Core Insights - The National Medical Products Administration has approved a new industry standard for medical devices using brain-computer interface (BCI) technology, which will take effect on January 1, 2026, aiming to unify terminology and support high-quality industry development [2][3] - A series of supportive policies have been introduced in China to facilitate the application of BCI technology in the medical field, including pricing guidelines for invasive and non-invasive BCI services [3][4] - The BCI sector has seen a significant increase in investment activity, with 13 financing events totaling 923 million yuan in 2025 alone, compared to only 6 events totaling 201 million yuan in 2024 [3][4] Policy Framework - The National Healthcare Security Administration has issued guidelines for pricing BCI medical services, including specific fees for invasive and non-invasive procedures [3] - Local governments, such as Zhejiang Province, have also established pricing for BCI services and included non-invasive BCI adaptation fees in basic medical insurance coverage [3] - A joint opinion from multiple government departments has outlined a comprehensive development blueprint for the BCI industry [3] Investment Trends - In the first three months of 2025, the total public financing in the BCI sector exceeded 430 million yuan, surpassing the total for the entire year of 2024 [4] - Shanghai Ladder Medical completed a record-breaking 350 million yuan Series B financing in February 2025 [4] - The BCI industry is experiencing a surge in investment enthusiasm, with a total of 48 financing events since 2018, although this represents a small fraction of the overall healthcare sector [6] Industry Development - The number of BCI companies in China has surpassed 200, with significant concentration in regions like Guangdong, Beijing, and the Yangtze River Delta [5] - As of August 27, 2025, there are 42 A-share listed companies in the BCI sector, with over 80% established in the last decade [5] - The industry is characterized by a "small but specialized" approach, with companies focusing on various applications such as medical-grade semi-invasive interfaces and consumer-grade EEG devices [5] Market Potential - The global market for BCI medical applications is projected to reach $40 billion by 2030 and $145 billion by 2040, with significant growth expected in both serious medical and consumer healthcare segments [6] - The Chinese market is anticipated to reach 5.58 billion yuan by 2027, growing at an annual rate of 20% [6] Societal Impact - BCI technology holds promise for over 3 billion people suffering from neurological disorders, potentially restoring communication and mobility for many patients [7] - As technology matures and costs decrease, BCI applications are expected to expand beyond healthcare into education, entertainment, and military sectors [7]

Core Viewpoint - The article discusses the collaborative efforts of various Chinese financial institutions, particularly China Life, to support the innovation and development of the brain-computer interface (BCI) industry, highlighting significant investments and advancements in technology [1][2][5]. Group 1: Policy and Financial Support - The Ministry of Industry and Information Technology and six other departments issued implementation opinions to promote the innovation of the BCI industry [1]. - China Life has actively responded to this policy by integrating financial resources with technological innovation, aiming to accelerate the development of BCI technologies [1][2]. - As of June 2025, China Life's investment in technology self-reliance has exceeded 40 billion yuan, with over 20 projects funded in various advanced fields [2][5]. Group 2: Technological Advancements - A significant breakthrough in BCI was achieved with a clinical trial using high-throughput flexible electrodes developed by Beijing Zhirun Medical Technology Co., which allows for minimal damage during implantation and precise monitoring of neural signals [2][3]. - The BCI technology is being applied in medical, rehabilitation, and nursing fields, enabling patients to perform actions through thought, thus enhancing rehabilitation training [3][4]. Group 3: Investment in Emerging Companies - China Life's dual-carbon fund participated in a recent A-round financing for Zhirun Medical, raising over 300 million yuan to support the development of next-generation invasive flexible BCIs [2]. - Guangfa Bank, a member of China Life Group, provided tailored financial services to Lizi Intelligent Technology, offering a credit intention of 170 million yuan to support its application for national industry funds [4]. - The China Life Health Investment Fund has invested in over 60 projects, focusing on high-tech companies that address critical technological challenges [6].

Group 1 - The core viewpoint of the article highlights the significant funding round completed by Zhiran Medical, raising over 300 million yuan, bringing the total financing to nearly 500 million yuan since its establishment in 2022 [2] - The funding will primarily be used for core technology research and large-scale clinical trials, indicating a strong focus on advancing their invasive brain-machine interface technology [2][8] - Zhiran Medical's approach aligns with high-difficulty invasive solutions, utilizing ultra-thin flexible electrodes, which are considered crucial for efficient human-machine interaction [3][5] Group 2 - The company has developed a high-throughput flexible electrode that has received patent authorization in China and the U.S., designed to minimize implantation damage and enhance long-term signal stability [5][7] - A fully implanted high-throughput wireless signal acquisition system has been self-developed, capable of collecting action potentials from 1024 channels, which is complemented by deep neural network algorithms for precise intent decoding [7] - The establishment of a clinical-grade micro-nano processing workshop and GMP workshop allows for a fully controllable process from research and design to mass production, ensuring industrialization for future medical applications [7] Group 3 - The investment community views the invasive brain-machine interface as transitioning from laboratory research to clinical application, with breakthroughs in core technology and systematic implementation being key competitive indicators [8] - The Chinese government has issued policies encouraging the development of high-performance brain signal sensing components and surgical robots, providing a supportive environment for industry growth [8] - The combined effect of technology, capital, and policy is accelerating the clinical and industrialization processes of invasive brain-machine interfaces, making the performance of Zhiran Medical and similar companies a focal point for ongoing observation [8]