Core Viewpoint - In 2024, MicroPort Robotics faced significant challenges due to its own R&D and commercialization struggles, compounded by governance issues at its parent company. However, changes in the parent company's shareholding structure and the potential of its equipment and consumables business model have led to a resurgence in the company's stock performance [1]. Stock Performance - MicroPort Robotics experienced two significant price surges in 2024, with the stock reaching a high of 33.70 HKD, marking a maximum increase of 252.14% [2]. - Following the peak on October 8, the stock price fell to 21.20 HKD by November 21, representing a decline of 37.09% from its high [2]. - Investor sentiment shifted from divergence to consensus, with Hong Kong Stock Connect funds reversing their previous buying and selling strategies to accumulate shares during the downturn [2][8]. Technical Analysis - The stock's price movement in September showed a strong upward trend, with a nearly 40% increase driven by a "three consecutive days of gains" pattern, leading to a significant increase in trading volume [3]. - The Bollinger Bands (BOLL) indicated a breakout from previous trading ranges, with the stock showing a "six consecutive days of gains" pattern, establishing a steep upward channel [3]. - Despite the recent volatility, the distribution of shares remains concentrated at lower price levels, suggesting potential support for future price movements [3]. Volume and Market Sentiment - The stock's price increase was accompanied by declining trading volumes, indicating a lack of buying momentum, which is typically seen as a bearish signal [5]. - As the stock price fell below key technical levels, trading volumes decreased significantly, reflecting a shift in investor sentiment from active selling to cautious observation [7]. Institutional Activity - Recent trading data indicates that Hong Kong Stock Connect funds have begun to accumulate shares, contrasting with their previous selling behavior during the stock's earlier price increases [8][10]. - Over the past 60 days, these funds have been net sellers, but recent trends show a shift towards buying as the stock stabilizes [10]. Financial Performance - MicroPort Robotics reported a total revenue of 176 million HKD for the first half of 2025, a year-on-year increase of 77%, driven by significant growth in overseas markets [13]. - The company has improved its cost management, resulting in a 59% reduction in net losses during the same period [13]. - Following positive financial results, Morgan Stanley has raised its target price for MicroPort Robotics, reflecting confidence in the company's growth potential [14].

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony were held in Shanghai, gathering over 300 industry experts to discuss future opportunities in the Chinese capital market [1] - The top honor for the 7th Sina Finance Golden Unicorn Elite Analyst in the innovative drug sector was awarded to the Zheshang Securities research team, led by Chief Analyst Wu Tianhao [1] Group 2 - The strategy for the high-value consumables sector in 2026 indicates optimism due to policy optimization, with expectations for revenue recovery and new product launches [2] - The medical device sector is expected to see performance recovery driven by the resumption of in-hospital bidding and the "Belt and Road" initiative, despite a decline in profit in the first three quarters of 2025 [2] - The home medical sector is anticipated to regain growth, supported by overseas expansion and recovery in revenue and profit growth in 2025 [2] Group 3 - Investment recommendations include high-value consumables companies with cleared procurement risks and new product launches, such as Microelectrophysiology, Aikang Medical, and Weikang Medical [3] - Medical device and home medical companies expected to see steady revenue growth include Mindray Medical, Meihua Medical, and Yuyue Medical, among others [3]

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].

Group 1 - The company announced the appointment of several non-executive directors, including Dr. Chang Zhao Hua, Mr. Bai Teng Tai Si, Mr. Lu Tian Nian, and Ms. Liang Min, effective from the end of the extraordinary general meeting [1] - Dr. Liu Guo En and Mr. Zhou Jia Hong have been appointed as independent non-executive directors, effective from the end of the extraordinary general meeting [1] - Dr. Chang Zhao Hua will further serve as the chairman of the board starting from November 25, 2025 [1] Group 2 - The composition of the board committees will change from November 25, 2025, with Mr. Zhou Jia Hong as the chairman of the Audit Committee [1] - The Remuneration and Assessment Committee will be chaired by Dr. Liu Guo En [1] - The Nomination Committee will be chaired by Mr. Yao Hai Song [1] - The Strategy and Development Committee will also be chaired by Dr. Liu Guo En [1] - The Commercialization Committee will be chaired by Mr. Bai Teng Tai Si [1] Group 3 - The board announced that Mr. Sun Hong Bin will no longer serve as the authorized representative of the company, with Dr. Chang Zhao Hua taking over this role effective from November 25, 2025 [2]

