In-Depth Analysis of Sanbo Brain Hospital's Brain-Computer Interface Trial and Stock Price Doubling

Based on the information I have collected, I will now systematically analyze the relationship between Sanbo Brain Hospital’s brain-computer interface trial and its stock price doubling.

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Sanbo Brain Hospital (Stock Code: 301293.SZ) attracted market attention with its performance in January 2026. According to public data [0], its stock price rose continuously from RMB 58.98 per share on December 31, 2025, to hit RMB 98.88 per share on January 8, 2026, with a cumulative increase of nearly 60% over four trading days, and its total market value once exceeded RMB 20 billion [1]. The 52-week stock price range was RMB 39-103, with a maximum increase of over 131% during the period [0].

Date	Closing Price (RMB)	Increase
2025-12-31	58.98	-
2026-01-05	70.78	+20%
2026-01-07	93.82	+33%
2026-01-08	98.88	+67%

Sanbo Brain Hospital was founded in 2003 by Luan Guoming, Yu Chunjiang, Shi Xiang’en, and other former neurosurgery experts from Beijing Tiantan Hospital, and was listed on the ChiNext Board of the Shenzhen Stock Exchange in May 2023 [2]. As a medical service group featuring neurosurgery, the company currently operates 8 hospitals across 6 provincial-level administrative regions in China, with over 2,200 open beds [2]. In 2024, it recorded over 900,000 outpatient visits, over 70,000 inpatient admissions, and performed over 6,000 specialized neurosurgery operations [2].

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According to public information [1], the details of the brain-computer interface trial participated in by Sanbo Brain Hospital are as follows:

Item	Details
Trial Time	June 2025
Trial Type	World’s first interventional brain-computer interface trial for assisting motor function recovery of affected limbs in humans
Subject	Hemiplegic patient
Trial Result	The subject successfully completed grasping and pill-retrieval movements under mind control
Technical Route	Interventional: A minimally invasive surgery is used to deliver stent electrodes to the motor cortex area of the brain via blood vessels
Trial Nature	Scientific research, not for clinical application
Number of Completed Cases	Only 1 case

There are three main mainstream technical routes for brain-computer interface technology [1]:

1. Non-invasive
   : Wearable devices attached to the scalp measure brain activity, no surgical implantation required, good safety but signals are interfered by the skull
2. Invasive (craniotomy implantation)
   : Requires craniotomy, carries high risks, mainly targeted at refractory brain diseases
3. Interventional
   : Stent electrodes are delivered to the motor cortex area of the brain via blood vessels through minimally invasive surgery

The interventional route explored by Sanbo Brain Hospital has unique advantages: it avoids tissue damage caused by craniotomy while ensuring the accuracy of signal collection [1]. This technical route is in the cutting-edge exploration stage in China.

It should be clarified that Sanbo Brain Hospital clearly stated in its announcement: revenue from neuromodulation technology accounts for a very small proportion of the company’s operating income, and has basically no impact on the company’s performance [1]. In other words, this single trial has not yet generated any substantial financial contribution.

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Although there is only one brain-computer interface trial, the surge in Sanbo Brain Hospital’s stock price is the result of multiple factors acting together:

:

• The 15th Five-Year Plan proposal lists brain-computer interface as one of the future industries for the first time [1]
• In July 2025, seven ministries and commissions including the Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Education, National Health Commission, State-owned Assets Supervision and Administration Commission of the State Council, Chinese Academy of Sciences, and National Medical Products Administration jointly issued the “Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry”, clarifying the two-step goal of achieving technological breakthroughs by 2027 and becoming an international leader by 2030 [3]

:

• In March 2025, the National Healthcare Security Administration issued the “Guidelines for the Establishment of Medical Service Price Items for the Nervous System (Trial)”, officially establishing independent items such as “invasive brain-computer interface implantation fee” [1]
• Rapid local implementation: Charging standards have been successively introduced in Hubei (RMB 6,552 per session), Zhejiang (RMB 6,580 per session), Jiangsu (RMB 6,600 per session), Guangdong (RMB 6,600 per session) and other regions [3]
• In November 2025, Tongji Hospital of Huazhong University of Science and Technology in Hubei Province completed the first brain-computer interface implantation surgery in China implemented in accordance with medical insurance pricing [1]

:

• The “Terminology for Medical Devices Using Brain-Computer Interface Technology” (YY/T 1987—2025) issued by the National Medical Products Administration was officially implemented on January 1, 2026 [3]

Neuralink, the brain-computer interface company owned by Elon Musk, announced [1][3]:

• It will start large-scale production of brain-computer interface devices in 2026
• Launch a highly streamlined, nearly fully automated surgical plan
• Surgical duration will be shortened to less than 20 minutes, no craniotomy required
• The cost per surgery will be reduced from millions of US dollars to less than US$100,000

This news directly ignited enthusiasm for global brain-computer interface concept stocks, and Sanbo Brain Hospital, as a scarce domestic target with clinical trial capabilities, was among the first to be affected.

