Financial Performance - The company reported a revenue of 156.19 million yuan for the year 2022, with a net loss attributable to shareholders of 110.58 million yuan[4]. - The net profit excluding non-recurring gains and losses was a loss of 133.45 million yuan[4]. - The company has not yet achieved profitability since its listing, which was under the Shanghai Stock Exchange's Sci-Tech Innovation Board standards[4]. - The company's operating revenue for 2022 was CNY 156,188,437.41, a slight increase of 0.11% compared to CNY 156,021,920.91 in 2021[21]. - The net profit attributable to shareholders of the listed company was a loss of CNY 133,454,105.70, which represents an increase in loss of 29.25% compared to a loss of CNY 103,219,039.37 in 2021[21]. - Basic earnings per share for 2022 was a loss of CNY 0.26, which is a 36.84% increase in loss compared to a loss of CNY 0.19 in 2021[22]. - The net cash flow from operating activities for 2022 was a negative CNY 87,506,239.40, compared to a negative CNY 77,755,219.56 in 2021[21]. - The net profit for 2022 was a loss of CNY 112.34 million, an increase in loss of 35.92% year-on-year[34]. - The company reported a significant decrease in costs for supporting equipment and consumables, with a direct cost of 746.61 million, down 40.22% from the previous year's 1,249.00 million[99]. - The company will not distribute profits for the year 2022 due to negative retained earnings as of December 31, 2022[171]. Research and Development - The company increased its R&D investment to 78.52% of operating revenue, up from 70.37% in 2021, reflecting a growth of 8.15 percentage points[22]. - The company's R&D investment reached CNY 122.64 million in 2022, an increase of 11.70% year-on-year[37]. - The company submitted 90 new patent applications during the reporting period, including 37 invention patent applications[37]. - The company has established a comprehensive R&D system that includes cutting-edge technology research, advanced product pre-research, and product development, collaborating with universities, research institutions, and hospitals[46]. - The company aims to integrate new technologies such as 5G communication, 3D printing, smart materials, big data, artificial intelligence, and virtual/augmented reality into its surgical robots, enhancing their intelligence and interaction capabilities[50]. - The company has developed high-precision online calibration technology for its surgical robots, ensuring positioning errors within 0.5 mm, which is critical for surgical safety and accuracy[52]. - The company has created algorithms for multi-modal medical image preprocessing and fusion, allowing for pixel-level precision in integrating preoperative and intraoperative images[54]. - The company employs artificial intelligence algorithms for automatic feature recognition in medical imaging, achieving an error of less than 1 pixel, which enhances surgical accuracy and efficiency[55]. - The company has developed a modular design technology for surgical tools, allowing the orthopedic surgical robot to adapt to various surgical requirements and expand its operational capabilities[57]. - The company has completed the iterative development of three generations of orthopedic surgical robots, enhancing clinical advantages such as precision and minimally invasive procedures[75]. Market and Competition - The orthopedic surgical robot market is still in its early clinical application phase, with increasing awareness among hospitals, doctors, and patients[4]. - The company aims to expand its market share and accelerate the implementation of application scenarios while focusing on technological innovation[4]. - The company is positioned as a leading player in the domestic orthopedic surgical robot market, with increasing competition from new entrants in the industry[49]. - The market for surgical robots is expected to expand rapidly, with a growing recognition and acceptance among doctors and patients, leading to a broader customer base beyond first and second-tier cities[50]. - The company is experiencing intensified competition from major multinational medical device companies, which may threaten its market share and profitability[84]. Operational Efficiency - Sales expenses rose by CNY 19,979,000, a year-on-year increase of 27.97%, due to increased market investment and marketing team development[23]. - The company has implemented a diversified revenue structure, transitioning from single device sales to include ongoing medical technology service income[43]. - The company has established a collaborative innovation mechanism in the medical robotics field, enhancing its continuous innovation capabilities[37]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder interests[136]. - The company has effectively managed its subsidiaries, improving overall operational efficiency and risk resistance[177]. Employee and Management - The company has a total of 362 employees, with 104 holding doctoral or master's degrees, and 128 dedicated to research and development, representing 35.36% of the workforce[78]. - The average salary of R&D personnel rose to 57.54 million, compared to 54.37 million in the previous year[74]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 198.37 million RMB[152]. - The total remuneration for core technical personnel at the end of the reporting period was 95.31 million RMB[153]. - The company has a strict compensation policy based on annual operating performance and industry income levels, ensuring competitive salaries[168]. - The management team emphasizes performance-based remuneration linked to financial and operational metrics[152]. Strategic Initiatives - The company plans to continue focusing on the orthopedic surgical robot business and increase investment in new technologies and products[23]. - The company is actively pursuing international certification for its products, aiming to enhance its market presence globally[72]. - The company is exploring partnerships with key industry players to enhance its competitive edge and drive growth[144]. - A strategic acquisition is in the pipeline, aimed at enhancing the company's technological capabilities and expanding its product portfolio[144]. - The company is focused on building a marketing system that integrates equipment sales, consumable sales, and operational services for orthopedic robots[131]. Environmental and Social Responsibility - The company emphasizes ESG management, focusing on environmental protection and sustainable operations[179]. - The company is not classified as a key pollutant discharge unit and has not faced any administrative penalties for environmental issues during the reporting period[181]. - The company actively implements energy-saving measures and promotes the use of electric vehicles for administrative purposes to reduce carbon emissions[187]. - The company donated 300,000 yuan to the Hainan Shanglin Sunshine Medical Development Foundation in 2022[189].

