BRCM's SZSE IPO has been accepted, focusing on products related to brain-computer interfaces.

On June 11th, BrightMind Technology (Shanghai) Co., Ltd. (referred to as BrightMind) has been accepted for listing on the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market). CITIC SEC is its sponsor and it plans to raise 2.5 billion yuan. According to the prospectus, BrightMind is a high-tech enterprise with independent innovation and global leading brain-machine interface technology DRIVE as its core. The company specializes in the research, development, production, and sales of products related to brain-machine interface. Since its establishment, the company has always focused on the breakthroughs and innovations in the entire technical chain of brain-machine interfaces, building a strong technological barrier in key technology areas such as the acquisition of weak neural signals, signal analysis, closed-loop feedback, and system integration, and continuously promoting the development of invasive and non-invasive brain-machine interfaces in the medical and scientific research fields. The brain is the most complex organ in the human body, with approximately 86 billion neurons forming neural networks through trillions of synapses, constituting the physiological basis of activities such as perception, movement, cognition, emotions, and consciousness. As the central nervous system of the human body, any damage or lesion to the brain can lead to serious consequences such as motor dysfunction and neurological and psychiatric disorders. According to data from Zhoushi Consulting, by 2025, there will be over 50 million patients in China suffering from motor dysfunction and psychiatric disorders caused by central nervous system damage, indicating a significant clinical treatment demand. Brain-machine interface refers to the direct information exchange pathway established between the human brain and external devices, enabling the collection and analysis of brain signals to achieve information exchange and control between the brain and machines. Depending on the method of signal acquisition, brain-machine interface technology is generally divided into two categories: non-invasive and invasive technologies. Invasive technologies include various invasive schemes such as epidural implantation, cortical attachment, cortical insertion, and vascular intervention. In terms of invasive brain-machine interface products, the company has innovatively developed the minimally invasive implantable brain-machine interface NEO platform, a bidirectional closed-loop brain-machine interface that is minimally invasive, precise, and stable. Based on the NEO platform, the company flexibly applies various invasive technologies such as epidural implantation, cortical attachment, and cortical insertion based on the characteristics of different brain diseases, treatment needs, and risk factors, advancing the development of invasive brain-machine interface products with different functions and indications. For rehabilitation compensation-type invasive brain-machine interface products, BrightMind has successfully developed the world's first invasive brain-machine interface medical device approved for market, NEO-ONESCI. It is suitable for quadriplegic patients with cervical spinal cord injuries and assists in restoring hand grip function through the collection of the patient's EEG signals to recognize movement intent, using pneumatic glove devices. This product adopts a technology solution for epidural signal acquisition, which maximizes the approach to cortex signal sources while maintaining the integrity of the dura mater. It is balanced in terms of signal acquisition stability, high signal-to-noise ratio, safety, long-term stability, and EEG signal quality. According to clinical trial data, after 3 and 6 months of implantation, NEO-ONESCI assisted ARAT response rates were 100%, with 68.8% of patients showing significant improvement in ARAT grip scores compared to baseline after 6 months, allowing paralyzed patients to gradually regain hand movement function and demonstrating a good effect in restoring neural pathways. This product entered the national Innovative Medical Management device special review program in August 2024 and was approved for market by the NMPA on March 13, 2026. In terms of neural regulation-type invasive brain-machine interface products, the company has developed NEO-ONEANS, which is suitable for seizure control in patients with drug-resistant epilepsy aged 6 and above. Through minimally invasive design, the device significantly reduces the volume of the stimulator, does not damage the cranial bone structure, reduces the risk of surgical infections, and allows for continuous monitoring and analysis of the patient's EEG signals, ultimately achieving precise closed-loop regulation. It supports doctors in customizing stimulation parameters for personalized treatments for different patients, which is of great significance for clinical diagnosis and treatment. This product entered the national Innovative Medical Management device special review program in March 2025 and is currently in the confirmatory multicenter clinical stage. In terms of non-invasive brain-machine interface products, BrightMind's non-invasive brain-machine interface products have been widely used in more than 500 medical institutions and over 300 research institutions in China, with cooperation partners publishing over 600 academic papers. As of the signing date of the prospectus, the company has developed and listed over 20 non-invasive neural signal acquisition and regulation products, mainly including wireless multimodal brain science research platforms for single or multiple individuals, high-performance EEG systems covering 8 to 1024 channels, electromyography evoked potential instruments, high-performance transcranial electrical stimulation systems, among others, enabling high-fidelity EEG signal acquisition, neural pathway detection, and closed-loop neural regulation for research and diagnosis and treatment. Regarding EEG acquisition systems, digital EEG machines are core devices used in brain-machine interface research and clinical neurophysiological diagnosis and treatment for EEG signal acquisition and analysis. The company's market share in EEG acquisition products has steadily increased over the years, maintaining a leading position nationally. In 2025, the company's market share in the domestic EEG machine market surpassed imported brands, ranking first in the industry. In terms of finances, in the 2023, 2024, and 2025 fiscal years, the company achieved operating revenues of approximately 75.21 million yuan, 65.97 million yuan, and 108 million yuan respectively. During the same period, the net profits were approximately -48.75 million yuan, -49.53 million yuan, and -230 million yuan respectively.