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，並明瞻表示，概不對因本公告全部或任何部份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。 微創醫療科學有限公司* 預期扭虧為盈主要歸因於本期間內： # 指本集團在中國境內研發獲批的產品於海外市場實現銷售的業務。 1 (1) 收入的持續增長，尤其出海業務# 收入繼續貢獻同比約70%的高速增長； (2) 儘管中國境內行業政策給產品價格帶來下行壓力，受益於成本優化舉措的落實，毛利率仍同比 提升2~3個百分點； (3) 於運營方面持續深化精益管理，提升經營效率，令本集團經營費用同比下降約10~11%；及 (4) 附屬公司處置為本集團貢獻正向收益。 於本公告日期，本公司仍在準備及完成本集團截至二零二五年十二月三十一日止年度業績（「二零 二五年年度業績」）。本公告所載資料乃根據董事會現時可取得業務運營資料之初步評估，其並非根 據本公司獨立核數師或審核委員會已審核或審閱之任何財務數據或數據。謹請本公司股份及證券持 有人及潛在投資者細閱預計將會在二零二六年三月末以前刊發的本公司二零二五年年度業績公告。 謹請 ...

是否活成一个NPC，是否不配有姓名？ 1月20日，历史上一个平淡的日子，唯一的热闹，可能是大寒之日上海飘雪。同日，另一场寒潮却无声 无息，恒生生物科技指数（HSHKBIO）成交额跌破100亿港币，与2025年最高点相比下降近80%，15家 港股18A公司日成交额不足100万港币。 创新药在研发主战场外，正在开辟争夺流动性的第二战场。 技术和资本，一体两面，是创新药企的两大属性。早期生物科技没有自我造血功能，全靠资本输血。成 熟创新药企在每一个重要节点，跃升到更高发展阶段，也靠资本支持。 当前，通过港股18A通道上市的生物科技企业已达85家(含摘B)，还有超过80家递表排队，而流动性却 在指缝间溜走。自研能力不够硬，又不做市值管理的公司，等于自动退出流动性争夺战，被边缘化，被 遗忘，直至丧失融资能力。 每家Biotech都曾经满怀绚丽的梦想，但时间会褪色一切，会否一不注意就成为创新药背景板上没有姓 名的NPC？ FDA敌意渐浓 进入2026年，FDA连续对多项生物制品上市申请（BLA）发出Complete Response Letter（CRL），拒绝 批准或要求补充关键临床与CMC（化学、生产与控制）证据，显 ...

Summary of MicroPort MedBot Conference Call Company Overview - **Company**: MicroPort MedBot (Ticker: 2252.HK) - **Market Cap**: HK$31,889 million (US$4,089 million) [4] Key Industry Insights - **Industry**: Robotic-assisted surgery - **Policy Development**: On January 20, 2026, China's National Healthcare Security Administration (NHSA) introduced a unified national pricing framework for robotic surgery, which is expected to significantly impact the industry by resolving long-standing pricing uncertainties [2][3]. Core Financial Highlights - **Revenue Growth**: MicroPort MedBot anticipates a revenue increase of 110-120% year-over-year for FY25, surpassing previous estimates of 100% and consensus of 94% [1]. - **Net Loss Reduction**: The adjusted net loss is expected to narrow by more than 50%, aligning with market expectations [1]. - **Overseas Orders**: The company received over 100 orders for the Toumai robot in FY25, exceeding the previous guidance of 70-80 units [1]. Policy Impact - **Pricing Framework Features**: - **Tiered Pricing**: Establishes three tiers based on the robot's involvement in surgeries: Navigation, Partial Execution, and Precise Execution [2]. - **Coefficient-Based Reimbursement**: Links reimbursement for robotic assistance to the primary surgical procedure's price, incentivizing advanced robotics for complex surgeries [2]. - **Incentives**: Sets a price floor for manufacturers and a ceiling for patient affordability [2]. - **Remote Surgery**: Introduces a pricing item for remote surgical assistance, facilitating the commercialization of telesurgery [2]. Growth Drivers - **Dual-Engine Growth**: The company is expected to experience significant domestic adoption due to the new pricing framework, alongside continued strong international momentum [6]. - **Clinical Value**: The product's clinical value is validated with installations in over 90% of Grade-A Tertiary hospitals, indicating strong market acceptance [6]. Investment Outlook - **Rating**: The stock is rated as "Buy" with a target price of HK$32.00, reflecting an expected share price return of 3.5% [4]. - **Risk Assessment**: The stock is classified as high risk due to potential volatility and various operational risks, including regulatory challenges and competition [9]. Additional Considerations - **Market Reaction**: Following the announcement of the new pricing guideline, shares of MicroPort MedBot and its peers saw a positive market reaction, indicating investor confidence in the new policy's potential to de-risk commercialization pathways [1][3]. - **Visibility for Revenue Conversion**: The surge in overseas orders provides excellent visibility for revenue conversion in FY26, reinforcing the company's growth trajectory [1]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, industry developments, and future growth prospects.

