Core Insights - Tianzhihang is a leading company in the orthopedic surgical robot field in China, established in 2010 and listed on the Shanghai Stock Exchange in 2020 [1] Financial Performance - For Q3 2025, Tianzhihang reported revenue of 187 million yuan, ranking 40th out of 42 in the industry, significantly lower than the top competitor Mindray Medical at 25.83 billion yuan [2] - The company's net profit was -125 million yuan, placing it last in the industry, with a stark contrast to Mindray Medical's 7.814 billion yuan [2] - The main business revenue composition includes orthopedic surgical navigation robots at 73.07 million yuan (58.31%), supporting equipment and consumables at 29.90 million yuan (23.86%), and technical services at 20.66 million yuan (16.49%) [2] Profitability and Debt Ratios - As of Q3 2025, Tianzhihang's debt-to-asset ratio was 27.29%, slightly above the industry average of 27.21% [3] - The gross profit margin was 70.72%, higher than the industry average of 48.67% [3] Executive Compensation - Chairman Zhang Songgen's salary decreased from 1.3433 million yuan in 2023 to 798,500 yuan in 2024, a reduction of 544,800 yuan [4] - General Manager Xu Jin's salary also decreased from 1.3323 million yuan in 2023 to 799,500 yuan in 2024, a reduction of 532,800 yuan [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.31% to 17,300 [5] - The average number of circulating A-shares held per shareholder decreased by 10.96% to 26,100 [5] - Notable shareholders include E Fund National Robot Industry ETF and Huaxia CSI Robot ETF, with significant holdings [5]

Core Viewpoint - Tianzhihang (688277) reported a significant increase in revenue for the first three quarters of 2025, driven by a recovering market environment and substantial growth in product sales and technical services [1] Financial Performance - The company achieved an operating revenue of 187 million yuan, representing a year-on-year growth of 103.51% [1] - The net profit attributable to shareholders was -114 million yuan, indicating a loss [1] Market Environment - The growth in operating revenue is attributed to the recovery of the industry market environment during the reporting period [1] - Both product sales and technical service revenues experienced considerable increases [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥62,164,622.58, representing an increase of 83.88% compared to the same period last year[4] - The total profit for the period was -¥57,553,671.40, with a year-to-date total profit of -¥122,617,464.03[4] - The net profit attributable to shareholders was -¥56,507,418.21 for the quarter, and -¥114,055,608.72 year-to-date[4] - Total operating revenue for the first three quarters of 2025 reached ¥187,477,071.80, a significant increase from ¥92,120,994.70 in the same period of 2024, representing a growth of approximately 103.5%[22] - The net loss for the first three quarters of 2025 was ¥125,067,718.83, worsening from a net loss of ¥76,172,852.88 in the same period of 2024[22] - The company reported a basic and diluted earnings per share of -¥0.25 for the first three quarters of 2025, compared to -¥0.17 in the same period of 2024[23] Research and Development - Research and development expenses totaled ¥26,604,937.33, a decrease of 16.04% year-on-year, accounting for 42.80% of operating revenue[5] - The proportion of R&D investment to operating revenue decreased by 50.93 percentage points in the current period compared to the previous year[9] - Research and development expenses for the first three quarters of 2025 were ¥82,004,871.18, compared to ¥70,657,967.30 in the same period of 2024, marking an increase of approximately 16.0%[22] Assets and Liabilities - Total assets increased by 5.04% to ¥1,776,952,165.28 compared to the end of the previous year[5] - The company's total assets as of September 30, 2025, are ¥1,776,952,165.28, compared to ¥1,691,716,774.29 at the end of 2024[17] - The company's total liabilities increased to ¥484,878,381.87 in 2025 from ¥411,577,279.87 in 2024, reflecting a rise of approximately 17.7%[22] - The total equity attributable to shareholders decreased to ¥1,249,104,213.69 in 2025 from ¥1,267,845,501.07 in 2024, a decline of about 1.4%[22] - The total non-current liabilities rose to ¥328,385,286.70 in 2025 from ¥254,973,637.94 in 2024, indicating an increase of about 28.8%[22] Cash Flow - The company reported a net cash flow from operating activities of -¥29,946,024.19 year-to-date[4] - The net cash flow from operating activities was -$29,946,024.19, compared to -$116,724,720.20 in the previous period, indicating an improvement[26] - Total cash inflow from operating activities amounted to $272,023,070.98, while cash outflow was $301,969,095.17, resulting in a net cash flow deficit[26] - Cash inflow from investment activities was $74,376,114.28, down from $256,669,258.91 in the previous period, leading to a net cash flow of -$122,878,797.53[26] - The cash inflow from financing activities totaled $162,224,864.20, with a net cash flow of $130,036,151.31, a significant increase compared to the previous period[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,347[12] - The largest shareholder, Zhang Songgen, holds 75,918,700 shares, representing 16.77% of the total shares[12] Operational Highlights - The company experienced a significant increase in sales and technical service revenue due to a recovering market environment[9] - The company has conducted over 12,000 surgeries using the Tianji orthopedic surgical robot in Q3 2025, with a cumulative total of over 130,000 surgeries performed[15]

