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🇭🇰 港交所BRAINAURORA-BCodex · 实盘不做把握 6/10不做原因:无增量信息
北京时间·🕒 发布 18:16:00时区推断·⟳ 抓取 18:18:25·⚡ 决策 09-02 18:22:55 +4m30s·55.2 天前

脑动极光医疗(6681.HK)公告精神分裂症自适应认知训练研究成果发表于 npj Digital Medicine

本次公告相对论文公开发表没有足够新的可交易增量,且未披露订单、审批、收入或指引变化,短线正期望不足。

📄 原文BRAINAURORA-B↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 脑动极光医疗(06681.HK)
论文首发已在2026年7月2日,本次盘后公告无新增订单、审批或收入量级,追买 edge 不足。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

脑动极光医疗的公告确认其参与研究发表于高影响力期刊,强化数字疗法循证证据,但论文已在2026年7月2日公开,9月2日盘后公告属于公司层面的滞后披露;事件没有新增监管准入、医院采购、商业合同或业绩量化,因此不适合作为隔夜追买催化。

🔎 新鲜度:最早出现 2026-07-02 · 扩散 medium · price-in 风险 high ↗ ↗ ↗

消息传播链

  1. 2026-07-02首发npj Digital Medicine原文 ↗
    论文页面显示该研究于2026年7月2日发表,早于本次港交所公告。
  2. 2026-09-02 18:16 HK官方确认/否认HKEX一手源原文 ↗
    脑动极光医疗盘后发布自愿公告,确认研究成果发表并称其巩固公司数字疗法循证布局。
    市场反应:港股已收盘,公告后尚无连续交易反应。

关键理由

  • 研究结果有助于公司精神疾病数字疗法的长期循证背书。
  • 公司2025年收入约人民币2.20亿元,现有商业化仍依赖医院覆盖和产品收费转化,单篇论文无法直接量化新增收入。

主要风险

  • 论文已公开两个月,本次公告的新鲜度和预期差偏弱。
  • 样本量和随访期有限,且未披露由论文带来的采购、注册或支付落地。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-03-31 · 影响 weakens
    公开财务摘要显示公司仍处亏损,2025年收入约人民币2.20亿元;单篇论文发表不等于短期盈利改善。
    检索:BrainAurora 6681 2025 revenue net loss digital therapeutics 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-07-02 · 影响 invalidates
    论文已于2026年7月2日公开,本次公告的新鲜度不足以支撑隔夜追买。
    检索:Randomized trial of self-adaptive computerized cognitive remediation in schizophrenia 2026 July 2 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足没有改变结论;结论由新鲜度和商业化量级不足主导。

方向:未使用外部先例定方向;该类滞后学术发表公告通常需要商业化、审批或订单增量才具备交易性。

涨幅量级:无高相似、锚点干净且可迁移的短线先例用于校准涨幅。

形态:本案主要问题不是先例方向,而是首发已在两个月前、公告无新增财务事实。

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原文全文

展开原文 · 7,729 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

BrainAurora Medical Technology Limited
腦動極光醫療科技有限公司
(Incorporated in the Cayman Islands with limited liability)

(Stock code: 6681)

VOLUNTARY ANNOUNCEMENT
PUBLICATION OF RESEARCH RESULTS ON
SELF-ADAPTIVE COGNITIVE REMEDIATION IN
SCHIZOPHRENIA IN NPJ DIGITAL MEDICINE
This announcement is made by BrainAurora Medical Technology Limited 腦動極光醫療科技有
限公司(the “Company”, together with its subsidiaries, the “Group”) on a voluntary basis for the
purpose of keeping the investors informed of the latest update on the business developments of the
Group.
The board of directors (the “Board”) of the Company is pleased to announce that the Group
recently made significant scientific research achievements in the field of cognitive remediation in
schizophrenia, the details of which are announced as follows:
I.