Core Viewpoint - The new policy from the National Healthcare Security Administration (NHSA) is expected to significantly boost the medical device industry, particularly benefiting high-end surgical assistance technologies, robotic surgeries, and telemedicine [1][3]. Group 1: Market Reaction - A-share medical ETFs, particularly the largest medical ETF (512170), saw a rise of 1.36% during intraday trading, indicating strong buying interest with over 270 million yuan invested the previous day [1]. - The Hong Kong medical ETF (159137) also experienced a rebound, reaching a peak increase of 1.78% before closing up 1.06%, ending a four-day decline [1]. - Notable stock performances included a 17.3% surge in the leading domestic surgical robot company, MicroPort Scientific Corporation-B, and over 5% increases in MicroPort Medical and Xianjian Technology [1]. Group 2: Policy Impact - The NHSA's new guideline establishes a market mechanism for high-end surgical assistance technologies, which is expected to enhance innovation and profitability in the industry [3]. - The unified pricing framework is anticipated to highlight the cost-performance advantages of domestic surgical robots and related consumables, accelerating the trend of domestic substitution [3]. - The NHSA's commitment to expanding the guideline in the future will create more opportunities for innovative medical device products, benefiting the overall innovation ecosystem in the industry [3]. Group 3: Investment Opportunities - The medical device sector is poised for significant investment opportunities due to the new NHSA policy, with a focus on high-end medical equipment, robotic surgeries, and compliant consumables [3]. - The CXO industry is experiencing improved conditions due to recovering overseas orders and domestic capacity clearance, contributing to sustained growth [3]. - The largest medical ETF (512170) and its associated funds focus on medical devices and services, with over 36% of its index weight in AI medical and brain-computer interface concept stocks [4].

Core Viewpoint - Southbound funds have reduced their holdings in MicroPort Scientific Corporation (00853.HK) by 2.0648 million shares on January 20, indicating a trend of net selling over recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, southbound funds have reduced their holdings on 3 days, with a total net reduction of 58,400 shares [1] - Over the past 20 trading days, there have been 13 days of net increases in holdings by southbound funds, totaling an increase of 6.69 million shares [1] - Currently, southbound funds hold 907 million shares of MicroPort, representing a percentage of the company's total issued ordinary shares that is not specified [1] Group 2: Company Overview - MicroPort Scientific Corporation is primarily engaged in the sales, production, research, and development of medical devices [1] - The company operates through eight business segments, including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, vascular intervention, neurointervention, structural heart disease, surgical robotics, and surgical medical devices [1] - Key products include implantable devices, surgical robots, and various instruments for cardiovascular and orthopedic applications [1]

Core Viewpoint - The sixth batch of national organized high-value medical consumables centralized procurement results have been announced, including 12 types of medical consumables, with execution expected around May 2026. The long-term growth potential of the high-value consumables sector is viewed positively due to the continuous increase in surgical and diagnostic volumes driven by aging populations and gradual import substitution [1]. Group 1: Event Details - On January 13, the results of the sixth batch of national organized high-value medical consumables centralized procurement were announced in Tianjin, involving 12 types of medical consumables, with 496 products from 227 companies bidding and 440 products from 202 companies winning [1]. - The procurement includes drug-coated balloons and urological intervention consumables, with a high selection ratio for the bidding products [2]. Group 2: Selection Process Optimization - The selection rules have been optimized to ensure that clinically recognized and capable products are chosen, stabilizing clinical usage [3]. - For differentiated products with certain functional innovations, a pricing coefficient based on clinical value has been established to reflect price differences reasonably [3]. - The lowest price is not the sole criterion for selection; if the lowest price is excessively low, a control benchmark of 65% of the average entry price is applied [3]. Group 3: Related Listed Companies - Companies related to coronary drug balloons include Lepu Medical, Blue Sail Medical, and MicroPort Medical [4]. - For peripheral drug balloons, companies such as Xianruida Medical-B, Gree创通桥, Xinmai Medical, and Lepu Medical are involved [4]. - In the urological intervention category, companies like Weili Medical and Weigao Group have all won bids, with examples of winning prices showing moderate reductions compared to earlier procurements [4].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月12日，Chen Jonathan W减持微创医疗（00853）10万股，每股均价 11.4851港元，总金额为114.851万港元。减持后最新持股数目约为347.74万股，持股比例为0.18%。 香港联交所最新资料显示，1月12日，Chen Jonathan W减持微创医疗（00853）10万股，每股均价 11.4851港元，总金额为114.851万港元。减持后最新持股数目约为347.74万股，持股比例为0.18%。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

