医药生物行业简评报告：服务价格项目立项指南发布，手术机器人渗透率有望进入快速提升期

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The National Healthcare Security Administration issued a guideline on January 20, 2026, for pricing projects related to surgical and therapeutic auxiliary medical services, which is expected to enhance the penetration rate of surgical robots [5] - The guideline consolidates existing pricing projects into 37 items and aims to standardize pricing across provinces, facilitating the promotion of precision medical technologies in clinical settings [5] - The pricing structure for surgical robots includes three tiers based on their involvement in surgeries, which is anticipated to increase their usage in complex procedures [5] - Domestic surgical robot companies with significant surgical volume and clinical recognition are expected to benefit from industry expansion, including companies like Tianzhihang-U, Aikang Medical, Weikang Robot, and Jingfeng Medical [5] Summary by Sections Market Trends - The report highlights a recent trend in the medical and biological sector, indicating a slight decline in the market index over the past year, with a notable focus on surgical robots [2] Industry Developments - The guideline's focus on various advanced medical technologies, such as 3D printing and robotic-assisted surgeries, is expected to clarify and unify pricing standards, thereby enhancing the market acceptance of domestic surgical robots [5] Company Performance - Key companies in the surgical robot industry are showing promising operational metrics, with Tianzhihang performing over 35,000 surgeries and holding a market share exceeding 70% in domestic orthopedic robot surgeries [6] - Aikang Medical anticipates a revenue growth of approximately 110% to 120% in 2025, driven by breakthroughs in the commercialization of its robotic products [6] - Weikang Robot has reported a fivefold increase in overseas market sales compared to the previous year, indicating strong growth potential [6] - Jingfeng Medical has expanded its product reach to over 20 countries, with significant operational milestones achieved [6]