Core Viewpoint - Guangdong Daoshi Technology Co., Ltd. announced its subsidiary Hong Kong Jian Na Limited plans to invest $30 million (approximately 213 million RMB) to acquire minority equity in Qiangnao Technology's Pre-B round preferred shares [1][4]. Company Overview - Qiangnao Technology, founded in February 2015 by Han Bicheng, focuses on the development of non-invasive brain-computer interface technology, which is safer and has a broader application range compared to invasive methods [3]. - The company relocated its headquarters to Hangzhou in 2018 and is part of a group of innovative tech firms known as the "Hangzhou Six Little Dragons" [3]. - Qiangnao Technology has launched several products, including smart bionic limbs and brain-machine intelligent sleep devices, indicating a shift from laboratory research to commercial application [3]. Investment Details - Daoshi Technology's investment in Qiangnao Technology aims to leverage the latter's experience in applying brain-computer interface technology in medical rehabilitation, education, and human-computer interaction, enhancing Daoshi's "AI + new materials" strategy [7]. - Qiangnao Technology is currently in the Pre-B round stage and has been rumored to be negotiating a pre-IPO financing of approximately $100 million at a valuation exceeding $1.3 billion, potentially paving the way for an IPO in Hong Kong or mainland China [5][4]. Financial Performance - Daoshi Technology reported a significant reduction in R&D expenses, down 41.39% year-on-year to 88.68 million RMB, attributed to decreased direct material inputs and personnel costs [9]. - The company’s revenue for the reporting period was approximately 3.65 billion RMB, reflecting an 11.64% decrease compared to the previous year [9]. Industry Context - The brain-computer interface industry, where Qiangnao Technology operates, is considered an emerging sector, with profitability expected to be achieved only after 2024 [10]. - Qiangnao Technology has raised over $1 billion in total funding since its inception, with a current valuation potentially reaching $5 billion [10].

Group 1 - The release of the new generation neuromorphic brain-like computer "Wukong" by Zhejiang University marks a significant advancement in China's neuromorphic computing field, achieving international advanced levels with a neuron count close to that of a macaque brain [1] - The successful implementation of "Wukong" is expected to drive the brain-like intelligence industry from single breakthroughs in brain-machine interfaces to a systematic development, benefiting related sectors such as intelligent robotics [1] - The infrastructure for China's brain-like intelligence industry is steadily improving, with various algorithm models transitioning from laboratories to market applications [1] Group 2 - Strong Brain Technology, as the first domestic unicorn in the brain-machine interface field, has developed multiple intelligent products, including "smart bionic hands" and "brain-machine intelligent sleep instruments," achieving mass production [2] - The combination of "toolchain + benchmark products" is shortening the technology validation cycle and fostering early market user habits, shifting the industry from "research-driven" to "demand-driven" [2] - The brain-machine interface sector is experiencing rapid commercialization, with applications in healthcare, such as clinical trials for brain-machine products by Hangzhou Boling Medical Technology [2] Group 3 - Smart education is emerging as a significant application area for brain-like intelligence, with products aimed at enhancing focus among youth using non-invasive brain-machine interface technology [3] - The application of brain-like intelligence is expected to exhibit a "three high" trend: high-frequency interaction, high-precision control, and high-value medical applications [3] - The development of the brain-like intelligence industry is characterized by a three-pronged approach of policy guidance, capital support, and technological iteration [3]

Group 1: Industry Progress and Government Support - Chinese researchers are advancing brain-computer interface (BCI) technology in various directions, including improving algorithms for decoding neural data and implantable devices [1][4] - The government has prioritized BCI as an innovative field for support, leading to significant investment from institutions [1][4] - The year 2025 is viewed as the "first year" for the domestic BCI industry, with multiple research teams announcing invasive BCI devices entering clinical stages [1][3] Group 2: Clinical Trials and Innovations - The first prospective clinical trial of an invasive BCI in China has been completed, allowing a quadriplegic patient to play computer games [3] - The device used in the trial is similar to Neuralink's but is smaller and less invasive [3] - Other teams, such as Tsinghua University and Borui Kang, plan to enroll 30 to 50 patients for BCI implantation by the end of the year [3] Group 3: Non-Invasive BCI Applications - Non-invasive BCIs, which do not require surgical implantation, are being explored for consumer applications, with companies like Qiangnao Technology leading the market [5][6] - Qiangnao Technology has partnered with a leading mattress company to integrate BCI technology into smart mattress products, aimed at improving sleep quality [6][7] - The potential for consumer-level applications includes enhancing consciousness and achieving "telepathy" through future BCI developments [7] Group 4: Future Outlook and Challenges - While there are ambitious predictions for BCI technology, such as full integration with AI by 2028, industry experts believe that more general BCI technology is still in its early stages [7] - Achieving advanced cognitive capabilities, such as reading and writing consciousness and emotions, may take until 2035 to 2045 [7]