Shanghai MicroPort MedBot (Group) Co., Ltd. 上海微創醫療機器人（ 集 團 ）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2252） 董事會戰略與發展委員會工作細則 第一章 總則 第一條 上海微創醫療機器人（集團）股份有限公司（以下簡稱「公司」）為 適應公司戰略發展需要，增強公司核心競爭力，健全投資決策程 序，加強決策科學性，提高投資決策的效益和質量，根據《中華 人民共和國公司法》、《上海微創醫療機器人（集團）股份有限公 司章程》（以下簡稱「《公司章程》」）、《香港聯合交易所有限公司 證券上市規則》（以下簡稱「《上市規則》」）等其他有關規定，公司 特設立董事會戰略與發展委員會，並制定本工作細則。 第二條 戰略與發展委員會是董事會設立的專門委員會，主要負責對公 司長期發展戰略和重大發展決策進行研究並提出建議。 第三條 戰略與發展委員會成員由三名以上（含三名）董事組成。 第四條 戰略與發展委員會委員由董事長、二分之一以上獨立非執行董 事或者全體董事的三分之一以上提名，並由董事會選舉產生。 第五條 戰略與發展委員會設主任委員（即召集人）（以下簡稱「 ...

Shanghai MicroPort MedBot (Group) Co., Ltd. 上海微創醫療機器人（ 集 團 ）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2252） 董事會薪酬與考核委員會工作細則 第一章 總則 – 1 – 第一條 為完善上海微創醫療機器人（集團）股份有限公司（以下簡稱「公 司」）董事、監事及高級管理人員的考核和薪酬管理制度，完善公 司治理結構，根據《中華人民共和國公司法》、《上海微創醫療機 器人（集團）股份有限公司章程》（以下簡稱「《公司章程》」）、《香 港聯合交易所有限公司證券上市規則》（以下簡稱「《香港上市規 則》」）等其他有關規定，公司特設立董事會薪酬與考核委員會（以 下簡稱「薪酬與考核委員會」），並制定本工作細則。 第二條 薪酬與考核委員會是董事會設立的專門委員會，主要負責制定 公司董事、監事及高級管理人員的考核標準並進行考核；負責 制定、審查公司董事、監事及經高級管理人員的薪酬政策與方案， 對董事會負責。 第三條 本工作細則所稱董事是指在本公司領取薪酬的所有董事，監事 是指在本公司領取薪酬的所有監事，高級管理人員指公司招股 章程、中期報告或年報（ ...

第一章 總則 第二章 人員組成 – 1 – 第一條 為完善上海微創醫療機器人（集團）股份有限公司（以下簡稱「公 司」）董事和高級管理人員的產生，優化董事會組成，完善公司治 理，根據《中華人民共和國公司法》、《上海微創醫療機器人（集團） 股份有限公司章程》（以下簡稱「《公司章程》」）、《香港聯合交易 所有限公司證券上市規則》（以下簡稱「《香港上市規則》」）等其他 有關規定，公司特設立董事會提名委員會（以下簡稱「提名委員 會」），並制定本工作細則。 第二條 提名委員會是董事會設立的專門委員會，主要負責對公司董事 和高級管理人員的人選、選擇標準和程序進行選擇並提出建議。 第三條 提名委員會成員由三名以上（含三名）董事組成，其中至少一名 為不同性別的董事，獨立非執行董事佔過半數。 第四條 提名委員會委員由董事長、二分之一以上獨立董事或者全體董 事的三分之一以上提名，並由董事會選舉產生。 第三章 職責權限 – 2 – Shanghai MicroPort MedBot (Group) Co., Ltd. 上海微創醫療機器人（ 集 團 ）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2252） 董 ...

