证券研究报告 | 2026年02月01日 医药生物周报（25 年第 4 周） 优于大市 精锋医疗招股书梳理，关注手术机器人赛道 本周医药板块表现弱于整体市场，医药商业降幅居前。本周全部 A 股下 跌 0.98%（总市值加权平均），沪深 300 上涨 0.08%，中小板指下跌 3.78%，创业板指下跌 0.09%，生物医药板块整体下跌 3.31%，生物医 药板块表现弱于整体市场。分子板块来看，化学制药下跌 3.20%，生物 制品下跌 2.50%，医疗服务下跌 4.15%，医疗器械下跌 3.86%，医药商 业下跌 4.49%，中药下跌 1.94%。医药生物市盈率（TTM）37.27x，处 于近 5 年历史估值的 80.47%分位数。 精锋医疗为领先的手术机器人公司。精锋医疗成立于 2017 年，是中国 首家、全球第二家同时取得多孔腔镜、单孔腔镜及自然腔道三类手术机 器人注册审批的领先企业，2024 年斩获国内手术机器人制造商销量第 一，2026 年 1 月于香港联交所挂牌上市。公司核心管理层具备深厚的 行业经验与国际背景，全球专利布局超 734 项，技术实力雄厚。 精锋医疗构建了覆盖多科室的丰富管线。多孔系列 M ...

"近两年，国产手术机器人在我国的市场占有率持续提升，从 2023年的32.61%增长至2024年的48.89%。"在1月20日国家医保局 举办的"价格立项赋能医疗科技创新发展"分享活动中，中国科学院院 士、解放军总医院泌尿外科医学部教授张旭表示，国产手术机器人的 研发创新取得了长足进步，但相较于美国机器人参与手术的比例 42%，我国仅为6.33%，机器人在手术中的利用价值仍待提升。 为了推动手术机器人行业高质量发展，助力更多患者受益，国家医保 局20日发布《手术和治疗辅助操作类医疗服务价格项目立项指南 （试行）》（以下简称"指南"），以医疗价格为"指挥棒"，理顺手术 机器人的收费"逻辑"，科学合理地推动颠覆性创新技术快速走到病 床。 收取参与执行的手术机械臂辅助操作费；当辅助精准完成手术的全部 步骤或关键步骤时，才可收取与精准执行匹配的费用。 这种"按劳取酬"的方式，能够让参与度更高、功能更全面、执行更精 准的手术机器人获得更高收费系数。这意味着，贴牌或仅有"规划功 能"的产品在临床收费项目上难以"浑水摸鱼"，而真正解决临床痛点、 实现精准执行并能产生明确临床价值的硬核技术，才能获得合理回 报。 过去的手术机 ...

这种"按劳取酬"的方式，能够让参与度更高、功能更全面、执行更精准的手术机器人获得更高收费系 数。这意味着，贴牌或仅有"规划功能"的产品在临床收费项目上难以"浑水摸鱼"，而真正解决临床痛 点、实现精准执行并能产生明确临床价值的硬核技术，才能获得合理回报。 "指南细化了收费项目、明确了对应的收费场景，其中体现的收费'逻辑'承认机器人的临床价值。"深圳 市精锋医疗科技股份有限公司产品市场部总监赵武贻说，该企业自主研发的多孔腔镜手术机器人和单孔 腔镜手术机器人已累计完成临床手术超过1.4万例，承认手术机器人的临床价值将进一步缩短新技术推 广周期，促进自研产品获得市场认可。 拓宽精准手术实施规模 "在手术机器人辅助下，原本产生较大创口的手术，可以经过多孔甚至单孔操作完成。"张旭介绍，单孔 机器人技术要求较高，目前在这一领域已有多家国内企业的产品获批。指南将进一步引导有条件的医疗 机构利用手术机器人开展远程手术，拓宽精准手术的临床应用规模。 "近两年，国产手术机器人在我国的市场占有率持续提升，从2023年的32.61%增长至2024年的 48.89%。"在1月20日国家医保局举办的"价格立项赋能医疗科技创新发展"分享活动 ...

