（原标题：精锋医疗-B（2675.HK）上市：国产手术机器人龙头的"破局时刻"） 新年伊始，港股市场迎来开门红，新股行情尤其火热。在一众上市企业中，精锋医疗的亮相尤为引人注目。 作为国产手术机器人领域的领先企业，精锋医疗敲钟港交所不仅标志着公司自身发展的里程碑，更被视作国产高端医疗装备行业从"跟随"走向"引 领"的关键一跃。 资本市场对此反应热烈，率先用"真金白银"投下信任票。富途数据显示，公司公开发售阶段精锋医疗获1091.94倍认购，国际配售阶段精锋医疗获 25.18倍认购，暗盘交易中，精锋医疗股价便高开高走，收盘大涨39.11%，远超发行价43.24港元；今日开盘继续跳涨，截至发稿，报55.7港元/ 股，显示出投资者对其发展前景的强烈信心。这不仅是资本的投票，更是对"中国智造"在生命科技前沿领域破局能力的期待。 新赛点：从"拿证"到"放量"，手术机器人进入价值兑现期 国产手术机器人行业，正站在一个清晰的分水岭上。 过去几年，行业的主旋律是完成"从0到1"的突破，核心任务是拿到"入场券"：取得产品注册证，解决国产替代"有没有"的问题。如今，随着一批 领先企业的关键产品相继获批，赛道的主要矛盾已然转变。 市 ...

微创机器人-B(02252)再涨超4%，截至发稿，涨3.67%，报27.66港元，成交额1.59亿港元。 消息面上，12月24日，微创机器人-B发布公告，综合订单方面，经本集团内部初步统计，本集团旗下腔 镜、骨科、血管介入核心产品的综合订单量累计突破230台。其中，核心产品图迈腔镜手术机器人(图 迈)于全球范围内累计商业化订单超过160台，含今年新获订单近120台。根据公开统计数据，图迈2025 年全球订单量已跻身全球前二。 在国内市场，图迈在头部公立医院及高端非公立医院市场均取得突破性进展，装机医院中百强医院占比 已达到23%，三甲医院占比超过90%，图迈已逐步形成以临床价值驱动、专业能力沉淀为核心的高质量 装机格局。海外市场方面，截至目前，图迈海外市场布局已广泛覆盖亚洲、欧洲、非洲、大洋洲、南美 洲的40余个国家和地区，获得当地顶级机构的认可，并已在15个国家实现"多台销售、多院装机"，实现 在全球不同地域成熟医疗体系内的常态化、网络化、规模化使用。 ...

文章来源： 微创机器人 转载要求：可以直接转载，请在文首注明来源 2025 年 12 月 24 日 ， 国 产 图 迈 ® 腔 镜 手 术 机 器 人 正 式 落 地 巴 西 Hospital Unimed Foz do Iguaçu。 这是 图迈 ® 机器人在全球范围的 第 100 台 商业化装机， 该百台装机均已取得用户签 署的装机验收报告。该等交易安排均符合公司收入确认政策，完成收入确认。公司的收入确认政策 遵循香港会计准则与行业惯例。 截至目前， 图迈 ® 机器人全球累计订单量突破 160+ 台 ，微创 ® 机器人集团旗下腔镜、骨科、血管介入核心产品综合订单量累计突破 230 台 ，各产品共完成商 业化装机 150 余台 。 图迈 ® 机器人成为首个实现100台商业化装机的国产腔镜手术机器人，不仅证明其已具备行业基础 设施级的系统可靠性与临床稳定性，也标志着其在质量合规、生产工艺、工程验证、系统交付、临 床适配及全流程保障能力等关键体系上实现了全面跃升。 微创 ® 机器人集团总裁何超博士指出， 图迈 ® 全球市场份额持续跃升，标志着中国不再是全球医疗技术创新叙事的旁观者，而是成为推动 全球手术技术普惠 ...

商业化装机方面，截至本公告日期，上述综合订单中，集团旗下各产品共完成商业化装机150余台。其 中，图迈全球范围内的商业化装机量已突破百台，该百台装机均已取得用户签署的装机验收报告。该等 交易安排均符合公司收入确认政策，完成收入确认。公司的收入确认政策遵循香港会计准则与行业惯 例。 图迈成为首个实现百台商业化装机的国产腔镜手术机器人，不仅证明其已具备行业基础设施级的系统可 靠性与临床稳定性，也标志着其在质量合规、生产工艺、工程验证、系统交付、临床适配及全流程保障 能力等关键体系上实现了全面跃升。 格隆汇12月24日丨微创机器人-B(02252.HK)发布公告，综合订单方面，经集团内部初步统计，集团旗下 腔镜、骨科、血管介入核心产品的综合订单量累计突破230台。其中，核心产品图迈腔镜手术机器人 ("图迈")于全球范围内累计商业化订单超过160台，含今年新获订单近120台。根据公开统计数据，图迈 2025年全球订单量已跻身全球前二。 ...

