Financial Performance - Revenue for 2023 reached RMB 104,592 thousand, a significant increase from RMB 21,603 thousand in 2022[8] - Gross profit for 2023 was RMB 14,694 thousand, up from RMB 6,562 thousand in 2022[8] - The company reported a net loss of RMB 1,023,530 thousand in 2023, compared to a net loss of RMB 1,146,284 thousand in 2022[8] - Total assets decreased to RMB 1,427,907 thousand in 2023 from RMB 1,930,125 thousand in 2022[9] - Non-current assets stood at RMB 633,859 thousand in 2023, down from RMB 831,303 thousand in 2022[9] - Current liabilities increased to RMB 685,276 thousand in 2023 from RMB 325,314 thousand in 2022[9] - The company's free cash flow net outflow decreased by 42% from RMB 1,158 million in 2022 to RMB 670 million in 2023[18] - Revenue for the year ended December 31, 2023, was RMB 104.6 million, a 384.2% increase from RMB 21.6 million in 2022, driven by strong market performance of the core product Toumai and successful overseas promotion of orthopedic robots[61] - Gross profit increased by 123.9% to RMB 14.7 million in 2023 from RMB 6.6 million in 2022, but gross margin decreased to 14% from 30% due to inventory impairment of RMB 29.0 million[62] - Sales and marketing expenses rose by 29.6% to RMB 238.4 million in 2023 from RMB 184.0 million in 2022, primarily due to increased commercialization efforts and marketing team costs[63] - Administrative expenses decreased by 25.9% to RMB 126.4 million in 2023 from RMB 170.5 million in 2022, mainly due to optimization of operational efficiency and reduced staffing costs[64] - R&D costs decreased by 24.7% to RMB 569.2 million in 2023 from RMB 755.8 million in 2022, as the company focused on products nearing commercialization and improved R&D efficiency[65] - Other net loss was RMB 13.3 million in 2023, compared to a net income of RMB 42.1 million in 2022, primarily due to RMB 40.5 million in losses from site lease terminations[67] - Net loss on financial instruments at fair value through profit or loss was RMB 42.5 million in 2023, compared to RMB 27.0 million in 2022, mainly due to a further decline in the fair value of NDR investment[68] - Financing costs increased to RMB 18.6 million in 2023 from RMB 11.4 million in 2022, primarily due to higher bank loan interest[69] - Inventory as of December 31, 2023, was RMB 229.5 million, with an inventory impairment of RMB 29.0 million due to product upgrades and optimization[73] - Capital expenditures for the reporting period were RMB 66.5 million, primarily for property, plant, and equipment[75] - Employee costs decreased to RMB 561.2 million in 2023 from RMB 612.9 million in 2022, primarily due to a reduction in the number of employees[76] - Cash and cash equivalents decreased to RMB 507.7 million as of December 31, 2023, from RMB 748.0 million as of December 31, 2022, driven by increased R&D and marketing activities[77] - Total interest-bearing borrowings increased to RMB 475.1 million as of December 31, 2023, compared to RMB 33.1 million as of December 31, 2022, with the debt-to-asset ratio rising to 65% from 27%[80] - Net current assets decreased to RMB 108.8 million as of December 31, 2023, from RMB 773.5 million as of December 31, 2022, due to ongoing R&D, clinical registration, and commercialization expenses[81] Product Development and Commercialization - Core product TuMai completed 10 commercial installations during the reporting period, achieving strong year-on-year growth[14] - TuMai has secured nearly 20 bids nationwide, breaking the long-term market monopoly of imported brands and leading the domestic market share[14] - The company's Mona Lisa prostate biopsy robot achieved 1 commercial installation after receiving NMPA approval in May 2023[14] - R-ONE vascular intervention robot accumulated several intention orders shortly after its approval in December 2023, showing strong commercialization potential[14] - TuMai secured its first overseas order at the end of 2023, marking a significant milestone for domestic surgical robots in international markets[15] - The company's Honghu robot has accumulated 15 overseas sales orders and completed over 100 robot-assisted surgeries[15] - The company obtained 8 domestic and international registrations/approvals in 2023, including NMPA approvals for TuMai, Honghu, R-ONE, and Mona Lisa[16] - TuMai has completed over 120 5G remote clinical surgeries globally with a 100% success rate[17] - The company's revenue in 2023 reached RMB 104.6 million, a strong increase of 384.2% compared to the previous year's RMB 21.6 million, driven by the commercialization of its main products, including Toumai, Honghu, and Qingtingyan[22] - Toumai, the company's core product, completed 10 commercial installations in 2023, a significant increase from the previous year, and has accumulated nearly 20 bids nationwide, including top-tier hospitals[23] - The company's Mona Lisa prostate biopsy robot achieved 1 commercial installation and successfully performed 1 commercial surgery after receiving NMPA approval in May 2023[23] - The R-ONE vascular intervention robot, approved in December 2023, has quickly accumulated several intent orders, showing strong commercialization potential[23] - The company's products, including Toumai, Honghu, and Qingtingyan, have maintained their leading positions in their respective fields despite intense domestic competition[23] - The company's international cooperation in the field of percutaneous surgery has led to the development of the Mona Lisa prostate biopsy robot, which has shown promising results in the market[23] - The company's focus on technological innovation and commercialization has been a key driver of its revenue growth[22] - The company's products have been recognized for their clinical value, technological innovation, and comprehensive training services, earning the trust of doctors and hospitals[23] - The company's strategic focus on sustainable growth and operational efficiency has helped it navigate the challenges of a complex global economic and geopolitical environment[22] - The company's products have been instrumental in advancing the adoption of robotic-assisted surgery in China, contributing to the overall growth of the surgical robot market[19] - Tuo Mai achieved its first overseas sales order, marking the first overseas sale of a domestically produced laparoscopic surgical robot, and successfully assisted in its first overseas radical prostatectomy[24] - Hong Hu, the company's flagship product, has accumulated 15 overseas sales orders and completed over 100 robot-assisted surgeries, including multiple consecutive surgeries[24] - Tuo Mai has completed over 120 5G remote clinical surgeries globally with a 100% success rate, setting nearly 20 national and global remote surgery records[27] - The company's free cash flow outflow decreased by 42% from RMB 1,158 million in 2022 to RMB 670 million in 2023 due to strategic focus and cost reduction measures[28] - Tuo Mai received NMPA approval in October 2023 for multi-department commercialization, including urology, general surgery, gynecology, and thoracic surgery[26] - Hong Hu received approvals from Brazil ANVISA, Australia TGA, and UK UKCA, becoming the first and only domestic surgical robot approved in major markets including China, the US, EU, Brazil, Australia, and the UK[26] - R-ONE vascular intervention robot received NMPA approval in December 2023, becoming the first commercialized coronary vascular intervention robot in China[27] - iSR'obot Mona Lisa prostate biopsy robot received NMPA approval in May 2023, forming a diagnostic and therapeutic integration platform with Tuo Mai[27] - The company has accelerated the transformation of its five major