北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京市康达律师事务所 关于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的法律意见书 致：天智航医疗科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受北京天智航医疗科技股份 有限公司（以下简称"公司"）的委托，就公司 2025 年第二次临时股东大会 （以下简称"本次会议"）的相关事宜出具《北京市康达律师事务所关于北京天 智航医疗科技股份有限公司 2025 年第二次临时股东大会的法律意见书》（以 下简称本"《法律意见书》"）。本所 ...

Core Viewpoint - Tianzhihang's stock price has experienced fluctuations, with a year-to-date increase of 71.17%, but a recent decline in the last five trading days by 6.91% [1] Group 1: Stock Performance - As of October 15, Tianzhihang's stock price was 17.10 CNY per share, with a market capitalization of 7.741 billion CNY [1] - The stock has seen a trading volume of 11.2079 million CNY, with a turnover rate of 0.14% [1] - Year-to-date, the stock has risen by 71.17%, but has declined by 6.91% over the last five trading days and 3.82% over the last twenty days [1] Group 2: Financial Metrics - For the first half of 2025, Tianzhihang reported revenue of 125 million CNY, representing a year-on-year growth of 114.89% [2] - The company recorded a net profit attributable to shareholders of -57.5482 million CNY, a decrease of 23.80% year-on-year [2] Group 3: Business Overview - Tianzhihang specializes in the research, production, sales, and service of orthopedic surgical navigation robots, with main business revenue composition: 58.31% from navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [1] - The company is categorized under the pharmaceutical and biological industry, specifically in medical devices and equipment [2]

Core Insights - The article discusses the shift in the surgical robot market in China from being dominated by foreign brands to a more competitive landscape with domestic companies making significant advancements in technology and clinical applications [1][2][3]. Market Overview - The global surgical robot market is projected to grow from approximately $18.074 billion in 2023 to $20.4 billion in 2024, with a compound annual growth rate (CAGR) of 23.75% over the next five years [1]. - The Chinese surgical robot market is expected to reach approximately 9.59 billion yuan in 2024, with a CAGR of 34.5%, and is projected to grow to 11.03 billion yuan by 2025 [2]. Competitive Landscape - Currently, the domestic surgical robot market is characterized by a "foreign dominance, domestic pursuit" trend, with the top eight brands in sales being evenly split between imported and domestic brands [3]. - As of 2025, the market share of domestic brands in the surgical robot sector is approximately 29.82%, while imported brands hold 70.18% [4]. Brand Performance - Intuitive Surgical's Da Vinci system maintains a leading position in the laparoscopic surgical robot market with a market share of 53.8% as of Q2 2025, generating revenue of $2.44 billion (approximately 17.5 billion yuan) with a year-on-year growth of 21.4% [5][7]. - Domestic brands are gaining traction, with a significant increase in the number of Da Vinci robots installed in China, rising from a 42% market share to 62% [7]. Growth of Domestic Brands - From January to May 2025, the number of domestic surgical robots awarded contracts increased by 82.9%, indicating a strong competitive push against foreign brands [9]. - The domestic market for laparoscopic surgical robots has seen a domesticization rate of approximately 44.4% in Q1 2025, meaning nearly 4.5 out of every 10 new installations are from domestic brands [9]. Pricing Dynamics - Domestic surgical robots are priced significantly lower than their foreign counterparts, with prices for domestic laparoscopic robots typically ranging from 12 million to 18 million yuan, compared to the Da Vinci system's price range of 14.99 million to 24.92 million yuan [13][14]. - The price competition has intensified, with some domestic brands offering robots at prices as low as 5.38 million yuan, while the Da Vinci system averages around 23 million yuan [25]. Challenges and Opportunities - Despite rapid growth, domestic surgical robot manufacturers face challenges such as reliance on imported core components, which account for 70-80% of the total cost [17]. - The technological gap between domestic brands and international leaders like Intuitive Surgical remains significant, with the latter holding over 700 patents that create a strong barrier to entry [20]. Future Directions - To succeed, domestic surgical robot companies must innovate through technology upgrades and business model transformations, such as integrating 5G and AI technologies to enhance operational efficiency and reduce costs [38][40]. - The Chinese government has introduced supportive policies, including insurance coverage for surgical robots, which could facilitate market penetration and adoption [44][45]. Conclusion - The future of domestic surgical robots hinges on achieving technological independence, leveraging AI and 5G, and establishing sustainable business models to transition from merely entering the operating room to securing a stable presence within it [46].