Core Viewpoint - MicroPort Robotics-B (02252) has seen a significant increase in its stock price, with a rise of over 5% in early trading, reflecting strong market confidence following the announcement of robust order volumes for its core products [1] Group 1: Company Performance - The cumulative order volume for MicroPort Robotics' core products, including endoscopic, orthopedic, and vascular intervention devices, has surpassed 170 units [1] - The "TUMAI" endoscopic surgical robot has achieved over 100 commercial orders globally, with nearly 80 units installed, maintaining the leading position among domestic brands [1] - The company is entering a phase of accelerated commercialization, indicating strong growth potential in the market [1] Group 2: Market Analysis - JPMorgan has reported that the global order momentum for MicroPort Robotics remains strong, leading to an upward revision of the installation forecast for the year from 84 units to 105 units [1] - This adjustment is primarily driven by growth in overseas markets and the assumption that orders can be converted to sales within less than a quarter [1] - The expected improvement in installation volume and product mix is anticipated to enhance the gross margin by 1 to 1.5 percentage points [1] Group 3: Investment Outlook - Morgan Stanley has raised its target price for MicroPort Robotics from HKD 30.9 to HKD 42, maintaining an "Overweight" rating on the stock [1]

Core Viewpoint - MicroPort Scientific Corporation's stock (02252) has seen a rise of over 5%, reaching HKD 30.2, with a trading volume of HKD 130 million, following the announcement of significant order growth for its core products [1] Group 1: Order Volume and Product Performance - As of the announcement date, the cumulative order volume for the company's core products, including laparoscopic, orthopedic, and vascular intervention devices, has exceeded 170 units [1] - The TiMAY laparoscopic surgical robot has achieved over 100 commercial orders globally, with nearly 80 units installed, making it the leading domestic brand in this sector [1] Group 2: International Market Expansion - The TiMAY robot has surpassed 60 overseas orders, with installations across nearly 40 countries and regions, including Asia, Europe, Africa, Oceania, and South America [1] - The company has successfully conducted large-scale clinical surgeries in mainstream hospital systems in countries such as Italy, Belgium, India, Brazil, Argentina, and the UAE [1] Group 3: Milestone Achievements - The company has reached a significant milestone in its global high-end medical market strategy, with the TiMAY robot being commercially deployed in a top-tier medical institution ranked among the world's top two [1] - The successful implementation of a comprehensive intelligent surgical solution has been achieved through both single-port and multi-port series deployments [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a revenue of 176 million yuan in H1 2025, representing a year-on-year growth of 77%, with overseas market revenue growing by 189%. The net loss was 115 million yuan, a significant reduction of 58.9%. The expectation is for continued high growth in revenue due to new product launches and accelerated overseas expansion in 2025 [1][2][4]. Summary by Sections Growth Potential - The company is expected to experience high revenue growth in 2025 driven by both domestic and overseas markets. Overseas orders have seen rapid growth, with over 80 commercial orders and more than 60 installations globally. The company has received CE certification for its surgical robots, allowing for expansion into various surgical fields [2][3]. - The domestic market is also poised for growth as the National Health Commission has increased the number of approved laparoscopic surgical systems significantly, which is expected to boost installations [2]. - New products are being commercialized, including a single-port surgical robot and a remote surgical robot, enhancing market competitiveness [2][3]. Profitability - The company reported a net loss of 115 million yuan in H1 2025, a reduction of 58.9%. With ongoing product rollouts and improved management, the expense ratio is expected to decline, leading to further narrowing of losses in 2025 [4]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 480 million, 885 million, and 1.302 billion yuan, with year-on-year growth rates of 86.55%, 84.38%, and 47.11% respectively. The expected net profit for 2025 is projected at -258 million yuan, with an EPS of -0.25 yuan [5][11].