business segments, with 4/5 segments having innovative products approved for market[26] - The company is the only surgical robot company globally covering five "golden tracks": laparoscopic, orthopedic, pan-vascular, natural orifice, and percutaneous surgery[29] - The company's core product, the Toumai laparoscopic surgical robot, has been approved for use in urology, general surgery, gynecology, and thoracic surgery by the NMPA in October 2023, significantly accelerating its commercialization process[33] - As of the report date, Toumai has secured nearly 20 domestic bids and completed 11 commercial installations, with 10 installations completed within 2023 alone[33] - Toumai has assisted in over 2,000 high-difficulty clinical surgeries across more than 90 hospitals in 31 provinces, including over 1,600 Level 4 surgeries and nearly 300 types of procedures[34] - Toumai has achieved over 120 successful 5G remote clinical surgeries globally, with a 100% success rate, including the longest-distance surgery spanning over 5,000 kilometers[37] - In December 2023, Toumai completed its first overseas commercial installation and successfully assisted in its first international clinical surgery for prostate cancer, marking a significant milestone for domestic laparoscopic surgical robots[36] - The company has established over 30 Toumai clinical application and training centers nationwide, enhancing its market presence and surgeon training capabilities[34] - Toumai's EU CE certification application has been accepted, and its remote endoscopic surgery system has initiated NMPA registration clinical work with clinical enrollment underway[37] - The company has made breakthroughs in 5G remote surgery technology, including the first transatlantic and transpacific remote surgery validations, showcasing its advanced capabilities in remote surgery[37] - Toumai has gained international recognition and influence, particularly after its debut at the 2023 SRS Annual Meeting, where it showcased its clinical and technical expertise[36] - The company has completed nearly 50 "first domestic cases" with Toumai, further solidifying its leading position in the domestic laparoscopic surgical robot market[34] - The Toumai single-arm laparoscopic surgical robot has completed enrollment for registration clinical trials and is being applied in multiple departments such as gynecology, urology, and general surgery in hospitals in Beijing, Shanghai, and Nanchang[39] - The Dragonfly three-dimensional electronic laparoscopic endoscope achieved stable sales performance during the reporting period and maintained its leading position among domestic brands[40] - The Dragonfly endoscope obtained the EU certification from the British Standards Institution (BSI) and expanded its market space in the high-end medical equipment field, laying a solid foundation for overseas commercialization[40] - The Honghu orthopedic surgical robot obtained NMPA approval for both total knee and total hip replacement surgeries, making it the first and only domestic robot with a self-developed robotic arm approved for such applications[41] - The Honghu robot has received FDA 510(k) certification, EU CE certification, Brazil ANVISA, Australia TGA, and UK UKCA certification, making it the first and only domestic surgical robot approved in major markets including China, the US, the EU, Brazil, Australia, and the UK[41] - The Honghu robot has accumulated 15 overseas orders and completed over 100 robot-assisted surgeries overseas[42] - The company has established nearly 20 Honghu clinical application and training centers nationwide and completed nearly 900 robot-assisted clinical validation surgeries in over 50 hospitals across 17 provinces and municipalities in China[42] - The Honghu robot has successfully conducted several 5G remote joint replacement surgeries, including the first 5G remote domestic robot-assisted total knee replacement surgery in Tibet[42] - The company expects the combined application of the Honghu robot and MicroPort's joint prostheses to effectively shorten the learning curve for doctors and maximize the clinical value of both products[42] - Honghu robot demonstrated high surgical precision and efficiency in total knee arthroplasty, with no significant difference compared to international top-tier orthopedic surgical robots[43] - Honghu completed its first human surgery for unicompartmental knee arthroplasty, marking its entry into clinical validation for such applications[44] - The bronchoscopic surgical robot successfully completed the first human clinical trial for robot-assisted bronchoscopic lung nodule biopsy in China[45] - R-ONE vascular intervention robot received NMPA approval in December 2023 and accumulated several domestic orders, with successful 5G-assisted remote PCI surgeries over 2,800 km[46][47] - Mona Lisa prostate biopsy robot achieved NMPA approval, completed one commercial installation, and performed one commercial surgery, filling a market gap in China[48] - The company's 5G remote surgery technology has achieved over 120 successful clinical cases globally, with a maximum transmission distance of 5,000 km and control distance of nearly 13,000 km[49] - The company has established over 30 Toumai clinical application and training centers and nearly 20 Honghu clinical application and training centers nationwide[52] - The company has applied for a total of 1,278 patents globally, with 395 patents granted (263 in China and 132 overseas)[56] - The company has two production bases in China, located in Shanghai and Suzhou, supporting large-scale production of surgical robots and consumables[54] - The company has built a mobile training and demonstration platform for surgical robots, promoting the technology nationwide[53] - The company has established two R&D centers in China (Shanghai and Shenzhen) and overseas R&D centers in Singapore and the U.S.[51] - The company has a team of approximately 650 employees, primarily based in China, Singapore, and the U.S.[55] - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform[58] - The company aims to accelerate commercialization and increase market penetration by establishing more training centers and improving clinical application experiences[59] - The company has partnered with 301 Hospital to build the world's first 5G remote precision minimally invasive surgery training center[50] - The company's Shanghai Minimally Invasive Surgical Robot Engineering Technology Research Center is the first provincial-level surgical robot engineering center[51] Corporate Governance and Leadership - Dr. He Chao, aged 39, was appointed as an Executive Director on October 18, 2017, and transferred to the role on June 10, 2022. He is responsible for overseeing the company's R&D, daily management, and strategic development[85] - Dr. He Chao has over 16 years of experience in surgical robotics R&D and holds multiple leadership roles within the company, including Executive Director of Suzhou MicroPort Changxing Robotics Co., Ltd. since July 2019[85] - Mr. Sun Hongbin, aged 49, was appointed as a Non-Executive Director on April 3, 2020, and transferred to the role on June 10, 2021. He serves as the Chairman of the Board and oversees the company's management and operations[86] - Mr. Sun Hongbin has over 20 years of experience in the medical device industry and currently serves as the CFO of MicroPort Medical Group and holds various executive roles within the group[86] - Mr. Chen Xinxing, aged 38, was appointed as a Non-Executive Director on December 29, 2023, and is responsible for overseeing the company's management and operations[87] - Mr. Chen Xinxing has extensive experience in investment banking and private