Core Viewpoint - Morgan Stanley has issued a report rating MicroPort Scientific Corporation-B (02252) as "Overweight" with a target price of HKD 41, highlighting the company's strong order growth and market expansion [1] Group 1: Company Performance - MicroPort's core product "Tumi" has surpassed 200 cumulative orders, indicating an addition of approximately 20 orders since late January 2026, continuing the strong momentum observed from October 2025 to January 2026 [1] - The company's market coverage has expanded to over 50 countries and regions, up from over 40 at the end of December 2025, with 12 markets ordering more than five units, primarily led by emerging markets such as India and Brazil [1] Group 2: Product and Market Position - MicroPort primarily provides surgical robots for minimally invasive surgeries, with "Tumi" and "Honghu" being its core products in the laparoscopic and orthopedic fields, respectively [1] - "Tumi" is the first clinically validated Chinese laparoscopic surgical robot that demonstrates efficacy comparable to the Da Vinci surgical system, which is currently the leading product from Intuitive Surgical in China and globally [1] - This achievement establishes MicroPort as a leading domestic enterprise in China, positioning it to benefit from the trend of import substitution [1]

Core Viewpoint - Morgan Stanley has issued a report rating MicroPort Robotics-B (02252) as "Overweight" with a target price of HKD 41, highlighting the company's strong order growth and market expansion [1] Group 1: Product Performance - The core product "TUMI" has surpassed 200 cumulative orders, indicating an addition of approximately 20 orders since late January 2026, continuing the strong momentum observed from October 2025 to January 2026 [1] - The product range has expanded to over 50 countries and regions, up from over 40 by the end of December 2025, with 12 markets ordering more than five units, primarily led by emerging markets such as India and Brazil [1] Group 2: Market Position - MicroPort Robotics primarily provides surgical robots for minimally invasive surgeries, with "TUMI" and "HONGHU" being its core products in the laparoscopic and orthopedic fields, respectively [1] - "TUMI" is the first clinically validated Chinese laparoscopic surgical robot that matches the efficacy of the Da Vinci surgical system, which is currently the leading product from Intuitive Surgical in China and globally [1] - This achievement solidifies MicroPort Robotics' position as a leading domestic enterprise in China, allowing it to benefit from the trend of import substitution [1]

Group 1 - The company, MicroPort Scientific Corporation-B (02252.HK), has received approval from the Hong Kong Stock Exchange for the listing and trading of 5,989,798 H shares, which are to be converted and listed as non-listed shares [1]

Group 1 - The company MicroPort Scientific Corporation (02252) has received approval from the Hong Kong Stock Exchange for the listing and trading of 5.9898 million H shares, which are to be converted and listed [1] - The conversion and listing will involve a total of 5.9898 million non-listed shares held by two shareholders, representing approximately 0.5808% of the total issued shares of the company as of the announcement date [1]

Group 1 - The company MicroPort Scientific Corporation-B (02252) has received approval from the Hong Kong Stock Exchange for the listing and trading of 5.9898 million H-shares, which are to be converted and listed [1] - The conversion and listing will involve a total of 5.9898 million unlisted shares held by two shareholders, representing approximately 0.5808% of the total issued shares of the company as of the announcement date [1]

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） 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。 內幕消息公告 聯交所就本公司H股全流通授出上市批准 本公告乃上海微創醫療機器人（集團）股份有限公司（「本公司」）根據香港聯合 交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09(2)(a)條及證券 及期貨條例（香港法例第571章）第XIVA部（「內幕消息條例」）作出。 茲提述本公司日期為2026年2月4日的公告（「該公告」），內容有關本公司就申請 建議實行H股全流通獲中國證券監督管理委員會發出備案通知書。除另有說明 外，本公告所用詞彙與該公告所界定者具有相同涵義。 聯交所授出上市批准 本公司董事會宣佈，本公司已收到聯交所授出日期為2026年2月13日就5,989,798 股H股（「轉換H ...

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

Summary of Key Points from the Conference Call Company Overview - The company discussed is **MicroPort Scientific Corporation** (微创机器人-B), focusing on its **TUMAI surgical robot** and its global commercialization efforts. Core Insights and Arguments - **Order Milestone**: As of February 12, 2026, the TUMAI surgical robot has surpassed **200 global commercial orders**, with installations completed in nearly **50 countries and regions** [1] - **Installation Progress**: The company has completed nearly **130 installations** of the TUMAI surgical robot [1] - **Geographical Distribution**: Among the nearly 50 countries, **12 countries** have more than **5 orders** each. Notable orders include **14 units in India**, over **10 units in Brazil**, and growth in developed markets such as **Spain and Australia** [1] - **Clinical Application Growth**: Among the installed units, several centers have performed over **100 surgeries**, indicating a deepening of clinical application across various specialties including **urology, general surgery, thoracic surgery, and gynecology** [1] Additional Important Content - **Remote Surgery Expansion**: The company has conducted nearly **800 remote surgeries** across more than **20 countries**, maintaining a **100% success rate**. The remote system has received approvals in countries such as **China, India, and Brazil**, covering nearly half of the global population [2] - **Order and Installation Timeline**: - By **December 31, 2024**: Over **60 commercial orders** and **30 installations** - By **October 8, 2025**: Over **100 commercial orders** and **80 installations** - By **December 24, 2025**: Over **160 commercial orders** and **100 installations** - By **January 21, 2026**: Over **180 commercial orders** and **120 installations** - By **February 12, 2026**: Over **200 commercial orders** and **130 installations** [2]

Core Viewpoint - MicroPort Robotics-B (02252) has achieved a significant milestone with over 200 global commercial orders for its TiMAY® laparoscopic surgical robot, indicating widespread recognition of its clinical value and safety [1] Group 1: Company Performance - As of the announcement date, the company’s TiMAY® robot has completed nearly 130 installations worldwide, demonstrating strong market penetration [1] - The stock opened over 3% higher, currently trading at 26.8 HKD with a transaction volume of 2.987 million HKD, reflecting positive market sentiment [1] Group 2: Product and Market Expansion - The TiMAY® robot has received commercial application approvals in nearly 10 countries, including China, India, and Brazil, covering regions with nearly half of the global population [1] - The system has successfully completed nearly 800 remote surgeries across over 20 countries, maintaining a 100% success rate, which underscores its reliability and effectiveness in clinical settings [1]

Core Viewpoint - MicroPort Robotics-B (02252) has achieved a significant milestone with over 200 global commercial orders for its TiMeye® laparoscopic surgical robot, indicating widespread recognition of its clinical value and safety [1] Group 1: Company Performance - As of the announcement date, the company has completed nearly 130 installations of the TiMeye system, demonstrating its growing market presence [1] - The stock opened over 3% higher and is currently trading at 26.8 HKD with a transaction volume of 2.987 million HKD [1] Group 2: Product Development - The TiMeye system is the first remote surgical robot approved for commercial use, with approvals in nearly 10 countries including China, India, and Brazil, covering regions with nearly half of the global population [1] - The system has successfully completed nearly 800 remote surgeries across over 20 countries, maintaining a 100% success rate [1] Group 3: Market Recognition - The increase in commercial orders and installations reflects the system's systematic certification of safety, stability, and reliability, as recognized by surgeons from various countries and medical backgrounds [1]