Core Insights - The domestic surgical robot industry is facing significant challenges, including a crowded market, reduced funding, and regulatory pressures, leading to some companies seeking acquisition or bankruptcy [2][3][11] - Despite these challenges, the Chinese surgical robot market is projected to grow rapidly, with an expected market size of $3.84 billion by 2026, reflecting a growth rate of 44.3% [2][3] - Successful commercialization of surgical robots requires extensive clinical data to demonstrate improved clinical outcomes, which is essential for gaining acceptance from hospitals and healthcare professionals [3][5] Industry Overview - The influx of innovative companies and capital has made the surgical robot sector highly competitive, but many products remain stuck in the commercialization phase due to high investment costs and slow returns [2][3] - The approval of 27 orthopedic surgical robots in 2024 indicates a surge in product registrations, yet many of these products struggle to achieve market penetration [3][4] - The need for clinical validation is emphasized, as companies like Intuitive Surgical and Mako have demonstrated that extensive clinical applications can lead to significant market success [4][5] Commercialization Challenges - The procurement decisions of public hospitals are influenced by the economic value of surgical robots, necessitating a focus on clinical data that proves efficiency and cost-effectiveness [3][5] - The current payment systems in China, particularly under DRG/DIP reforms, create additional pressure on hospitals to justify investments in surgical robots [5][6] Competitive Landscape - The domestic market is experiencing intensified competition due to product homogeneity and pricing pressures, while overseas markets present opportunities for differentiation [6][7] - Companies looking to expand internationally must establish comprehensive clinical training and service systems to support their products, which poses significant challenges [8][9] Future Opportunities - Recent policy changes from the National Medical Products Administration aim to support the development of high-end medical devices, including surgical robots, by streamlining regulations [13] - Companies like Tianzhihang are positioning themselves to compete globally by integrating their robotic systems with related technologies and services, aiming to create a robust product ecosystem [9][10] - The potential for growth remains, as companies that can navigate current challenges and leverage technological advancements may emerge as leaders in the global market [10][13]

Core Viewpoint - The medical robotics industry has entered a complex phase by 2025, with evolving product forms, clearer clinical pathways, and a more rational capital environment, emphasizing the need for a comprehensive ecosystem [1]. Group 1: Event Overview - The Third Global Surgical Robotics Conference will take place from September 4 to 6, 2025, in Beijing, focusing on the theme "MedRobot Next: The Future of Technology" [2]. - The conference serves as a platform for discussing technological advancements, supply chain transformations, hospital system upgrades, and international trends in the surgical robotics field [1][2]. Group 2: Key Themes and Discussions - The conference will cover various topics, including the evolution of technical systems and intelligent advancements, commercialization and hospital system implementation, and global strategies for market expansion [4][5][6]. - A special session will focus on the integration of clinical needs into engineering goals, highlighting the importance of collaboration between medical and engineering fields [7]. Group 3: Technological Trends - The next generation of surgical robots will emphasize AI integration to enhance autonomy and system collaboration efficiency, alongside challenges in integrating robotic systems with hospital infrastructures [8]. - The commercial pathways for surgical robots will be analyzed through global market comparisons and experience extraction, addressing procurement decision-making processes from equipment to system evaluations [8]. Group 4: Supply Chain and Ecosystem - The conference will explore the complete medical robotics industry chain, including opportunities and bottlenecks in domestic core components, and best practices for supply chain collaboration [13][9]. - Discussions will also focus on the importance of training systems, maintenance frameworks, and remote support in defining the boundaries of ecosystem value [13]. Group 5: Industry Recognition - The MedRobot annual awards have become one of the most recognized technology awards in China's medical robotics sector, providing insights into how technology is reshaping medical systems [14]. - The event aims to identify sustainable and collaborative future technology partners through multi-dimensional discussions among manufacturers, component suppliers, algorithm companies, and clinical teams [14].

Core Viewpoint - The medical robotics industry is entering a complex phase by 2025, with evolving product forms, clearer clinical pathways, and a more rational capital environment, emphasizing the need for a comprehensive ecosystem [1] Event Overview - The Third Global Surgical Robotics Conference will take place from September 4-6, 2025, in Beijing, focusing on the systematic upgrade of intelligent surgical systems and the construction of a full-chain ecosystem [1] - The conference theme is "MedRobot Next: The Future of Technology," highlighting the intersection of technological routes, supply chain changes, hospital system upgrades, and international trends [1] Key Topics - The conference will feature multiple government and industry leaders' speeches and the launch of the "Global Surgical Robotics Industry Report 2025" [2] - Discussions will include the evolution of technology systems and intelligent advancements, commercialization and hospital system implementation, and global strategies for market expansion [3][4][5] Next-Generation Surgical Robots - The core architecture trends for next-generation surgical robots will be explored, including AI integration, intraoperative navigation, and the challenges of integrating surgical robots with hospital systems [7] - The commercialization pathways for surgical robots will be analyzed, comparing global markets and extracting valuable experiences [7] Supply Chain and Ecosystem - The conference will address the supply chain and intelligent ecosystem, focusing on the collaboration mechanisms and best practices between domestic and international supply chains [8] Importance of Participation - The event is positioned as a critical platform for innovative companies, hospitals, governments, and investors to redefine the future of surgical rooms and hospitals through robotics [9][10] - The MedRobot annual awards have become one of the most recognized technical awards in China's medical robotics field, providing insights into how medical systems are being restructured by technology [12]