一、 主要财务数据 2023 年第一季度报告 证券代码：688277 证券简称：天智航 北京天智航医疗科技股份有限公司 2023 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上 | | --- | --- | --- | | | | 年同期增减变 | | | | 动幅度(%) | | 营业收入 | 39,503,426.05 | 130.28 | | 归属于上市公司股东的净利润 | 8,639,060.96 | 不适用 | | 归属于上市公司股东的扣除非经常 | -39,601,959.97 | 不适用 | ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥23,319,659.79, a decrease of 17.89% compared to the same period last year[5] - The net profit attributable to shareholders was -¥38,163,337.19, with a year-to-date loss of -¥82,341,843.73, indicating a significant decline in profitability[5] - The basic earnings per share for the quarter was -¥0.09, reflecting a 50% increase in losses compared to the same period last year[11] - Net profit for Q3 2022 was a loss of CNY 87,757,969.44, compared to a loss of CNY 64,196,247.39 in Q3 2021, indicating a worsening financial performance[20] - The net loss attributable to shareholders of the parent company for Q3 2022 was CNY 82,341,843.73, compared to a loss of CNY 63,764,563.64 in Q3 2021[21] - The comprehensive income total for Q3 2022 was a loss of CNY 86,961,665.96, compared to a loss of CNY 62,180,881.96 in Q3 2021[21] - Basic and diluted earnings per share for Q3 2022 were both CNY -0.20, compared to CNY -0.15 in Q3 2021[21] Research and Development - Research and development expenses totaled ¥28,693,662.73 for the quarter, representing a 23.75% increase year-on-year[6] - The ratio of R&D expenses to operating revenue was 123.04%, an increase of 41.39 percentage points compared to the previous year[6] - Research and development expenses for Q3 2022 were CNY 80,328,845.46, an increase of 15% from CNY 69,879,548.32 in Q3 2021, reflecting a focus on innovation[20] - The company experienced a 52.30% increase in net loss attributable to shareholders compared to the same period last year, primarily due to increased R&D expenses and decreased other income[10] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,210,246,612.90, down 5.38% from the end of the previous year[6] - As of September 30, 2022, the total assets of the company amounted to RMB 1,210,246,612.90, a decrease from RMB 1,279,050,151.42 at the end of 2021, reflecting a decline of approximately 5.4%[15] - The total liabilities as of Q3 2022 amounted to CNY 229,640,842.06, up from CNY 211,482,714.62 in Q3 2021[20] - The total current liabilities decreased to RMB 108,878,839.06 from RMB 113,226,037.45, indicating a reduction of about 3.1%[16] - The total equity attributable to shareholders of the parent company decreased to CNY 925,401,691.42 from CNY 1,006,947,231.67 in the previous year[20] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥129,972,334.28, with significant fluctuations due to changes in cash receipts and payments[11] - The cash flow from operating activities for the first three quarters of 2022 was CNY 86,627,082.28, an increase from CNY 82,547,196.15 in the same period of 2021[24] - The net cash flow from operating activities was -129,972,334.28, compared to -82,650,277.44 in the previous year, indicating a decline in operational cash flow[25] - The total cash outflow from operating activities was 248,997,354.83, compared to 236,161,051.02 in the previous year, indicating increased operational expenses[25] - The cash and cash equivalents at the end of the period were 168,038,447.01, down from 416,628,498.93 year-over-year[26] Shareholder Information - The company reported a total of 16,440 common shareholders at the end of the reporting period[12] - The top shareholder, Zhang Songgen, holds 75,664,000 shares, representing 18.02% of the total shares[12] Inventory and Investments - The inventory increased to RMB 48,727,695.02 from RMB 37,944,429.67, representing an increase of about 28.5% year-over-year[15] - The long-term equity investments increased to RMB 24,833,837.00 from RMB 19,995,742.59, reflecting a growth of approximately 24.1%[16] - The company reported a total of RMB 76,504,550.48 in trading financial assets, down from RMB 120,628,447.13, a decrease of about 36.5%[15] - Cash inflow from recovering investments was 226,045,467.80, down from 428,670,218.84 year-over-year, indicating a decline in investment recovery[25] Operational Highlights - The company has performed over 30,000 surgeries using its orthopedic surgical robots as of the end of the reporting period, marking a significant increase from the previous year[14] - The company has successfully implemented multiple installations of its "purchase technology services" model by the end of the reporting period[14]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥60,945,385.32, a decrease of 20.23% compared to ¥76,396,611.44 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2022 was -¥44,178,506.54, compared to -¥38,706,806.56 in the previous year[16]. - The net cash flow from operating activities decreased by 51.19% to -¥83,135,564.89, down from -¥54,986,153.02 in the same period last year[17]. - The company's total assets as of the end of the reporting period were ¥1,227,588,192.69, a decrease of 4.02% from ¥1,279,050,151.42 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 4.35% to ¥963,137,966.32 from ¥1,006,947,231.67 at the end of the previous year[17]. - The basic earnings per share for the first half of 2022 was -¥0.11, compared to -¥0.09 in the same period last year[18]. - The weighted average return on net assets was -4.48%, compared to -3.95% in the same period last year[18]. - The company did not propose any profit distribution plan for the reporting period[5]. - The company reported a revenue of 60,945,385.32 RMB, a decrease of 20.23% compared to the previous year[83]. - The net profit attributable to the parent company was a loss of 44,178,500 RMB, an increase in loss by 5,471,700 RMB year-on-year[83]. - The total comprehensive income for the first half of 2022 was a loss of CNY 46,456,609.51, compared to a loss of CNY 38,296,241.66 in the first half of 2021[168]. Research and Development - Research and development expenses accounted for 84.72% of operating revenue, an increase of 23.60 percentage points from 61.12% in the previous