证券代码：688277 证券简称：天智航 公告编号：2025-044 北京天智航医疗科技股份有限公司 关于召开 2025 年第三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： 投资者可于 2025 年 11 月 12 日至 11 月 18 日 16:00 前登录上证路演中心 网站首页点击"提问预征集"栏目或通过公司邮箱 tinavi@tinavi.com 进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 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 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 19 日 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年第三季度 的经营成果及财务指标的具体情况与投资者进行互动交 ...

Key Points - The stock price of HeFu China has seen a significant short-term increase, indicating potential market sentiment overheating and irrational speculation risks [1] - Hongxing Development plans to invest 149 million yuan to establish a new high-purity thiourea project with an annual capacity of 20,000 tons [1] - Tongda Co., Ltd. is expected to win a bid for a 133 million yuan project with the State Grid [1] - Qiangrui Technology intends to acquire a 35% stake in Alubao Technology [1] - KJ Intelligent has repurchased a total of 6.6628% of its shares [1] - Hanma Technology reported cumulative vehicle sales of 10,797 units in the first ten months, representing a year-on-year increase of 45.63% [1] - Boying Special Welding plans to reduce its holdings by no more than 3% [1] - Ruijian Technology is collaborating with Tailan New Energy in the field of solid-state batteries and key materials [1] - The board member and deputy general manager of Siwei Liekong has been detained and is under investigation [1]

Summary of Key Points Core Viewpoint - Several shareholders from various companies are planning to reduce their stakes, indicating potential shifts in ownership and market sentiment. Additionally, some companies are facing significant regulatory actions, including delisting risks and investigations. Group 1: Shareholder Reductions - Montai High-tech's shareholders Guo Xianrui and Guo Lishuang plan to reduce their holdings by no more than 3% [1] - Boying Special Welding's shareholders Qianhai Equity Fund and Zhongyuan Qianhai Fund intend to reduce their stakes by no more than 3% [1] - Aerospace Intelligence's shareholder China Lucky plans to reduce its holdings by no more than 2.5% [1] - Ruifeng New Materials' shareholder Sinopec Capital aims to reduce its stake by no more than 1% [1] - Tianzhihang's shareholders Advanced Manufacturing Fund and Beijing-Tianjin-Hebei Fund plan to collectively reduce their holdings by no more than 3% [1] - Bull Group's actual controller Ruan Xueping has conducted a block trade to reduce 1.21% of the company's shares [1] - Other companies with notable reductions include Jiaoda Sino (up to 500,000 shares), Fangzhi Technology (up to 3%), and Shengyi Technology (up to 1%) [1] Group 2: Regulatory Actions and Investigations - ST Zhangjiajie will have its stock trading subject to additional delisting risk warnings and will be suspended [1] - Anpelong plans to terminate its 2025 restricted stock incentive plan [1] - Siwei Control's director and deputy general manager Zhao Jianzhou has been detained and is under investigation [1] - *ST Gaohong has been informed by the Shenzhen Stock Exchange that its stock will be delisted [1]

Core Viewpoint - Tianzhihang (688277.SH) announced a share reduction plan involving its major shareholders, indicating potential changes in ownership structure and market sentiment [1] Group 1: Share Reduction Plan - Advanced Manufacturing Fund plans to reduce its holdings by up to 2.28 million shares, representing no more than 0.50% of the total share capital, through centralized bidding within three months after the announcement [1] - Advanced Manufacturing Fund also intends to reduce its holdings by up to 4.56 million shares, representing no more than 1% of the total share capital, through block trading within the same timeframe [1] - Jingjinji Fund has a similar plan, aiming to reduce its holdings by up to 2.28 million shares (0.50% of total share capital) via centralized bidding and up to 4.56 million shares (1% of total share capital) via block trading within the specified period [1]

