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]

Core Insights - The National Healthcare Security Administration (NHSA) has officially issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes pricing for 37 projects, 5 additional charges, and 1 expansion item related to medical technology innovations such as 3D printing and robotic surgery [1][2] Group 1: Industry Overview - The domestic surgical robot industry has started late and has been dominated by foreign brands, but the release of the pricing guidelines and the continuation of policies favoring large-scale equipment updates are expected to accelerate the penetration rate of surgical robots [1] - The market for domestic surgical robots is showing strong potential for replacement, particularly in second and third-tier hospitals, as local brands demonstrate significant cost-performance advantages [1] Group 2: Market Dynamics - The monopoly of the Da Vinci surgical robot is gradually being reshaped, with domestic brands like Weigao, Jisheng, Sizhirui, and Shurui increasing their market share, indicating a shift from a "monopoly" to "multi-strong competition" in the laparoscopic surgical robot market [1] - According to RoboticTech, by 2025, domestic brands are expected to surpass imported brands in terms of bidding volume for laparoscopic surgical robots, further compressing Da Vinci's market share [1] Group 3: Investment Opportunities - CITIC Securities suggests that investors should focus on the surgical robot industry and its upstream and downstream supply chains, as well as high-value consumables in fields such as minimally invasive surgery, orthopedics, gastroenterology, cardiovascular, and neurology [3] - The NHSA's new policy is expected to accelerate the promotion and popularization of surgical robots in China, benefiting the overall innovative medical device sector [2] Group 4: Company Highlights - Precision Medical (02675) is recognized as a leading domestic surgical robot company, being the first in China and the second globally to obtain regulatory approval for multiple types of laparoscopic surgical robots [4] - MicroPort (02252) has reported a cumulative order of over 230 surgical robots, with more than 160 being laparoscopic surgical robots, indicating strong market validation of its global strategy [4] - Kangji Medical (09997) is a leading company in minimally invasive surgical consumables, strategically investing in Weijing Medical to expand its product offerings, with expectations of significant growth as domestic surgical robots become more prevalent [5]

Core Insights - The National Healthcare Security Administration (NHSA) has issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes pricing for 37 projects and 5 additional items related to innovative medical technologies such as 3D printing and robotic surgery [1][2] Industry Overview - The domestic surgical robot industry is relatively new and has been dominated by foreign brands. However, the release of the pricing guidelines and the continuation of policies favoring large-scale equipment updates are expected to accelerate the penetration of surgical robots in the market [1] - The guidelines are seen as a step towards the "standardized development" of the surgical robot industry, which may enhance the clinical application penetration of these products [1][2] Market Dynamics - The market share of the Da Vinci surgical robot is being gradually challenged by domestic brands such as Weigao, Jisheng, and others, with projections indicating that by 2025, domestic brands will surpass imports in terms of bidding volume for laparoscopic surgical robots [1] - The competitive landscape is shifting from a "monopoly" to a "multi-strong competition" model, indicating a significant change in market dynamics [1] Investment Opportunities - Citic Securities recommends investors focus on the surgical robot industry and its supply chain, as well as high-value consumables in fields such as minimally invasive surgery, orthopedics, and cardiovascular medicine [3] - Companies like Precision Medical and MicroPort are highlighted as key players in the surgical robot market, with Precision Medical being the first in China to obtain approvals for multiple types of surgical robots [4] - MicroPort has reported significant order volumes for its surgical robots, indicating strong market validation and potential for continued growth [4] Strategic Developments - Kangji Medical, a leader in minimally invasive surgical consumables, is expanding its product portfolio through strategic investments, which may lead to increased market share as domestic surgical robots become more prevalent [5]

Core Viewpoint - The company expects a significant revenue increase of approximately 110% to 120% for the fiscal year ending December 31, 2025, compared to the fiscal year ending December 31, 2024, primarily driven by breakthroughs in the commercialization of its core product, the Tumi surgical robot [1] Group 1: Revenue Growth - The rapid sales growth is attributed to the successful expansion of the Tumi surgical robot in overseas markets, with over 100 new orders signed in these markets throughout the year [1] - Overseas market sales revenue has increased to more than five times that of the previous year, significantly outpacing the industry average growth rate, indicating strong global expansion momentum [1] Group 2: Order and Installation Metrics - As of the announcement date, the total commercialized orders for the Tumi robot globally have exceeded 180 units, with the cumulative installed base surpassing 120 units [1] Group 3: Financial Performance - The company anticipates an adjusted net loss of no more than RMB 240 million for the fiscal year ending December 31, 2025, which represents a reduction of over 50% compared to the adjusted net loss of approximately RMB 482 million for the fiscal year ending December 31, 2024 [1] - This reduction in loss is primarily due to rapid revenue growth and significant decreases in product costs and operating expenses through various cost-control measures [1] - The company expects a substantial narrowing of free cash flow net outflow by over 80% for the fiscal year ending December 31, 2025, to no more than RMB 70 million compared to the previous fiscal year [1]

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。 ...

Group 1 - The company expects a revenue growth of approximately 110% to 120% for the fiscal year ending December 31, 2025, compared to the fiscal year ending December 31, 2024, primarily due to significant progress in the commercialization of its core product, the TUMAI® laparoscopic surgical robot [1] - The company has signed over 100 new orders in overseas markets, with overseas sales revenue exceeding five times that of the previous year, indicating strong global expansion momentum [1] - As of the date of the announcement, the total commercial orders for TUMAI globally exceeded 180 units, with the cumulative installed base surpassing 120 units [1] Group 2 - The company anticipates an adjusted net loss of no more than RMB 240 million for the fiscal year ending December 31, 2025, which represents a reduction of over 50% compared to the adjusted net loss of approximately RMB 482 million for the fiscal year ending December 31, 2024 [1] - The reduction in loss is attributed to rapid revenue growth and significant decreases in product costs and operating expenses due to various cost control measures [1] - The company expects a substantial narrowing of free cash flow net outflow by over 80% for the fiscal year ending December 31, 2025, to no more than RMB 70 million [2]

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 ...