year[18]. - The total R&D investment amounted to ¥51,635,182.73, representing a 10.59% increase compared to ¥46,691,884.08 in the same period last year, with R&D investment accounting for 84.72% of operating revenue, an increase of 23.60 percentage points[54]. - The company has built a research and development system that includes collaboration with universities and hospitals to enhance product innovation[28]. - The company has developed high-precision online calibration technology for surgical robots, achieving an error margin of less than 0.5 mm[37]. - The company has created algorithms for multi-modal medical image fusion, allowing for high-precision integration of preoperative and intraoperative images[38]. - The company employs AI algorithms for automatic feature recognition in medical imaging, achieving an error of less than 1 pixel, thus improving accuracy and reducing operational errors[40]. - The company has developed a modular design technology for surgical tools, enabling the orthopedic surgical robot to perform over ten different surgical procedures, with ongoing expansion of capabilities[45]. - The company has developed a motion safety control technology for the robotic arm, ensuring that the arm operates within a safe range throughout the surgical process[44]. - The company has submitted 30 new patent applications during the reporting period, including 9 invention patent applications, and obtained 35 new patent authorizations, with a total of 373 patent applications and 243 authorizations accumulated as of June 30, 2022[52]. Market Position and Strategy - The company is a leading player in the orthopedic surgical robot industry in China, being the first listed medical robot company on the Shanghai Stock Exchange[23]. - The company has established a diversified revenue structure, including sales of disposable surgical tools and ongoing medical technology service income[27]. - The orthopedic surgical robot industry is expected to continue rapid growth, potentially reaching $33.6 billion by 2026, with a CAGR of 26.2% from 2020[31]. - The company operates a sales model primarily based on distribution, supported by direct sales to medical institutions[26]. - The company is actively expanding its market presence and has introduced a "purchase technology service" model, enhancing its business development efforts[64]. - The company is focusing on market expansion and new product development as part of its strategic initiatives for future growth[169]. - The company is exploring strategic acquisitions to enhance its market position and product offerings[182]. Risks and Challenges - The report includes a risk statement regarding forward-looking statements, indicating potential risks in future plans and strategies[5]. - The company faces significant challenges in new product and technology development due to high technical barriers and long R&D cycles[71]. - The company is at risk of core technology leakage, which could undermine its competitive advantage in the orthopedic surgical robot market[72]. - The company’s existing orthopedic surgical robots may face competition from disruptive treatment methods or superior products in the market[74]. - The company is experiencing intensified market competition from major players like Medtronic and Stryker, which could impact its market share and profitability[75]. - Regulatory changes in China could affect the company’s product registration and operational licenses, posing risks to its business[81]. Financial Management and Governance - The company has received approval for its refinancing plan, which will provide strong financial support for its ongoing development and enhance its competitive edge[69]. - The company has not yet achieved profitability, which may adversely affect shareholder returns in the short term[70]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the listing date, which is July 29, 2019[108]. - The company will not reduce its holdings of pre-IPO shares for three complete accounting years after the IPO, and can only reduce up to 2% of total shares in the fourth and fifth accounting years[109]. - The company has established a clear framework for share reduction and transfer post-IPO to maintain investor confidence[111]. - The company has committed to enhancing the management of raised funds to mitigate usage risks and accelerate investment progress in projects[120]. - The company will implement a cash dividend policy to strengthen investor return mechanisms[120]. - The company guarantees that there are no fraudulent issuance circumstances related to the public offering of stocks[120]. - The company will publicly explain any unfulfilled commitments and apologize to shareholders and the public if it fails to meet its obligations[124]. Subsidiaries and Ownership - The company has a 100% ownership in its subsidiaries, indicating full control over their operations and financial performance[98]. - The consolidated financial statements include four subsidiaries: Beijing Tianzhihang Medical Technology Service Co., Ltd., Beijing Shuimu Dongfang Medical Robot Technology Innovation Center Co., Ltd., Anhui Tianzhihang Medical Technology Co., Ltd., and TINAVI (Hong Kong) Holding Limited[200]. - The company has a total of 300,000 shares held by foreign natural persons, which is 0.0% of the total[141]. - The top shareholder, Zhang Songgen, holds 75,664,000 shares, representing 18.02% of the total shares[146]. - The second-largest shareholder, Beijing Zhihui Hechuang Investment Partnership, holds 33,045,560 shares, accounting for 7.87%[146]. Legal and Compliance - There were no major lawsuits or arbitration matters reported during the reporting period, reflecting a stable legal standing[128]. - The company has not faced any environmental penalties or pollution incidents during the reporting period[105]. - There were no violations or penalties reported against the company or its executives during the reporting period, indicating compliance with regulations[128]. - The company has pledged to adhere to all relevant regulations set forth by the China Securities Regulatory Commission[126].