Core Points - Tianzhihang's stock price decreased by 2.06% on October 23, trading at 17.15 CNY per share with a market capitalization of 7.763 billion CNY [1] - The company has seen a year-to-date stock price increase of 71.67%, but has experienced a decline of 4.19% over the last five trading days and 5.87% over the last twenty days [2] - As of June 30, 2025, Tianzhihang reported a revenue of 125 million CNY, a year-on-year increase of 114.89%, but a net profit loss of 57.548 million CNY, a decrease of 23.80% year-on-year [3] Company Overview - Tianzhihang Medical Technology Co., Ltd. specializes in the research, production, sales, and service of orthopedic surgical navigation robots, with 58.31% of its revenue coming from this segment [2] - The company was established on October 22, 2010, and went public on July 7, 2020 [2] - The company is classified under the pharmaceutical and biological industry, specifically in medical devices, and is involved in several concept sectors including small-cap stocks, medical devices, and robotics [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.14% to 15,400, with an average of 29,308 circulating shares per shareholder, an increase of 8.48% [3] - The seventh largest circulating shareholder is the Huaxia CSI Robotics ETF, which holds 7.0953 million shares as a new shareholder [3]

Group 1 - The core viewpoint of the news is that Tianzhihang's stock has experienced fluctuations, with a year-to-date increase of 75.28% but a recent decline in the last five and twenty trading days [1] - As of October 22, Tianzhihang's stock price was 17.51 yuan per share, with a market capitalization of 7.926 billion yuan [1] - The company has seen a net inflow of main funds amounting to 682,100 yuan, with significant buying and selling activities recorded [1] Group 2 - Tianzhihang Medical Technology Co., Ltd. specializes in the research, production, sales, and service of orthopedic surgical navigation robots, with a revenue composition of 58.31% from these robots [2] - The company was established on October 22, 2010, and went public on July 7, 2020, operating within the medical device sector [2] - For the first half of 2025, Tianzhihang reported a revenue of 125 million yuan, reflecting a year-on-year growth of 114.89%, while the net profit attributable to shareholders was -57.5482 million yuan, a decrease of 23.80% [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688277 证券简称：天智航 公告编号：2025-042 北京天智航医疗科技股份有限公司 2023年限制性股票激励计划首次及预留授予部分 第二个归属期归属结果暨股份上市公告 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： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为3,323,445股（其中首次授予部 分2,602,855股，预留授予部分720,590股）。 本次股票上市流通总数为3,323,445股。 ● 本次股票上市流通日期为2025年10月24日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公司有关业务规则的规定， 北京天智航医疗科技股份有限公司（以下简称"本公司"、"公司"）于近日收到中国证券登记结算有限责 任公司上海分公司出具的《证券变更登记证明》，公司完成了2023年限制性股票激励计划首次及预留授 予部分第二个归属期的股份登记工作。现将有关情况公告如下： 5、2023年5月12日，公司于上 ...

Core Viewpoint - Tianzhihang announced the results of the second vesting period for its 2023 restricted stock incentive plan, indicating a focus on employee motivation and retention through equity incentives [1] Group 1 - The type of stock listed is equity incentive shares [1] - The total number of shares available for circulation is 3,323,445 shares [1] - The stock subscription method is offline [1] Group 2 - The listing date for the stock circulation is set for October 24, 2025 [1]

证券代码：688277 证券简称：天智航 公告编号：2025-042 北京天智航医疗科技股份有限公司 2023 年限制性股票激励计划首次及预留授予部分 第二个归属期归属结果暨股份上市公告 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： 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，北京天智航医疗科技股份有限公司（以下简称"本公 司"、"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的 《证券变更登记证明》，公司完成了 2023 年限制性股票激励计划首次及预留授予 部分第二个归属期的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2023 年 4 月 25 日，公司召开第五届董事会第二十一次会议，审议通过了 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2023 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理公司 2023 年限制性股票激励 ...

Core Viewpoint - Tianzhihang (688277) is actively pursuing an overseas expansion strategy, showcasing its technological innovations and product offerings at international exhibitions, and has achieved CE certification for its orthopedic surgical navigation system, laying the groundwork for entering overseas markets [1][3]. Group 1: Company Performance - As of October 17, 2025, Tianzhihang's stock closed at 17.53 yuan, down 2.77% from the previous week [1]. - The company has maintained the largest market share in the domestic orthopedic robot market, with a significant increase in bidding activity, showing over 50% year-on-year growth in orthopedic robot tenders [1][3]. Group 2: Technological Advancements - Since 2006, the company has been a pioneer in remote orthopedic robotic surgery, completing over 1,000 remote surgeries across 24 provinces and municipalities, establishing 5G remote surgery as a standard practice [2][3]. - The company has received approval for robotic-assisted orthopedic surgery in over 20 provinces and cities, with Beijing including it in its medical insurance payment directory [2][3]. Group 3: Corporate Governance - The second extraordinary general meeting of shareholders was held on October 16, 2025, with 203 shareholders present, representing 36.03% of the voting shares [3][4]. - The meeting approved the increase of the estimated amount for daily related transactions and the re-election of a non-independent director, with no proposals being rejected [3][4].

证券代码：688277 证券简称：天智航 公告编号：2025-041 北京天智航医疗科技股份有限公司 2025年第二次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 203 | | --- | --- | | 普通股股东人数 | 203 | | 2、出席会议的股东所持有的表决权数量 | 163,099,779 | | 普通股股东所持有表决权数量 | 163,099,779 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 36.0307 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 36.0307 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 10 月 16 日 （二） 股东大会召开的地点：北京市海淀区建枫路（南延）中关村西三旗金隅 科技园 8 号院 2 号楼北京 ...