Group 1 - The core viewpoint of the article highlights that MicroPort Robotics (02252) has seen a stock increase of over 4%, currently trading at HKD 32.16, with a transaction volume of HKD 862 million [1] - The company anticipates a revenue growth of approximately 110% to 120% year-on-year for the fiscal year ending December 31, 2025, with an adjusted net loss not exceeding RMB 240 million, representing a reduction of over 50% compared to the previous year [1] - As of the announcement date, the company has accumulated over 180 commercial orders globally, with more than 120 units installed [1] Group 2 - On January 20, the National Healthcare Security Administration released guidelines for pricing projects related to surgical and therapeutic auxiliary medical services, establishing a unified pricing standard for surgical robots, energy devices, and remote surgery technologies [1] - Everbright Securities believes that the surgical robot industry has significant potential and low penetration rates, and the clarity of policies will inject new momentum into industry growth [1]

Group 1 - The core viewpoint of the article highlights that MicroPort Robotics (02252) has seen a stock increase of over 4%, currently trading at HKD 32.16 with a transaction volume of HKD 862 million [1] - The company anticipates a revenue growth of approximately 110% to 120% year-on-year for the fiscal year ending December 31, 2025, with an adjusted net loss not exceeding RMB 240 million, representing a reduction of over 50% compared to the previous year [1] - As of the announcement date, the company has accumulated over 180 commercial orders globally and has surpassed 120 units in commercial installations [1] Group 2 - On January 20, the National Healthcare Security Administration released guidelines for pricing surgical and therapeutic auxiliary medical services, establishing a unified pricing framework for surgical robots, energy devices, and remote surgery technologies [1] - Everbright Securities believes that the surgical robot industry has significant potential and low penetration rates, and the increased clarity in policies injects new momentum for industry growth [1]

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

Group 1 - The National Healthcare Security Administration (NHSA) has issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes 37 pricing items, 5 additional charges, and 1 expansion item related to medical technology innovations such as 3D printing and robotic surgery [1] - The domestic surgical robot industry, which has been dominated by foreign brands, is expected to see accelerated penetration rates due to the release of the "Guidelines" and the advantages of domestic equipment in terms of cost-effectiveness [1][2] - The market landscape for laparoscopic surgical robots is shifting as domestic brands are projected to surpass imported brands in bidding volumes by 2025, with companies like MicroPort, Precision, and others gaining market share [1] Group 2 - CITIC Securities reports that the NHSA's new policy will accelerate the promotion and adoption of surgical robots in China, with plans for the guidelines to expand in the future, benefiting innovative medical device products [2] - Investment opportunities in the medical industry chain are highlighted, focusing on the surgical robot sector and its upstream and downstream industries, as well as high-value consumables in various medical fields [3] - Companies like Precision Medicine and MicroPort are positioned well in the surgical robot market, with significant order volumes and ongoing product approvals, indicating strong market validation and competitive advantages [4][5]

国家医保局近日正式印发《手术与治疗辅助操作类医疗服务价格项目立项指南(试行)》(以下简称《立项 指南》)，围绕3D打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程手术等医疗科技创新 成果，进行统一价格立项，规范形成37项价格项目、5项加收项、1项扩展项。 国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发布、叠加"大规模设 备更新"政策红利延续、国产设备性价比优势凸显，该行认为手术机器人行业渗透率将加速提升；本土 设备在二三线医院及基层市场的教育成效显著，国产替代确定性强。 以腔镜手术机器人为例，随着国产龙头企业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐 步重塑。据RoboticTech统计，2025年腔镜手术机器人中标量方面，国产品牌首次实现对进口品牌的反 超，达芬奇的市场份额进一步被压缩，微创、精锋、思哲睿、术锐等国产品牌中标量持续攀升，市场格 局从"单极垄断"迈向"多强竞争"。 中金公司（601995）研报认为，认为整体意义积极，代表我国手术机器人行业迈入"规范化发展"新时 代，在价格体系有规则可依据的背景下，或有助于手术机器人产品在临床应用渗透率的进一步提升。 ...

中信证券研报表示，国家医保局发布新政，制定手术机器人与外科手术耗材相关服务价格立项指南，手 术机器人在国内的推广和普及速度有望加快。同时国家医保局表示立项指南未来将持续扩容，利好整体 创新医疗器械产品。 中信证券研究强烈建议投资者重视医疗产业链投资机遇，综合梳理两条投资主线： 国家医保局近日正式印发《手术与治疗辅助操作类医疗服务价格项目立项指南(试行)》(以下简称《立项 指南》)，围绕3D打印、示踪增强成像、能量器械、术中影像引导、机械臂与远程手术等医疗科技创新 成果，进行统一价格立项，规范形成37项价格项目、5项加收项、1项扩展项。 智通财经APP获悉，国内手术机器人行业起步较晚，市场长期由外资品牌主导。随着《立项指南》的发 布、叠加"大规模设备更新"政策红利延续、国产设备性价比优势凸显，该行认为手术机器人行业渗透率 将加速提升；本土设备在二三线医院及基层市场的教育成效显著，国产替代确定性强。 以腔镜手术机器人为例，随着国产龙头企业产能释放及临床数据验证成熟，达芬奇的垄断格局正在被逐 步重塑。据RoboticTech统计，2025年腔镜手术机器人中标量方面，国产品牌首次实现对进口品牌的反 超，达芬奇的市场份 ...

