招商通知： 2025年9月4-5日，第三届全球手术机器人大会 2025年8月12日晚，停牌近一个月的康基医疗（9997.HK）终于揭开停牌谜底——由全球私募巨头TPG Inc.、卡塔尔投资局（Qatar Investment Authority，QIA）以及康基医疗创始人钟鸣与申屠银光牵头的财团，拟以每股9.25港元的价格，收购公司全部已发行股份，总估值约112亿港元（约 合14亿美元），并在交易完成后将公司从香港联交所退市。 这笔交易，不仅是港股医疗板块近年来少见的大型私有化案例，也映射出一个更深层的现实：当资本市场长期低估叠加行业政策压力，优质企业可能 会选择在公众视野之外重新布局。而对康基医疗来说，此次私有化的背后，还隐藏着它向"智能化微创手术平台"转型的重要一步——通过战略投资的 唯精医疗，在手术机器人领域完成关键突破。 01 交易核心信息 为了帮助行业读者快速理解康基医疗此次私有化的全貌，我们将公告及公开报道中的关键信息整理如下： | 要素 | 内容 | 备注/解读 | | --- | --- | --- | | | | 思宇MedTech整理 | | 收购价格 每股9.25港元 | | 与停牌前 ...

Summary of Kangji Medical Conference Call Industry Overview - The global minimally invasive surgical consumables market is projected to reach approximately $32 billion by 2024, with a compound annual growth rate (CAGR) of only 5% due to aging populations in Europe and the US, as well as open-chest surgeries in underdeveloped regions [2][4] - The Chinese market is expected to grow significantly, with a projected CAGR of 12%, reaching approximately 26 billion yuan in 2024 and 40.7 billion yuan by 2028 [2][5] - The number of minimally invasive surgeries in China is anticipated to increase from 14 million in 2023 to 24 million by 2028, with a slight increase in the average price of consumables [2][6] Company Insights - Kangji Medical's market share has increased significantly from 2-3% in 2019 to around 14% in 2023, benefiting from accelerated domestic substitution as international giants like Medtronic exit certain product lines due to cost pressures [2][8] - The company leads in disposable puncture devices, polymer ligation clips, and electrocautery forceps, while actively expanding into ultrasonic knives, staplers, and sutures [2][3] - Kangji Medical is also developing products in the laparoscopic robotic field, with its first laparoscopic surgical robot expected to drive growth in surgical robot consumables [3] Financial Performance - Kangji Medical's revenue for 2024 is projected to be around 1 billion yuan, with profits nearing 600 million yuan [4][16] - The company maintains a strong cash flow, with approximately 1.4 billion yuan in cash by the end of 2024 and a commitment to a high dividend payout ratio of 60-80% [4][22] - The overall compound growth rate for Kangji Medical is expected to be between 16-17% over the next three years, with new products like ultrasonic knives and staplers potentially achieving growth rates of 50-60% [4][24] Market Dynamics - The competitive landscape in the Chinese minimally invasive surgical market has shifted, with major international players like Johnson & Johnson and Medtronic losing market share due to high costs associated with bidding [7][8] - The implementation of centralized procurement policies has led to significant price reductions for products like disposable puncture devices, creating substantial opportunities for domestic companies like Kangji [7][8] - The market for surgical robots in China is currently dominated by the Da Vinci system, but domestic brands are gradually gaining traction [9] Risks and Challenges - Potential risks include the impact of centralized procurement and DRG (Diagnosis-Related Group) policies on hospital surgery volumes and physician engagement [26] - Intense competition in the consumables market necessitates effective promotion by distributors, and uncertainties exist regarding overseas market expansion, including tariff risks in Europe [26] - New products, particularly energy sources and devices, may face regulatory and market entry challenges [26] Conclusion - Kangji Medical is positioned well within the rapidly growing Chinese minimally invasive surgical market, with a strong focus on innovation and market expansion. However, the company must navigate various risks associated with market competition and regulatory environments to sustain its growth trajectory.