炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 虽然手术机器人出货增长，但微创机器人（2252.HK）距离扭亏仍有点远。 投入端开始收缩 微创机器人2025年中报的核心财务指标仍"增收不增利"。得益于图迈腔镜手术机器人等核心产品在海内 外市场的商业化拓展，上半年该公司收入同比增长77.0%至1.76亿元；公司的 毛利率却从去年同期的 47%下滑至41% 。 更值得关注的是，微创机器人净亏损的大幅收窄，很大程度上依赖于对费用的强力压缩，尤其是研发成 本。公司研发成本由去年同期的1.64亿元人民币大幅削减46.0%至8860万元。公司解释称，此举是因核 心产品已取得阶段性成果，资源更聚焦于商业化产品的迭代。但对于一家身处高强度技术迭代赛道的企 业而言，研发投入的大幅收缩并不寻常。 与此同时，微创机器人上半年销售及营销开支同比下降12.8%至8040万元，行政开支更是同比下降 40.0%至1810万元 。医药研究员陈星对智通财经记者表示，"虽然费用控制体现了微创机器人运营效率 的提升，但结合毛利率的下滑，反映了产品组合中毛利率较低的产品销售占比提升，同时供应链成本压 力未能有效传导"。 尽 ...

最新披露财报显示，微创机器人上半年营业收入同比增长77.0%至1.76亿元；归母净亏损同比大幅收窄 59%至1.13亿元。财报发布后，公司人股价一度大跌。要知道，在收入快速增长，亏损逐渐收窄的背景 下，公司股价今年累计涨幅达171%，推动其市销率高达72倍。 智通财经记者注意到，微创机器人毛利率从去年同期的47%下滑至41%，主力外科手术机器人产品仍面 临不断升级的竞争。另外，公司虽然亏损大幅收窄，但并非源于内生性造血能力的提升，而是在很大程 度上依赖于对研发及销售费用的"节流"。 与此同时，微创机器人上半年销售及营销开支同比下降12.8%至8040万元，行政开支更是同比下降 40.0%至1810万元 。医药研究员陈星对智通财经记者表示，"虽然费用控制体现了微创机器人运营效率 的提升，但结合毛利率的下滑，反映了产品组合中毛利率较低的产品销售占比提升，同时供应链成本压 力未能有效传导"。 投入端开始收缩 来源：智通财经 微创机器人2025年中报的核心财务指标仍"增收不增利"。得益于图迈腔镜手术机器人等核心产品在海内 外市场的商业化拓展，上半年该公司收入同比增长77.0%至1.76亿元；公司的 毛利率却从去年同期 ...

蛇形臂单孔机器人具备多维度操作能力，可在狭小空间内实现稳定、精细的组织分离与缝合。 "我们的手术机器人在胸外科的肺叶切除、妇科的肿瘤切除等手术均能开展，目前已在内地60多家三甲 医院完成上千例手术。"该机器人产品临床应用工程师寿鹤君介绍，该公司的机器人不仅能避免器械在 腹腔内"打架"，还能让器械操作方向与医生手部动作保持一致，缩短主刀医生的学习周期。 寿鹤君表示，目前行业规范化体系已逐步完善，官方针对手术机器人的临床应用、医生培训等制定了明 确标准，企业也在通过专利布局构建核心竞争力，"未来手术机器人将朝着精细化、小型化、远程化方 向发展，尤其是结合AI技术实现远程手术，有望打破地域医疗资源壁垒"。 手术机器人技术工程师余家锋表示，中国国产机器人在技术上已实现"精度达标、全术式覆盖"，且行业 正通过协会推广、临床案例共享等方式加速医生接受度。 (经济观察)中国医疗机器人加速覆盖多诊疗场景 中新社广州9月19日电 (记者 蔡敏婕)2025第五届广州精准医学博览会(医疗机器人专场)19日在广州开 幕。随着人工智能、智能传感等技术的发展与应用，中国医疗机器人加速覆盖多诊疗场景，从本届博览 会可见一斑。 9月19日， ...

