Group 1 - The company, 精锋医疗-B, plans to conduct an initial public offering (IPO) from December 30, 2025, to January 5, 2026, offering 27.72 million H-shares at a price of HKD 43.24 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - The company specializes in advanced surgical robots, having developed products for minimally invasive and non-invasive surgeries, including the 精锋® multi-port laparoscopic surgical robot and the 精锋® single-port laparoscopic surgical robot [1] - The company has reported revenue growth from RMB 48 million in 2023 to RMB 160 million in 2024, with sales costs increasing from RMB 19.6 million to RMB 61.9 million during the same period [2] Group 2 - The company has not achieved profitability, recording net losses of RMB 213 million, RMB 218.5 million, RMB 133 million, and RMB 89.1 million for the years ending December 31, 2023, and 2024, and for the six months ending June 30, 2024, and 2025, respectively, primarily due to R&D expenses [2] - The company anticipates fluctuations in losses as it continues R&D, seeks regulatory approvals, and commercializes its products, with financial performance expected to vary due to uncertainties in clinical trials and commercialization success [3] - The company has secured cornerstone investment agreements totaling USD 75 million from various investors, including OrbiMed Genesis and Tencent, under certain conditions [3] Group 3 - The net proceeds from the global offering are estimated to be approximately HKD 1.1166 billion, with allocations of 42% for ongoing and planned R&D of core products, 20% for commercialization, 10% for capacity expansion, 8% for other products, and 10% for potential strategic acquisitions or investments in the surgical robot industry [4]

Group 1 - The company, Jingfeng Medical-B (02675), plans to conduct a global offering of 27.72 million H-shares from December 30, 2025, to January 5, 2026, with a share price of HKD 43.24 per share [1] - The company specializes in advanced surgical robots, having developed products for minimally invasive and non-invasive surgeries, including the multi-port and single-port laparoscopic surgical robots [1] - The company has reported a significant increase in revenue, from RMB 48 million for the year ending December 31, 2023, to RMB 160 million for the year ending December 31, 2024 [2] Group 2 - The company has incurred operating losses during the reporting periods, with net losses of RMB 213 million, RMB 218.5 million, RMB 133 million, and RMB 89.1 million for the respective periods due to R&D expenses [2] - The company has entered cornerstone investment agreements with several investors, including OrbiMed Genesis and Tencent, agreeing to subscribe for shares totaling USD 75 million under certain conditions [3] - The net proceeds from the global offering are expected to be approximately HKD 1.1166 billion, with allocations for R&D, commercialization, capacity expansion, and potential strategic acquisitions [4]

深圳市精鋒醫療科技股份有限公司 Shenzhen Edge Medical Co., Ltd. 股份代號 : 2675 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示： 閣下如對本文件的任何內容有任何疑問，應尋求獨立專業意見。 Shenzhen Edge Medical Co., Ltd. 深圳市精鋒醫療科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 27,722,200股H股（視乎超額配股權行使 | | --- | --- | --- | | 與否而定） | | | | 香港發售股份數目 | ： | 2,772,300股H股（可予重新分配） | | 國際發售股份數目 | ： | 24,949,900股H股（可予重新分配及視乎 | | 超額配股權行使與否而定） | | | | 發售價 | ： | 每股H股43.24港元，另加1.0%經紀 | ...

