Group 1 - The overall market size of surgical robots in China is expected to grow from 7.2 billion RMB in 2024 to 76.7 billion RMB by 2032, with a CAGR of approximately 34% [1] - The market for laparoscopic surgical robots is projected to have a CAGR of about 29% from 2024 to 2032, driven by the release of pricing directories and increased penetration rates [1] - The orthopedic surgical robot market is anticipated to grow at a CAGR of around 41% during the same period, supported by the implementation of pricing directories and increasing hospital admissions [1] Group 2 - CITIC Securities believes that surgical robots represent one of the best business models in the medical device sector, as installed equipment will drive continuous consumption of consumables, leading to stable revenue and cash flow [2] - The global market for leading surgical robot companies has surpassed 1 trillion RMB in market value, with significant growth potential in penetration rates and market size [2] - AI is expected to empower surgical robots to achieve autonomous operations, further assisting or replacing some surgical procedures performed by doctors, which will benefit industry penetration rates and enhance company valuations [2] Group 3 - Related Hong Kong stocks in the surgical robot sector include Precision Surgery-B (02675), MicroPort Scientific-B (02252), and Kangji Medical (09997) [3]

Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Insights - The surgical robot industry has a broad prospect with high clinical value, driven by both industry and policy [4][5]. - The domestic industry is at a pivotal moment, with increasing approval of domestic surgical robots and a growing number of local brands [4][5][6]. - The company is a leading player in the domestic surgical robot market, with a rich product portfolio and positive clinical feedback [7][8]. Summary by Sections Company Overview - The company, Shanghai MicroPort Medical Robotics, focuses on the design, development, and commercialization of surgical robots, aiming to assist surgeons in complex surgeries [17]. - Established in 2014, the company has developed a platform for innovation and industrialization in surgical robots, with multiple products approved for clinical use [18][20]. Market Potential - The global surgical robot market is expected to grow significantly, with a projected market size of $21.2 billion by 2024, reflecting a compound annual growth rate (CAGR) of 22.4% from $7.7 billion in 2019 [42]. - The laparoscopic surgical robot segment is the largest, accounting for over 50% of the total market [42]. Product Portfolio - The company has a diverse range of products, including the TUMAI laparoscopic surgical robot series and the Honghu orthopedic surgical robot series, with a total of seven commercialized products [8][20]. - The TUMAI series has been recognized in over 40 countries and regions, achieving significant sales and installations [8]. Financial Projections - Revenue is expected to reach RMB 569 million, RMB 896 million, and RMB 1.308 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 121%, 57%, and 46% [9][12]. - The company is projected to narrow its losses significantly, with a forecasted net profit of RMB 530 million by 2027 [9][12]. Competitive Landscape - The domestic market is seeing an increase in competition, with 11 local brands now approved for surgical robots, indicating a shift towards domestic alternatives to established international brands [5][53]. - The company maintains a competitive edge through its advanced technology and product offerings, which are well-received in both domestic and international markets [6][8].

Market Overview - The market continues to follow the rebound of US stocks, with Hong Kong stocks jumping above 27,000 points but later experiencing volatility, closing up 0.58% [1] - The competition among major companies in large model development is intensifying, transitioning from a "hundred model war" to a focus on commercialization, innovation, and global layout, with the number of capable developers reduced from over 200 to less than 10 [1] AI Model Developments - ByteDance's image generation model Seedream 5.0 has launched on various platforms, enhancing image generation capabilities and allowing precise adjustments [2] - Alibaba has reportedly integrated its new model Qwen 3.5 into the HuggingFace open-source project, indicating an imminent release [2] - The launch of Seedance 2.0 has been highly praised, marking a significant advancement in video generation technology, leading to concerns over privacy and copyright issues [1][2] Company Performance and Strategies - The CEO of Yueda Group has outlined three core strategic directions for the year: "evergreen content, IP+AI, and globalization," which are expected to benefit from the advancements in AI models [2] - Xunce (03317) is positioned as a leader in real-time data infrastructure and analysis solutions, with expectations of being included in the Hong Kong Stock Connect list, leading to a stock increase of over 15% [4] Financial Highlights - Semiconductor company SMIC reported a 2025 Q4 revenue of 17.813 billion yuan, a year-on-year increase of 11.9%, with a net profit of 1.223 billion yuan, up 23.2% [8] - The company anticipates a revenue growth rate higher than the industry average for 2026, with a capital expenditure plan similar to 2025 [8] Industry Trends - The demand for AI-driven applications is driving interest in related stocks, with companies like Xunce and others in the AI data analysis sector gaining attention [3] - The shipping sector is also showing strength, with companies like Pacific Shipping and COSCO Shipping Energy experiencing stock increases due to rising demand for dry bulk shipping [6] Robotics and AI Innovations - Alibaba's Damo Academy has released the RynnBrain model, significantly enhancing robotic capabilities, which is expected to attract investment in the robotics sector [7] - The launch of the Gino1 robot by Geekplus is anticipated to have a broad application in China's logistics sector, contributing to a stock increase of over 11% [6]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

致：香港交易及結算所有限公司 公司名稱: 上海微创医疗机器人（集团）股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,599,543 | RMB | | 1 | RMB | | 6,599,543 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 6,599,543 | RMB | | 1 | RMB | | 6,599,543 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- ...

