验官 古月，他 让我们直观地看到了脑机接口技术如 ...

Core Insights - The event "Praise for China's Economy - Entrepreneur Night" was held on January 29 in Beijing, where Han Bicheng, founder and CEO of Qiangnao Technology, was honored [2][14] - The event highlighted the advancements in brain-computer interface (BCI) technology, showcasing its potential to transform the lives of disabled individuals [3][17] Company Overview - Qiangnao Technology aims to utilize advanced technology, specifically thought control, to assist individuals with disabilities in regaining mobility and independence [4][16] - The company was founded by Han Bicheng in 2015, making it a pioneer in the BCI industry, which has seen significant growth and recognition in recent years [6][19] Technological Development - BCI technology has evolved through two main phases: a long experimental phase and a recent industrialization phase, with Qiangnao Technology being a representative enterprise in this field [6][19] - The technology is categorized into invasive and non-invasive types, with Qiangnao focusing on non-invasive methods that are safer and more applicable to consumer markets [7][19] Applications and Impact - Current applications of BCI technology include providing neural-controlled prosthetics for limb-disabled individuals, enabling communication for autistic children, and improving sleep for those with insomnia [8][20] - The technology has the potential to address significant health issues, as approximately one-third of global healthcare spending is related to brain health [22] Future Goals - Qiangnao Technology has set an ambitious goal to help 1 million disabled individuals regain mobility within the next 5 to 10 years [5][18] - The company is optimistic about the integration of AI with BCI technology, which could enhance data analysis and improve user experience [21] Policy Support - The Chinese government has recognized BCI technology as one of the six key future industries in its 14th Five-Year Plan, indicating strong policy support for its development and commercialization [22]

S U P P L E M E N T A L INFORMATION PACKAGE 2025 FOURTH QUARTER QUALITY • INNOVATION • INTEGRITY • COMMUNITY Table of Contents | | Page | | --- | --- | | Executive Summary | 1 | | 2025/2026 Business Plan Trend Line | 3 | | Development Summary | 8 | | Balance Sheet and Liquidity | 13 | | Land Inventory | 14 | | Property Activity | 15 | | Net Operating Income Composition | 16 | | Regional Property Overview | 17 | | Leasing Activity | 18 | | Lease Expiration Analysis | 20 | | Top Twenty Tenants | 22 | | Portfo ...