来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 科研人员介绍，人的眼球只有24毫米左右，手术要求精度极高，现在，国产机器人的精度可以达到10微 米的精度要求，并且通过遥控操作和电脑软件的配合，不仅精度可以得到确保，还能让医生为患者进行 远程手术。 (记者 王庆然 制作 刘鹏) 国产眼科手术机器人亮相 10微米精度"拿捏" 国产眼科手术机器人，能在眼球里进行"头发丝"级别的操作，还能进行远程手术。 9月10日，在广东省政府新闻办举行"广东卫生健康新质生产力"新闻发布会上，两台手术机器人吸引眼 球。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 本文为转载内容，授权事宜请联系原著作权人 ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $2,440 million, representing a 21% growth over the prior year, with systems revenue increasing by 28% [27][36] - Pro forma operating margin was 39%, and pro forma earnings per share increased by 23% to $2.19 [20][36] - Pro forma net income for the second quarter was $798 million compared to $641 million last year [36] Business Line Data and Key Metrics Changes - da Vinci procedures grew by 17%, with a total procedure growth of 18% when including ION procedures [21][10] - SP procedures grew by 88%, driven by 112% growth in Korea [29] - ION procedures increased by 52%, with approximately 35,000 procedures performed in the quarter [30] Market Data and Key Metrics Changes - In the US, da Vinci procedures grew by 14%, with notable growth in benign general surgery [21] - Outside the US, da Vinci procedures grew by 23%, with strong contributions from India, Korea, and distributor markets [22] - Capital placements in the US increased by 45%, while placements in Japan decreased by 26 systems year over year [64] Company Strategy and Development Direction - The company is focused on the full launch of da Vinci V, regional clearances, and follow-on feature releases [18] - There is an emphasis on increasing adoption for focused procedures through training and commercial activities [18] - The company aims to enhance its digital tools and manufacturing optimization to support long-term growth [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges in certain international markets but expressed confidence in the company's operational and financial positioning [6][19] - The company updated its 2025 da Vinci procedure growth guidance to a range of 15-17% [44] - Management highlighted the potential impacts of fiscal policy on Medicaid recipients and the importance of demonstrating clinical and economic advantages [22] Other Important Information - The company opened a new 187,000 square foot manufacturing facility in Bulgaria to support its portfolio of mature endoscope products [33] - The average selling price for systems was $1,500,000, reflecting an increasing mix of da Vinci V systems [28] Q&A Session Summary Question: Margin performance and sustainability - Management noted strong revenue growth and a favorable purchase mix contributed to the margin upside, but it should not be characterized as the new normal [50][51] Question: Reprocessing and protecting the business - Management emphasized the importance of high-quality instruments and operational support in maintaining customer value amidst competition from remanufactured instruments [54][56] Question: Capital spending and Medicaid impacts - Management acknowledged potential challenges for hospitals due to lower admissions from Medicaid coverage loss but highlighted opportunities for Intuitive to demonstrate value [62][63] Question: System placements outside the US - Management indicated a measured rollout for da Vinci V in Europe and Japan, with expectations for increased trade-ins as customers upgrade [88][89] Question: Future opportunities in robotics - Management expressed interest in expanding robotic utilization in outpatient environments and ASCs, leveraging existing technology [93][94]