The market generally expects 2026 to be the first year of commercialization for the brain-computer interface industry [1][3]:

• The global brain-computer interface market size is expected to grow from US$2.62 billion in 2024 to US$12.4 billion in 2034, with a compound annual growth rate of approximately 17.4% [3]
• The domestic market size is expected to grow from RMB 3.8 billion in 2025 to RMB 4.6 billion in 2026 [3]
• Active primary market financing: Domestic financing in the brain-computer interface field reached nearly RMB 1 billion in 2025, five times that of 2024 [3]
• In January 2026, BrainCo completed a new round of financing of approximately RMB 2 billion, setting the second-largest single financing record globally excluding Neuralink [3]

:

• Sanbo Brain Hospital is one of the few private medical institutions in China with neurosurgery capabilities, patient resources, and clinical trial sites [1]
• Compared with technology and equipment companies, Sanbo Brain Hospital has unique implementation capabilities

[1]:

• Invasive Route
  : Cooperated with Tsinghua University to develop the “Ruimi” surgical robot, enabling wireless electroencephalogram collection and high-precision intracranial electrode implantation
• Non-invasive Route
  : Realized mobile diagnosis and treatment for early screening and intervention of Alzheimer’s disease through the “5G Brain Mobile Clinic” project
• Semi-invasive Technology
  : The “Beinao No.1” semi-invasive implantation system, which uses wireless transmission technology

:

• Established a joint clinical laboratory for brain function and neuromodulation with Capital Medical University
• Established a joint center for brain-computer precision medicine with Tsinghua University
• During the 2025 Zhongguancun Forum, it participated in the co-construction of the “Beijing Key Laboratory of Brain Science and Brain-Computer Interface” [2]

[1][2]:

• Participated in the subscription of three brain science funds: Shanghai Delian Bojian, Tianjin Yuanming Haihe, and Beinao Phase I
• The total scale of the funds is approximately RMB 700 million
• In January 2023, it invested in Shanghai Aoyi Information Technology Co., Ltd. (holding 0.7% stake), which focuses on brain-computer interface and robot fields [2]

The brain-computer interface sector saw a wave of limit-up prices at the start of 2026 [3]:

Stock Name	Performance
Sanbo Brain Hospital	Continuous limit-up prices, stock price doubling
Xiangyu Medical	Doubled in a few days
Innovation Medical	Continuous limit-up prices
Yanshan Technology	Continuous limit-up prices
Nanjing Panda	Continuous limit-up prices

The entire sector has risen by more than 100% since the beginning of 2025 [3].

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Despite the high market enthusiasm, it is necessary to clearly recognize [1]:

• Sanbo Brain Hospital has only completed 1 brain-computer interface trial so far
• It is of a scientific research nature, not for clinical application
• Revenue from brain-computer interface business has basically no impact on the company’s performance
• Brain-computer interface surgeries in China have not yet entered the stage of large-scale popularization

Financial data of Sanbo Brain Hospital for the first three quarters of 2025 show [1]:

• Total operating income: RMB 1.273 billion, a year-on-year increase of approximately 20%
• Net profit attributable to parent company: RMB 83.6282 million, a year-on-year decrease of 20.01%
• Net profit attributable to parent company in the third quarter alone was only RMB 13.93 million, a year-on-year drop of as much as 63.26%

The main reasons for the performance decline are the cost pressures from the centralized construction and initial operation of new hospitals:

• The new Kunming Sanbo and Xi’an Sanbo hospitals have just opened
• The new Dongba, Beijing hospital (with a construction area of 63,000 square meters) is in the final stage of construction
• The scale of interest-bearing liabilities has surged to RMB 375 million, a year-on-year increase of more than 500%

The current valuation level shows [0]:

• Price-to-Earnings (P/E) ratio: 141.85x
• Price-to-Book (P/B) ratio: 8.59x
• EV/EBITDA: 108.68x
• Far higher than the industry average

In April 2025, Zhang Yang, chairman of Sanbo Brain Hospital, was placed under criminal investigation and detained [2]. Although the company stated that its operations are normal, attention still needs to be paid to corporate governance risks.

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The doubling of Sanbo Brain Hospital’s stock price is not driven solely by one brain-computer interface trial, but is the result of multiple overlapping factors:

1. Policy Inflection Point
   : National strategic positioning, medical insurance policy breakthroughs, establishment of industry standards
2. Industrial Catalyst
   : Expectations for Neuralink’s large-scale mass production, the industry entering its first year of commercialization
3. Company Scarcity
   : A scarce private medical institution in China with brain-computer interface clinical capabilities
4. Concept Trend
   : Collective rise of the entire brain-computer interface sector

: A single trial is not sufficient to support the stock price doubling. What truly supports the stock price is the market’s long-term expectations for the industrialization of brain-computer interfaces, as well as recognition of Sanbo Brain Hospital as a scarce target with “clinical implementation capabilities”. Investors need to distinguish the huge gap between “trial breakthroughs” and “commercial implementation”, and rationally view the relationship between short-term concept speculation and long-term value investment.

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[0] Investing.com - Sanbo Hospital Management (301293) Stock Price Quote (https://cn.investing.com/equities/sanbo-hospital-management)
[1] Sina Finance - Brain-Computer Interface Concept Surges, Sanbo Brain Hospital’s Stock Price Doubles, Related Businesses Still in Exploration Stage (https://finance.sina.com.cn/jjxw/2026-01-17/doc-inhhqpcz4801027.shtml)
[2] 21st Century Business Herald - Sanbo Brain Hospital’s Chairman Under Criminal Investigation, Brain-Computer Interface Star Stock Faces Multiple Tests (https://www.21jingji.com/article/20250422/herald/7bfb58d5a15a41197cc1c1a27d4236c9.html)
[3] Securities Times - Driven by Both Policy and Technology, Brain-Computer Interface Concept Stocks Hit Limit-Up (https://www.stcn.com/article/detail/3576314.html)