增持 |首次覆盖 个股表现 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 0% 12% 24% 36% 48% 60% 72% 84% 96% 108% 120% 天智航 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：医药生物 | 公司点评报告 发布时间：2026-01-13 股票投资评级 | 最新收盘价（元） | 18.89 | | --- | --- | | 总股本/流通股本（亿股）4.56 | / 4.56 | | 总市值/流通市值（亿元）86 | / 86 | | 周内最高/最低价 52 | 20.43 / 9.49 | | 资产负债率(%) | 24.3% | | 市盈率 | -69.96 | | 第一大股东 | 张送根 | l 公司拥有全球首个全骨科手术机器人，具备领先优势 公司已推出四代产品，包括 2016 年拿证的天玑 1.0（具备创伤、 脊柱功能）和 2021 年上市的天玑 2.0 系列。天玑 2.0 采用模块化设 计，可根据客户需求选择单模块或升级。2023 年公司拿到 2.0 关节机 注册证，同年 10 月三模块（ ...

Core Viewpoint - The report outlines Beijing Tianzhihang Medical Technology Co., Ltd.'s progress and effectiveness in implementing its "Quality Improvement and Efficiency Enhancement" action plan for 2025, emphasizing its commitment to high-quality development and innovation in the orthopedic surgery robot industry. Group 1: Business Performance - The company achieved a revenue of 125.31 million yuan, representing a year-on-year growth of 114.89% [2] - The Tianji orthopedic surgical robot performed over 22,000 surgeries from January to June 2025, with a cumulative total exceeding 120,000 surgeries by the end of the reporting period [2] - The company is focused on enhancing product performance and expanding its product range, covering various orthopedic surgical procedures [2] Group 2: Research and Innovation - The company has applied for a total of 619 patents, including 245 invention patents, and has been granted 428 patents, with 412 currently valid [3] - Two innovative products, Tianji SIRUI orthopedic surgical robot and Tianxuan Xingyao 3D C-arm, received approval for market launch, enhancing surgical efficiency and safety [3] Group 3: Corporate Governance - The company has established a robust governance structure, ensuring clear responsibilities and effective checks and balances [4] - Training programs have been implemented to enhance compliance awareness among major stakeholders [4] Group 4: Talent Development - The company emphasizes talent development through comprehensive training programs tailored to various employee needs [5] - Long-term incentive mechanisms have been established to attract and retain top talent, aligning interests among shareholders, the company, and core team members [5] Group 5: Information Disclosure - The company prioritizes information disclosure to enhance governance and market transparency, adhering to relevant regulations [6] - Various initiatives have been undertaken to communicate with investors, including performance briefings and investor engagement activities [6]

Core Points - The annual general meeting of Beijing Tianzhihang Medical Technology Co., Ltd. is scheduled for May 20, 2025, at 10:00 AM, combining on-site and online voting methods [4][5][12] - The company reported a net profit of -121.13 million yuan for 2024, with no distributable profits available [10][11] - The company plans to issue shares to specific targets, with a total financing amount not exceeding 1 billion yuan [12][13] Meeting Procedures - Attendees must confirm their identity upon arrival, and the meeting will follow a predetermined agenda for discussion and voting [2][3] - Shareholders have the right to speak, inquire, and vote, but must adhere to time limits and order during discussions [2][3] - The meeting will be witnessed by a legal representative from a law firm, ensuring compliance with legal standards [3][4] Financial Performance - The company achieved a total revenue of 178.84 million yuan in 2024, with significant contributions from orthopedic surgical robots and related services [15][16] - The sales of consumables increased by 55.27% from 33.88 million yuan in 2023 to 52.60 million yuan in 2024 [15][16] - The company has conducted over 39,000 surgeries using its orthopedic surgical robots in 2024, with a cumulative total exceeding 100,000 surgeries by the end of the year [16][17] Product Development - The company expanded its product offerings, gaining approval for new applications of its orthopedic surgical robots, including total hip replacement surgeries [16][17] - The orthopedic surgical navigation system received CE certification, marking a significant step in the company's international expansion strategy [17] Governance and Oversight - The board of directors held 12 meetings in 2024, addressing major operational decisions and ensuring compliance with legal and regulatory requirements [19][20] - The supervisory board conducted 12 meetings, overseeing the company's operations and ensuring adherence to financial regulations [23][24] - The company emphasizes investor relations, maintaining open communication channels to enhance transparency and protect shareholder interests [21][22]

Group 1 - The core viewpoint of the articles highlights Tianzhihang's position as a leading company in the orthopedic surgical robot industry in China, with a focus on research, production, sales, and service of surgical navigation robots [1][2] - As of the first quarter of 2025, Tianzhihang reported a revenue of 58.58 million yuan, representing a year-on-year increase of 102.40%, while the net profit was -13.20 million yuan, a decrease of 31.22% year-on-year, with a gross margin of 75.12% [1] - The company's stock closed at 12.96 yuan, up 2.86%, with a latest price-to-book ratio of 4.49 and a total market capitalization of 5.867 billion yuan [1] Group 2 - Tianzhihang is among six institutions holding shares, with a total of 90.76 million shares valued at 1.126 billion yuan [1] - The average price-to-earnings (P/E) ratio for the industry is 48.90, while Tianzhihang's P/E (TTM) is -47.21, indicating a significant deviation from industry norms [2] - The company is recognized as a top 10 member of the robotics sector in China and serves as a research center for medical robots [1]