Financial Performance - The company reported a revenue of 156.02 million yuan for the year 2021, with a net loss attributable to shareholders of 79.93 million yuan[4]. - The company's operating revenue for 2021 was approximately ¥156.02 million, representing a year-on-year increase of 14.80% compared to ¥135.91 million in 2020[22]. - The net loss attributable to shareholders for 2021 was approximately ¥79.93 million, which is a 46.74% increase in loss compared to ¥54.47 million in 2020[24]. - Basic earnings per share for 2021 were a loss of ¥0.19, which is a 35.71% increase in loss compared to ¥0.14 in 2020[25]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2021, representing a growth of 25% year-over-year[169]. - The company reported a net profit of 1,006.95 million, indicating a strong financial performance[168]. - The total revenue for the company reached 7,566.40 million, with a slight increase to 7,650.9 million, representing a growth of 84.5% year-over-year[168]. Research and Development - Research and development expenses increased by 48.14% year-on-year, accounting for approximately 70.37% of total revenue[4]. - The company achieved a total R&D investment of approximately ¥109.79 million, representing a 48.14% increase compared to the previous year[83]. - The company has established a robust R&D team with 98 personnel, accounting for 34.88% of the total workforce, including 52 with master's degrees or higher[48]. - The company submitted 90 new patent applications during the reporting period, including 31 invention patent applications, and obtained 63 new patent authorizations[42]. - The company has developed a comprehensive R&D system that includes cutting-edge technology research, advanced product pre-research, and product development, collaborating with universities and research institutions on national and provincial-level projects[55]. - The company is committed to increasing investment in cutting-edge technology and research and development[156]. Market Expansion and Strategy - The company plans to continue expanding its market share and accelerating the implementation of application scenarios[5]. - The company is focused on expanding its market presence and providing comprehensive services to various levels of medical institutions[49]. - The company is positioned as a leading player in the domestic orthopedic surgical robot market, competing with international firms like Johnson & Johnson and Medtronic[59]. - The orthopedic surgical robot market is expected to grow rapidly, with increasing recognition and acceptance among doctors and patients, expanding from first and second-tier cities to regional medical centers[153]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2023[169]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[168]. Product Development and Innovation - The upgraded product "Tianji 2.0" orthopedic surgical robot received NMPA certification and was launched during the reporting period[36]. - The company is developing THA (Total Hip Arthroplasty Robot) and TKA (Total Knee Arthroplasty Robot), with clinical trials for the knee joint product completed[37]. - The company has completed over 20,000 surgeries using its third-generation orthopedic surgical robots across more than 100 medical institutions[51]. - The company has developed a training platform for orthopedic surgeons to enhance their skills in robotic-assisted surgeries[46]. - The company is developing the next-generation orthopedic surgical robot system platform (Tianji 3.0) and plans to launch single-function orthopedic surgical robots for spine and trauma markets[156]. Challenges and Risks - The company has faced challenges in new product and technology development due to high technical barriers and long R&D cycles[97]. - The ongoing COVID-19 pandemic has negatively affected the sales expansion and installation acceptance of orthopedic surgical robots, leading to a decline in patient visits[101]. - The company is at risk of core technology leakage, which could undermine its competitive advantage in the technology-intensive orthopedic surgical robot industry[98]. - The company faces risks related to the promotion of orthopedic surgical robots due to high costs and uneven distribution of medical resources, which may impact sales[100]. Governance and Management - The report includes details of shareholding changes and compensation for key management personnel[166]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 7.5542 million RMB[176]. - The company has a complete decision-making process for the cash dividend policy, ensuring the protection of minority shareholders' rights[194]. - The company has no reported dissenting opinions from the board regarding company matters during the reporting period[183]. Financial Position and Cash Flow - The net cash flow from operating activities decreased by 35.04% year-on-year, primarily due to reduced cash receipts from sales and increased cash payments to employees[25]. - The company's total assets at the end of the reporting period were 1,287,112,585.08 yuan, with cash and cash equivalents accounting for 22.45% of total assets, down from 41.85% in the previous period, reflecting a 38.70% decrease[137]. - The company's total liabilities increased, with accounts payable rising by 195.17% to 13,909,068.51 yuan, reflecting higher payments for goods and long-term asset purchases[139]. - The company reported a significant decrease in net cash flow from financing activities due to reduced cash received from investments compared to the previous year[113].

