Analysis Report on the Investment Return Period of Sanbo Brain Science Funds

Based on public information, the investment return period of the brain science funds participated in by Sanbo Brain Science (Stock Code: 301293.SZ) is

[1]. This period aligns with the general norms of early-stage venture capital (VC) funds, but special risk factors in the brain science field should be noted.

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Sanbo Brain Science has subscribed to three brain science funds through its investment platform, with a total cumulative fund size of approximately

[1]:

Fund Name	Investment Direction	Investment Amount	Subscription Ratio	Expected Exit Period
Shanghai Delian Bojian	Brain science and neuromodulation-related technologies	RMB 87 million	29%	3-4 years
Tianjin Yuanming Haihe	Brain-computer interfaces, brain disease diagnosis and treatment, and related devices	RMB 57 million	19%	3-4 years
Beijing Brain Phase I	Translation of basic brain science research to clinical applications	RMB 10 million	11.11%	3-4 years

• Shanghai Delian Bojian
  : Mainly focuses on layout of brain science and neuromodulation-related technologies, with emphasis on tool-layer enterprises[1]
• Tianjin Yuanming Haihe
  : Focuses on brain-computer interfaces, brain disease diagnosis and treatment, and related devices, targeting niche tracks with clinical advantages[1]
• Beijing Brain Phase I
  : Focuses on project incubation for the translation of basic brain science research to clinical applications, with key layout in medical devices, consumables, and drugs for new-generation brain disease diagnosis and treatment[1]

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The 3-4 year investment return period of the brain science funds can be broken down into the following phases:

Phase	Timeframe	Key Activities
Fund Establishment	2025	Complete private fund filing, company begins to pay subscribed capital
Investment Phase	2025-2026	Screen and invest in early-stage/startup brain science projects
Cultivation Phase	2026-2028	Project R&D, clinical validation, and productization
Exit Phase	2028-2029	Achieve exit through IPO, merger & acquisition, or equity transfer

• Early-stage projects require longer R&D and clinical validation cycles[1]
• The brain science field has high technological barriers and is capital-intensive[1]
• Approval cycles for medical devices and drugs are relatively long[1]
• Translation from basic research to clinical application typically takes 3-5 years[1]

• Accelerated commercialization process in the brain-computer interface industry[1]
• Increased policy support (the National Healthcare Security Administration has established independent items such as “invasive brain-computer interface implantation fee”)[1]
• Technological breakthroughs may accelerate clinical translation[1]

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Risk Type	Risk Level	Description
Technological Risk	High	High uncertainty in cutting-edge brain science technologies
Clinical Risk	High	Clinical trials may fail
Approval Risk	Medium-High	Long approval cycles for medical devices
Market Risk	Medium	Uncertainty in commercialization implementation
Financial Risk	Medium	The company is currently under significant financial pressure

• High risk and high return characteristics are evident
  : Return multiples of successful projects may reach 5-10 times[1]
• High failure risk
  : Success rate of early-stage projects is typically 20-30%[1]
• Industry trend effect
  : The brain-computer interface concept is favored by the capital market, which may boost valuations[1]

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• Total size of the three funds: approximately RMB 700 million[1]
• Total subscribed amount by the company: approximately RMB 154 million
• Ratio to the company’s net assets: approximately 25-30%

Based on the company’s 2025 Q3 report data[1]:

• Operating revenue in the first three quarters of 2025 was RMB 1.273 billion, representing a year-on-year increase of approximately 20%
• Net profit attributable to parent company was RMB 83.6282 million, representing a year-on-year decrease of 20.01%
• Interest-bearing debt surged to RMB 375 million, representing a year-on-year increase of over 5 times
• Construction of new hospital campuses (Kunming, Xi’an, Beijing Dongba) has resulted in significant upfront investment

• Current Status
  : The funds are still in the investment phase and have not yet generated significant returns[1]
• Expected Return Time
  : The exit timeframe for the first batch of projects is expected to be 2028-2029[1]
• Catalyst
  : Accelerated commercialization in the brain-computer interface industry may advance the return timeline[1]

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• High-risk preference investors
  : Capable of bearing a 3-4 year investment period and the risk of principal loss
• Long-term value investors
  : Optimistic about the long-term development potential of the brain science field
• Industrial investors
  : Industrial capital with business synergy with Sanbo Brain Science

1. Long return period
   : Investors need to prepare for 3-4 years of capital lock-up
2. High return uncertainty
   : Success rate of early-stage projects is limited, and returns cannot be guaranteed
3. Monitor policy developments
   : Policy changes in the brain-computer interface industry may affect the return period
4. Company fundamentals
   : The company is currently under significant financial pressure; cash flow status should be monitored

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The investment return period of the brain science funds participated in by Sanbo Brain Science is

, which aligns with the general norms of early-stage VC funds. This period is jointly determined by the technological characteristics of the brain science field, clinical validation requirements, and regulatory approval processes. Despite the long return period and high investment risks, the rapid development of the brain-computer interface industry and policy support may bring considerable potential returns to investors. It is recommended that investors make prudent decisions based on their own risk tolerance and investment timeframe requirements.

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[1] Sina Finance - “Brain-computer interface concept surges, Sanbo Brain Science’s stock price doubles, related businesses remain in the exploration stage” (https://finance.sina.com.cn/jjxw/2026-01-17/doc-inhhqpcz4801027.shtml)

[2] Securities Times - Sanbo Brain Science (301293) Company Announcement (https://www.stcn.com/quotes/index/sz301293.html)

[3] CNINFO - Sanbo Brain Hospital Management Group Co., Ltd. 2025 Third Quarter Report (http://static.cninfo.com.cn/finalpage/2025-10-28/1224739610.PDF)