equity, currently serving as Managing Director at Hillhouse Investment and Non-Executive Director at Ningbo Jenscare Biotechnology Co., Ltd[87] - Mr. Chen Chen, aged 40, was appointed as a Non-Executive Director on September 17, 2020, and transferred to the role on June 10, 2021. He oversees the company's management and operations[88] - Mr. Chen Chen has 12 years of experience in business consulting and investment management, currently serving as Executive General Manager at Beijing Panmao Investment Management Co., Ltd[88] - Dr. Li Minghua, aged 72, was appointed as an Independent Non-Executive Director on December 30, 2020, and transferred to the role on June 10, 2021. He chairs the Remuneration and Assessment Committee and is a member of the Audit and Strategic Development Committees[89] - Dr. Li Minghua has a distinguished career in radiology and medical imaging, having served as Director of the Radiology Department at Shanghai Sixth People's Hospital and Professor at Shanghai Jiao Tong University[89] - Yao Haisong, aged 50, was appointed as an independent director on December 30, 2020, and re-designated as an independent non-executive director on June 10, 2021[90] - Mei Yongkang, aged 52, was appointed as an independent non-executive director on June 21, 2022, and has over 25 years of experience in managing various financing and accounting activities[90] - Zhang Jie, aged 45, was appointed as a shareholder representative supervisor on December 30, 2020, and currently serves as the chairman of the supervisory board[92] - Zhang Lihong, aged 47, was appointed as a shareholder representative supervisor on December 30, 2020, and has extensive experience in intellectual property management[92] - Chen Gong, aged 32, was appointed as an employee representative supervisor on December 29, 2023, and has been responsible for the R&D management of surgical robots since January 2020[94] - Yao Haisong holds a Bachelor's degree in Clinical Medicine from Shanghai Second Medical University and a Master's degree in International Business Law from the National University of Singapore[90] - Mei Yongkang holds a Bachelor's degree in Business Administration from the Chinese University of Hong Kong and completed the CFO program at CEIBS[90] - Zhang Jie holds a Bachelor's degree in Communication Principles from Zhejiang University of Technology and a Master's degree in Testing and Measurement Technology from Shanghai University of Technology[92] - Zhang Lihong holds a Bachelor's degree in Detection Technology and Instruments from Xi'an University of Technology and a Master's degree in Measurement and Control Technology from Xi'an University of Technology[94] - Chen Gong holds a Bachelor's degree in Mechanical Design and Manufacturing from Henan University of Engineering and a Master's degree in Mechanical Engineering from Jiangsu University[94] - The company's board of directors and supervisors were re-elected and appointed on December 29, 2023, with Dr. He Chao re-elected as an executive director and Mr. Sun Hongbin re-elected as the chairman of the board[115] - The company's senior management compensation for the year ended December 31, 2023, includes one individual earning between RMB 1,000,001 and RMB 1,500,000, two individuals earning

Financial Performance - The company reported a revenue of RMB 104.6 million for the year ended December 31, 2023, representing a year-on-year increase of 384.2%[3] - Gross profit for the same period was RMB 14.7 million, compared to RMB 6.6 million in the previous year[2] - The net loss for the year was RMB 1,023.5 million, an improvement from a net loss of RMB 1,146.3 million in 2022, primarily due to increased operating income and reduced R&D expenses[3] - Free cash flow net outflow decreased by 42% to RMB 670 million from RMB 1,158 million in the previous year[3] - The company’s basic and diluted loss per share improved to RMB (1.06) from RMB (1.19) in the previous year[2] - The company reported a pre-tax loss of RMB 1,023,530,000 for 2023, compared to a pre-tax loss of RMB 1,146,284,000 in 2022, indicating a reduction in losses[24] - The adjusted net loss for the year was RMB 869.1 million in 2023, down from RMB 982.4 million in 2022, indicating an improvement of approximately 11.5%[85] Revenue Sources - The total revenue from customer contracts for medical device sales in 2023 was RMB 104,592,000, a significant increase from RMB 21,603,000 in 2022[14] - Revenue from external customers in China for 2023 was RMB 83,385,000, compared to RMB 21,603,000 in 2022[19] - The company recorded a significant increase in revenue driven by the strong market performance of its core product and successful promotion of orthopedic surgical robots in overseas markets[3] Expenses and Costs - The company experienced an increase in sales and marketing expenses due to aggressive business activities for multiple product promotions[3] - Sales and marketing expenses rose by 29.6% from RMB 184.0 million for the year ended December 31, 2022, to RMB 238.4 million for the year ended December 31, 2023, attributed to increased labor costs and promotional investments for core flagship products[77] - Administrative expenses decreased by 25.9% from RMB 170.5 million for the year ended December 31, 2022, to RMB 126.4 million for the year ended December 31, 2023, due to operational efficiency improvements and a streamlined management team[78] - R&D costs decreased by 24.7% from RMB 755.8 million for the year ended December 31, 2022, to RMB 569.2 million for the year ended December 31, 2023, as the company focused on products closer to commercialization and improved R&D efficiency[79] Assets and Liabilities - Total assets decreased to RMB 794.0 million from RMB 1,098.8 million year-on-year[7] - The company's equity attributable to shareholders decreased to RMB 519.5 million from RMB 1,417.7 million in the previous year[8] - The group has short-term interest-bearing borrowings amounting to RMB 375,357,000 as of December 31, 2023[11] - Interest-bearing borrowings increased to RMB 475,057,000 in 2023 from RMB 33,100,000 in 2022, indicating a significant rise in debt levels[29] - The company's cash and cash equivalents decreased from RMB 748 million in 2022 to RMB 507.7 million in 2023, a decline of about 32.2%[90] Product Development and Approvals - The core product, TUMAI, received NMPA approval for multi-department applications in October 2023, marking a significant milestone since its initial approval in January 2022[37] - The Mona Lisa prostate puncture robot received NMPA approval in May 2023, achieving one sale and successfully conducting a commercial surgery during the reporting period[38] - The R-ONE vascular intervention robot quickly accumulated several intended orders after receiving approval in December 2023, indicating strong commercialization potential[38] - The Honghu surgical robot obtained NMPA approval for hip and knee joint replacement surgeries in September 2023, becoming the first domestic surgical robot approved in major markets including China, the US, and the EU[41] Market Expansion and Strategy - The company aims to expand its overseas market presence, particularly in countries along the "Belt and Road" initiative, leveraging its competitive technology and pricing[35] - The company is positioned to benefit from the dual drivers of policy incentives and market demand for high-end medical equipment in China[34] - The implementation of the "14th Five-Year Plan" is expected to significantly boost the demand for high-end medical equipment, including laparoscopic surgical robots[34] Clinical Applications and Innovations - The company completed over 120 5G remote clinical surgeries globally with a success rate of 100%, showcasing its leadership in remote surgical applications[42] - The company has established nearly 20 clinical application and training centers for "Honghu" across China, completing around 900 robot-assisted clinical verification surgeries in over 50 hospitals[56] - The company has successfully registered multiple innovative products across four out of five key surgical fields, accelerating the transformation of its research and development efforts[44] Future Outlook and Plans - The company plans to enhance manufacturing capabilities and supply chain management with an allocation of HKD 84.13 million, with all funds expected to be utilized by the end of 2025[97] - The company aims to accelerate commercialization and increase market penetration by establishing more surgical robot training centers and enhancing communication with doctors and patients[73] - The company is advancing its globalization strategy by building an innovative platform for medical robot solutions and collaborating with top hospitals and research institutions worldwide[74]