截至本公告日期，图迈全球范围内累计商业化订单超过180台，累计商业化装机量已突破120台。 董事会预计集团于截至2025年12月31日止年度将取得经调整净亏损不超过人民币2.40亿元，较截至2024 年12月31日止年度的经调整净亏损(约人民币4.82亿元)缩窄超过50%，该亏损缩窄乃主要归功于营业收 入快速增长，以及降本增效多措并举下，产品成本及运营费用的大幅下降。同时，得益于集团高效的现 金流管控措施，集团于截至2025年12月31日止年度自由现金流净流出较截至2024年12月31日止年度大幅 收窄80%以上，至不超过人民币7000万元。 微创机器人-B(02252)发布公告，董事会预期公司截至2025年12月31日止年度的收入较截至2024年12月 31日止年度同比增长约110%至120%。该大幅跃升主要归因于核心产品图迈腔镜手术机器人商业化取得 突破性进展，销售增长迅猛，尤其是图迈海外市场拓展成效显著，全年新签海外市场订单逾百台，全年 海外市场销售收入为去年的五倍以上，增速远超行业平均水平，展现出强劲的全球扩张动能。 ...

截至本公告日期，图迈全球范围内累计商业化订单超过180台，累计商业化装机量已突破120台。 智通财经APP讯，微创机器人-B(02252)发布公告，董事会预期公司截至2025年12月31日止年度的收入较 截至2024年12月31日止年度同比增长约110%至120%。该大幅跃升主要归因于核心产品图迈腔镜手术机 器人商业化取得突破性进展，销售增长迅猛，尤其是图迈海外市场拓展成效显著，全年新签海外市场订 单逾百台，全年海外市场销售收入为去年的五倍以上，增速远超行业平均水平，展现出强劲的全球扩张 动能。 董事会预计集团于截至2025年12月31日止年度将取得经调整净亏损不超过人民币2.40亿元，较截至2024 年12月31日止年度的经调整净亏损(约人民币4.82亿元)缩窄超过50%，该亏损缩窄乃主要归功于营业收 入快速增长，以及降本增效多措并举下，产品成本及运营费用的大幅下降。同时，得益于集团高效的现 金流管控措施，集团于截至2025年12月31日止年度自由现金流净流出较截至2024年12月31日止年度大幅 收窄80%以上，至不超过人民币7000万元。 ...

同时，得益于集团高效的现金流管控措施，集团于截至2025年12月31日止年度自由现金流净流出较截至 2024年12月31日止年度大幅收窄80%以上，至不超过人民币7000万元。 截至本公告日期，图迈全球范围内累计商业化订单超过180台，累计商业化装机量已突破120台。 董事会预计集团于截至2025年12月31日止年度将录得经调整净亏损不超过人民币2.4亿元，较截至2024 年12月31日止年度的经调整净亏损(约人民币4.82亿元)缩窄超过50%，该亏损缩窄乃主要归功于(i)营业 收入快速增长，以及(ii)降本增效多措并举下，产品成本及运营费用的大幅下降。 格隆汇1月21日丨微创机器人-B(02252.HK)公告，基于对集团截至2025年12月31日止年度(「报告期 间」)未经审核综合管理账目及董事会现时可获得数据的初步评估及分析，董事会预期公司报告期间的 收入较截至2024年12月31日止年度同比增长约110%至120%。该大幅跃升主要归因于核心产品图迈®腔 镜手术机器人(「图迈」)商业化取得突破性进展，销售增长迅猛，尤其是图迈海外市场拓展成效显着， 全年新签海外市场订单逾百台，全年海外市场销售收入为去年的五 ...

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。 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） 自願性公告 本公告由上海微醫療機器人（集團）股份有限公司（「本公司」，連同其附屬公司 統稱為「本集團」）自願作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基於 對本集團截至2025年12月31日止年度（「報告期間」）未經審核綜合管理賬目及董 事會現時可獲得數據的初步評估及分析，董事會預期本公司報告期間的收入 較截至2024年12月31日止年度同比增長約110%至120%。該大幅躍升主要歸因於 核心產品圖邁®腔鏡手術機器人（「圖邁」）商業化取得突破性進展，銷售增長迅 猛，尤其是圖邁海外市場拓展成效顯著，全年新簽海外市場訂單逾百台，全年 海外市場銷售收入為去年的五倍以上，增速遠 ...