Core Insights - The dominance of Intuitive Surgical's da Vinci surgical robot system in the U.S. market is being challenged by the rise of domestic surgical robot companies in China, leading to a more competitive landscape [1][2] - The market share of domestic laparoscopic surgical robots in China is projected to grow significantly, indicating a shift from foreign dominance to a more balanced competition [4][5] Market Overview - The global surgical robot market is expected to reach approximately $18.074 billion in 2023 and $20.4 billion in 2024, with a compound annual growth rate (CAGR) of 23.75% over the next five years [6] - The Chinese surgical robot market is anticipated to grow to approximately 9.59 billion yuan in 2024, with a CAGR of 34.5%, reaching 11.03 billion yuan by 2025 [8] Competitive Landscape - By the first quarter of 2025, the number of imported and domestic brands in the top eight sales positions in China is expected to be equal, with two out of the top three brands being domestic [9] - Despite the increasing presence of domestic brands, imported brands still hold a significant market share, with 70.18% compared to 29.82% for domestic brands [10] Technological Advancements - Domestic surgical robot companies are making strides in technology, with a notable increase in the number of approved products and market entries [41][42] - The introduction of AI and remote surgical technologies is expected to enhance the capabilities of domestic surgical robots, potentially increasing market penetration [60][63] Financial Performance - Domestic companies like Tianzhihang have reported significant revenue growth, with a 114.89% increase in revenue in the first half of 2025 compared to the previous year [32][33] - However, many domestic companies are still operating at a loss, indicating challenges in achieving sustainable profitability [46][50] Challenges and Opportunities - The reliance on imported core components poses a significant challenge for domestic surgical robot manufacturers, as these components account for 70%-80% of the total cost [35] - The ongoing U.S.-China trade tensions have created opportunities for domestic brands to capture market share by offering more cost-effective alternatives to imported systems [24][26] Policy Support - Recent government policies have begun to support the integration of surgical robots into healthcare systems, with reimbursement rates for surgical robot procedures being established in various provinces [73][74] - The promotion of a "product + service" model by local governments aims to enhance the competitiveness of domestic surgical robot companies [68] Conclusion - The future of domestic surgical robots in China will depend on technological advancements, innovative business models, and effective policy support to transition from merely entering the market to establishing a strong foothold [75]

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会议资料 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 会议资料 二〇二五年十月 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会议资料 目 录 | 2025 | 年第二次临时股东大会会议须知 1 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 3 | | 议案一：《关于增加 | 年度日常关联交易预计额度的议案》 4 2025 | | | 议案二：《关于补选公司第六届董事会非独立董事的议案》 5 | 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会议资料 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会议须知 各位股东及股东代表： 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 会议的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证监会《上市公司股东会规则》以及《北京天智航医疗科技股份有限公司章 程》《北京天智航医疗科技股份有限公司股东大会议事规则》的相关规定，特制 定 2025 年第二次临时股东大会会议须知： ...

Core Viewpoint - Tianzhihang (688277.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1] Financial Performance - The company achieved operating revenue of 125 million yuan, representing a year-on-year increase of 114.89% [1] - The net profit attributable to shareholders was -57.55 million yuan, compared to -46.49 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -79.43 million yuan, slightly improved from -81.39 million yuan year-on-year [1] - The net cash flow from operating activities was -54.18 million yuan, an improvement from -88.35 million yuan in the previous year [1] Historical Financial Data - From 2018 to 2024, Tianzhihang's operating revenues fluctuated, with figures of 127 million yuan, 230 million yuan, 136 million yuan, 156 million yuan, 156 million yuan, 210 million yuan, and 179 million yuan respectively [2] - The net profit attributable to shareholders over the same period showed consistent losses, with figures ranging from -0.86 million yuan to -121 million yuan [2] - The net profit after deducting non-recurring gains and losses also reflected losses, with amounts from -39.10 million yuan to -170 million yuan [2] - The net cash flow from operating activities varied, with positive cash flow in 2018 and 2019, followed by negative cash flow in subsequent years [2] Fundraising Activities - Tianzhihang raised a total of 504.48 million yuan through its initial public offering, with a net amount of approximately 448.30 million yuan after deducting issuance costs [3] - The company planned to use the raised funds for various projects, including the development of orthopedic surgical robots and the establishment of an operational center [3] - In 2023, the company issued shares to specific investors, raising approximately 370.20 million yuan, with a net amount of about 359.76 million yuan after expenses [4] - The total amount raised by Tianzhihang from both fundraising activities reached approximately 875 million yuan [4]