证券代码：688277 证券简称：天智航 公告编号：2025-043 减持计划的主要内容 公司于近日收到先进制造基金及其一致行动人京津冀基金出具的《关于北 京天智航医疗科技股份有限公司的股份减持计划告知函》，先进制造基金拟在本 次减持计划公告之日起 15 个交易日后的三个月内，以集中竞价方式择机减持其 所持公司股份合计不超过 2,279,960 股，即不超过公司总股本的 0.50%，以大宗 交易方式择机减持其所持公司股份合计不超过 4,559,920 股，即不超过公司总股 本的 1.00%；京津冀基金拟在本次减持计划公告之日起 15 个交易日后的三个月 内，以集中竞价方式择机减持其所持公司股份合计不超过 2,279,960 股，即不超 过公司总股本的 0.50%，以大宗交易方式择机减持其所持公司股份合计不超过 4,559,920 股，即不超过公司总股本的 1.00%。先进制造基金及其一致行动人京津 冀基金在任意连续 90 日内通过集中竞价方式减持公司股份的总数合计不超过公 司股份总数的 1%，在任意连续 90 日内通过大宗交易方式减持公司股份的总数合 计不超过公司股份总数的 2%。若减持计划期间公司有送股、资 ...

Core Viewpoint - Tianzhihang (688277.SH) announced a share reduction plan involving its major shareholders, Advanced Manufacturing Fund and Beijing-Tianjin-Hebei Fund, which will reduce their holdings in the company over the next three months [1] Group 1: Share Reduction Plan - Advanced Manufacturing Fund plans to reduce its holdings by up to 2,279,960 shares through centralized bidding, representing no more than 0.50% of the total share capital, and up to 4,559,920 shares through block trading, representing no more than 1.00% of the total share capital [1] - Beijing-Tianjin-Hebei Fund has a similar plan, intending to reduce its holdings by the same amounts and percentages as the Advanced Manufacturing Fund [1] - Both funds are restricted to a maximum reduction of 1% of the total shares through centralized bidding and 2% through block trading within any consecutive 90-day period [1]

Core Viewpoint - Tianzhihang announced that the Advanced Manufacturing Fund and the Beijing-Tianjin-Hebei Fund hold 4.23% of shares each and are acting in concert. They plan to reduce their holdings by up to 6.8399 million shares, representing 1.50% of the total share capital, from November 26 to February 25, totaling up to 3% [1] Summary by Relevant Sections - Shareholding Structure - The Advanced Manufacturing Fund and the Beijing-Tianjin-Hebei Fund each hold 4.23% of Tianzhihang's shares and are considered concerted actors [1] - Reduction Plan - The funds have issued a notice of their plan to reduce holdings by up to 6.8399 million shares, which is 1.50% of the total share capital, through centralized bidding and block trading [1] - The total reduction could amount to 3% of the company's shares [1] - Historical Context - Over the past 12 months, both funds have engaged in multiple rounds of share reductions [1] - Reason for Reduction - The reduction is attributed to the funds' own capital needs, and while the implementation carries uncertainty, it is stated that it will not affect the company's governance and control [1]

Group 1 - The Robot ETF (562500) is currently trading at 1.024 yuan, down 0.49%, with significant differentiation among constituent stocks, where 30 out of 73 stocks are up and 43 are down [1] - The leading stock, Hai Muxing, increased by 12.81%, while Xinjie Electric and Tianzhihang rose by 8.05% and 7.11% respectively; however, Xinjia Intelligent and Buke Co. fell by over 5% [1] - The overall trading volume is 726 million yuan, indicating relatively stable trading activity [1] Group 2 - CITIC Securities highlights that the development of embodied intelligence faces challenges due to a lack of large-scale training data [2] - The success of large language models is attributed to the vast knowledge available on the internet, while autonomous driving benefits from continuous data collection in real-world scenarios [2] - The industry defines the data categories for training embodied models as a "data pyramid," emphasizing the importance of real data at the top of the pyramid, which is crucial for addressing the challenges in embodied data [2]