Financial Performance - The company's operating revenue for Q1 2022 was ¥17,154,459.17, representing a decrease of 23.84% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥28,768,004.29, and the net profit after deducting non-recurring gains and losses was -¥33,142,880.40, both not applicable for year-on-year comparison[5]. - The net loss for Q1 2022 was CNY 29,868,143.23, compared to a net loss of CNY 25,042,478.69 in Q1 2021, reflecting a worsening of 15.3%[20]. - The total comprehensive income for Q1 2022 was -29,898,391.14 RMB, slightly improved from -31,356,753.58 RMB in Q1 2021[21]. - The net profit attributable to shareholders of the parent company for Q1 2022 was -28,768,004.29 RMB, compared to -24,462,266.30 RMB in Q1 2021, indicating a decline in profitability[21]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥50,080,568.65, with a significant decrease in government subsidies received compared to the previous year[6]. - The net cash flow from operating activities for Q1 2022 was -50,080,568.65 RMB, worsening from -10,322,097.52 RMB in Q1 2021[25]. - Cash and cash equivalents decreased to CNY 249,293,892.68 from CNY 287,112,585.08 as of December 31, 2021, a decline of 13.1%[16]. - The cash and cash equivalents at the end of Q1 2022 were 249,293,892.68 RMB, down from 690,435,358.03 RMB at the end of Q1 2021, a decrease of about 64.2%[26]. - The company reported a significant increase in cash outflows for operating activities, totaling 97,653,561.78 RMB in Q1 2022, compared to 71,846,332.90 RMB in Q1 2021[25]. Research and Development - Research and development expenses totaled ¥21,093,619.30, accounting for 122.96% of operating revenue, an increase of 13.60 percentage points year-on-year[6]. - The company reported R&D expenses of CNY 21,093,619.30, down 14.3% from CNY 24,632,032.55 in Q1 2021[20]. - The company reported that its R&D expenses as a percentage of revenue were 33.55%, 54.53%, and 70.37% from 2019 to 2021, highlighting a significant investment in innovation[14]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,241,803,906.09, down 2.91% from the end of the previous year[6]. - Total assets decreased to CNY 1,241,803,906.09 from CNY 1,279,050,151.42, a reduction of 2.9%[17]. - Total liabilities decreased to CNY 204,134,860.43 from CNY 211,482,714.62, a decline of 3.5%[17]. - The company's total equity decreased to CNY 996,960,531.03 in Q1 2022 from CNY 1,020,883,018.35 in the previous quarter, a decline of 2.3%[29]. Market and Operational Challenges - The company faced delays in the acceptance of orthopedic surgical robots due to COVID-19 outbreaks, impacting revenue recognition during the reporting period[13]. - The company faces risks of not being profitable in the near term due to low sales volume influenced by market recognition and high product prices[13]. - The orthopedic surgical robot's high acquisition costs and complex purchasing processes contribute to extended sales cycles and uncertainty in sales[13]. - The company’s core products have achieved sales in key hospitals, but broader market penetration remains challenging due to financial constraints in lower-tier medical institutions[13]. - The company’s focus on high-end medical equipment involves substantial upfront R&D investments and lengthy approval processes, which may exacerbate financial losses[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,639[10]. - The largest shareholder, Zhang Songgen, holds 75,664,000 shares, accounting for 18.02% of the total shares[11]. Investment Activities - The company has received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating ongoing capital raising efforts[13]. - Investment activities resulted in a net cash outflow of -1,048,907.45 RMB in Q1 2022, a sharp decline from a net inflow of 237,061,930.76 RMB in Q1 2021[25].

Financial Performance - The company reported a revenue of RMB 156.02 million for the year 2021, with a net loss attributable to shareholders of RMB 79.93 million[4]. - The company's operating revenue for 2021 was approximately CNY 156.02 million, representing a year-on-year increase of 14.80% compared to CNY 135.91 million in 2020[22]. - The net loss attributable to shareholders for 2021 was CNY -79.93 million, which is a 46.74% increase in loss compared to CNY -54.47 million in 2020[24]. - The basic earnings per share for 2021 was a loss of CNY -0.19, which is a 35.71% increase in loss compared to CNY -0.14 in 2020[25]. - The net cash flow from operating activities decreased by 35.04% year-on-year, primarily due to reduced cash receipts from sales and increased cash payments to employees[25]. - The company reported a total non-recurring profit and loss of 23.29 million yuan for the year[30]. - The company reported a significant decrease in net cash flow from financing activities, primarily due to a lack of new capital inflow compared to the previous year[109]. - The company’s total liabilities increased significantly, with accounts payable rising by 195.17% to ¥13.91 million, reflecting higher purchase obligations[134]. Research and Development - Research and development expenses increased by 48.14% year-on-year, accounting for approximately 70.37% of total revenue[4]. - R&D investment reached 109.79 million yuan, accounting for 70.37% of the main business revenue during the reporting period[36]. - The company reported a significant increase in R&D investment, reflecting its commitment to innovation and product development despite financial losses[25]. - The company has a dedicated R&D team of 98 personnel, accounting for 34.88% of total employees, with 53.06% holding master's degrees or higher[48]. - The company submitted 90 new patent applications during the reporting period, including 31 invention patent applications, and obtained 63 new patent authorizations[42]. - The company has developed a comprehensive R&D system that includes cutting-edge technology research, advanced product pre-research, and product development, collaborating with universities and research institutions on national and provincial-level projects[55]. - The company has developed a series of multimodal medical image preprocessing and fusion algorithms for orthopedic surgical robots, enabling pixel-level precision integration of preoperative and intraoperative images[64]. - The company achieved a success rate that meets clinical needs in the research of AI algorithms for automatic planning in lumbar spine surgery during small sample validation[65]. Market and Competition - The market awareness of orthopedic surgical