Core Viewpoint - The rapid adoption of artificial intelligence (AI) in China's healthcare sector is transforming hospitals, enhancing efficiency, and creating new opportunities for patient care and management [2][3][5]. Group 1: AI Adoption in Hospitals - Major hospitals in China, including Peking Union Medical College Hospital, have launched multiple AI products aimed at improving clinical and management processes, such as the "Xiehe·Taichu" rare disease model and various intelligent decision-making systems [3][4]. - By 2024, the top 100 hospitals in China have released at least 60 vertical models in various medical fields, indicating a significant shift towards AI integration in healthcare [4][5]. Group 2: Competitive Landscape - The competition among top-tier hospitals to adopt AI technologies is intensifying, with many hospitals forming partnerships to enhance their capabilities and attract specific patient demographics [6][8]. - The trend of "cyber territory" expansion is evident, as hospitals seek to leverage AI to improve patient retention and operational efficiency [6][9]. Group 3: Challenges for Regional Hospitals - Regional hospitals are facing increasing pressure due to the dual competition from both grassroots medical institutions and top-tier hospitals, leading to a wave of mergers among regional hospitals [12][14]. - The rise of AI and advanced medical technologies is contributing to a "third medical revolution," which is raising standards and altering the operational models of healthcare institutions [13][14]. Group 4: Future of Healthcare - The future of healthcare may evolve into a "distributed examination, centralized diagnosis" model, where hospitals must adapt to new roles or risk becoming obsolete [14][15]. - The integration of AI and other technologies is not merely about investment; it requires a comprehensive approach to effectively implement these innovations in healthcare settings [15].

Core Viewpoint - The surgical robotics industry in China is experiencing rapid growth and transformation, driven by advancements in technology such as smart algorithms and 5G, leading to increased market penetration and commercialization of surgical robots [1][3]. Industry Overview - The penetration rate of surgical robots in China has risen from 3.7% in 2020 to an expected 11.2% by 2025, with minimally invasive surgeries accounting for 68% of applications [1]. - The market size for surgical robots in China reached 71.7 billion yuan in 2023 and is projected to exceed 100 billion yuan by 2025, potentially surpassing 287 billion yuan by 2030 [3]. Technological Advancements - Surgical robots are becoming essential tools in clinical settings, enhancing precision and reducing recovery times for patients [2]. - The integration of 5G technology is enabling remote surgical operations, allowing surgeons to perform procedures from great distances, thus addressing regional disparities in healthcare access [8][10]. Domestic Development - The domestic production rate of surgical robots has exceeded 80%, with a significant increase in the number of approved products, indicating a shift from reliance on foreign technology to local innovation [1][4]. - By the end of 2024, 64 companies are expected to have a total of 115 surgical robot products approved, with domestic brands accounting for 81.7% of these approvals [4]. Market Dynamics - The Chinese market is characterized by a diverse ecosystem with multiple technological pathways and applications, unlike the more consolidated markets in Europe and the U.S. [7]. - Companies like MicroPort and Tianzhihang are making significant strides in both domestic and international markets, with products that have received approvals in multiple regions [7]. Future Outlook - The surgical robotics industry is anticipated to enter a phase of accelerated growth, particularly with the advent of remote surgical capabilities powered by 5G technology [9][10]. - The global market for remote surgical robots is expected to see explosive growth, with China emerging as the second-largest market after North America [9].

Core Viewpoint - The successful remote surgery performed by Suzhou University First Affiliated Hospital's thoracic surgery team marks a significant milestone in China's medical technology, showcasing the potential of domestic robotic surgery in the international minimally invasive surgical field [1][3]. Group 1: Technological Breakthrough - The surgery, which took place over a distance of 8,000 kilometers, was the world's first intercontinental single-port robotic thoracic surgery [1]. - The operation utilized a domestically produced single-port surgical robot, demonstrating advanced capabilities in minimally invasive procedures [1][6]. - The robotic arms provided enhanced flexibility and magnification of 2 to 10 times, allowing for precise operations on delicate structures such as capillaries [8]. Group 2: Collaborative Efforts - The successful execution of the surgery was the result of four months of preparation and collaboration between the Suzhou team and the Romanian medical team [3]. - The operation involved extensive logistical planning, including equipment transportation, legal approvals, administrative permissions, personnel training, and equipment testing [3][6]. - The surgery was conducted with the assistance of over 40 medical staff from both countries, highlighting the importance of international cooperation in complex medical procedures [6][8]. Group 3: Future Implications - The success of this surgery indicates a promising future for remote surgeries, potentially allowing high-difficulty operations to be performed in remote areas with the necessary equipment [8]. - The establishment of the "International Single-Port Robot Training Center" by Suzhou University First Affiliated Hospital aims to enhance global expertise in robotic surgery, attracting over 130 experts from more than 20 countries for training [8].