Financial Performance - For the first half of 2023, the company recorded revenue of RMB 47.6 million, a significant increase from RMB 1.0 million in the same period last year, representing a growth of approximately 4,660%[14]. - The company reported a gross profit of RMB 22.1 million for the first half of 2023, compared to RMB 691,000 in the same period of 2022[9]. - The pre-tax loss for the first half of 2023 was RMB 544.7 million, compared to a loss of RMB 463.5 million in the same period last year[9]. - The company recorded a revenue of RMB 476 million for the six months ended June 30, 2023, representing a significant increase of 4,442.3% compared to RMB 10.5 million for the same period in 2022[53]. - The net loss attributable to equity shareholders was RMB 539,012,000, compared to RMB 459,052,000 in the previous year, showing a worsening financial position[111]. - Total comprehensive loss for the period was RMB 541,530,000, compared to RMB 468,445,000 in 2022, indicating continued financial strain[112]. - The company reported a basic and diluted loss per share of RMB 0.56 for the period, compared to RMB 0.48 in the previous year, indicating a decline in earnings performance[111]. - The adjusted net loss for the six months ended June 30, 2023, was RMB 473.6 million, compared to RMB 400.7 million for the same period in 2022, reflecting an increase of approximately 18.2%[63]. Product Development and Commercialization - The core product, TUMAI, achieved four commercial installations during the reporting period and secured contracts in several top-tier hospitals in China[14]. - The company successfully generated overseas sales revenue for the first time with its product, HONGHU, through collaboration with MicroPort Medical Group[14]. - The flagship product, QINGTUIYAN, continued to show stable revenue growth, with both revenue and sales volume experiencing significant year-on-year increases[14]. - The new product, Mona Lisa, received NMPA approval in May 2023, becoming the first prostate puncture robot in the domestic market, filling a significant gap in medical options for patients[15]. - The company aims to enhance the surgical performance and product quality stability of its products, with a focus on meeting high-frequency surgical demands in commercialization[16]. - The company is focused on advancing its core strategy and achieving sustainable revenue growth through the commercialization of its existing products[14]. - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform to meet the growing demand for minimally invasive surgeries[50]. Market Expansion and Global Strategy - The company is actively advancing its global layout and resource integration, leveraging the extensive influence of the MicroPort Medical Group in the global medical device field[19]. - In the first half of 2023, the company's first overseas product, Honghu, generated sales revenue from international markets[19]. - The company has submitted a CE certification application for its flagship product, Tumai, as part of its overseas expansion plan[19]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[156]. - The company has received regulatory approval from ANVISA for its new surgical robot, facilitating entry into the Brazilian market[155]. Research and Development - The company continues to leverage its rapid R&D capabilities in China to meet clinical demands in the US market, facilitating quick iterations of its products[16]. - The company has applied for a total of 1,152 patents globally as of June 30, 2023, with 324 patents granted, including 230 in China and 94 overseas[48]. - Research and development expenses increased by 10% to RMB 200 million, focusing on advanced robotic systems and AI integration[154]. - The company is focused on five core underlying technologies for surgical robots, ensuring continuous product development and innovation[44]. Clinical Applications and Achievements - The company has completed over 1,200 robot-assisted clinical verification surgeries across more than 40 hospitals in 20 provinces, with over 700 surgeries completed this year alone, enhancing the technology and clinical application level[16]. - The 5G remote surgery initiative has successfully conducted nearly 50 surgeries, including the world's first 5G ultra-remote robotic liver resection and total hysterectomy surgeries, showcasing the company's advanced remote surgical capabilities[18]. - The company has established over 40 clinical application and training centers nationwide, providing comprehensive support services to empower grassroots medical institutions[16]. - The company has completed over 50 remote surgeries using 5G technology across various hospitals, setting multiple national and global records[43]. Financial Position and Liabilities - Total assets as of June 30, 2023, were RMB 1,744.0 million, down from RMB 1,930.1 million at the end of 2022[10]. - The company's total equity decreased to RMB 938.3 million as of June 30, 2023, from RMB 1,407.9 million at the end of 2022[10]. - Total interest-bearing borrowings increased significantly to RMB 459.2 million as of June 30, 2023, from RMB 33.1 million as of December 31, 2022[72]. - The net asset liability ratio increased to 48.9% as of June 30, 2023, compared to 2.4% as of December 31, 2022[72]. - Cash and cash equivalents decreased from RMB 748.0 million as of December 31, 2022, to RMB 704.6 million as of June 30, 2023, mainly due to increased marketing activities and ongoing R&D[68]. Corporate Governance and Compliance - The company aims to achieve a high level of corporate governance, which is crucial for development and safeguarding shareholder interests[100]. - The audit committee, consisting of three members, has reviewed and discussed the interim report for the six months ending June 30, 2023[102]. - The independent auditor's review of the interim financial report did not reveal any matters that would lead to a belief that the report was not prepared in accordance with the relevant standards[109]. - All directors and supervisors confirmed compliance with the standard code of conduct regarding securities transactions during the reporting period[91]. Shareholder Information - Major shareholder Shanghai Mo Hua holds 500,731,007 H shares, representing 52.60% of the class shares and 52.24% of the total shares[84]. - The company has a significant concentration of ownership, with major shareholders holding over 52% of the total shares[84]. - The share incentive plan allows for a maximum of 95,199,428 H shares to be awarded, representing approximately 9.93% of the company's issued share capital as of the report date[95].

