抓住窗口期。 报道/投资界PEdaily 一年一度创投圈盛会如约而至。2 0 2 5年1 2月2 - 5日，由清科控股（0 1 9 4 5 .HK）、投资 界主办，汇通金控、南山战新投联合主办的第二十五届中国股权投资年度大会在深圳举 行 。 本 届 大 会 集 结 逾 千 位 顶 尖 投 资 人 、 领 军 企 业 家 ， 打 造 兼 具 深 度 洞 察 与 互 动 活 力 的"创·投嘉年华"，致力成为观察中国科技创新的窗口。 本场影响力对话 《医疗投资的潜心与耐心》 ，由北京泰康投资CEO 黄升轩 主持。对 话嘉宾为： 元生创投创始合伙人 陈杰 道彤投资创始管理合伙人 孙琦 德福资本合伙人 易琳 济峰资本创始管理合伙人 余征坤 倚锋资本CEO 朱湃 以下为对话实录， 经投资界（ID: p e d a i l y 2 0 1 2）编辑： 黄升轩： 感谢清科的邀请，在座都是老朋友。今年以来，医疗赛道明显回暖，同时也 呈现出诸多新变化。先请各位做一个简单的自我介绍。 陈杰： 我来自元生创投，很高兴今天和在座的各位老朋友深入交流。 孙琦： 道彤投资在医疗器械领域投资多一些，这两年加大了对生物制造领域的布局。 易琳： ...

Core Insights - The King Faisal Specialist Hospital and Research Centre (KFSHRC) has successfully performed the world's first robotic intracranial tumor resection, setting a new global standard for precision in neurosurgery and postoperative recovery [1][2]. Group 1: Surgical Innovation - The surgery involved a 68-year-old male patient with severe headaches and attention issues, during which a 4.5 cm brain tumor was removed using robotic arms [1]. - The patient was fully awake and discharged within 24 hours post-surgery, with recovery time nearly four times faster than traditional brain surgery [1]. - The robotic system utilized a 3D optical system to provide clear and magnified views of the brain, enhancing surgical precision and protecting critical brain areas [1]. Group 2: Institutional Achievements - KFSHRC's CEO, Dr. Majid Alfayyadh, emphasized that this milestone reflects the hospital's ongoing transformation and its role in shaping the future of global medicine [2]. - The robotic neurosurgery technology offers greater instrument stability, eliminates hand tremors, and provides clearer visuals, redefining global standards for safety and precision in neurosurgery [2]. - KFSHRC has previously achieved significant milestones in robotic surgery, including the world's first robotic heart and liver transplant surgeries, solidifying its position as a leading center for robotic and minimally invasive surgery [2]. Group 3: Recognition and Rankings - KFSHRC ranked first in the Middle East and North Africa region and 15th globally in the 2025 list of the world's top 250 academic medical centers [3]. - The institution was recognized as the most valuable healthcare brand in the Middle East by Brand Finance 2025 and included in Newsweek's lists for the world's best hospitals and best smart hospitals for 2025 and 2026 [3].

Core Insights - The company, MicroPort Scientific Corporation, has reported that its core products in endoscopy, orthopedics, and vascular intervention have accumulated over 170 orders as of the announcement date [1] - The TuMai endoscopic surgical robot has surpassed 100 commercial orders globally, with nearly 80 units installed, making it the leading domestic brand in this sector [1] - The commercialization process for TuMai is accelerating, with over 15,000 clinical surgeries performed worldwide [1] Product and Market Expansion - TuMai is the first domestic endoscopic surgical robot to enter overseas markets, with over 60 international orders covering nearly 40 countries and regions across Asia, Europe, Africa, Oceania, and South America [1] - The product has been deployed in mainstream hospital systems in several countries, including Italy, Belgium, India, Brazil, Argentina, and the UAE, facilitating large-scale clinical surgeries [1] - A significant milestone was achieved with TuMai's deployment in a top-tier global medical institution, successfully executing a comprehensive intelligent surgical solution [1]

Core Viewpoint - Morgan Stanley's report indicates that MicroPort Scientific Corporation (02252) has shown stronger-than-expected order trends in the first half of the year, reflecting a structural shift in the company's growth and profitability drivers [1] Financial Performance - The company reported a 77% year-on-year increase in revenue, with a 59% reduction in net loss [1] - Overseas sales surged by 189%, accounting for 58% of total revenue, highlighting the significance of international business as a core growth engine [1] Management Guidance - Management aims for approximately 85% revenue growth for the year and further reduction in net loss [1] - The company plans to strictly control capital expenditures between 5 million to 10 million RMB, targeting free cash outflow to be less than 200 million RMB [1] Analyst Rating and Target Price - Morgan Stanley raised the target price from HKD 19.1 to HKD 30.9 and upgraded the rating from "Neutral" to "Overweight" [1]