Analysis Report on Sanbo Brain Medical Group's Brain-Computer Interface Business

Based on the collected information, I will provide you with a systematic analysis of the current development status and profit contribution timeline forecast of Sanbo Brain Medical Group’s brain-computer interface business.

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Sanbo Brain Medical Group (Stock Code: 301293.SZ) is a medical service group featuring neurospecialty, which was listed on the Shenzhen Stock Exchange in May 2023[1]. The group operates 9 hospitals, including 6 tertiary hospitals specializing in neuroscience, with businesses covering traditional fields such as brain tumor surgery, spinal column surgery, epilepsy treatment, and Parkinson’s disease treatment[2]. In 2024, the company achieved operating revenue of RMB 1.429 billion, a year-on-year increase of 8.84%; and realized net profit attributable to shareholders of RMB 105 million, a year-on-year increase of 34.24%[3].

[4]. As of now, the company has completed only one BCI trial, which is of a scientific research nature with no clinical application[2].

• Participated in the completion of the world’s first interventional BCI trial for motor function restoration of impaired limbs in humans, which was led by the team of Professor Duan Feng from Nankai University and co-conducted with Fujian Sanbo Brain Hospital[5].

• In 2024, it collaborated with Tsinghua University to establish the “Tsinghua University (School of Biomedical Engineering) - Sanbo Brain Medical Joint Research Center for Brain-Computer Precision Medicine”, focusing on technological innovation and clinical translation of brain-computer precision medicine[3].
• Established a joint clinical laboratory for brain function and neuromodulation with Capital Medical University[2].

• The company’s investment platform has subscribed to three brain science funds: Shanghai Delian Bojian, Tianjin Yuanming Haihe, and Beinao Phase I, with a total cumulative fund scale of approximately RMB 700 million[2].
• Shanghai Delian Bojian mainly focuses on brain science and neuromodulation-related technologies; Tianjin Yuanming Haihe Brain Science Fund focuses on brain-computer interfaces, brain disease diagnosis and treatment, and related devices; Beinao Phase I focuses on the incubation of projects transforming basic brain science research into clinical applications[2].

• Reached a strategic cooperation with Heze Qiyuan Technology to continuously deepen its layout in fields such as brain science, artificial intelligence, and brain-computer interfaces[5].

Brain-computer interface technology is in a critical transition period from laboratory to commercialization. Since 2025, major breakthroughs have been made in policy:

• March 2025
  : The National Healthcare Security Administration issued the “Guidelines for the Establishment of Medical Service Price Items for Nervous System (Trial)”, which included brain-computer interfaces in medical insurance for the first time, setting up independent items such as “Invasive Brain-Computer Interface Implantation Fee”[6].
• December 2025
  : The National Medical Products Administration issued the “Priority Approval Catalogue of High-End Medical Devices (2025 Edition)”, clearly including implantable brain-computer interface medical devices in the scope of priority approval[6].
• Policy Objectives
  : The “Implementation Opinions on Promoting the Innovative Development of the Brain-Computer Interface Industry” jointly issued by seven ministries and commissions including the Ministry of Industry and Information Technology proposes that key technologies will make breakthroughs by 2027, and 2-3 global leading enterprises will be cultivated by 2030[5].

According to data from industry research institutions, the global brain-computer interface market size is expected to grow from approximately USD 2.6 billion in 2024 to USD 12.4 billion in 2034, with a compound annual growth rate of about 17.4%[5]. The Chinese brain-computer interface market size is expected to reach RMB 6.14 billion by 2028[5].

. According to the company’s announcement, the revenue from neuromodulation technology accounts for a very small proportion of the company’s operating revenue, having basically no impact on the company’s performance[4]. At present, domestic BCI surgeries have not yet entered the stage of large-scale popularization, and are only applied in limited scenarios such as auxiliary control for a small number of severely paralyzed patients and rehabilitation training for patients with cerebral hemorrhage[2].

. With the gradual maturity of BCI technology and the improvement of medical insurance policies, if the projects invested in by the group’s brain science funds achieve commercialization, or if the clinical research participated in by the group makes breakthroughs, it may start to generate certain investment income or technical service revenue.

. According to national policy planning, the Chinese brain-computer interface industry will cultivate 2-3 global leading enterprises by 2030[5]. Relying on its clinical advantages in neurospecialty, industry-university-research cooperation layout, and industrial investment, Sanbo Brain Medical Group is expected to gain a foothold in this emerging market. However, it should be noted that the commercialization process of BCI technology is restricted by multiple factors such as basic brain science research, progress in biomaterials, and regulatory approval[3].

1. Technological Risk
   : Brain-computer interface is an interdisciplinary subject, and every field may become a technological bottleneck. From basic brain science research to progress in biomaterials, all affect the technological development process[3].
2. Commercialization Risk
   : At present, BCI technology has not yet achieved large-scale commercial application, and there are significant differences in technical paths compared with international mainstream technologies[6].
3. Competition Risk
   : Even if the number of surgeries increases in the future, Sanbo Brain Medical Group will compete with top public tertiary hospitals such as Tiantan Hospital, Huashan Hospital, and Tongji Hospital, and its market space will depend on its differentiated service capabilities[2].
4. Corporate Governance Risk
   : In April 2025, the company’s chairman was placed under criminal investigation, and the company is facing multiple challenges such as governance, strategic advancement, and technology implementation[3].

. The group currently participates in this cutting-edge field mainly through investment layout and scientific research cooperation, rather than directly engaging in product R&D and sales. From a commercialization perspective, the transformation of BCI technology from scientific research to industrialization still requires a long cycle. Even referring to optimistic industry forecasts, the time point when this business will make a significant contribution to the company’s profits will be at least after 2028, and it will be more reflected in the form of investment income or technical service fees rather than sales profits from independent products.

Investors should rationally view the relationship between Sanbo Brain Medical Group and the brain-computer interface concept. The company is essentially a traditional private specialized medical service group, and its core value still lies in the stable growth of its neurospecialty medical services and the improvement of operational efficiency of new hospital campuses[2].

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[1] Sina Finance - IPO of Sanbo Brain Medical (301293) (https://vip.stock.finance.sina.com.cn/corp/go.php/vISSUE_NewStock/stockid/301293.phtml)

[2] Sina Finance - Brain-Computer Interface Concept Surges, Sanbo Brain Medical’s Stock Price Doubles, Related Businesses Remain in Exploration Stage (https://finance.sina.com.cn/jjxw/2026-01-17/doc-inhhqpcz4801027.shtml)

[3] 21st Century Business Herald - Sanbo Brain Medical’s Chairman Placed Under Criminal Investigation, BCI Star Stock Faces Multiple Challenges (https://www.21jingji.com/article/20250422/herald/7bfb58d5a15a41197cc1c1a27d4236c9.html)

[4] National Business Daily - Sanbo Brain Medical Hits Two Consecutive 20% Daily Limits: Currently Not Involved in R&D, Production or Sales of BCI Products (https://www.nbd.com.cn/articles/2026-01-06/4209408.html)

[5] Securities Times - The Ultimate Interactive Gateway: When Brain-Computer Interfaces Enter the Eve of Industrial Explosion | Golden Eye (https://www.stcn.com/article/detail/3572243.html)

[6] The Paper - Brain-Computer Interface Concept Triggers a Wave of Limit-Up, Multiple Listed Companies Respond: Still in R&D and Market Cultivation Stage (https://m.thepaper.cn/newsDetail_forward_32327686)