Core Viewpoint - The demand for orthopedic surgeries is increasing due to aging populations and younger patients with orthopedic diseases, driving the need for precision, minimally invasive, and intelligent surgical solutions, which in turn fosters the growth of orthopedic surgical robots [2][7]. Group 1: Company Overview - Beijing Tianzhihang Medical Technology Co., Ltd. (Tianzhihang) is transforming the global orthopedic surgical robot market with its core product, the Tianji orthopedic surgical robot, achieving sub-millimeter precision and completing over 110,000 surgeries across more than 200 hospitals in China [2][4]. - The company adheres to the principle of "original research and innovation," with R&D investment of 117 million yuan in 2024, accounting for 65.34% of its revenue, and employs 123 R&D personnel, making up 40.07% of its workforce [3][4]. Group 2: Product Development - Tianzhihang has introduced multiple generations of its surgical robots, with the Tianji® 1.0 launched in 2016 and the Tianji® 2.0 in 2021, enhancing usability and humanization [4]. - The company has achieved full coverage in three major orthopedic fields: spine, trauma, and joints, with a total of 596 patent applications, including 232 invention patents, and 401 patents granted [4][8]. Group 3: Technological Advancements - Tianzhihang has pioneered remote orthopedic surgeries in China since 2006 and has conducted over 1,000 remote surgeries using 5G technology, showcasing the potential of "5G + robotics" in healthcare [6][8]. - The company emphasizes the importance of orthopedic surgical robots in addressing uneven distribution of medical resources and enhancing capabilities in grassroots medical institutions [7]. Group 4: Market Position and Growth - The Chinese surgical robot market is projected to reach approximately 9.59 billion yuan in 2024, with a compound annual growth rate of 34.5% over the past five years, and is expected to grow to 11.03 billion yuan by 2025 [8]. - Tianzhihang's revenue structure has evolved, with more than 50% of its income now coming from consumables and technical services, compared to nearly 100% from hardware four years ago [8]. Group 5: International Expansion - The company aims to expand internationally, with its surgical navigation systems receiving EU CE certification, facilitating its entry into overseas markets [9]. - Tianzhihang plans to develop differentiated market strategies based on the characteristics of various international markets, positioning itself as a significant player in the global orthopedic surgical robot arena [9].

Core Viewpoint - Beijing Tinavi Medical Technology Co., Ltd. will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on June 27, 2025, to discuss operational results and financial status with investors [1][2]. Group 1: Meeting Details - The performance briefing will take place on June 27, 2025, from 10:00 to 11:00 AM [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [4]. - The format of the meeting will be an online interactive session [4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [2]. - Questions can be submitted by investors from June 20 to June 26, 2025, through the "Question Pre-Collection" section on the website or via the company's email [2][4]. - The company will address commonly asked questions during the briefing [2][4]. Group 3: Attendees - The attendees of the briefing will include the company's General Manager, Mr. Xu Jin, Independent Director, Ms. Zhang Ruijun, Chief Financial Officer, Ms. Qi Min, and Secretary of the Board, Mr. Huang Junhui [1].

关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688277 证券简称：天智航 公告编号：2025-028 北京天智航医疗科技股份有限公司 北京天智航医疗科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更 全面深入地了解公司 2024 年度、2025 年第一季度经营成果、财务状况，公司计 划于 2025 年 6 月 27 日上午 10:00-11:00 举行 2024 年度暨 2025 年第一季度业绩 说明会，就投资者关心的问题进行交流。 三、参加人员 参加本次业绩说明会的人员有：公司总经理徐进先生、独立董事张瑞君女士、 财务总监齐敏女士、董事会秘书黄军辉先生（如有特殊情况，参会人员可能进行 调整）。 四、投资者参加方式 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果 ...