Group 1 - Shanghai Jiading is establishing a high-end medical device industry cluster, promoting a dual empowerment of medical services and industrial development [1] - The "Shanghai Medical Valley" industrial park has attracted over 60 biopharmaceutical companies, with a projected total output value of 700 million yuan in 2024 [1] - A new model of industry-medical integration has been created, involving collaboration with Shanghai Jiao Tong University to support the transformation of medical and engineering innovations [1] Group 2 - The first domestically produced proton therapy system has been put into clinical use, treating over 1,000 patients with a maximum treatment cost of 170,000 yuan, which is 15% to 20% lower than imported equipment [2] - The "Union Medical-Jiading Regional Imaging Center" has been established to enhance grassroots medical imaging capabilities, addressing shortages in diagnostic physicians and improving service quality [2] - A digital twin management platform for high-value medical imaging equipment has been created, optimizing workflows and improving patient experience through real-time data monitoring [2] Group 3 - The "Jiading Model" is a practical implementation of the national hierarchical diagnosis and treatment system, promoting high-quality development of public hospitals and the entire chain of high-end medical equipment [3] - This model has been successfully implemented in nearly 400 projects across 31 provinces and cities, covering over 3,000 hospitals and serving nearly 200 million people [3] - The model is being promoted to countries and regions involved in the Belt and Road Initiative, including Indonesia, Brazil, and Africa [3]

Core Insights - The Hong Kong stock market has seen a resurgence in new IPOs, with 11 companies listed in 2026, all experiencing price increases on their debut, marking the best start in recent years for the new stock market [1][2] Group 1: New IPOs and Market Sentiment - The new IPOs include companies from popular sectors such as GPU, AI, and biomedicine, reflecting strong global capital interest in these areas [1][3] - Among the 11 companies listed, 10 had their public offerings oversubscribed by over 100 times, with 6 companies exceeding 1000 times, indicating high investor enthusiasm [1][2] - BBSB INTL, listed on the GEM board, achieved over 10,000 times subscription, with a debut price increase of over 400% [1] Group 2: Performance of Technology Companies - Companies in the tech sector, such as 壁仞科技 and MINIMAX-WP, received exceptionally high subscription rates, with figures of 2347.53 times and 1837.17 times respectively [2] - The performance of new stocks has improved significantly since December 2025, with no major instances of price drops on the first day of trading for the 2026 listings [2] Group 3: Funding and Future Prospects - The new listings have raised substantial capital, with 9 out of 11 companies raising over 1 billion HKD, and 5 companies raising over 4 billion HKD [4] - The pipeline for new listings remains strong, with over 300 companies waiting to go public, primarily in technology, biomedicine, and consumer sectors [4]

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the "first stock of large models," marking a significant milestone in its development and showcasing Lenovo Holdings' role in empowering AI startups [1] - Lenovo Holdings has made substantial investments in AI, with over 270 AI companies supported, establishing itself as one of the most comprehensive investment institutions in the field [2][9] Investment and Growth - Lenovo Holdings has been a key investor in Zhiyu, participating in multiple funding rounds and providing strategic support, which has accelerated Zhiyu's commercialization process [3][4] - Zhiyu's revenue is projected to grow significantly, with a compound annual growth rate of 130% from 2022 to 2024, reaching 312.4 million yuan by 2024 [4] Ecosystem and Collaboration - Lenovo Holdings has facilitated collaborations between Zhiyu and its own product lines, creating integrated solutions that combine hardware and large models, enhancing application in various sectors such as manufacturing and education [3] - Other AI companies backed by Lenovo Holdings, such as Moer Thread and Muxi, have also successfully entered the capital market, indicating a broader trend of AI integration across industries [5][6] Technological Advancements - Moer Thread and Muxi have achieved significant breakthroughs in AI chip technology, establishing themselves as leaders in the high-end GPU market [6] - Companies like Xiaoma Zhixing and Xidi Zhijia have made strides in autonomous driving, showcasing successful commercial applications of AI technology [6][7] Strategic Vision - Lenovo Holdings emphasizes the importance of "patient capital" in driving AI commercialization, focusing on long-term value creation and strategic investments [8] - The company aims to enhance its AI ecosystem by fostering collaboration across the industry, integrating technology and innovation to accelerate market validation and product deployment [9][10]

Core Viewpoint - Jingfeng Medical-B (02675) experienced a significant stock price increase, reaching a new high of 63.75 HKD, reflecting strong market interest in the company and its sector [1] Company Summary - Jingfeng Medical is a leading surgical robot company in China's medical device industry, focusing on the design, development, and manufacturing of surgical robots [1] - It is the first company in China and the second globally to obtain regulatory approval for multi-port, single-port, and natural orifice surgical robots [1] Industry Summary - According to Frost & Sullivan, the penetration rate of surgical robots in China is currently below 1%, significantly lower than the 21.9% in the United States, indicating substantial growth potential [1] - The Da Vinci system currently dominates over 40% of the market share, suggesting that there is considerable room for domestic manufacturers to increase their market presence [1] - The ongoing support from national policies and the acceleration of regulatory approvals are contributing to heightened interest from capital markets in the laparoscopic robot sector [1]

