Brain-Computer Interface Becomes Reality as Institutions Intensively Research Five Companies

Securities Times Reporter Liang Qiangang

According to the National Healthcare Security Administration, on March 13, the world’s first invasive brain-computer interface medical device was officially approved for market launch. On March 15, the National Healthcare Security Administration proactively coordinated and provided services to assign a medical insurance code for this product, successfully bridging the critical link from approval and market entry to clinical application, marking the brain-computer interface industry’s transition from a “blueprint” to a “fast-track implementation.”

The 2026 government work report listed brain-computer interfaces as a key future industry for cultivation. The 14th Five-Year Plan explicitly emphasizes forward-looking development of future industries, promoting quantum technology and brain-computer interfaces as new drivers of economic growth. Under favorable policies, brain-computer interface technology is accelerating out of laboratories.

Based on technical approaches, brain-computer interfaces are mainly divided into invasive and non-invasive types. Invasive brain-computer interfaces involve surgically implanting electrodes into the brain to directly record neural activity signals; non-invasive brain-computer interfaces collect brain signals through scalp electrodes without surgery.

Whether invasive or non-invasive, brain-computer interfaces have demonstrated clear application value in health fields such as motor function rehabilitation, diagnosis and treatment of neurological and mental disorders, and hearing rehabilitation, with broad prospects.

On March 22, the China Development Forum 2026 Annual Conference opened. Han Bicheng, founder and CEO of QiangNao Technology, stated in an interview that brain-computer interfaces are expected to achieve breakthroughs in four major areas in the near future: helping elderly people regain walking ability, solving blindness issues for visually impaired groups, enabling early intervention for Alzheimer’s disease, and intervening in insomnia from a neural perspective. Looking further ahead, the potential of brain-computer interfaces extends far beyond medical and rehabilitation applications.

McKinsey predicts that the potential global market size for brain-computer interface medical applications could reach $40 billion by 2030 and is expected to grow to $145 billion by 2040.

China Academy of Information and Communications Technology estimates that China’s brain-computer interface industry could grow to between 10 billion and 14 billion yuan by 2030.

According to Securities Times Data Treasure, since the beginning of this year, 12 brain-computer interface concept stocks have been subject to institutional research. Among them, five stocks—Xiangyu Medical, Aipeng Medical, Entai Technology, Botuo Biotech, and 37 Interactive Entertainment—have been researched by over 110 institutions each.

Xiangyu Medical stated during institutional visits that its brain-computer interface products covering rehabilitation scenarios such as occupational therapy, motor therapy, cognitive speech, and swallowing are expected to be rapidly implemented. For example, its brain-computer interface swallowing electrical stimulation product can capture patients’ brain signals to form a closed-loop treatment, solving issues of traditional swallowing disorder treatments relying on medical cooperation and the risk of choking. It has received positive feedback from multiple hospitals and hundreds of clinical cases; its upper and lower limb passive and active rehabilitation systems, hand function rehabilitation devices, and other essential products for rehabilitation medicine meet clinical needs and can be commercialized quickly.

Aipeng Medical indicated that its layout in brain-computer interfaces mainly considers the company’s existing technology and channel accumulation, prioritizing the commercialization of non-invasive products, while also strategically expanding into high-barrier invasive technologies.

As of the close on March 23, the total market value of brain-computer interface concept stocks in A-shares was 475.497 billion yuan. Since the beginning of the year, these stocks have generally declined, with an average retreat of 30.96% compared to their peak prices this year as of March 23. Hige Communication, Prite, Xiangyu Medical, and Botuo Biotech experienced the largest declines.

Hige Communication’s decline was 47.22%. The company is conducting research on non-invasive brain-computer interface technology, aiming to realize civilian and specialized applications in perception control and related scenarios. The company expects a net loss of 700 million to 790 million yuan in 2025.

(This edition’s data is provided by the Securities Times Central Database; illustration: TuChong Creative)