--- title: "A research report reveals the \"game\" of BIOTEST BIOTECH's brain-computer interface" type: "News" locale: "en" url: "https://longbridge.com/en/news/288640338.md" description: "Huaxi Securities released a research report, optimistic about BIOTEST BIOTECH's layout in the brain-computer interface field. The company adopts a \"invasive + non-invasive\" dual-line strategy, establishing a 200 million yuan fund to cover the upstream and downstream of the industry chain, promoting the concept's implementation. Driven by policy support and the explosion of mental health demand, Huaxi Securities believes its brain-computer interface business will become the second growth curve, giving it a \"buy\" rating" datetime: "2026-06-03T23:35:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288640338.md) - [en](https://longbridge.com/en/news/288640338.md) - [zh-HK](https://longbridge.com/zh-HK/news/288640338.md) generator: "portal-rs" --- # A research report reveals the "game" of BIOTEST BIOTECH's brain-computer interface On June 1st, Huaxi Securities released a research report on BIOTEST BIOTECH (688767.SH), in which brain-computer interfaces occupy a significant portion. While the market is still repeatedly speculating on the brain-computer interface concept, BIOTEST BIOTECH has taken the lead in completing its layout, advancing on both "invasive + non-invasive" fronts, with a 200 million yuan fund covering the upstream and downstream of the brain-computer interface industry chain, effectively transforming the brain-computer interface from a "hot concept" into a "real industry." Huaxi Securities is also optimistic about its long-term growth, believing that BIOTEST BIOTECH's brain-computer interface industry will become a second growth industry in the future. The company has ample room for valuation reconstruction and is a rare practical target for brain-computer interfaces in the A-share market, giving the company a "buy" rating upon its first coverage. **Policy Support Combined with Explosive Demand** The current brain-computer interface sector is undoubtedly a high-quality opportunity characterized by "policy support and surging demand." As early as August 2020, the "Guidelines for the Construction of a National New Generation Artificial Intelligence Standard System" mentioned "regulating human-computer interaction systems, promoting the development of multimodal interaction technology, and incorporating brain-computer interfaces into the top-level design of the AI standard system." In 2024, the Ministry of Industry and Information Technology will establish a standardized technical committee, and in the same year, policies related to brain-computer interfaces began to be introduced intensively, officially putting the industry on the fast track for development. In March 2025, the National Medical Insurance Administration integrated 82 pricing projects for neurological medical services in the "Guidelines for the Establishment of Pricing Projects for Neurological Medical Services," adding 24 new items and expanding 8 items, addressing the issue of charging for brain-computer interface products after they are launched. In simple terms, from the initial project establishment to the construction of the standard system, and then to the charging implementation after market launch, policies have already opened up the entire process from R&D to commercialization for the brain-computer interface industry, and the industry's explosive growth period is just around the corner. At the same time, the national demand for mental health continues to surge, with the number of people suffering from depression and anxiety increasing year by year. Data shows that from 1990 to 2021, the number of depression cases in China rose from 34.4 million to 53.1 million, an increase of 54%; the number of anxiety cases rose from 40.5 million to 53.1 million, an increase of 31.2%. Traditional consultations rely on subjective judgments by doctors, are time-consuming and inefficient, and there is a huge gap in grassroots screening, which has led to a demand-driven growth dividend for brain-computer interface technology focused on mental diagnosis and treatment. **Dual-Line Layout of Light and Heavy Branch Tracks** With strong expectations for industrial growth, medical and technology companies are actively laying out their strategies. Unlike the conservative approach of testing a single track, BIOTEST BIOTECH's strategy for brain-computer interfaces can be described as "full-domain," leveraging its wholly-owned investment research platform, Bodai Zhito, to precisely position two core technical routes—one light and one heavy, one shallow and one deep, one for examination and one for treatment, thoroughly covering all scenarios of mental diagnosis and treatment. First, let's look at the non-invasive track with lightweight implementation. In January 2026, BIOTEST BIOTECH strategically invested in Haoshi Tianhui through its wholly-owned industrial investment platform, Bodai Zhito, becoming the only investor in this round of financing for Haoshi Tianhui, holding a 16% stake after the investment According to reports, Haoshi Tianhui is the "pragmatist" in the current brain-computer interface landscape. While others are still refining technology and applying for qualifications, it has already obtained certifications, established a commercial closed loop. In November 2025, its mental health assessment device successfully obtained a Class II medical device registration certificate. With the dual support of AI algorithms and self-developed hardware, it