Financial Performance - The company reported revenue of RMB 47.6 million for the six months ended June 30, 2023, a significant increase from RMB 1.0 million for the same period in 2022, representing a growth of approximately 4,600%[2] - Gross profit for the same period was RMB 22.1 million, compared to RMB 691,000 in the previous year, indicating a substantial increase in profitability[2] - The company incurred a loss before tax of RMB 544.7 million, compared to a loss of RMB 463.5 million in the prior year, reflecting an increase in operational challenges[3] - Loss attributable to equity shareholders was RMB 539.0 million, up from RMB 459.1 million year-on-year, indicating a worsening financial position[3] - Basic and diluted loss per share was RMB 0.56, compared to RMB 0.48 in the same period last year[2] - The company reported a net loss of RMB 544.7 million for the period, which included significant one-time adjustment expenses related to business focus and operational changes[3] - The company reported a pre-tax loss of RMB 539,012,000 for the six months ended June 30, 2023, compared to a loss of RMB 459,052,000 for the same period in 2022, indicating an increase in losses of about 17.4%[16] - The company incurred a net loss of RMB 23,214,000 in other income for the six months ended June 30, 2023, compared to a net income of RMB 16,290,000 for the same period in 2022, representing a decline of approximately 242.5%[13] - Adjusted net loss for the six months ended June 30, 2023, was RMB 473.6 million, compared to RMB 400.7 million for the same period in 2022, reflecting an increase in losses[62] Assets and Liabilities - As of June 30, 2023, total assets were RMB 1,157.7 million, down from RMB 1,604.8 million at the end of 2022, indicating a decrease in asset value[6] - Cash and cash equivalents decreased to RMB 704.6 million from RMB 747.9 million at the end of 2022, reflecting liquidity challenges[6] - As of June 30, 2023, the company's total non-current liabilities increased to RMB 219,485,000 from RMB 196,933,000 as of December 31, 2022, representing an increase of approximately 11.5%[7] - The company's net asset value decreased to RMB 938,263,000 as of June 30, 2023, down from RMB 1,407,878,000 as of December 31, 2022, indicating a decline of about 33.4%[7] - Interest-bearing borrowings amounted to RMB 459,157,000 as of June 30, 2023, significantly increasing from RMB 33,100,000 as of December 31, 2022[20] - Total interest-bearing borrowings increased significantly from RMB 33.1 million as of December 31, 2022, to RMB 459.2 million as of June 30, 2023, resulting in a net debt-to-equity ratio increase to 48.9% from 2.4%[69] - Current assets net value decreased from RMB 773.5 million as of December 31, 2022, to RMB 424.0 million as of June 30, 2023[70] Revenue Sources and Growth - The increase in revenue was primarily driven by the successful commercialization of core products, including the flagship product "Honghu," which contributed to both domestic and overseas sales[2] - Revenue from medical device sales for the six months ended June 30, 2023, was RMB 47,603,000, a significant increase from RMB 1,048,000 for the same period in 2022, reflecting a growth of approximately 4,446%[12] - The company achieved four commercial installations of its core product, TUMAI, and continued to gain traction in top-tier hospitals across China[25] - The flagship product, HONGHU, successfully advanced its overseas commercialization efforts, marking the company's first sales revenue from international markets in the first half of 2023[25] Research and Development - The company is focused on enhancing R&D efficiency and optimizing its product pipeline to deliver innovative robotic surgical solutions more rapidly[27] - Research and development costs decreased by 7.3% to RMB 311.7 million for the six months ended June 30, 2023, compared to RMB 336.4 million for the same period in 2022, due to improved material efficiency[55] - The company has applied for a total of 1,152 patents globally, with 324 patents granted, including 230 domestic patents and 94 overseas patents[47] Market and Industry Trends - The surgical robot market is experiencing rapid growth, with significant potential for expansion in China due to increasing healthcare demands and government support[23] - The "14th Five-Year Plan" emphasizes the development of advanced medical technologies, including robotic-assisted surgeries, which are expected to drive market growth[23] - The implementation of the "Robot+" application action plan aims to accelerate the application of new technologies in healthcare, including AI-assisted diagnosis and robotic surgeries[23] Operational Highlights - The company has completed over 1,200 human clinical surgeries with TUMAI and over 600 human clinical surgeries with HONGHU, demonstrating strong operational capabilities[26] - The company has established over 40 clinical application and training centers nationwide, promoting the accessibility of robotic-assisted surgical technologies[26] - The company has conducted over 50 remote surgeries utilizing 5G technology, setting several national and global records[25] Financial Management and Governance - The company has confirmed compliance with corporate governance codes during the reporting period[74] - The audit committee has reviewed and discussed the interim results for the six months ended June 30, 2023[77] - The interim financial report has not been audited but has been reviewed by KPMG according to the relevant standards[76] Future Plans and Strategies - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform to meet the growing demand for minimally invasive surgeries[49] - The company aims to accelerate commercialization and enhance market penetration by establishing more surgical robot training centers and improving communication with doctors and patients[50] - The company plans to advance its globalization strategy by building a comprehensive platform for surgical robot solutions and recruiting talent globally[51]

Financial Performance - Total revenue for 2022 reached RMB 21,603,000, compared to RMB 2,150,000 in 2021, representing a significant increase[5] - Gross profit for 2022 was RMB 6,562,000, up from RMB 919,000 in 2021[5] - The company reported a pre-tax loss of RMB 1,146,284,000 for 2022, compared to a loss of RMB 584,507,000 in 2021[5] - The total equity decreased to RMB 1,407,878,000 in 2022 from RMB 2,390,152,000 in 2021[6] - The company recorded revenue of RMB 21.6 million, representing a 904.8% increase compared to RMB 2.2 million in the previous year[26] - The company recorded operating revenue of RMB 216 million for the year ended December 31, 2022, representing a growth of 904.8% compared to RMB 22 million for the year ended December 31, 2021, primarily due to rapid revenue growth from its flagship product, Dragonfly Eye[65] - Other net income for the year ended December 31, 2022, was RMB 421 million, compared to RMB 247 million for the year ended December 31, 2021, primarily from interest income and government subsidies[72] - The company recorded a net loss of RMB 27 million from financial instruments measured at fair value for the year ended December 31, 2022, compared to a net gain of RMB 455 million for the year ended December 31, 2021[73] - The adjusted net loss for the year ended December 31, 2022, was RMB 1,009.4 million, compared to RMB 452.8 million in 2021, reflecting an increase of 122%[77] Assets and Liabilities - Total assets decreased to RMB 1,930,125,000 in 2022 from RMB 2,791,884,000 in 2021[6] - Non-current assets increased to RMB 831,303,000 in 2022 from RMB 697,658,000 in 