目前公司已获批手术机器人品种包括腔镜（图迈）、骨科（鸿鹄）、泛血管（R-ONE）、经皮穿刺 （Mona Lisa）和经支气管（独道），五大机器人管线均已获批NMPA。另外图迈、蜻蜓眼和鸿鹄均成 功获得海外注册证，海外布局加速落地。 截至公告日，公司自研腔镜机器人"图迈"全球商业化订单超过160台，其中2025年新增订单约120台，彰 显强劲增长动能。国内端，图迈装机医院中三甲医院占比超过90%，百强医院占比达23%，高度医疗市 场认可度持续提升。海外端，公司依托集团在海外的成熟营销网络，加速亚洲、欧洲、非洲、大洋洲及 南美洲等40多个国家地区的海外布局，目前已在15国实现多台装机，是国产腔镜手术机器人出海的标志 性里程碑。 五大机器人版图已全部补齐，为现有品种最齐全的手术机器人公司 智通财经APP获悉，西南证券发布研报称，12月24日，微创机器人-B(02252)发布自愿性公告，1）经初 步统计公司手术机器人产品综合订单累计突破230台，其中腔镜手术机器人全球商业化订单超160台； 2）自主研发的支气管镜手术机器人"独道"获批NMPA。 西南证券主要观点如下： 全球商业化订单加速突破，国内海外双点开花 盈利预 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，医疗器械行业长期投资机会来自创新、出海和并购整合，板块的创新性和国际化能 力得到认可，估值正在重估。近期国家药监局发布优先审批高端医疗器械目录，脑机接口、超高场强核 磁、手术机器人等有望受益。短期来看，Q4和26年业绩改善个股存在业绩估值修复机会，部分公司将 于1月份发布年报业绩预告，建议关注前瞻超预期或低预期情况。长期来看，医疗器械行业投资机会来 自创新、出海和并购整合，板块的创新和国际化能力得到认可，估值正在重构。建议持续关注市场空间 大、国产化率低的创新器械赛道，以及并购重组、脑机接口、AI医疗、手术机器人、外骨骼机器人等 主题方向的投资机会。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等 ...

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights that the spring market is expected to start, with a focus on brain-computer interfaces, surgical robots, and AI applications [2][3]. - The overall performance of the biopharmaceutical sector was weak last week, with a return of -0.18%, ranking 25th among 31 primary sub-industry indices [3][12]. - The report suggests that emerging industries such as brain-computer interfaces, surgical robots, and AI applications should be closely monitored as potential investment opportunities [3][12]. Market Performance - The biopharmaceutical sector's return over the past month was -1.95%, ranking 25th among 31 primary sub-industry indices [12][14]. - The medical device sector had the highest weekly return of 0.08%, while the pharmaceutical commercial sector had a return of -1.66% [12][32]. - The report notes that the brain-computer interface index and the robotics index saw five-day gains of 3.14% and 5.27%, respectively [3][12]. Policy Dynamics - The National Medical Products Administration issued regulations for the management of internet pharmaceutical and medical device information services, aiming to standardize the registration process [12][44]. - A national centralized procurement process for high-value medical consumables has been initiated, inviting eligible companies to participate [12][44]. Industry Trends - The report emphasizes the recovery of thematic investments in areas like brain-computer interfaces and surgical robots, with significant advancements in these fields [3][12]. - The report identifies key companies in the brain-computer interface sector, including companies like Mindray Medical and others [3][12]. - In the high-end medical device sector, companies such as Tianzhihang and Weigao Medical are highlighted for their growth potential [3][12]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the biopharmaceutical industry is 29.13, slightly above the five-year average of 28.68 [14][19]. - The report indicates that the biopharmaceutical sector's P/E ratio has a premium of 117.10% compared to the Shanghai Composite Index [20]. Stock Performance - Notable stock performances include Hongyuan Pharmaceutical, which saw a significant increase of 59.43% last week, driven by strong market conditions [42]. - The report lists several companies with notable weekly and monthly performance metrics, providing insights into potential investment opportunities [43].

本次独道获得NMPA批准，是本集团引领全球手术机器人领域技术与应用发展的里程碑式突破，也标志 着国产手术机器人在微无创诊疗关键技术路径上实现系统性全覆盖。至此，本集团在手术机器人领域获 批上市的产品数量增至7 款，成为全球首家、也是目前唯一一家实现手术机器人"五大黄金赛道"全赛道 产品商业化上市的企业。 据介绍，最新获批的独道是一个无创经自然腔道机器人手术平台，其具有超柔顺，超纤细蛇形机器人导 管，可通过人体自然腔道，以无体表创伤的方式进入难以触及的狭窄病灶空间，对肺部微小结节等癌症 早期病变的早诊早治具有重要意义。 微创机器人-B（02252）早盘股价大涨13.58%，现报24.08港元，成交额1.09亿港元。 12月24日，微创机器人-B发布公告，由本集团自主研发的支气管镜手术机器人独道®UniPathTM电子支 气管镜手术导航系统（独道）正式获得国家药品监督管理局（NMPA）批准。 来源：新浪港股 ...

