"手术机器人的终局是智能化" 精锋医疗上市，为祥峰投资在机器人赛道再添重要IPO案例。谈及祥峰投资在精锋医疗发展过程中的角 色，刘天然定位为"共创者"。"在关键节点，我们协助企业聚焦战略、引入淡马锡等全球顶级资本。"她 认为，资本最大的价值，是助力技术成果更好地落地转化。 回顾其融资历程，2018年，精锋医疗A轮融资吸引了中恒汇金、广远众合、嘉兴繸子等多家机构；2020 年，联想之星、国策资本等现身其Pre-B轮融资；2021年，精锋医疗B轮融资超过5亿元，投资机构包括 红杉中国、淡马锡、博裕资本、祥峰投资、国策投资、三正健康等；2021年的交叉轮融资中，社保基 金、中国国企混改基金、OrbiMed、LYFE Capital、祥峰投资等均现身，融资额超2亿美元，估值超15亿 美元。 精锋医疗是祥峰投资合伙人刘天然在香港的第三个IPO项目。2020年，国内手术机器人行业初露锋芒， 精锋医疗刚步入临床阶段。彼时行业热度渐起，但刘天然和团队并未急于出手，而是深入手术室、与医 生访谈、分析患者数据，持续追踪验证团队执行力、产品落地能力、与医生的配合度等指标，串联技 术、临床、政策等全要素判断项目潜力。 最终，刘天然被 ...

Core Viewpoint - Jingfeng Medical, a leading Chinese surgical robot company, successfully listed on the Hong Kong Stock Exchange, becoming the third domestic surgical robot enterprise to go public, with a strong opening performance and significant market capitalization [1][3]. Group 1: IPO and Market Performance - Jingfeng Medical issued a total of 27.72 million H-shares at a price of HKD 43.24 per share, with the opening price reaching HKD 59, reflecting a 28.12% increase and a market capitalization of HKD 21.48 billion [1]. - The company has achieved substantial revenue growth, with projected revenues of RMB 0.48 billion, RMB 1.60 billion, and RMB 1.49 billion for 2023, 2024, and the first half of 2025, respectively, indicating year-on-year growth rates of 233.03% and 393.91% [5]. Group 2: Technological Advancements - Jingfeng Medical is the first in China and the second globally to master both multi-port and single-port laparoscopic surgical robot technologies, successfully replacing the Da Vinci robot in the domestic market [3]. - The company's multi-port laparoscopic surgical robot has been registered in 14 jurisdictions worldwide, including Europe, Asia-Pacific, the Middle East, Africa, and South America [3]. Group 3: Revenue Composition and Global Expansion - In the first half of 2025, surgical robot sales accounted for 92.9% of Jingfeng Medical's revenue, with international markets contributing nearly 40% of total revenue [5][12]. - The company has established a strong presence in the EU market, with revenues from this region reaching RMB 24.32 million, representing 16.3% of total revenue [5]. Group 4: Competitive Positioning - Jingfeng Medical's pricing strategy positions its multi-port laparoscopic surgical robot at approximately RMB 15 million, which is 30%-50% cheaper than the Da Vinci Xi system, while maintaining comparable precision and performance [8][9]. - The company has set up training centers in major Chinese cities and plans to expand globally, aiming to enhance its competitive edge against established players like Intuitive Surgical [11]. Group 5: Future Prospects - Jingfeng Medical is expected to break even by 2026, with a significant reduction in losses from RMB 2.13 billion in 2023 to RMB 890.87 million in the first half of 2025, alongside increasing gross profits [5]. - The company is actively pursuing market entry in Japan and South Korea, with plans to submit registration applications in early 2026, targeting further growth in these regions [15].

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index falling by 1.22% to 26,136.49 points, the Hang Seng Tech Index down by 1.13%, and the National Enterprises Index decreasing by 1.14% [1][6]. Sector Performance - Technology stocks experienced a broad decline, with Lenovo Group dropping over 5%, Baidu Group down more than 3%, and Kuaishou falling over 2% [1][6]. - Conversely, defense stocks rose, with Aerospace Holdings increasing by over 5% [1][6]. - The semiconductor sector showed strength, with Meijiayin Holdings surging by over 8% [1][6]. New Listings - Three new stocks were listed today, with Jingfeng Medical-B rising over 29%, Tianshu Zhixin increasing by over 11%, and Zhipu gaining over 11% [3][7]. Industry Insights - Dongwu Securities released a report forecasting that the commercial aerospace industry will see multiple catalysts by 2026, particularly with the launch of several reusable and high-capacity commercial rockets, which are expected to significantly enhance rocket capacity and resolve previous bottlenecks in satellite communication development [1][6]. - China's low Earth orbit satellite internet is anticipated to enter mass launch construction in the second half of 2025, with a larger batch of launches expected in 2026, further accelerating industry development [1][6]. Semiconductor Industry Update - NVIDIA's CEO Jensen Huang announced at CES that the company is finalizing details with the U.S. government regarding the export of H200 chips to China, with expectations to deliver soon [2][7]. - The U.S. government had previously allowed NVIDIA to export H200 chips to "approved customers" in China under "national security conditions" [2][7]. - Wei Shaojun, Vice Chairman of the China Semiconductor Industry Association, expressed concerns about the unpredictable U.S. stance on high-end chips, urging the Chinese semiconductor industry to remain vigilant and committed to domestic production in advanced processes [2][7].

