Stock investors look to the Jinlin Analyst Research Report for authoritative, professional, timely and comprehensive coverage to help uncover potential thematic opportunities. Brainco Interface Technology (Shanghai) Co., Ltd. (hereafter "Brainco Interface") has made further progress in its bid to become the "first brain-computer interface stock."

Recently, Brainco Interface disclosed its reply to the first round of examination inquiries for its STAR Market IPO and updated the prospectus data. During the reporting period, the company's performance continued to show losses, and its first invasive brain-computer interface product remained in the early commercialization stage and had not yet generated revenue. At the same time, the company spent relatively large selling expenses to expand the market, and its selling expense ratio remained consistently higher than the average of comparable companies in the same industry.

Financial data show that from 2023 to 2025, Brainco Interface's operating revenue was approximately 75.2124 million yuan, 65.9747 million yuan and 108 million yuan, respectively; net profit attributable to shareholders was approximately -48.7575 million yuan, -49.5338 million yuan and -230 million yuan, respectively. In the first half of 2026, the company achieved operating revenue of approximately 46.344 million yuan and net profit attributable to shareholders of approximately -65.4797 million yuan.

It is understood that Brainco Interface is engaged in the research, development, production and sales of brain-computer interface-related products, covering both non-invasive and invasive technology routes. In the non-invasive field, Brainco Interface has developed and launched more than 20 non-invasive neural signal acquisition and regulation products. In the invasive field, the first-generation flagship product of the company's NEO platform, NEO-ONE SCI (an implantable brain-computer interface hand motor function compensation system), was approved for market launch by the National Medical Products Administration in March 2026, making it the world's first approved invasive brain-computer interface medical device. The product is suitable for patients with quadriplegia caused by cervical spinal cord injury. By collecting patients' EEG signals to identify movement intention, it uses a pneumatic glove device to assist in achieving compensatory hand grasping function.

In the first round of examination inquiries, the Shanghai Stock Exchange asked about the product's commercialization progress, product demand and market space. Brainco Interface said that as of the date of the reply, NEO-ONE SCI had completed network access in 27 provinces, with a listed price of 475,000 yuan per set, and had not yet been included in national or local basic medical insurance catalogues. Since July 2026, NEO-ONE SCI has completed 13 unit sales and eight terminal implantations, with more than 70 units in hand and in intended orders.

However, during the reporting period, NEO-ONE SCI had not yet contributed revenue, and the company's main business revenue all came from non-invasive products, including EEG acquisition systems and transcranial electrical stimulation devices and other brain-computer interface-related products. Among them, the EEG acquisition system was the company's most important source of revenue. In the first half of 2026, the EEG acquisition system achieved sales revenue of approximately 29.7007 million yuan, accounting for 64.56% of main business revenue.

In terms of selling expenses, Brainco Interface's selling expense ratio was higher than the average of comparable companies in the same industry. In each period of the reporting period, the company's selling expenses were approximately 30.9225 million yuan, 33.5435 million yuan, 44.9836 million yuan and 24.8713 million yuan, accounting for 41.11%, 50.84%, 41.47% and 53.67% of operating revenue, respectively, while the averages of comparable companies in the same industry were 30.79%, 24.3%, 22.04% and 19.93%, respectively.

In response, Brainco Interface explained in its reply to the first round of examination inquiries that the industry in which the company currently operates is still in a market growth stage, and its invasive products have not yet achieved commercial sales, so its overall sales scale is smaller than that of comparable companies. To expand the market, the company has established a nationwide sales network to ensure maximum customer coverage, resulting in relatively higher sales investment.

In the view of Zhang Yue, chairman of Aoyou International, a selling expense ratio that remains higher than peers requires attention to input-output performance, and the follow-up question is whether the expense ratio can decline and whether conversion results can meet standards once revenue scale increases.

For this listing attempt, Brainco Interface plans to raise 2.5 billion yuan. After deducting issuance expenses, the funds are intended to be invested in a brain-computer interface R&D project, a brain-computer interface production and construction project, and supplementary working capital. By comparison, in the updated prospectus, the company adjusted the amounts for its fundraising projects. Among them, investment in the brain-computer interface R&D project was raised from 1.54 billion yuan to 1.776 billion yuan, the brain-computer interface industrialization construction project was renamed the brain-computer interface production and construction project, with investment reduced from 410 million yuan to 174 million yuan, while supplementary working capital remained unchanged.

Regarding related issues, a reporter from Beijing Business Today sent an interview letter to Brainco Interface, but had not received a reply as of press time.