Core Viewpoint - The surgical robot market in China is experiencing significant growth, with a 82.9% year-on-year increase in the number of surgical robots awarded contracts in the first five months of 2025, despite some companies facing bankruptcy and liquidation [1] Group 1: Market Dynamics - The surgical robot industry is highly competitive, with numerous domestic companies participating in various segments, including over 16 approved laparoscopic surgical robots and more than 50 orthopedic surgical robots [1] - The number and amount of financing in the surgical robot sector have sharply decreased, leading to potential funding crises for companies that have not yet achieved commercial revenue [1][3] - The market is witnessing a price war among companies, with various surgical robots being commercialized at significantly different price points, yet the market leader, the Da Vinci surgical robot, remains unaffected in terms of sales [4][5] Group 2: Clinical and Technological Challenges - Some surgical robots are limited to simple procedures, and their clinical value has not yet been fully realized, as evidenced by a study showing that 11% of robot-assisted coronary interventions required conversion to manual operation [2][4] - The commercial success of surgical robots is heavily influenced by policies and macroeconomic conditions, with some companies experiencing significant declines in sales and revenue due to factors like anti-corruption measures and slowed bidding processes [5] Group 3: Innovations and Strategies - Companies are focusing on technological innovations, including the integration of AI to enhance the capabilities of surgical robots, with several firms already developing AI-enabled products [8][9] - Efforts are being made to reduce product costs to make surgical robots more accessible to hospitals, such as the modular design of the HaiShan laparoscopic surgical robot [9] - Companies are exploring remote surgical technologies to expand their market reach and improve access to quality healthcare, with several firms successfully conducting remote surgeries [9][10] Group 4: Market Expansion and Accessibility - Surgical robot companies are increasingly looking to international markets for growth, with firms like MicroPort achieving significant revenue increases through overseas orders [12] - There is a trend of surgical robots being adopted in county-level hospitals, which allows for more complex procedures to be performed locally, thus improving healthcare access for patients [14][15]

Group 1 - The company has announced a change in the continuous supervision representative for its initial public offering (IPO) project due to the work relocation of the previous representative, Lu Danjun [1][2] - CITIC Securities, as the sponsor and continuous supervision institution, will continue to fulfill its supervisory responsibilities until the raised funds are fully utilized, which is expected to be by December 31, 2023 [1][2] - The company expresses gratitude to Lu Danjun for his contributions during the IPO and continuous supervision period [3] Group 2 - Shao Luwei has been appointed as the new continuous supervision representative, taking over from Lu Danjun [2] - The current continuous supervision representatives for the IPO project are Sun Dong and Shao Luwei [2] - Shao Luwei holds a master's degree and has participated in various IPO projects, including those of Yunzhongma and Jinchun Co., among others [4]

特此公告。 北京天智航医疗科技股份有限公司董事会 2025 年 6 月 14 日 证券代码：688277 证券简称：天智航 公告编号：2025-027 中信建投作为公司首发上市项目的保荐机构和持续督导机构，法定持续督导 期限至 2023 年 12 月 31 日止，因公司本次发行募集资金尚未使用完毕，中信建 投将就未使用完毕的募集资金使用情况继续履行持续督导责任，直至募集资金使 用完毕。 为保证公司持续督导工作的有序进行，中信建投委派邵路伟先生（简历详见 附件）接替陆丹君先生担任公司持续督导保荐代表人，继续履行相关职责。本次 保荐代表人变更后，公司首发上市项目持续督导期保荐代表人为孙栋先生和邵路 伟先生。 公司董事会对陆丹君先生在公司首发上市项目保荐发行及持续督导期间所 做的贡献表示衷心的感谢！ 北京天智航医疗科技股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 北京天智航医疗科技股份有限公司（以下简称"公司"）于近日收到保荐机 构中信建投证券股份有限公司（以下简称"中信建投"） ...

Core Insights - Jiangsu Gaoke recently conducted research on Tianzhihang, revealing a significant decline in robot equipment sales revenue by 47.39% in 2024, while revenue from supporting equipment and consumables, as well as technical services, increased by 28.52% and 104.26% respectively, indicating a shift towards consumables and service revenue in the industry [1] - Tianzhihang has successfully completed over 1,000 remote robotic surgeries across 24 provinces and municipalities, aiding in the distribution of quality medical resources [1] - The orthopedic surgical robot is primarily focused on tier-three hospitals but is gradually penetrating tier-two and lower hospitals, positioning Tianzhihang as a market leader [1] - The orthopedic surgical navigation system from Tianzhihang has received EU CE certification, which will facilitate its expansion into overseas markets [1] Company Overview - Jiangsu Gaoke, established in 1997, is one of the earliest professional venture capital firms in China, with a net asset growth from over 20 million to more than 1.7 billion [2] - The company has invested in over 20 enterprises, with 8 successfully listed and several others actively pursuing listing, demonstrating a strong reputation in the venture capital industry [2] - Jiangsu Gaoke focuses on long-term investments to expand production scale and improve profitability of invested companies, while also providing value-added services such as governance structure improvement and financial consulting [2]