2021[6] - Cash and cash equivalents decreased from RMB 19,408 million as of December 31, 2021, to RMB 7,480 million as of December 31, 2022, primarily due to ongoing R&D and marketing activities[85] - The total interest-bearing borrowings as of December 31, 2022, were RMB 331 million, compared to zero as of December 31, 2021[89] - The net current asset value as of December 31, 2022, was RMB 7,735 million, down from RMB 18,598 million as of December 31, 2021, mainly due to continued expenditures in R&D, clinical registration, and commercialization activities[90] Product Development and Innovation - The company has developed multiple products across five major surgical specialties, including laparoscopic, orthopedic, and vascular surgery[8] - Three flagship products have received market approval through expedited channels[8] - The company aims to build a global medical robot innovation platform to enhance surgical capabilities[9] - The company is focusing on integrating new technologies such as artificial intelligence and 5G into its products to enhance their capabilities[22] - The company is committed to continuous R&D for the next generation of products, aiming to optimize the operational experience for surgeons and elevate Chinese laparoscopic technology to an international level[38] - The company is focused on the development of five core underlying technologies for surgical robots, ensuring continuous innovation and product development capabilities[52] Market Position and Strategy - The company is positioned as the only surgical robot company covering five major high-growth surgical specialties globally[11] - The global surgical robot market is projected to reach $28.51 billion by 2025, with a compound annual growth rate (CAGR) of 27.1% from 2021 to 2025[19] - The Chinese surgical robot market is expected to reach RMB 17.47 billion by 2025, with a CAGR of 42.9% from 2021 to 2025[19] - The company aims to continue exploring breakthroughs in surgical robot technology and its applications in remote surgery, enhancing healthcare quality in grassroots medical institutions[15] - The company plans to expand its product portfolio and establish a multi-specialty surgical robot platform to meet the growing demand for minimally invasive surgeries[60] - A global strategy is being pursued to build an innovative platform for medical robot solutions, integrating resources to enhance overseas commercialization and supply chain capabilities[62] Clinical Applications and Partnerships - The company established partnerships with nearly 100 hospitals, conducting around 2,000 clinical validations and doctor training surgeries, demonstrating the safety and effectiveness of its products[13] - Over 600 robot-assisted surgeries have been completed across nearly 30 hospitals in over ten provinces, demonstrating TUMAI's clinical application maturity and stability[34] - The company has established over 40 clinical application and training centers nationwide, enhancing the recognition and reputation of its innovative products[13] - The company has established over 30 clinical application and training centers nationwide for TUMAI, enhancing its recognition among hospitals and surgeons[33] Regulatory Approvals and Certifications - Tumai became the first four-arm laparoscopic surgical robot developed by a Chinese company to receive NMPA approval, while Honghu was the first domestic surgical robot to obtain NMPA, FDA, and CE certifications[14] - The Honghu product received certifications in China, the US, and Europe, successfully completing its first total knee replacement surgery in the US, laying a solid foundation for future overseas sales[12] - The "Honghu" orthopedic surgical robot received NMPA registration in April 2022 and obtained FDA 510(k) certification and EU CE certification in July and December 2022, respectively, becoming the first domestic surgical robot approved in China, the US, and the EU[40] Research and Development Expenses - Research and development costs rose by 92.5% to RMB 756 million for the year ended December 31, 2022, compared to RMB 393 million for the year ended December 31, 2021, driven by an increase in R&D personnel and related expenses[68] - The company reported R&D expenses of RMB 755.8 million for the fiscal year ending December 31, 2022, which significantly contributed to a major net loss[143] Management and Governance - The company emphasizes the importance of internal control and risk management through a supervisory board consisting of three members[114] - The company has expanded its management team with experienced professionals to strengthen its operational capabilities[122] - The company is actively involved in the development of new medical technologies and products, enhancing its market position[121] Shareholder Information - Major shareholders hold significant stakes in the company, with Shanghai Moku holding approximately 52.60% of H shares, translating to 500,731,007 shares[177] - The company has no distributable reserves as of December 31, 2022, consistent with the previous year[157] - The company maintains compliance with the relevant regulations regarding shareholdings and interests[175] Environmental Responsibility - The company is committed to environmental responsibility and integrates environmental factors into its operational strategies[138] - The company has a focus on creating environmentally sustainable business practices[138]

Financial Performance - The company reported a revenue of RMB 21,603 million for the year ended December 31, 2022, representing a significant increase of 904.8% compared to RMB 2,150 million in 2021[2] - Gross profit for the year was RMB 6,562 million, up from RMB 919 million in the previous year[2] - The company incurred a loss before tax of RMB (1,146,284) million, compared to a loss of RMB (584,507) million in 2021[3] - The net loss attributable to equity shareholders was RMB (1,139,806) million, compared to RMB (582,921) million in the prior year[3] - Basic and diluted loss per share was RMB (1.19), an increase from RMB (0.63) in 2021[2] - The company reported other comprehensive income of RMB 9,580 million for the year, compared to a loss of RMB (3,953) million in 2021[5] - The company recorded operating revenue of RMB 216 million for the year ended December 31, 2022, representing a growth of 904.8% compared to RMB 22 million for the year ended December 31, 2021, primarily driven by rapid revenue growth from its flagship product, Dragonfly Eye[61] - The adjusted net loss for the year ended December 31, 2022, was RMB 1,009.4 million, compared to RMB 452.8 million in 2021, reflecting an increase of 122%[72] Assets and Liabilities - The company’s total assets decreased to RMB 1,604,811 million as of December 31, 2022, from RMB 2,557,415 million in 2021[6] - Current liabilities increased to RMB 325,314 million from RMB 234,469 million in the previous year[6] - The company’s cash and cash equivalents decreased significantly to RMB 747,962 million from RMB 1,940,825 million in 2021[6] - Non-current assets increased to RMB 831,303 million from RMB 697,658 million in the previous year[6] - The total interest-bearing borrowings as of December 31, 2022, were RMB 33.1 million, compared to zero as of December 31, 2021, resulting in a net debt-to-equity ratio of 2.4%[79] - The net current asset value as of December 31, 2022, was RMB 773.5 million, down from RMB 1,859.8 million as of December 31, 2021, primarily due to continued expenditures on R&D, clinical registration, and commercialization activities[80] Revenue Sources and Customer Base - In 2022, the revenue from medical device sales was RMB 