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, benefiting from the implementation of pricing directories and accelerated 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 lead to a continuous increase in consumables, generating stable revenue and cash flow [2] - The global market for leading surgical robot companies has surpassed 1 trillion RMB, with significant growth potential in penetration rates and market size [2] - AI is expected to empower surgical robots to achieve autonomous operations, further enhancing industry penetration rates and improving valuations of related companies [2] Group 3 - Related Hong Kong stocks in the surgical robot sector include Precision Medicine-B (02675), MicroPort Scientific Corporation-B (02252), and Kangji Medical (09997) [3]

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]

Summary of the Conference Call for Jingfeng Medical Industry Overview - The rise of high-end medical manufacturing in China is driving the development of domestic surgical robots, with companies like Jingfeng Medical showcasing differentiated advantages in remote and single-port surgical robots, particularly in developing countries where there is significant unmet clinical demand [2][3] Company Performance - Jingfeng Medical is recognized as a benchmark enterprise in the domestic laparoscopic surgical robot market, holding approximately 20% market share, second only to the Da Vinci system [4] - The company is expected to achieve significant overseas success, with installation and shipment volumes nearing 50 units by 2025, and rapid growth anticipated in 2026 [5] Financial Projections - Revenue forecasts for Jingfeng Medical are projected at 432 million yuan, 811 million yuan, and 1.232 billion yuan for the years 2025, 2026, and 2027 respectively [6] - A target price of 773.2 yuan or 79.57 HKD is set based on a 35x price-to-sales ratio for 2026, with an initial rating of "buy" [6] Core Technologies and Products - Jingfeng Medical is the first in China and the second globally to receive certifications for multi-port, single-port, and natural orifice surgical robots [7] - The flagship product, MSP2000, is the world's first integrated single-multi-port robotic surgical system, which received the C1 certification in October 2025 [7] Commercialization Progress - Since the commercialization of the multi-port laparoscopic surgical robot at the end of 2022, Jingfeng Medical has ranked first in domestic sales, covering over 220 hospitals across more than 30 provinces [8] - The company has signed sales agreements for 118 core products by the end of 2025, with 72 units destined for international markets, indicating a scaling global presence [8] Innovative Solutions - The company has launched a tri-modal surgical solution that integrates multi-port, single-port, and remote capabilities, reducing hospital acquisition costs and enhancing operational efficiency [9] - Its adaptability covers various laparoscopic surgical scenarios, including urology and gynecology, facilitated by high-precision control systems and low-latency remote systems [9] Management and R&D Strength - Founded by experienced professionals, Jingfeng Medical has a cross-disciplinary R&D team of 265 members, holding 453 authorized patents and 213 pending applications, ranking first among domestic peers [10] - The management team has extensive backgrounds in leading medical and precision instrument companies, providing a solid foundation for rapid growth [10] Future Development Prospects - With increasing installation volumes and enhanced product performance, the company is expected to achieve profitability by 2026, maintaining stable gross margins while expanding market penetration [11] - Continuous investment in R&D and marketing is anticipated to solidify its industry-leading position and drive further breakthroughs [11] Advantages of Robotic Surgery - Robotic surgical systems offer significant advantages over traditional laparoscopic surgery, including reduced impact from human factors like fatigue and emotion, and a wide range of applications across various medical fields [12] Market Comparison - The global laparoscopic surgical robot market is rapidly expanding, with projections indicating substantial growth in both installation volumes and market size through 2033 [16] - In China, the market is expected to grow significantly, with installation numbers projected to rise from 134 units in 2019 to 511 units by 2024, reflecting a compound annual growth rate of approximately 30% [20] Competitive Landscape - In China, 13 multi-port laparoscopic surgical robots have received regulatory approval, with 11 being domestic brands, showcasing a competitive local market [21] - Jingfeng Medical's products are noted for their affordability and advanced technology, allowing for widespread application in various hospital settings [21] International Expansion - Jingfeng Medical has established a robust commercialization team and has made significant strides in international markets, including obtaining CE certification in Europe and expanding into Southeast Asia [22][23] Conclusion - Jingfeng Medical is positioned for substantial growth in the surgical robot market, with innovative products, strong financial projections, and a commitment to expanding both domestic and international presence [24]

每经AI快讯，2月10日，精锋医疗-B(02675.HK)午后一度涨超12%，截至发稿涨11.33%，报64.85港元， 成交额3517.46万港元。 ...

国泰海通证券发布研报称，自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出 了20台精锋多孔腔镜手术机器人，在国内手术机器人制造商中排名第一。此外，2025年以来，精锋医疗 国际化引擎全速启动，海外订单量迎来爆发式增长，截至2025年底，公司已签订的118台核心产品的全 球销售协议中，海外国家占72台。 精锋医疗-B(02675)午后涨超12%，截至发稿，涨11.33%，报64.85港元，成交额3517.46万港元。 消息面上，国家医保局近日出台手术机器人收费指南。国信证券表示，受益于手术机器人行业技术革 新、临床需求及政策红利，全球及中国市场规模持续高速增长，其中中国单孔及自然腔道机器人细分赛 道增速尤为突出。建议积极关注国产手术机器人厂家的进口替代及出海进程。 ...

国泰海通证券发布研报称，自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出 了20台精锋多孔腔镜手术机器人，在国内手术机器人制造商中排名第一。此外，2025年以来，精锋医疗 国际化引擎全速启动，海外订单量迎来爆发式增长，截至2025年底，公司已签订的118台核心产品的全 球销售协议中，海外国家占72台。 智通财经APP获悉，精锋医疗-B(02675)午后涨超12%，截至发稿，涨11.33%，报64.85港元，成交额 3517.46万港元。 消息面上，国家医保局近日出台手术机器人收费指南。国信证券表示，受益于手术机器人行业技术革 新、临床需求及政策红利，全球及中国市场规模持续高速增长，其中中国单孔及自然腔道机器人细分赛 道增速尤为突出。建议积极关注国产手术机器人厂家的进口替代及出海进程。 ...

精锋医疗-B(02675)发布公告，该公司于2026年2月9日因超额配股权获悉数行使而发行及配发415.83万股 H股股份。 ...

智通财经APP讯，精锋医疗-B(02675)发布公告，该公司于2026年2月9日因超额配股权获悉数行使而发行 及配发415.83万股H股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 深圳市精鋒醫療科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02675 | 說 ...

成熟商业化团队及分销网络构建，海外订单爆发式增长 精锋医疗于2017年5月在深圳创立，是中国自主研发手术机器人领域的深耕者，为中国首家、全球第二 家同时取得多孔腔镜手术机器人、单孔腔镜手术机器人及自然腔道手术机器人注册审批的公司，已构建 多孔+单孔+远程系统的"三合一"外科手术解决方案。公司全球首创的单多孔手术机器人超级系统 MSP2000已于2025年10月获得CE证，为全球手术机器人的技术演进与临床应用提供创新范本。 24年国内厂商销量第一，持续落地中国顶级医院圈层 自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出了20台精锋多孔腔镜手术机 器人，在国内手术机器人制造商中排名第一，临床应用范围已覆盖全国30个省份，超过220家医院，包 括国内顶尖三甲医院乃至多个省份的县域基层医院，实现了"省-市-县"三级医院网络的全覆盖。伴随国 内销量大幅增长以及海外的商业化，公司总收入由2023年的0.48亿元增加至2024年的1.6亿元，并由 2024H1的0.30亿元增加至2025H1的1.49亿元。 国泰海通证券发布研报称，首次覆盖精锋医疗-B(02675)给予评级为"增持"。预测公司 ...