Shanghai MicroPort MedBot (Group) Co., Ltd. 上海微創醫療機器人（ 集 團 ）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2252） 董事會審計委員會工作細則 第一章 總則 審計委員會成員須保證足夠的時間和精力履行委員會的工作職責， 勤勉盡責，切實有效地監督公司的外部審計，指導公司內部審計 工作，促進公司建立有效的內部控制並提供真實、準確、完整的 財務報告。 第三條 公司須為審計委員會提供必要的工作條件，配備專門人員或機 構承擔審計委員會的工作聯絡、會議組織、材料準備和檔案管理 等日常工作。審計委員會履行職責時，公司管理層及相關部門須 給予配合。 第一條 為完善上海微創醫療機器人（集團）股份有限公司（以下簡稱「公 司」）董事會審計委員會（以下簡稱「審計委員會」）的議事和決策 程序，保證審計委員會各項工作的順利進行，根據《中華人民共 和國公司法》、《上海微創醫療機器人（集團）股份有限公司章程》 （以下簡稱「《公司章程》」）、《香港聯合交易所有限公司證券上市 規則》（以下簡稱「《香港上市規則》」）等其他有關規定，制定本工 作細則。 第二條 審計委 ...

董事会谨此宣布，孙洪斌先生不再担任公司根据上市规则第3.05条所规定的授权代表，由常兆华博士接 替孙洪斌先生担任公司授权代表，自2025年11月25日起生效。 董事会兹宣布董事会委员会组成自2025年11月25日起变更如下：审计委员会由独立非执行董事周嘉鸿先 生、钟伟文先生及非执行董事芦田典裕先生组成，并由周嘉鸿先生担任主席; 薪酬及考核委员会由独立 非执行董事刘国恩博士、周嘉鸿先生及非执行董事芦田典裕先生组成，并由刘国恩博士担任主席; 提名 委员会由独立非执行董事姚海嵩先生、钟伟文先生及非执行董事梁敏女士组成，并由姚海嵩先生担任主 席;战略与发展委员会由独立非执行董事刘国恩博士、非执行董事白藤泰司先生及执行董事何超博士组 成，并由刘国恩博士担任主席;及商业化委员会由非执行董事白藤泰司先生、陈琛先生，执行董事刘雨 先生及非执行董事梁敏女士组成，并由白藤泰司先生担任主席。 智通财经APP讯，微创机器人-B(02252)发布公告，常兆华博士、白藤泰司先生、芦田典裕先生及梁敏女 士已获委任为非执行董事，自临时股东大会结束时起生效;刘国恩博士及周嘉鸿先生已获委任为独立非 执行董事，自临时股东大会结束时起生效;及常兆华 ...

上海微創醫療機器人（集團）股份有限公司 章 程 | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 3 | | 第三章 | 股份 | 4 | | 第一節 | 股份發行 | 4 | | 第二節 | 股份增減和收購 | 9 | | 第三節 | 股份轉讓 | 12 | | 第四章 | 股東和股東大會 | 14 | | 第一節 | 股東 | 14 | | 第二節 | 股東大會的一般規定 | 18 | | 第三節 | 股東大會的召集 | 21 | | 第四節 | 股東大會的提案和通知 | 23 | | 第五節 | 股東大會的召開 | 24 | | 第六節 | 股東大會的表決和決議 | 27 | | 第五章 | 董事會 | 31 | | 第一節 | 董事 | 31 | | 第二節 | 董事會 | 33 | | 第三節 | 董事會專門委員會 | 39 | | 第六章 | 公司董事會秘書 | 40 | | 第七章 | 總經理及其他高級管理人員 | 42 | | 第八章 | 監事及監事會 | 43 | | 第九章 | 公司董事、監事和高級管理人員的資格和義務 | 47 ...