PUBLICATION OF RESEARCH RESULTS IN NPJ DIGITAL MEDICINE
Recently, the clinical research results titled “Randomized trial of self-adaptive computerized
cognitive remediation in schizophrenia” jointly conducted by the team of Professor Wang
Gang (王剛) from Beijing Anding Hospital, Capital Medical University and the scientific
research team of the Group were published in npj Digital Medicine (Impact Factor: 18.0, JCR
Q1 Zone), a top international academic journal.
T h i s st u dy is a random ized, d ouble - blind, a nd a c tive - c ontr olle d c linic a l tr ia l
(ChiCTR2000040326) that enrolled a total of 90 patients with schizophrenia, who were
randomized 1:1 into the self-adaptive difficulty training group (SAD, 41 cases completed
the intervention) and the fixed-difficulty training group (FD, 31 cases completed the
intervention), comparing the cognitive and clinical outcomes between the two groups at the
4-week intervention and 8-week follow-up. Participants in both groups completed training
using the Group’s “Brain Function Information Management Platform Software System”
(Class II medical device). Cognitive outcomes were assessed using Cognitive Index (CI) and
the MATRICS Consensus Cognitive Battery (MCCB).

1

Key findings:
(1)

Faster and stronger cognitive improvement: Linear mixed-effects models showed that
the self-adaptive group achieved significantly greater and faster improvements in the
dimensions of attention and processing speed/agility (P=0.02), with faster improvement
also observed in thinking.

(2)

Significant improvement in MCCB total score: The self-adaptive group performed
significantly better than the control group on both the Continuous Performance
Test-Identical Pairs (CPT-IP) and MCCB total score.

(3)

Significant improvement in positive symptoms: At the end of the 4-week training, the
self-adaptive group showed a significant reduction in the positive symptom score of the
Positive and Negative Syndrome Scale compared to that of the control group.

(4)

First demonstration of the “difficulty-performance coupling” mechanism: The study
observed robust difficulty-performance coupling effects across five major cognitive
domains: memory, attention, perception, agility, and thinking, indicating that dynamic
difficulty calibration is a key active mechanism driving cognitive benefits.

The study conclusion noted that self-adaptive cognitive training can enhance and accelerate
cognitive improvement in patients with schizophrenia, particularly in attention and processing
speed, while also benefiting the improvement of positive symptoms. Difficulty-performance
coupling may reflect the role of dynamic load calibration as a key therapeutic mechanism in
digital cognitive training.

Reference: Ren Yp, Wang Ln, Lin S, et al. Randomized trial of self-adaptive computerized
cognitive remediation in schizophrenia. npj Digital Medicine. 2026. DOI: 10.1038/
s41746-026-02949-z.
II.

SIGNIFICANCE OF THE ABOVE ACHIEVEMENTS TO THE GROUP
This study is the first randomized double-blind controlled trial to confirm that self-adaptive
cognitive training can accelerate cognitive remediation in patients with schizophrenia, and is
the first study to reveal “difficulty-performance coupling” as an active mechanism of digital
therapeutics. The publication of such result in npj Digital Medicine with an impact factor
of 18.0 indicates that the Group’s research in the field of digital therapeutics for psychiatric
diseases has been highly recognized by a top international academic platform. The deep
participation of the Group’s scientific research personnel fully reflects the ongoing deepening
of the Group ’ s “ industry-academia-research-medicine ” integration model, thereby further
expanding the Group’s evidence-based landscape for digital therapeutics.
The Board believes that the above achievements align with the Group ’ s long-term
development strategy and should further consolidate the Group’s industry-leading position in
the field of digital therapeutics for cognitive impairment, thereby creating long-term value for
shareholders.

2

The contents of this announcement do not constitute a connected transaction or a notifiable
transaction under the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.
By order of the Board
BrainAurora Medical Technology Limited
腦動極光醫療科技有限公司
Tan Zheng
Chairman and Executive Director
Hong Kong, September 2, 2026

As at the date of this announcement, the Board comprises: (i) Mr. Tan Zheng as executive director;
(ii) Mr. Deng Feng, Mr. Yang Fan, and Ms. Wang Jingbo as non-executive directors; and (iii) Mr.
Lam Yiu Por, Dr. Duan Tao and Mr. Tu Lei as independent non-executive directors.