Summary of the Conference Call Company Overview - The conference call was held by Jinzhihang, a company specializing in orthopedic robotics, to discuss its Q3 2025 financial performance and future strategies [1][2]. Key Financial Data - Q3 2025 revenue reached 187 million yuan, a 104% increase year-over-year [2]. - Revenue breakdown: - Orthopedic robot sales: approximately 100 million yuan (56% of total revenue) - Supporting equipment and consumables: approximately 48 million yuan - Technical services: 29 million yuan [2]. - Total sales of 28 devices in Q3, a significant increase from 5 devices sold in the same period last year [2][3]. Surgical Application and Product Updates - Approximately 35,000 surgeries were completed in the first three quarters, nearing last year's total of 39,000 [3]. - New products launched in Q1 2025 include two C-arm products, with initial sales occurring in Q4 [4]. Market Strategy and Growth Drivers - The company is focusing on expanding its commercial channels, particularly through: - Promoting a technology service purchase model, which has seen 30+ units sold, primarily in Beijing [5][6]. - Expanding financing leasing policies in several provinces to facilitate the adoption of robotic systems [6]. - International expansion strategy initiated for 2024, with initial sales in India and Mongolia, and plans to enter the European and American markets [7]. Future Outlook - Q4 2025 is expected to continue the growth trend, although the growth rate may not be as high as in previous quarters [10][12]. - The bidding process for new contracts is anticipated to improve in 2026, with a positive outlook for order confirmations [12][14]. Regulatory and Competitive Landscape - The company is awaiting the release of a pricing standard for surgical robots from the National Medical Insurance Administration, expected to be more favorable than previous proposals [18][19]. - The competitive landscape is evolving, with many orthopedic consumable manufacturers entering the robotic surgery market, which is seen as a necessary move for survival [26][27]. Strategic Partnerships and Acquisitions - The company plans to enter the consumables market through acquisitions rather than developing products in-house, focusing on innovative consumables that integrate with robotic systems [34][35]. - There is a strategic emphasis on forming partnerships with leading consumable manufacturers to enhance product offerings and market presence [30][31]. Sales Team Structure - The domestic sales team consists of approximately 50 members, organized by regional divisions, while the international team is still in the early stages of development [39][41]. - Future plans may include expanding the international sales team based on the outcomes of ongoing market assessments [43][45]. Conclusion - Jinzhihang is positioned for significant growth in the orthopedic robotics market, with a strong focus on expanding its product offerings, enhancing its market presence both domestically and internationally, and adapting to regulatory changes. The company is also preparing for increased competition as more players enter the robotic surgery space.

Core Viewpoint - Tianzhihang's stock price has shown significant volatility, with a year-to-date increase of 73.77%, but recent declines in the short term indicate potential market fluctuations [2]. Group 1: Stock Performance - As of October 31, Tianzhihang's stock price rose by 2.06% to 17.36 CNY per share, with a trading volume of 25.985 million CNY and a turnover rate of 0.33%, resulting in a total market capitalization of 7.916 billion CNY [1]. - Year-to-date, Tianzhihang's stock has increased by 73.77%, but it has experienced a decline of 1.92% over the last five trading days, 1.31% over the last 20 days, and 2.03% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Tianzhihang reported revenue of 187 million CNY, representing a year-on-year growth of 103.51%. However, the net profit attributable to shareholders was -114 million CNY, a decrease of 49.73% year-on-year [3]. - The company's main business revenue composition includes 58.31% from orthopedic surgical navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [2]. Group 3: Shareholder Information - As of September 30, 2025, Tianzhihang had 17,300 shareholders, an increase of 12.31% from the previous period, with an average of 26,094 circulating shares per shareholder, a decrease of 10.96% [3]. - Among the top ten circulating shareholders, the E Fund National Robot Industry ETF holds 10.7803 million shares, marking its entry as a new shareholder, while the Huaxia CSI Robot ETF increased its holdings by 1.6284 million shares to 8.7238 million shares [3].