TINAVI(SH:688277) Zheng Quan Ri Bao·2025-06-22 17:11Core Viewpoint - The demand for orthopedic surgeries is increasing due to aging populations and younger patients with orthopedic diseases, driving the need for precision, minimally invasive, and intelligent surgical solutions, which in turn fosters the growth of orthopedic surgical robots [2][7]. Group 1: Company Overview - Beijing Tianzhihang Medical Technology Co., Ltd. (Tianzhihang) is transforming the global orthopedic surgical robot market with its core product, the Tianji orthopedic surgical robot, achieving sub-millimeter precision and completing over 110,000 surgeries across more than 200 hospitals in China [2][4]. - The company adheres to the principle of "original research and innovation," with R&D investment of 117 million yuan in 2024, accounting for 65.34% of its revenue, and employs 123 R&D personnel, making up 40.07% of its workforce [3][4]. Group 2: Product Development - Tianzhihang has introduced multiple generations of its surgical robots, with the Tianji® 1.0 launched in 2016 and the Tianji® 2.0 in 2021, enhancing usability and humanization [4]. - The company has achieved full coverage in three major orthopedic fields: spine, trauma, and joints, with a total of 596 patent applications, including 232 invention patents, and 401 patents granted [4][8]. Group 3: Technological Advancements - Tianzhihang has pioneered remote orthopedic surgeries in China since 2006 and has conducted over 1,000 remote surgeries using 5G technology, showcasing the potential of "5G + robotics" in healthcare [6][8]. - The company emphasizes the importance of orthopedic surgical robots in addressing uneven distribution of medical resources and enhancing capabilities in grassroots medical institutions [7]. Group 4: Market Position and Growth - The Chinese surgical robot market is projected to reach approximately 9.59 billion yuan in 2024, with a compound annual growth rate of 34.5% over the past five years, and is expected to grow to 11.03 billion yuan by 2025 [8]. - Tianzhihang's revenue structure has evolved, with more than 50% of its income now coming from consumables and technical services, compared to nearly 100% from hardware four years ago [8]. Group 5: International Expansion - The company aims to expand internationally, with its surgical navigation systems receiving EU CE certification, facilitating its entry into overseas markets [9]. - Tianzhihang plans to develop differentiated market strategies based on the characteristics of various international markets, positioning itself as a significant player in the global orthopedic surgical robot arena [9].