21,603,000, a significant increase from RMB 2,150,000 in 2021, representing a growth of approximately 908%[11] - As of December 31, 2022, the total expected revenue from existing customer contracts was RMB 1,828,000,000, compared to RMB 102,000,000 in 2021, indicating a substantial increase of about 1696%[12] - The company had two customers contributing over 10% of total revenue in 2022, down from three customers in 2021, indicating a slight diversification in customer base[12] - The geographical revenue for 2022 was entirely from customers in China, with no revenue reported from other countries[14] Research and Development - Research and development costs increased to RMB 755,802,000 in 2022 from RMB 392,649,000 in 2021, representing an increase of approximately 92.5%[19] - The company applied for a total of 948 patents globally as of December 31, 2022, with 263 patents granted, including 190 in China and 73 overseas, reflecting a strong focus on innovation in clinical applications and AI technology[56] - The company emphasizes the importance of its innovative research and development projects, which are steadily advancing key milestones[34] Product Development and Market Expansion - The core product, TUMAI, achieved its first sale during the reporting period, marking the first domestically produced laparoscopic surgical robot to be commercialized[32] - The flagship product, Dragonfly Eye, experienced significant growth in installation volume and sales during its first complete sales year[32] - The company is expanding into gynecology, thoracic surgery, and general surgery, with a projected revenue of HKD 100.96 million for these segments[82] - The company is developing next-generation imaging products, with expected revenue of HKD 201.91 million[82] - The company is enhancing its manufacturing capabilities and supply chain management, with a revenue target of HKD 168.26 million[83] Technological Advancements - The company successfully completed the world's longest distance 5G remote robotic surgery and the first robotic-assisted 5G hepatobiliary surgery in China[32] - The integration of 5G technology has enabled the successful completion of two ultra-remote urological surgeries, showcasing the company's technological capabilities in remote surgical applications[39] - The company has developed a 5G remote surgery technology, successfully completing two ultra-remote urological surgeries across nearly 5,000 kilometers[50] Strategic Initiatives and Future Outlook - The company plans to continue advancing its globalization strategy by building a comprehensive platform for medical robot solutions and recruiting talent globally[60] - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next fiscal year[99] - The management highlighted the importance of maintaining shareholder value through consistent performance and strategic initiatives[99] Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[86] - The audit committee consists of three independent non-executive directors, responsible for providing independent opinions on financial reporting and internal controls[87] Miscellaneous - The company did not declare any dividends for the year ended December 31, 2022, consistent with the previous year[28] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[90]

Financial Performance - Revenue for the first half of 2022 was RMB 1,048,000, compared to no revenue reported in the same period of 2021[38] - Gross profit for the first half of 2022 was RMB 691,000, with a significant increase from the previous year[38] - The company reported a pre-tax loss of RMB 463,501, compared to a pre-tax loss of RMB 242,560 in the first half of 2021[38] - The total operating loss for the period was RMB 439,820,000, compared to a loss of RMB 231,412,000 for the same period in 2021, indicating a significant increase in losses[141] - The net loss attributable to equity shareholders was RMB 459,052,000, compared to RMB 241,965,000 in the previous year, reflecting a year-over-year increase of approximately 90%[141] - The total comprehensive loss for the period was RMB 468,445,000, compared to RMB 243,988,000 for the same period in 2021[142] - Research and development expenses amounted to RMB 336,411,000, significantly higher than RMB 160,072,000 in the previous year, indicating a focus on innovation[141] - The company incurred financing costs of RMB 5,558,000, up from RMB 705,000 in the previous year, suggesting increased borrowing or financial activity[141] Assets and Liabilities - The total assets as of June 30, 2022, were RMB 2,538,470, a decrease from RMB 2,791,884 as of December 31, 2021[39] - Cash and cash equivalents decreased from RMB 1,940.8 million as of December 31, 2021, to RMB 1,477.0 million as of June 30, 2022, due to ongoing R&D and marketing activities[94] - The net current assets of the group were RMB 1,338.3 million as of June 30, 2022, down from RMB 1,859.8 million as of December 31, 2021[98] - Total liabilities increased to RMB 381,779 thousand from RMB 234,469 thousand, marking a significant rise of approximately 62.8% year-over-year[143] - The company's total equity attributable to shareholders decreased to RMB 1,991,763 thousand from RMB 2,393,142 thousand, a drop of approximately 16.8% year-over-year[144] Product Development and Approvals - The company’s flagship product, TUMAI, received NMPA approval, becoming the first four-arm laparoscopic surgical robot developed by a Chinese company[42] - The HONGHU product also received NMPA approval, marking it as the first orthopedic surgical robot with independent intellectual property rights approved in China[42] - The HONGHU product obtained FDA 510(k) certification in July 2022, becoming the first Chinese surgical robot to receive such certification[42] - The company completed the first human clinical trial of the bronchoscopic surgical robot during the reporting period[42] - Three flagship products, Tumai, Dragonfly Eye, and Honghu, have received NMPA approval, with Honghu also obtaining FDA 510(k) certification in July 2022[51] Market and Growth Strategy - The global surgical robot market is projected to grow from $3.6 billion in 2016 to $12.3 billion in 2021, and is expected to reach $40.7 billion by 2027[47] - The Chinese surgical robot market is expected to grow from $600 million in 2021 to $4.8 billion by 2027, increasing its global market share from approximately 5% to about 12%[47] - The company has begun commercial promotion in the U.S. market following FDA certification for its product, with the establishment of its first training center in the U.S.[44] - The company is actively expanding its product pipeline, with ongoing clinical trials for Tumai in various complex surgical applications, including gynecological and oncological surgeries[55] Research and Development - The company has established two R&D centers in Shanghai and Shenzhen, and is expanding its global presence with centers in Singapore and the USA, employing over 600 R&D professionals[66] - The company is focused on advancing five core underlying technologies for surgical robots, leveraging big data, AI, and 5G communications to enhance surgical precision and safety[64] - The company has committed to ongoing research and development in robotic surgical technologies, aiming to expand its product offerings and market reach[182] Corporate Governance and Shareholder Information - The company aims to achieve a high level of corporate governance, which is crucial for development and protecting shareholder interests, and has complied with all applicable code provisions during the reporting period[128] - Major shareholders include Shanghai Mokuo with 500,731,007 H-shares, representing approximately 52.60% of the relevant class of shares and 52.24% of the total issued shares[109] - The company proposed to issue up to 116,062,930 A-shares and apply for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board[115] Challenges and Risks - In the first half of 2022, the company faced significant challenges in R&D, clinical trials, and supply chain due to the recurring COVID-19 pandemic in China, leading to delays in the promotion of large medical equipment in various regions[49] - The company emphasizes the importance of cautious investment decisions due to uncertainties in the commercialization of its core products[57]