香港联交所最新资料显示，1月12日，Chen Jonathan W减持微创医疗(00853)10万股，每股均价11.4851港 元，总金额为114.851万港元。减持后最新持股数目约为347.74万股，持股比例为0.18%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月12日，Chen Jonathan W减持微创医疗(00853)10万 股，每股均价11.4851港元，总金额为114.851万港元。减持后最新持股数目约为347.74万股，持股比例 为0.18%。 ...

Summary of Medical Surgical Robots Conference Call Industry Overview - The medical surgical robot market in China is in its early stages, with a market size of less than 100 billion RMB, but is experiencing rapid growth due to improvements in policies, payment systems, and hospital demand [1][2][5] - The laparoscopic surgical robot segment is a major focus, with a global market size of approximately 10.2 billion USD and a compound annual growth rate (CAGR) of 17%. The domestic market size is around 4 billion RMB, with a CAGR of 15% [1][3] Key Companies and Market Dynamics - Major players in the laparoscopic surgical robot market include Intuitive Surgical's Da Vinci system, which has a penetration rate in the U.S. of 5,800 units and nearly 10,000 globally, while domestic installations are below 500, indicating significant room for growth [3] - In the orthopedic surgical robot sector, Tianzhihang is a leading domestic company with a high market share, focusing on trauma, spine, and joint surgeries. The market is expected to grow rapidly due to improved policies and clinical demand [1][2][3] Technological Advancements - Significant advancements in surgical robot technology have been made, including breakthroughs in hardware and software systems. The integration of brain-machine interfaces is becoming essential, driving the industry towards high mobility and high-speed automation, significantly enhancing efficiency [4] - The Da Vinci system has achieved a mature status with multi-port and single-port systems, completing over a million cases in the U.S. and achieving a penetration rate of 22% [4] Policy Impact - Recent policy changes have clarified service operation projects and pricing mechanisms, promoting rationalization of service prices and enhancing hospitals' willingness to purchase and use surgical robots. This is expected to accelerate industry development [5] - The payment system is gradually improving, with more hospitals adopting relevant fee structures, which will enhance effective charging capabilities at the terminal level [5] Market Trends and Future Outlook - The demand for surgical robots is strong, particularly for cardiovascular and neurosurgery applications, with companies like Huake Precision capturing significant market shares [8] - Domestic companies are competing with imported brands and are moving towards multi-functional platforms. Tianzhihang has developed a technology platform that covers multiple surgical areas [7] - The overseas market for domestic companies is approaching 10 billion RMB, indicating potential for significant growth in international markets [7] Notable Companies in the Market - Tianzhihang is recognized as a leading orthopedic surgical robot company, with products covering spine, trauma, and joint surgeries, and has received EU CE certification [9][10] - MicroPort Medical is one of the strongest domestic companies, with a product range that includes laparoscopic and orthopedic robots, and has received significant orders [11] - Jingfeng Medical focuses on multi-port and single-port laparoscopic robots, with strong sales performance and a growing presence in international markets [12] - Sanyou Medical is developing a spine surgical robot expected to be launched in 2026, enhancing safety in complex procedures [13] Conclusion - The medical surgical robot industry in China is poised for rapid growth driven by technological advancements, supportive policies, and increasing clinical demand. Domestic companies are making significant strides in both the local and international markets, positioning themselves competitively against established global brands [1][2][5][7][8]