问：天智航的研发人才背景情况？答：手术机器人行业属于技术密集型行业，机器人技术、计算机网络 控制技术、数字图像处理技术、虚拟现实技术和医用外科技术的结合对于手术机器人产业十分重要，同 时要注重与人机工程学、机械设计、软件控制、动力学等多学科技术交叉。公司拥有一支专业结构完整 的高素质协同创新团队，覆盖机械、控制、软件、临床等医疗机器人研发相关专业，对涉及医用机器人 产品标准制订、注册检测、临床试验和质量管理等医疗机器人产品研制与产业转化的各个环节具有丰富 的实践经验。公司共有员工307人，拥有博士、硕士学历的人员90人。公司主要技术以自主研发为主， 公司研发人员123人，占员工总数的40.07%，主要研发人员均来自境内外著名大学、科研院所、知名医 院和医疗器械生产企业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 5月23日现场交流 问：天智航近年营收情况？答：2024年度公司实现营业收入1.79亿元。其中主营业务收入主要由机器人 设备、配套设备及耗材、技术服务收入三部分构成。这三部分收入分别为7430万元，同比下降 47.39 ...

Core Viewpoint - The surgical robotics industry in China is experiencing rapid growth and transformation, driven by advancements in technology such as smart algorithms and 5G, leading to increased market penetration and commercialization of surgical robots [1][3]. Industry Overview - The penetration rate of surgical robots in China has risen from 3.7% in 2020 to an expected 11.2% by 2025, with minimally invasive surgeries accounting for 68% of applications [1]. - The market size for surgical robots in China reached 71.7 billion yuan in 2023 and is projected to exceed 100 billion yuan by 2025, potentially surpassing 287 billion yuan by 2030 [3]. Technological Advancements - Surgical robots are becoming essential tools in clinical settings, enhancing precision and reducing recovery times for patients [2]. - The integration of 5G technology is enabling remote surgical operations, allowing surgeons to perform procedures from great distances, thus addressing regional disparities in healthcare access [8][10]. Domestic Development - The domestic production rate of surgical robots has exceeded 80%, with a significant increase in the number of approved products, indicating a shift from reliance on foreign technology to local innovation [1][4]. - By the end of 2024, 64 companies are expected to have a total of 115 surgical robot products approved, with domestic brands accounting for 81.7% of these approvals [4]. Market Dynamics - The Chinese market is characterized by a diverse ecosystem with multiple technological pathways and applications, unlike the more consolidated markets in Europe and the U.S. [7]. - Companies like MicroPort and Tianzhihang are making significant strides in both domestic and international markets, with products that have received approvals in multiple regions [7]. Future Outlook - The surgical robotics industry is anticipated to enter a phase of accelerated growth, particularly with the advent of remote surgical capabilities powered by 5G technology [9][10]. - The global market for remote surgical robots is expected to see explosive growth, with China emerging as the second-largest market after North America [9].

一、持续督导工作情况 1 中信建投证券股份有限公司关于 北京天智航医疗科技股份有限公司 2024 年持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：北京天智航医疗科技股 | | --- | --- | | 公司 | 份有限公司 | | 保荐代表人姓名：孙栋 | 联系方式：010-65608368 联系地址：北京市朝阳区景辉街 16 号院 | | | 号楼泰康集团大厦 层中信建投证券 1 12 | | 保荐代表人姓名：朱进 | 联系方式：010-65608279 | | | 联系地址：北京市朝阳区景辉街 16 号院 | | | 号楼泰康集团大厦 层中信建投证券 1 12 | 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可〔2020〕 1001 号文"批准，北京天智航医疗科技股份有限公司（以下简称"公司"或"天 智航"）首次公开发行人民币普通股（A 股）股票 4,190.00 万股。本次公司发行 新股的发行价为 12.04 元/股，募集资金总额为 504,476,000.00 元，扣除发行费用 56,175,293.91 元后，实际募集资金净额为 448,300,706.0 ...