N通 讯 员 周雨璐 祖蔚绮 晚报记者 陈 强 耳垂下方鼓起鸽子蛋大小的肿块，既担心手术留疤影响容貌，又害怕损伤神经导致面瘫——这些顾虑曾 经重重压在张女士心头。如今，她不仅成功摘除了腮腺肿瘤，脸上甚至找不到明显的手术痕迹。这场让 张女士重拾无痕笑颜的手术，正是海宁市首例高难度腮腺肿瘤显微镜下微创"隐形"切除术，堪称一 次"奇迹"。 几个月前，张女士偶然摸到左侧耳垂下有个小疙瘩，起初以为只是淋巴结肿大，并未在意。可日子一天 天过去，这个小疙瘩像"吹气球"一样慢慢长大，最终长成鸽子蛋大小，沉甸甸地坠在耳边，也压得她寝 食难安。 忧心忡忡的张女士辗转求医，最终来到海宁市人民医院整形美容科张锟博士的门诊。"这是腮腺肿瘤， 体积不小。"张锟博士的诊断让张女士心头一紧。她听说传统的腮腺肿瘤手术需要在耳下切开一道6~8厘 米的切口，不仅会留下明显疤痕，还可能损伤纤细的面部神经，导致口角歪斜、眼睑闭合不全等后遗 症。 （来源：南湖晚报） 转自：南湖晚报 这场手术的核心在于"精准"。不同于传统手术依赖医生经验和触感辨认神经，张锟博士团队采用了"显 微镜辅助+小切口入路+内镜延伸视野"的创新方案：手术切口精心设计在耳前自然褶皱 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][9]. Core Insights - The company is positioned in the high-end surgical instrument market, focusing on minimally invasive and intelligent solutions, which are expected to drive significant growth [3][16]. - The market for surgical staplers is expanding due to increasing surgical demands and a shift towards minimally invasive procedures, with the company benefiting from domestic substitution trends [1][2]. - The company's dual strategy of focusing on both domestic and international markets has led to a substantial increase in overseas revenue, which is projected to continue growing [3][4]. Summary by Sections 1. High-End Surgical Instrument Layout - The company has established itself in the high-end surgical stapler market through continuous innovation and has developed several leading technologies [16][22]. - The management team emphasizes a long-term strategy focused on innovation and market penetration, which has resulted in over 800 patents [19][20]. - The company has a comprehensive quality management system that enhances production efficiency and product reliability [33]. 2. Market Potential and Competitive Advantage - The surgical stapler market is expected to grow significantly, driven by increasing surgical procedures and a rising penetration rate of minimally invasive surgeries in China [1][2]. - The company is actively involved in R&D, with a focus on developing high-value products that meet market demands [22][23]. - The domestic market is supported by policy incentives and an expanding healthcare infrastructure, which is expected to further boost demand for surgical instruments [1][2]. 3. Intelligent Platform Development - The MA platform is being developed to create a second growth curve for the company, with significant investments already made and patents secured [2][3]. - The intelligent surgical platform aims to address industry pain points and enhance operational efficiency through advanced technology [2][3]. 4. International Market Expansion - The company has successfully entered 64 countries, with overseas revenue growing from 0.42 billion to 1.06 billion from 2020 to 2024, representing a 21.6% year-on-year increase [3][4]. - The international strategy is complemented by partnerships with global leaders, enhancing brand recognition and market presence [3][4]. 5. Financial Projections - The company forecasts a steady increase in revenue and net profit from 2025 to 2027, with projected net profits of 0.80 billion, 1.01 billion, and 1.28 billion respectively [3][4].