智通财经APP讯，微创机器人-B(02252)发布公告，近日公司接获中国证券监督管理委员会就其申请H股 全流通发出的正式备案通知书，据此，公司已完成有关公司两名股东持有的合共598.98万股非上市股份 按一比一的基准转换为598.98万股H股的中国证监会备案。该等598.98万股H股将于完成有关转换及联交 所授出上市批准后于联交所主板上市及买卖。通知自中国证监会批准之日起12个月内有效。 ...

微创机器人-B(02252)发布公告，近日公司接获中国证券监督管理委员会就其申请H股全流通发出的正式 备案通知书，据此，公司已完成有关公司两名股东持有的合共598.98万股非上市股份按一比一的基准转 换为598.98万股H股的中国证监会备案。该等598.98万股H股将于完成有关转换及联交所授出上市批准后 于联交所主板上市及买卖。通知自中国证监会批准之日起12个月内有效。 ...

格隆汇2月4日丨微创机器人-B(02252.HK)宣布，近日公司接获中国证券监督管理委员会就其申请H股全 流通发出的正式备案通知书，据此，公司已完成有关公司两名股东持有的合共5,989,798股非上市股份按 一比一的基准转换为5,989,798股H股的中国证监会备案。该等5,989,798股H股将于完成有关转换及联交 所授出上市批准後于联交所主板上市及买卖。通知自中国证监会批准之日起12个月内有效。 ...

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） – 1 – | | | 於本公告日期 | | --- | --- | --- | | | | 佔本公司 | | | 將轉換為 | 已發行股本 | | | H股的非上市 | 總額的概約 | | 股東姓名 | 股份數目 | 附註 百分比 | | 上海潤昆天祿企業管理中心（有限合夥） | 589,806 | 0.0572% | | 深圳芯龍投資合夥企業（有限合夥） | 5,399,992 | 0.5236% | | 總計 | 5,989,798 | 0.5808% | 附註： 於本公告日期，本公司已發行合共1,031,330,331股股份，包括6,599,543股非上市股份及 1,024,730,788股H股。 於本公告日期，本公司有 ...

Core Viewpoint - The orthopedic surgical robot company Tianzhihang has released a performance forecast, expecting revenue of 270 million to 300 million yuan in 2025, representing a year-on-year growth of 50.97% to 67.75% [1] - The industry is witnessing significant growth, with competitors like MicroPort Robotics also projecting substantial revenue increases, indicating a competitive landscape in the surgical robotics market [1][8] Industry Overview - Surgical robots are considered a "gem" in the high-end medical device sector, with laparoscopic and orthopedic surgical robots being the most mature and largest segments [1] - The domestic sales figures for these segments from January to November 2025 are projected to be 1.823 billion yuan and 654 million yuan, respectively, with sales of 119 and 86 units [1] Market Dynamics - The penetration rates for robot-assisted laparoscopic surgeries in China and the U.S. are 0.7% and 21.9%, respectively, indicating significant room for growth in the domestic market [2] - High prices, often exceeding millions, are a major barrier to the widespread adoption of surgical robots [3] Competitive Landscape - The market is becoming increasingly competitive, with more products receiving approval and entering clinical applications, leading to aggressive pricing strategies among manufacturers [3][5] - The number of approved laparoscopic surgical robots in China is expected to reach 13 by the end of 2025, with major players like United Imaging entering the market [3] Pricing and Policy Changes - The National Healthcare Security Administration has introduced a unified pricing guideline for surgical robots, which will help clarify costs for hospitals and encourage adoption [10][13] - The pricing structure will be linked to the level of participation and clinical value provided by the surgical robots, promoting their use in complex surgeries [12][13] International Expansion - Leading companies are actively exploring overseas markets to enhance their performance, with MicroPort Robotics reporting significant growth in international sales [8] - The challenges of international expansion include varying regulatory requirements and the need for localized service and support systems [9] Future Outlook - The domestic market for surgical robots is expected to see increased competition and potential price adjustments in the coming years, particularly for laparoscopic robots [5] - The overall market environment is improving, with a rise in bidding opportunities for orthopedic surgical robots, contributing to revenue growth for companies like Tianzhihang [9]