本次独道获得NMPA批准，是本集团引领全球手术机器人领域技术与应用发展的里程碑式突破，也标志 着国产手术机器人在微无创诊疗关键技术路径上实现系统性全覆盖。至此，本集团在手术机器人领域获 批上市的产品数量增至7款，成为全球首家、也是目前唯一一家实现手术机器人"五大黄金赛道"全赛道 产品商业化上市的企业。 据介绍，最新获批的独道是一个无创经自然腔道机器人手术平台，其具有超柔顺，超纤细蛇形机器人导 管，可通过人体自然腔道，以无体表创伤的方式进入难以触及的狭窄病灶空间，对肺部微小结节等癌症 早期病变的早诊早治具有重要意义。 微创机器人-B(02252)涨超7%，截至发稿，涨7.64%，报22.58港元，成交额2045.01万港元。 消息面上，12月24日，微创机器人-B发布公告，由本集团自主研发的支气管镜手术机器人独道 UniPathTM电子支气管镜手术导航系统(独道)正式获得国家药品监督管理局(NMPA)批准。 ...

智通财经APP获悉，微创机器人-B(02252)涨超7%，截至发稿，涨7.64%，报22.58港元，成交额2045.01 万港元。 消息面上，12月24日，微创机器人-B发布公告，由本集团自主研发的支气管镜手术机器人独道 ®UniPathTM电子支气管镜手术导航系统(独道)正式获得国家药品监督管理局(NMPA)批准。 本次独道获得NMPA批准，是本集团引领全球手术机器人领域技术与应用发展的里程碑式突破，也标志 着国产手术机器人在微无创诊疗关键技术路径上实现系统性全覆盖。至此，本集团在手术机器人领域获 批上市的产品数量增至7 款，成为全球首家、也是目前唯一一家实现手术机器人"五大黄金赛道"全赛道 产品商业化上市的企业。 据介绍，最新获批的独道是一个无创经自然腔道机器人手术平台，其具有超柔顺，超纤细蛇形机器人导 管，可通过人体自然腔道，以无体表创伤的方式进入难以触及的狭窄病灶空间，对肺部微小结节等癌症 早期病变的早诊早治具有重要意义。 ...

据公司官网披露，2025年以来，精锋医疗已实现多项关键突破：年产手术机器人突破100台、全球累计完成超1.4万例临床手术、海外业务覆盖20多个国 家，核心产品获欧盟CE认证，实现技术出海。 据港交所聆讯资料披露，深圳市精锋医疗科技股份有限公司（以下简称"精锋医疗"）已于2025年12月21日通过港交所主板上市聆讯，拟根据《上市规则》 第18A章挂牌上市，有望成为"港股国产手术机器人第一股"。 本次IPO，该公司计划发行不超过3188.05万股新股，同时有49名股东将2.96亿股老股转为H股流通，联席保荐人为摩根士丹利、广发证券。 招股书显示，精锋医疗成立于2017年，系中国首家、全球第二家拥有多孔腔镜、单孔腔镜及自然腔道三大核心手术机器人产品上市资质的企业。公司专注 于手术机器人及配套器械的研发、生产与销售，产品覆盖泌尿外科、妇科、普外科、胸外科等多科室微创手术需求。 技术与市场地位方面，截至2025年5月，精锋医疗全球专利及专利申请超800项，核心技术实现自主可控，打破海外长期垄断。国内市场方面，产品已进驻 30个省份的220余家三甲医院，包括北医三院、浙大一院等知名医疗机构；海外收入占比达40.60%，形 ...