Core Insights - The Chinese medical device industry is undergoing structural changes, shifting from scale expansion to a focus on "innovation-driven," "domestic substitution," and "overseas layout" [1] - Jin Hai Medical, a key player in the minimally invasive surgery sector, exemplifies this industry evolution through its strategic development and innovation [1] Company Development and Achievements - Since its transformation in 2021, Jin Hai Medical has obtained 13 medical device registration certificates in China, demonstrating its robust R&D and quality management systems [3] - The company has made significant breakthroughs in endoscope technology, including the development of a 4K 3D fluorescence endoscope system, positioning it as a leader in high-end medical equipment [3] Strategic Focus and Market Expansion - Jin Hai Medical is diversifying its product offerings into areas such as spinal minimally invasive surgery and is investing in AI technologies for surgical applications [4] - The collaboration with Medtronic aims to develop integrated solutions for spinal endoscopy, enhancing the company's technological capabilities and market reach [6][7] Technological Innovation and Collaboration - The partnership with Medtronic represents a strategic shift from being a technology follower to an ecosystem builder, focusing on the integration of navigation and endoscopy technologies [6][7] - This collaboration is expected to improve surgical precision and safety, addressing the increasing demand for high-quality surgical solutions in China [6][7] Global Market Strategy - Jin Hai Medical is implementing a dual registration strategy, simultaneously pursuing approvals in domestic and international markets, which accelerates its global market entry [10] - The company has successfully penetrated various international markets, including Europe and Southeast Asia, showcasing its product adaptability and competitive edge [10] Service and Training Support - Jin Hai Medical has established a comprehensive clinical empowerment system, providing training and support to healthcare professionals, which enhances product adoption and technical dissemination [11] - This approach not only facilitates product usage but also builds a strong reputation within the industry, giving the company a competitive advantage [11] Market Outlook - The minimally invasive surgical instrument and consumables market in China is projected to grow from 236 billion yuan in 2023 to 407 billion yuan by 2028, with a CAGR of 11.5% [12] - Jin Hai Medical is well-positioned to capitalize on this growth, leveraging its strategic alliances and technological advancements [14]

Core Viewpoint - The Chinese medical device industry is undergoing structural changes, shifting from scale expansion to a focus on "innovation-driven," "domestic substitution," and "overseas layout" as core themes for growth [2] Group 1: Company Development and Achievements - Since its transformation in 2021, the company has obtained 13 medical device registration certificates in China, demonstrating its robust R&D and quality management systems [3] - The company plans to acquire additional registration certificates by the end of this year and aims for two Class III certificates next year, indicating a steady progression in its regulatory achievements [3] - The company has made significant breakthroughs in endoscope technology, including the development of a 4K 3D naked-eye fluorescence endoscope system, positioning itself as a leader in high-end medical equipment [3][4] Group 2: Strategic Focus and Market Positioning - The company is diversifying its product offerings into areas such as spinal minimally invasive surgery and is investing in AI and surgical intelligence, aligning with future medical trends [4] - The collaboration with clinical experts is seen as a perfect match for advancing AI in surgery, particularly in spinal surgery, enhancing the company's market positioning [4][7] - The company has strategically chosen to focus on the under-served market of osteoporosis vertebral fractures, developing a bone cement infusion robot to address specific clinical needs [9] Group 3: Strategic Partnerships and Ecosystem Development - The strategic partnership with Medtronic aims to develop integrated solutions for navigation spinal endoscopy, enhancing the surgical process's visibility and safety [7][8] - This collaboration represents a shift from being a technology follower to an ecosystem builder, allowing the company to access global high-end medical markets and absorb advanced product concepts [8][11] - The company has established a dual registration mechanism for both domestic and international markets, significantly reducing the time from local launch to international expansion [11] Group 4: Market Trends and Future Outlook - The minimally invasive surgical instrument and consumables market in China is projected to reach 236 billion yuan in 2023, with a compound annual growth rate (CAGR) of 11.5% expected from 2023 to 2028 [13] - The company is well-positioned in this growing market due to its solid qualifications, forward-looking technology positioning, and top-tier ecosystem alliances [16] - The company is seen as a "silent warrior" in the market, with its strong entry barriers and clear technological pathways contributing to its value creation [17]