Group 1 - The core viewpoint of the article highlights the impressive debut of the domestic surgical robot leader, Precision Medical-B (2675.HK), which saw its stock price rise over 38% on its first trading day, reaching a market capitalization of HKD 23.2 billion [1] - The IPO price was set at HKD 43.24 per share, with the public offering receiving a subscription rate of 1,091.94 times and the international offering at 25.18 times, indicating strong investor interest [1] - Precision Medical focuses on the design, development, and manufacturing of surgical robots, with three products at different stages of research and development, including multi-port, single-port laparoscopic surgical robots, and natural orifice surgical robots [1] Group 2 - The company is the third surgical robot enterprise to be listed in China, and its fundraising attracted a prestigious lineup of cornerstone investors, including the Abu Dhabi Investment Authority, UBS Asset Management, and Obor Capital, collectively subscribing USD 75 million, reflecting confidence in its value prospects [1]

（文章来源：每日经济新闻） 每经AI快讯，1月8日，部分港股新股迎来大涨，截至发稿，精锋医疗(02675.HK)涨32.17%、天数智芯 (09903.HK)涨25.56%。 ...

Group 1 - The core viewpoint of the article highlights the successful debut of Precision Medical-B (02675) on the stock market, with a significant opening increase of 36.45% [1] - The company priced its shares at HKD 43.24, issuing a total of 27.72 million shares, resulting in a net proceeds of HKD 1.117 billion [1] - As of the report, the stock was trading at HKD 59, with a transaction volume of HKD 188 million [1] Group 2 - Precision Medical is recognized as an advanced surgical robot company in China's medical device industry, focusing on the design, development, and manufacturing of surgical robots [1] - According to Frost & Sullivan, the company is the first in China and the second globally to obtain regulatory approval for multi-port, single-port, and natural orifice surgical robots [1] - Financial projections indicate revenues of approximately HKD 48.04 million, HKD 160 million, and HKD 150 million for the years 2023, 2024, and the first half of 2025, respectively, with expected losses of around HKD 213 million, HKD 219 million, and HKD 89.087 million [1] Group 3 - According to Founder Securities, the global IPO of Precision Medical has attracted diverse and global cornerstone investors, reigniting capital interest in the laparoscopic robot sector [2] - The current penetration rate of laparoscopic surgical robots in China is less than 1%, significantly lower than the 21.9% in the United States, indicating substantial room for growth in domestic market share [2] - The market is predominantly led by the Da Vinci system, which holds over 40% of the market share, suggesting opportunities for increased domestic production [2]

Core Viewpoint - Jingfeng Medical-B (02675) has successfully listed, with shares priced at HKD 43.24, raising a net amount of HKD 1.117 billion, and has seen a significant increase of 36.45% to HKD 59 per share at the time of reporting [1] Company Summary - Jingfeng Medical is a leading surgical robot company in China's medical device industry, focusing on the design, development, and manufacturing of surgical robots [1] - It is the first company in China and the second globally to obtain regulatory approval for multi-port, single-port, and natural orifice surgical robots [1] - Financial projections indicate revenues of HKD 48.04 million, HKD 160 million, and HKD 150 million for the years 2023, 2024, and the first half of 2025, respectively, with expected losses of approximately HKD 213 million, HKD 219 million, and HKD 89.087 million for the same periods [1] Industry Summary - According to Fangzheng Securities, the global IPO of Jingfeng Medical has attracted diverse and global cornerstone investors, reigniting capital interest in the laparoscopic robot sector [1] - The current penetration rate of laparoscopic surgical robots in China is less than 1%, significantly lower than the 21.9% in the United States, indicating substantial room for growth in domestic market share [1] - The market is predominantly led by the Da Vinci system, which holds over 40% of the market share, suggesting a strong potential for increased domestic production [1] - Continuous support from national policies and an accelerated opening of configuration licenses are contributing to the growing interest in this sector within the capital markets [1]

精锋医疗-B公布配发结果。公司全球发售2772.22万股H股，并超额分配了415.83万股。超额分配后，香 港公开发售占全球发售的8.70%，国际发售占91.30%。每股发售价定为43.24港元，全球发售净筹约 11.17亿港元。每手为100股，预计股份将于2026年1月8日上午九时在联交所开始买卖。 香港公开发售获1091.94倍认购，国际发售获25.18倍认购。 ...

智通财经APP讯，精锋医疗-B(02675)公布配发结果，公司全球发售2772.22万股H股，超额分配发售 415.83万股。香港公开发售项下最终发售股份数目占全球发售的(超额分配后)8.70%，国际发售项下最终 发售股份数目占全球发售的(超额分配后)91.30%。每股发售价43.24港元，全球发售净筹约11.17亿港 元。每手100股，预期股份将于2026年1月8日上午九时正在联交所开始买卖。 其中，香港公开发售获1091.94倍认购，国际发售获25.18倍认购。 ...

其中，香港公开发售获1091.94倍认购，国际发售获25.18倍认购。 精锋医疗-B(02675)公布配发结果，公司全球发售2772.22万股H股，超额分配发售415.83万股。香港公开 发售项下最终发售股份数目占全球发售的(超额分配后)8.70%，国际发售项下最终发售股份数目占全球 发售的(超额分配后)91.30%。每股发售价43.24港元，全球发售净筹约11.17亿港元。每手100股，预期股 份将于2026年1月8日上午九时正在联交所开始买卖。 ...