Financial Performance - Total revenue for the year ended December 31, 2021, was RMB 2,150,000, representing a significant increase compared to previous years[7] - Gross profit for the same period was RMB 919,000, indicating a positive trend in profitability[7] - The company reported a pre-tax loss of RMB 584,507,000, which is an increase from RMB 209,290,000 in 2020[7] - The total equity as of December 31, 2021, was RMB 2,390,152,000, a significant increase from RMB 1,441,452,000 in 2020[8] - The company recorded revenue of RMB 2.2 million in 2021, primarily from the sales of its flagship product, DFVision® three-dimensional electronic laparoscope[20] - The company reported a significant net loss of RMB 584.5 million for the fiscal year ending December 31, 2021, attributed to high R&D expenditures[98] - Employee costs increased to RMB 285.8 million in 2021 from RMB 76.9 million in 2020, due to an increase in the number of employees to 898[55] - Administrative expenses increased by 299.8% from RMB 26.9 million in the year ended December 31, 2020, to RMB 107.5 million in the year ended December 31, 2021[45] - R&D costs rose by 190.0% from RMB 135.4 million in the year ended December 31, 2020, to RMB 392.6 million in the year ended December 31, 2021, primarily due to the progress of clinical trials and product development[46] Asset Growth - Total assets as of December 31, 2021, reached RMB 2,791,884,000, up from RMB 1,704,354,000 in 2020, reflecting strong asset growth[8] - Non-current assets increased to RMB 697,658,000 from RMB 189,304,000 in 2020, showcasing substantial investment in long-term resources[8] - Cash and cash equivalents increased from RMB 1,497.3 million as of December 31, 2020, to RMB 1,940.8 million as of December 31, 2021, primarily due to net proceeds of approximately RMB 1,375.4 million from the IPO in November 2021[56] - As of December 31, 2021, the net current assets amounted to RMB 1,859.8 million, up from RMB 1,286.1 million as of December 31, 2020, mainly attributed to the net proceeds from the IPO[61] Product Development and Innovation - The company has developed a comprehensive surgical robot technology platform, covering five major areas including laparoscopic and orthopedic surgery[10] - The company is focused on developing innovative robotic surgical solutions to extend and reshape lives, aligning with its mission[11] - The company has initiated multiple clinical trials for various products, including the bronchoscopic surgical robot and the R-ONE vascular intervention robot, which are in different stages of development[14] - The company is committed to continuous innovation and aims to enhance its product offerings and accelerate product iterations to meet the evolving needs of minimally invasive surgery[16] - The company is focusing on the development of five core underlying technologies for surgical robots, leveraging advancements in big data, artificial intelligence, human-computer interaction, and 5G communication to drive innovation in minimally invasive surgery[29] Market Presence and Strategy - The company aims to build a global medical robot solution innovation platform, enhancing its market presence[11] - The surgical robot market in China is still in its early stages with low penetration rates, indicating significant potential for future growth[16] - The company successfully listed on the Hong Kong Stock Exchange in 2021, marking a significant milestone in its development history[13] - The company aims to expand its product portfolio and establish a multi-specialty surgical robot platform to meet the demand for minimally invasive surgeries[39] - The company will accelerate commercialization and enhance market penetration by establishing more training centers for surgical robots[40] Clinical Trials and Approvals - Three flagship products have received approval from the National Medical Products Administration (NMPA), with two already on the market and one in the registration phase[10] - The core product, TUMAI, received NMPA approval in January 2022, becoming the first domestically produced four-arm laparoscopic surgical robot system approved for market[13] - The company completed the registration clinical trial for its Honghu robot in July 2021, aiming to become the first domestically produced surgical robot to receive FDA certification[14] - The TUMAI® single-arm laparoscopic surgical robot completed its first human trial for single-port laparoscopic cholecystectomy in December 2021, marking a significant breakthrough in minimally invasive surgery[24] Corporate Governance - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[78] - The board consists of seven members, including one executive director, three non-executive directors, and three independent non-executive directors as of December 31, 2021[169] - The company has adopted the principles of the Corporate Governance Code as the basis for its governance practices since its listing date[166] - The company provides formal training for newly appointed directors to ensure understanding of its operations and regulatory responsibilities[173] - The company has implemented written guidelines for employees regarding securities trading to prevent insider trading[180] Shareholder Information - The company reported significant shareholdings, with Dr. He holding 621,906,912 shares (65.33%) and Mr. Yuan holding 557,001,874 shares (58.51%) as of December 31, 2021[114] - Major shareholder Shanghai Mucai holds 500,731,007 H shares, indicating a significant stake in the company[124] - The company’s equity distribution reflects a strong concentration among a few major shareholders, which may impact governance and decision-making[124] - The company has disclosed its equity interests in accordance with the Securities and Futures Ordinance, ensuring transparency[122] Future Plans and Utilization of IPO Proceeds - The company plans to utilize the net proceeds from the IPO for various purposes, including ongoing R&D activities and market expansion, with significant allocations planned for 2023[63] - A total of RMB 588.91 million (35.0%) is allocated for ongoing R&D activities related to the company's surgical robots, expected to be utilized by the first half of 2023[63] - RMB 201.912 million (12%) is designated for product improvements based on clinical feedback, with expected utilization by the first half of 2023[63] - RMB 353.346 million (21%) is allocated for the commercialization of orthopedic surgical robots, anticipated to be utilized by the first half of 2023[64] Workforce and Employment - The company employed 898 staff as of December 31, 2021, up from 312 staff a year earlier, indicating a substantial increase in workforce[100] - The company has a workforce of 898 employees as of December 31, 2021, with a significant portion holding master's degrees or higher[36] - Employee costs rose significantly to RMB 190.0 million in 2021 from RMB 61.1 million in 2020, reflecting an increase in R&D personnel[93]