robots is rapidly increasing, but achieving an ideal level of recognition will take time[5]. - The company is positioned as a leading player in the domestic orthopedic surgical robot market, competing with international firms like Johnson & Johnson and Medtronic[59]. - The orthopedic surgical robot industry is characterized by high technical barriers, requiring long-term technological accumulation and continuous investment, making it challenging for new entrants[58]. - The company is experiencing intensified competition from major multinational medical device companies, which could threaten its market share and profitability[103]. - The company plans to continue expanding its market share and accelerating the implementation of application scenarios[5]. Product Development and Innovation - The third-generation product "Tianji 2.0" orthopedic surgical robot received NMPA certification and was launched during the reporting period[36]. - The company successfully integrated ultrasound bone knife and high-speed milling systems into orthopedic surgical robots, expanding their functionality[38]. - The company has completed over 20,000 surgeries using its third-generation orthopedic surgical robots across more than 100 medical institutions[51]. - The company has developed a modular design technology for surgical tools, allowing the orthopedic surgical robot to perform over ten different surgical procedures and continue to expand its capabilities[71]. - The company is committed to advancing digital operating room solutions tailored for orthopedic surgical robots, integrating remote planning and real-time communication capabilities[76]. Operational Challenges - The company focused on orthopedic surgical robots, increasing investments in new technologies and market expansion, which impacted current profitability[24]. - The company experienced challenges in market promotion activities due to ongoing pandemic control measures, affecting the procurement and usage of its main products[24]. - The ongoing COVID-19 pandemic has negatively impacted the company's sales expansion and installation acceptance, leading to a decline in orthopedic patient visits[101]. - The company faces risks related to the uneven distribution of medical resources in China, which affects the promotion of its orthopedic surgical robots[100]. Strategic Initiatives - The company plans to raise funds through a specific stock issuance to establish a comprehensive R&D, sales, and operation system for its orthopedic surgical robots[45]. - The company aims to enhance its market presence by establishing orthopedic surgical robot application demonstration centers and academic training centers[148]. - The company is focused on improving the conversion rate of installed orthopedic surgical robots in hospitals and enhancing customer service efficiency[150]. - The company is integrating PLM and ERP systems to enhance the intelligent management level of its supply chain[151]. Human Resources and Management - The company employed a total of 281 staff members, with 212 in the parent company and 69 in major subsidiaries[183]. - The company has a structured compensation decision-making process based on performance metrics and responsibilities of its directors and senior management[169]. - The company emphasizes talent development through annual training plans and various training programs for employees[185]. - The total compensation for core technical personnel at the end of the reporting period was RMB 251.53 million[170]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% to 1.875 billion[162]. - The company plans to develop the next-generation orthopedic surgical robot system (Tianji 3.0) and expand its product line to include single-function orthopedic surgical robots for spine and trauma[149]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2023[162].

Financial Performance - The company's operating revenue for Q1 2022 was ¥17,154,459.17, representing a decrease of 23.84% compared to the same period last year[5] - The net profit attributable to shareholders was -¥28,768,004.29, and the net profit after deducting non-recurring gains and losses was -¥33,142,880.40, both not applicable for year-on-year comparison[5] - The net loss for Q1 2022 was CNY 29,868,143.23, compared to a net loss of CNY 25,042,478.69 in Q1 2021, reflecting a deterioration of 19.5%[19] - The company's total comprehensive loss for Q1 2022 was CNY 23,922,487.32, compared to CNY 20,222,046.95 in Q1 2021, marking an increase in comprehensive losses of 13.4%[29] - The basic and diluted earnings per share were both -¥0.07, not applicable for year-on-year comparison[6] - Other comprehensive income after tax for Q1 2022 was CNY -30,247.91, compared to CNY -6,314,274.89 in Q1 2021, indicating a significant change in financial performance[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥50,080,568.65, with a significant decrease attributed to reduced government subsidies received compared to the previous year[6] - The company reported a significant increase in cash paid for goods and services, totaling CNY 23,903,756.45 in Q1 2022, compared to CNY 4,206,576.01 in Q1 2021[21] - The company's cash and cash equivalents at the end of Q1 2022 were CNY 249,293,892.68, down from CNY 690,435,358.03 at the end of Q1 2021[22] - The company reported a net increase in cash and cash equivalents of -CNY 37,818,692.40, compared to a net increase of CNY 222,033,340.16 in Q1 2021[22] - The net cash flow from operating activities for Q1 2022 was negative CNY 44,573,362.90, compared to negative CNY 40,581,659.77 in Q1 2021, showing a worsening cash flow situation[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,241,803,906.09, down 2.91% from the end of the previous year[6] - The total assets decreased to CNY 1,241,803,906.09 from CNY 1,279,050,151.42, a decline of 2.9%[17] - Total liabilities decreased to CNY 204,134,860.43 from CNY 211,482,714.62, a reduction of 3.5%[17] - The company's equity attributable to shareholders decreased by 2.86% to ¥978,148,979.47 compared to the end of the previous year[6] - The total equity of the company as of March 31, 2022, was CNY 996,960,531.03, down from CNY 1,020,883,018.35 at the end of 2021[26] Research and Development - Research and development expenses totaled ¥21,093,619.30, accounting for 122.96% of operating revenue, an increase of 13.60 percentage points year-on-year[6] - The company completed the clinical trial enrollment for the TiRobot Recon knee replacement robot, marking a significant advancement