3

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性
或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚
賴該等內容而引致的任何損失承擔任何責任。

BrainAurora Medical Technology Limited
腦動極光醫療科技有限公司
(於開曼群島註冊成立的有限公司)

(股份代號:6681)

自願公告
精神分裂症自適應認知訓練研究成果發表於《npj Digital Medicine》
本公告由腦動極光醫療科技有限公司(「本公司」,連同其附屬公司統稱「本集團」)
自願作出,旨在使廣大投資者了解本集團最新業務發展情況。
本公司董事會(「董事會」)欣然宣布,本集團近期在精神分裂症認知康復領域取得
重要科研成果,現將相關情況公告如下:

一、研究成果發表於《npj Digital Medicine》
近日,由首都醫科大學附屬北京安定醫院王剛教授團隊與本集團科研團隊聯
合的臨床研究成果《Randomized trial of self-adaptive computerized cognitive
remediation in schizophrenia》,發表於國際頂級學術期刊《npj Digital
Medicine》
(影響因子18.0,JCR Q1區)。
該研究是一項隨機、雙盲、主動對照臨床試驗(ChiCTR2000040326),共納入
90例精神分裂症患者,按1:1隨機分入自適應難度訓練組(SAD,41例完成干
預)與固定難度訓練組(FD,31例完成干預),比較兩組在4周干預及8周隨訪
時的認知與臨床結局。兩組受試者均採用本集團「腦功能信息管理平台軟件
系統」
(第二類醫療器械)完成訓練。認知結局採用認知指數(CI)和MATRICS
共識認知成套測驗(MCCB)評估。

1

主要成果:
(一) 認知改善更快更強:線性混合效應模型顯示,自適應組在注意力和加
工速度 ╱ 敏捷性維度上獲得了顯著更大、更快的改善(P=0.02),在思
維維度亦觀察到更快的改善趨勢。
(二) MCCB總分顯著改善:自適應組的持續操作測驗(CPT-IP)和MCCB總
分均顯著優於對照組。
(三) 陽性症狀顯著改善:4周訓練結束時,自適應組陽性和陰性症狀量表陽
性症狀評分較對照組顯著下降。
(四) 首次揭示「難度 - 表現耦合」機制:研究在記憶、注意、知覺、敏捷、
思維五大認知域均觀察到穩健的難度 - 表現耦合效應,表明動態難度
校準是驅動認知獲益的關鍵活性機制。
研究結論指出,自適應認知訓練能夠增強並加速精神分裂症患者的認知改
善,尤其在注意力和加工速度方面,同時亦有益於陽性症狀改善;難度 - 表
現耦合可能反映了動態負荷校準作為數字認知訓練關鍵治療機制的作用。
參考文獻:Ren Yp, Wang Ln, Lin S, et al. Randomized trial of self-adaptive computerized
cognitive remediation in schizophrenia. npj Digital Medicine. 2026. DOI: 10.1038/s41746026-02949-z.

二、上述成果對本集團的重大意義
本研究是首次通過隨機雙盲對照試驗證實自適應認知訓練可加速精神分裂症
患者認知康復,並首次揭示「難度 - 表現耦合」作為數字療法的活性機制。該
成果發表於影響因子18.0的《npj Digital Medicine》,標誌着本集團在精神疾
病數字療法領域的研究獲得國際頂級學術平台高度認可。本集團科研人員深
度參與,充分體現了本集團「產學研醫」融合模式的持續深化,進一步拓展了
本集團數字療法的循證證據版圖。
董事會認為,上述成果符合本集團長期發展戰略,將進一步鞏固本集團在認
知障礙數字療法領域的行業領先地位,為股東創造長期價值。

2

本次公告內容不構成香港聯合交易所有限公司證券上市規則下的關連交易或
須予公布交易。
承董事會命
腦動極光醫療科技有限公司
主席兼執行董事
譚錚
香港,2026年9月2日

截至本公告日期,董事會包括:(i)執行董事譚錚先生;(ii)非執行董事Deng Feng
先生、楊帆先生及王晶菠女士;及(iii)獨立非執行董事林曉波先生、段濤博士及
涂雷先生。

3

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