【私募调研记录】江苏高科调研天智航

Core Insights - Jiangsu Gaoke recently conducted research on Tianzhihang, revealing a significant decline in robot equipment sales revenue by 47.39% in 2024, while revenue from supporting equipment and consumables, as well as technical services, increased by 28.52% and 104.26% respectively, indicating a shift towards consumables and service revenue in the industry [1] - Tianzhihang has successfully completed over 1,000 remote robotic surgeries across 24 provinces and municipalities, aiding in the distribution of quality medical resources [1] - The orthopedic surgical robot is primarily focused on tier-three hospitals but is gradually penetrating tier-two and lower hospitals, positioning Tianzhihang as a market leader [1] - The orthopedic surgical navigation system from Tianzhihang has received EU CE certification, which will facilitate its expansion into overseas markets [1] Company Overview - Jiangsu Gaoke, established in 1997, is one of the earliest professional venture capital firms in China, with a net asset growth from over 20 million to more than 1.7 billion [2] - The company has invested in over 20 enterprises, with 8 successfully listed and several others actively pursuing listing, demonstrating a strong reputation in the venture capital industry [2] - Jiangsu Gaoke focuses on long-term investments to expand production scale and improve profitability of invested companies, while also providing value-added services such as governance structure improvement and financial consulting [2]