in its R&D efforts[14] - The company successfully launched the Viper PrimeTM spinal robot solution, which has been implemented in multiple hospitals, including Beijing Jishuitan Hospital and Shandong Qilu Hospital[14] - Research and development expenses for Q1 2022 were CNY 21,093,619.30, down from CNY 24,632,032.55 in Q1 2021, indicating a decrease of 14.3%[19] - Research and development expenses for Q1 2022 amounted to CNY 16,449,446.59, down from CNY 22,690,293.08 in Q1 2021, indicating a reduction of 27.5%[28] Operational Highlights - The company faced delays in revenue recognition for orthopedic surgical robots due to pandemic-related disruptions[14] - The company is actively pursuing the "purchase of technology services" model, which has led to signed agreements and installations during the reporting period[14] - The company has received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating ongoing capital-raising efforts[14] - The company reported a significant increase in sales expenses to CNY 16,173,564.10 from CNY 13,961,964.71, an increase of 15.4%[19] Inventory and Receivables - Accounts receivable decreased significantly from ¥27,254,544.36 to ¥14,886,142.21, a reduction of about 45.5%[15] - Inventory increased from ¥37,944,429.67 to ¥46,126,709.41, reflecting a rise of about 21.5%[15] - The total current assets decreased from ¥507,420,874.11 to ¥459,593,113.21, a decline of approximately 9.4%[15] - The company's fixed assets increased from ¥40,539,956.56 to ¥51,255,160.69, an increase of approximately 26.4%[15]

Financial Performance - The company's operating revenue for Q3 2021 was ¥28,400,541.21, representing a decrease of 1.00% compared to the same period last year[5]. - The net profit attributable to shareholders was a loss of ¥25,057,757.08, with a year-to-date loss of ¥63,764,563.64[5]. - Total revenue for the first three quarters of 2021 reached ¥104,797,152.65, a significant increase from ¥76,443,945.53 in the same period of 2020, representing an increase of approximately 37.2%[22]. - The company reported a net loss of ¥73,953,293.91 for the first three quarters of 2021, compared to a net loss of ¥59,685,979.29 in the same period of 2020, indicating a worsening of approximately 24.0%[23]. - The net loss for Q3 2021 was approximately ¥64.20 million, compared to a net loss of ¥53.47 million in Q3 2020, representing an increase in loss of about 20% year-over-year[24]. - The total comprehensive loss attributable to the parent company was approximately ¥62.55 million in Q3 2021, compared to a loss of ¥55.94 million in the same period last year, indicating a 12% increase in loss[25]. - The basic and diluted earnings per share for Q3 2021 were both -¥0.15, compared to -¥0.13 in Q3 2020[25]. Research and Development - Research and development (R&D) expenses totaled ¥23,187,664.24 for the quarter, an increase of 100.44% year-on-year, and accounted for 81.65% of operating revenue, up 41.32 percentage points[6][11]. - The increase in R&D investment was attributed to higher material and design development costs, as well as an increase in R&D personnel and their average salaries[11]. - Research and development expenses surged to ¥69,879,548.32 in the first three quarters of 2021, up from ¥42,633,472.36 in 2020, reflecting a growth of approximately 63.9%[23]. - The company plans to raise up to 1.34 billion RMB to establish a comprehensive R&D, sales, and operation system to support its orthopedic surgical robot platform[15]. - The company emphasizes the importance of investor awareness regarding the risks associated with its ongoing research and development projects[15]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,144,637,865.76, reflecting a 2.27% increase from the end of the previous year[6]. - As of September 30, 2021, total assets amounted to ¥1,144,637,865.76, a slight increase from ¥1,119,280,166.10 at the end of 2020[20]. - Current assets decreased to ¥549,305,426.55 from ¥794,320,929.73 at the end of 2020, representing a decline of approximately 30.9%[20]. - Total liabilities increased to ¥168,282,729.57 from ¥92,729,036.15 at the end of 2020, reflecting an increase of approximately 81.4%[20]. - The company's equity attributable to shareholders decreased to ¥945,467,212.20 from ¥996,031,484.25 at the end of 2020, a decline of about 5.1%[20]. - The company has reported a significant increase in accounts receivable, which rose to ¥33,873,216.34 from ¥15,915,481.94, marking an increase of approximately 112.5%[20]. Cash Flow - The company reported a cash flow from operating activities of -¥82,650,277.44 year-to-date[6]. - Cash inflows from operating activities for the first three quarters of 2021 totaled approximately ¥153.51 million, an increase from ¥111.31 million in the same period of 2020[26]. - The net cash outflow from operating activities for Q3 2021 was approximately ¥82.65 million, an improvement from a net outflow of ¥113.02 million in Q3 2020[27]. - The total cash and cash equivalents at the end of Q3 2021 were approximately ¥416.63 million, a decrease from ¥437.28 million at the end of Q3 2020[27]. - The company received cash from sales of goods and services amounting to approximately ¥82.55 million in the first three quarters of 2021, slightly down from ¥83.84 million in the same period of 2020[26]. Market and Product Development - The company has developed a surgical robot integrated with an ultrasonic bone knife system, which has successfully assisted in three surgeries, marking a significant advancement in orthopedic surgery technology[15]. - The "Tianji 2.0" orthopedic surgical robot was approved for market launch in February 2021, indicating a growth trend in the company's product lineup[15]. - The Beijing Medical Insurance Bureau has included the company's robotic-assisted orthopedic surgeries and disposable robotic instruments in the medical insurance payment directory, effective October 23, 2021[16]. - The inclusion in the medical insurance payment category is expected to positively impact the promotion of the company's products and increase the volume of orthopedic robotic surgeries[16]. - The company is focusing on expanding its market presence and enhancing its competitive edge in the orthopedic surgery sector[15]. Shareholder Information - The top shareholder, Zhang Songgen, holds 18.02% of the shares, while the second-largest shareholder, Beijing Zhihui Hechuang Investment Partnership, holds 7.87%[14]. - The company has a total of 15,668 common shareholders at the end of the reporting period[14].

