China Healthcare: BCI Expert Call Takeaways: Commercial Validation, Not Technology Demonstration, Is the Next Inflection Point

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China Healthcare: BCI Expert Call Takeaways: Commercial Validation, Not Technology Demonstration, Is the Next Inflection Point

J P M O R G A N Asia Pacific Equity Research

08 July 2026

China Healthcare

BCI Expert Call Takeaways: Commercial Validation, Not

Technology Demonstration, Is the Next Inflection Point

We hosted three brain-computer interface (BCI) expert call sessions in the last few Healthcare

ACdays and the experts we invited came from leading BCI companies in China, hold Yang Huang

key management positions and on average possess about 10 years of experience in (852) 2800 3812

this field. Our most important takeaway based on the expert speakers’ views is that yang.huang@jpmorgan.com

BCI is transitioning from technology validation to clinical and commercial J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

validation, but that the pace of monetization is likely to be slower and more volatile

Eric Zhao, CFA

than recent headline regulatory news would suggest. The BCI competitive (86-21) 6106 6256

landscape should not be viewed as a pure technology race in which more advanced eric.zhao@jpmorgan.com

technology - such as higher channel count or more sophisticated signal acquisition SAC Registration Number: S1730524050001

- automatically translates into greater commercial value. Rather, the industry is J.P. Morgan Securities (China) Company Limited

increasingly segmenting by patient severity, clinical need and device invasiveness. Derek Choi

Non-invasive BCI is likely sufficient for the majority of lower-acuity rehabilitation (852) 2800-8744

and training applications; semi-invasive systems may occupy the most attractive derek.c.choi@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.