Analysis of R&D Investment at Sanbo Brain Hospital

Based on public information I have queried, the R&D investment status of Sanbo Brain Hospital (Stock Code: SZ301293) is as follows:

According to Sanbo Brain Hospital’s 2024 Annual Report, in the expense disclosure section, the company indicated

, which means the company did not separately list R&D investment items in its annual report [1].

Based on publicly available information, Sanbo Brain Hospital disclosed R&D-related data in the early period (around 2022):

• R&D Expenses
  : Approximately RMB 115 million
• Operating Revenue
  : Approximately RMB 1.429 billion
• R&D Expense Ratio
  : Approximately 8.05% [2]

It should be noted that although Sanbo Brain Hospital did not separately disclose R&D investment in its financial statements, the company still carries out the following technical R&D activities:

1. Brain-Computer Interface Research
   : The company participated in the world’s first interventional brain-computer interface-assisted trial for motor function restoration of impaired limbs in humans [3]

2. Scientific Research Cooperation
   :
   • Established a Joint Clinical Laboratory of Brain Function and Neuromodulation with Capital Medical University
   • Co-founded the Joint Center for Brain-Computer Precision Medicine with Tsinghua University
   • Provided scientific research cooperation funds to Tsinghua University [1]

3. Fund Investment
   : The company’s investment platform participated in the subscription of three brain science funds, with a total cumulative scale of approximately RMB 700 million [3]

Sanbo Brain Hospital clearly stated in an announcement:

[3]. This indicates that although the company has a layout in the R&D field, it has not yet formed a large-scale R&D investment system.

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: Sanbo Brain Hospital currently does not separately disclose R&D investment ratio data. Based on historical data, the company’s early R&D expense ratio was approximately 8%, but against the background of the expansion of traditional medical services in recent years, R&D investment may not constitute a major expense item.

:
[1] Full Text of Sanbo Brain Hospital 2024 Annual Report (https://pdf.dfcfw.com/pdf/H2_AN202504171657985692_1.pdf)
[2] Analysis of R&D Strength of the Core Industrial Chain of Brain-Computer Interfaces (https://beawan.com/beawanHome/article/2105776595144)
[3] Brain-Computer Interface Concept Surges, Sanbo Brain Hospital’s Stock Price Doubles (https://finance.sina.com.cn/jjxw/2026-01-17/doc-inhhqpcz4801027.shtml)