Financial Performance - The company's operating revenue for the first half of 2021 was 76.3966 million RMB, representing a growth of 59.97% compared to the same period last year[18]. - The basic earnings per share for the first half of 2021 was -0.09 RMB, unchanged from the same period last year[18]. - The net profit attributable to shareholders for the reporting period decreased by 13.62% compared to the same period last year, primarily due to a decrease in investment income by 7.3526 million RMB[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses narrowed by 437.50 thousand RMB, a decrease of 8.37% year-on-year, mainly due to a reduction in non-recurring gains and losses by 901.51 thousand RMB, a decrease of 49.60%[19]. - The net cash flow from operating activities increased by 17.6083 million RMB compared to the same period last year, mainly due to an increase in government subsidies received[19]. - The company achieved a revenue of 16,998.40 million RMB in the first half of 2021, representing a significant increase compared to the previous period[57]. - The company reported a net loss of CNY 150,890,693.16 for the period, compared to a loss of CNY 117,172,394.60 in the previous period[167]. - The company reported a total cash inflow from operating activities of 47,201,288.11 RMB in the first half of 2021, down from 62,804,313.81 RMB in the first half of 2020, a decrease of 24.8%[182]. Research and Development - The research and development expenditure accounted for 61.12% of operating revenue, a decrease of 3.93 percentage points compared to the previous year[18]. - The company emphasizes independent research and development, collaborating with universities and research institutions to strengthen its R&D capabilities[27]. - Total R&D investment reached approximately ¥46.69 million, a significant increase of 50.30% compared to the previous period, with R&D expenses accounting for 61.12% of operating revenue[53][54]. - The company submitted 17 new patent applications during the reporting period, including 6 invention patents, and obtained 26 new patent authorizations, with 7 being invention patents[50]. - The company has accumulated a total of 270 patent applications, including 99 invention patents, and has 171 patents authorized, with 36 being invention patents[51]. - The company has developed high-precision online calibration technology for surgical robots, achieving an error margin of less than 0.5 mm[35]. - The company has successfully implemented AI algorithms for automatic surgical planning, achieving a success rate of 90% in small sample validations[37]. - The company has developed the Tianji® 2.0 surgical robot, which has received medical device registration and is now available for sale, covering multiple surgical procedures[56]. Market Position and Strategy - The company is a leading enterprise in the orthopedic surgical robot industry in China and aims to reshape the orthopedic surgical process through intelligent methods[23]. - The global surgical robot market is projected to grow from $3 billion in 2015 to $8.3 billion in 2020, with a compound annual growth rate (CAGR) of 22.57%[31]. - The orthopedic surgical robot market accounted for approximately 52% of the global orthopedic surgical robot market in 2020, valued at $725 million[31]. - The global surgical robot market is expected to reach $33.6 billion by 2026, with a CAGR of 26.2% from 2020[30]. - The company is focusing on international market expansion, with ongoing efforts to meet IEC standards and obtain international certifications[56]. - The company is a leading player in the domestic orthopedic surgical robot market, holding a significant market share[31]. - The company is focusing on expanding its market presence and enhancing clinical service capabilities to drive performance improvement[67]. Operational Risks and Challenges - The company is committed to addressing various operational risks as detailed in the report[3]. - The company is facing risks related to high R&D costs and long approval processes for new products, which may impact profitability in the short term[71]. - The company faces risks from intensified competition in the orthopedic surgical robot market, particularly from major players like Medtronic and Stryker[76]. - The company must secure product registration renewals to maintain sales; failure to do so could adversely affect operations and profitability[78]. - The company's direct sales to medical institutions are irregular, influenced by factors such as the COVID-19 pandemic, which may affect revenue consistency[81]. Shareholder and Governance Matters - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - The company has not faced any environmental pollution incidents or administrative penalties related to environmental protection during the reporting period[107]. - The company has not reported any significant matters during the reporting period[146]. - The company has established a commitment to adhere to the rules of the Shanghai Stock Exchange concerning the management of shares held by directors and senior management for 12 months post-IPO[113]. - The company will not reduce holdings of shares held by employees for 36 months post-IPO, ensuring stability in share ownership[113]. - The company has committed to not transferring or entrusting shares held prior to the IPO for 36 months from the date of listing[110]. Financial Position and Assets - Total assets grew by 4.23% compared to the end of the previous year, while net assets attributable to shareholders decreased by 2.73%[19]. - The company's cash and cash equivalents amounted to RMB 627,024,238.95, an increase from RMB 468,402,017.87 at the end of 2020, representing a growth of approximately 33.9%[165]. - The company's trading financial assets decreased to RMB 22,089,713.00 from RMB 252,250,859.45, indicating a decline of approximately 91.2%[165]. - Total liabilities amounted to CNY 168,061,578.01, up from CNY 92,729,036.15, marking an increase of approximately 80.9%[167]. - The total equity of the company stood at ¥995,092,721.68, slightly down from ¥1,014,289,512.31 in the same period last year, indicating a decrease of approximately 1.9%[172].