Core Viewpoint - The company, Beijing Tianzhihang Medical Technology Co., Ltd., has undergone multiple rounds of public offerings and has established a robust continuous supervision mechanism to ensure compliance and operational efficiency in the orthopedic surgical robot industry [1][2][3]. Group 1: Fundraising and Financial Performance - The company raised a total of RMB 504.48 million by issuing 41.9 million shares at a price of RMB 12.04 per share in its initial public offering [1]. - In a subsequent offering, the company issued 29.55 million shares at RMB 12.53 per share, raising RMB 370.20 million, with a net amount of RMB 359.76 million after deducting issuance costs [2]. - The company's revenue for 2024 was RMB 178.84 million, representing a year-on-year decrease of 14.85% compared to RMB 210.04 million in 2023 [12]. Group 2: Continuous Supervision and Compliance - The company has established a continuous supervision work plan in accordance with the regulations set by the China Securities Regulatory Commission, ensuring effective execution of supervisory duties [3][4]. - The company has signed a continuous supervision agreement with its sponsor, which outlines the rights and obligations of both parties during the supervision period [3]. - The sponsor has conducted regular communication, site inspections, and due diligence to monitor the company's compliance with laws and regulations [4][5]. Group 3: Operational Risks and Challenges - The company has not yet achieved profitability, with a net loss of RMB 121.13 million in 2024, although the loss has narrowed compared to RMB 156.39 million in the previous year [12][7]. - The orthopedic surgical robot industry is characterized by high technical barriers and significant R&D investment, which poses risks related to product development and market competition [8][9]. - The company faces potential risks from supply chain disruptions and regulatory changes that could impact its production and sales capabilities [10][11]. Group 4: Competitive Advantages and Innovations - The company has established a strong competitive edge through its "production, learning, research, and medical" collaborative innovation mechanism, partnering with leading universities and hospitals [13][15]. - The company has accumulated a total of 596 patent applications, with 401 patents granted, establishing a technological barrier in the orthopedic surgical robot field [15][16]. - The company has successfully developed multiple iterations of its orthopedic surgical robots, gaining recognition for their clinical advantages such as precision and minimally invasive procedures [13][14].