achieves a rapid screening for depression and anxiety in 90 seconds, with an accuracy rate exceeding 90%, perfectly addressing the pain points of subjective errors and time consumption associated with traditional paper quality scales. Its new product is a medical-grade non-invasive brain-computer interface and mental health assessment device, focusing on the diagnosis and intervention of emotional issues, capable of detecting depression and anxiety in as little as 90 seconds per session, with an accuracy rate of over 90%. Currently, Haoshi Tianhui's products have been clinically used by over 100,000 people and have collaborated with key national tertiary hospitals such as Shanghai Jingwei Center, Gansu Provincial Second Hospital, Gansu Provincial People's Hospital, Beijing Anding Hospital, and Central South Xiangya Second Hospital. Now, let's look at the invasive track with high technical barriers. Also through a 5% stake in Botai Zhito, Qingshi Yongjun specializes in the treatment of severe treatment-resistant depression at the industry ceiling level, focusing on "precision attacks on severe cases"—relying on the technical accumulation of the brain-computer intelligence core team at Zhejiang University, it delves into DBS (Deep Brain Stimulation) technology, accurately collecting neural signals from multiple brain regions and intelligently matching optimal stimulation parameters to specifically address the challenges of severe depression, with high technical value. Currently, Qingshi Yongjun's invasive deep brain stimulation project has entered the clinical trial phase, with a total of 4 cases enrolled from June 2025 to January 2026. Among them, the first depression patient showed significant improvement in Hamilton scale scores and patient characterization one week after treatment. It is worth mentioning that Qingshi Yongjun has received funding from the National Natural Science Foundation's Joint Fund for Major Projects in Life and Health for the project "Research on Stent-Free High-Precision Vascular Interventional Brain-Computer Interface," with an approved direct funding amount of 22 million yuan. In the second half of 2026, the medical device registration process for the invasive deep brain stimulation project will also be initiated, with a clinical enrollment target of 100 cases. If progress goes smoothly, approval is expected in 2029, with market launch anticipated in 2030. Before the formal clinical registration, Qingshi Yongjun is expected to initiate a new round of financing. **Comprehensive Layout to Perfect the Industrial Ecosystem** In addition to the dual-line layout, Botai Biotech has prepared a "backup card." In early 2026, Botai Biotech invested in establishing a special industrial fund for brain-computer interfaces and brain science, with a total fund size of 200 million yuan. Professional institutions with rich investment experience and in-depth research in the brain-computer interface field will serve as General Partners (GPs), while the company, as a limited partner, will contribute 190 million yuan of its own funds, accounting for 95% of the fund's subscribed capital The research report introduces that this industrial fund is established to broadly cover the upstream and downstream of the brain-computer interface industry chain, with an investment scope targeting unlisted companies in the domestic and international brain-computer interface and brain science-related industry chain fields. This means that the fund is not limited to the existing two invested companies but aims to cast a wide net to layout quality startups in the upstream and downstream of the industry chain, integrating cutting-edge technologies and quality projects while improving its own brain-computer industry ecosystem. Compared to going it alone, this model of "directly investing in core projects + comprehensive fund layout" allows BIOTEST BIOTECH to take control of the track, continuously expanding its technological boundaries and business landscape. Huaxi Securities believes that the continuous catalysis of brain-computer interface policies and the enormous potential demand in the mental health treatment industry will support the related business of brain-computer interfaces to become a new support point for the company's performance under the backdrop of industry context and policy support. It is expected that the company's revenue will reach 553 million yuan, 631 million yuan, and 790 million yuan from 2026 to 2028, with year-on-year growth of 23.5%, 14.0%, and 25.3%, respectively; net profit is expected to reach 119 million yuan, 147 million yuan, and 202 million yuan, with year-on-year growth of 141.0%, 23.7%, and 37.6%, respectively, indicating significant growth potential ### Related Stocks - [688767.CN](https://longbridge.com/en/quote/688767.CN.md) - [002926.CN](https://longbridge.com/en/quote/002926.CN.md) ## Related News & Research - [14:41 ETNine Corboy & Demetrio Attorneys selected to 2027 The Best Lawyers in America®](https://longbridge.com/en/news/296644470.md) - ["July Was A Bad Month": Jane Street Lost $15 Billion In First Down Month In A Decade](https://longbridge.com/en/news/296131995.md) - [Goodbye Kansas wins SEK 5 million co-development order for global game franchise](https://longbridge.com/en/news/296577481.md) - [JD Sports cuts profit forecast as Régis Shultz turnaround slows](https://longbridge.com/en/news/296443354.md) - [Game Science unveils 15 minutes of gameplay from Black Myth: Zhong Kui](https://longbridge.com/en/news/296441883.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**