Core Insights - The medical device sector experienced a slight increase of 0.39% on September 29, with Tianzhihang leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Device Sector Performance - Tianzhihang (688277) saw a closing price of 18.47, with a rise of 7.70% and a trading volume of 172,400 shares, amounting to a transaction value of 315 million yuan [1] - Jimin Health (603222) closed at 11.30, up 5.51%, with a trading volume of 494,600 shares and a transaction value of 556 million yuan [1] - Dongxing Medical (301290) closed at 29.32, increasing by 4.86%, with a trading volume of 99,500 shares and a transaction value of 29.67 million yuan [1] - Other notable performers included Sainuo Medical (688108) with a 4.82% increase and a closing price of 27.83, and Tianchen Medical (688013) with a 3.89% increase, closing at 59.52 [1] Capital Flow Analysis - The medical device sector saw a net inflow of 85.63 million yuan from institutional investors, while retail investors contributed a net inflow of 46.52 million yuan [2] - However, speculative funds experienced a net outflow of 132 million yuan [2] Individual Stock Capital Flow - Sainuo Medical (688108) had a net inflow of 111 million yuan from institutional investors, but a net outflow of 68.66 million yuan from speculative funds [3] - Mairui Medical (300760) also saw a significant net inflow of 107 million yuan from institutional investors, with a net outflow of 76.49 million yuan from speculative funds [3] - Jimin Health (603222) had a net inflow of 53.49 million yuan from institutional investors, while speculative funds saw a net outflow of 43.40 million yuan [3]

证券代码：688277 证券简称：天智航公告编号：2025-039 北京天智航医疗科技股份有限公司 关于公司董事变更的公告 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、准确性和完整性承担法律责任。 一、董事离任情况 (一)提前离任的基本情况 北京天智航医疗科技股份有限公司（以下简称"公司"）董事会于2025年9月25日收到肖治先生的辞职报 告，肖治先生因工作调整辞去公司董事、董事会战略委员会委员职务，自2025年9月25日起生效。 ■ 公司于2025年9月26日召开第六届董事会第二十三次会议，审议通过了《关于补选公司第六届董事会非 独立董事的议案》，同意提名李东方先生为公司第六届董事会非独立董事候选人（简历详见附件），任 期自股东大会审议通过之日起至第六届董事会届满之日止。经公司股东大会审议通过后，李东方先生将 同时担任公司第六届董事会战略委员会委员职务，任期自股东大会审议通过之日起至第六届董事会届满 之日止。上述议案尚需提交公司股东大会审议。 公司董事会提名委员会已对李东方先生的任职资格进行了核查，确认李东方先生符合《公司法》《公司 章程》等规定的任 ...

Core Viewpoint - Tianzhihang announced the nomination of Mr. Li Dongfang as a candidate for the sixth board of directors as a non-independent director [1] Company Summary - Tianzhihang has made a formal announcement regarding the nomination of Mr. Li Dongfang [1]

每经AI快讯，天智航（SH 688277，收盘价：17.15元）9月26日晚间发布公告称，北京天智航医疗科技 股份有限公司董事会于2025年9月25日收到肖治先生的辞职报告，肖治先生因工作调整辞去公司董事、 董事会战略委员会委员职务，自2025年9月25日起生效。公司于2025年9月26日召开第六届董事会第二十 三次会议，审议通过了《关于补选公司第六届董事会非独立董事的议案》，同意提名李东方先生为公司 第六届董事会非独立董事候选人，任期自股东大会审议通过之日起至第六届董事会届满之日止。 2024年1至12月份，天智航的营业收入构成为：医疗器械行业占比96.5%，其他业务占比3.5%。 截至发稿，天智航市值为78亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 曾健辉） ...