Group 1: IPO Activities - The first trading week of 2026 saw significant IPO activities in both domestic and international capital markets, marking an active start to the year [2] - The Beijing Stock Exchange approved its first IPO of the year, with Zhoushan Chenguang Electric Motor Co., Ltd. successfully passing the review [2] - Hong Kong's stock market experienced a surge of hard-tech company listings, with companies like Zhipu, Tensu Zhixin, and Jingfeng Medical showing strong performance despite market adjustments [2][5] Group 2: Company Highlights - Zhoushan Chenguang Electric Motor Co., Ltd. plans to raise 399 million yuan, down from an initially proposed 520 million yuan, with funds allocated for high-speed motors and R&D center construction [3] - Guangdong Banzai Chuangke Electric Co., Ltd. aims to raise approximately 400 million yuan, showing significant revenue growth from 10.71 billion yuan in 2022 to an expected 15.1 billion yuan in 2025 [4] - Zhipu, listed on the Hong Kong Stock Exchange, had an opening price of 116.2 HKD, closing at 131.5 HKD, with a total market value of 57.89 billion HKD and a fundraising total of about 4.348 billion HKD [5] - Tensu Zhixin, another new listing, opened at 190.2 HKD, closing at 156.8 HKD, with a total market value of 39.877 billion HKD and raising approximately 3.677 billion HKD [5] - Jingfeng Medical-B, a leader in surgical robotics, saw its stock rise to 56.6 HKD from an initial price of 43.24 HKD, achieving a market value of 21.945 billion HKD and raising about 1.199 billion HKD [6] Group 3: Upcoming IPOs and Filings - Stand Robot and Wanbang Digital Energy have submitted their IPO applications, with Stand Robot being a leader in industrial mobile robot solutions and Wanbang being the largest smart charging equipment supplier globally [8] - Other companies like Tianxiaxiu and Zhong'an Xinke are also in the process of filing for IPOs, focusing on digital marketing and customized AI solutions respectively [9][10] - Chipmaker Xinmai Semiconductor updated its prospectus for a second time, focusing on power management ICs and reporting a revenue increase of 24.3% for the first three quarters of 2025 [10]

Core Viewpoint - Shenzhen Precision Medical Technology Co., Ltd. (referred to as "Precision Medical") is the first company in China and the second globally to commercialize both multi-port and single-port surgical robots, officially listing on the Hong Kong Stock Exchange on January 8, 2026 [1] Group 1: IPO and Financial Performance - Precision Medical issued a total of 27,722,200 H-shares in its IPO, with a subscription rate of 1,091.94 times for the Hong Kong public offering and 25.18 times for the international offering [3] - The company raised approximately HKD 1.199 billion at an issue price of HKD 43.24 per share, with an opening price of HKD 59, resulting in a market capitalization exceeding HKD 22.8 billion [3] - In the first half of 2025, Precision Medical achieved revenue of approximately RMB 149 million, representing a nearly 400% year-on-year growth, with a gross margin of about 62.8% [3] Group 2: Future Plans and Innovations - Precision Medical aims to leverage its IPO as a new starting point to increase investment in cutting-edge technologies, complex surgical procedures, and remote surgery, while steadily advancing capacity building and global market expansion [3] - The company is committed to providing safer, more efficient, and affordable minimally invasive surgical solutions, contributing to the high-quality development of China's high-end medical equipment industry [4] Group 3: Company Background and Technology - Founded in May 2017, Precision Medical is a strategic investment enterprise of the National Social Security Fund and a key player in the field of domestically developed surgical robots in China [6] - The company has developed a comprehensive product portfolio, including multi-port and single-port surgical robots, bronchoscopic surgical robots, and traditional minimally invasive surgical instruments, supported by a robust R&D team and a strong intellectual property foundation with 734 patents [6] - Precision Medical has established a "three-in-one" surgical solution combining multi-port, single-port, and remote systems, promoting advancements in surgical techniques and sharing high-quality medical resources globally [6]

Group 1 - Shenzhen Precision Medical Technology Co., Ltd. (stock code: 02675.HK) officially listed on the Hong Kong Stock Exchange, becoming the first company in Shenzhen to complete an IPO in the new year, with an issue price of HKD 43.24 and a subscription rate of 1,091.94 times, opening at HKD 59, a significant increase of 36.45% from the issue price, with a market capitalization exceeding HKD 20 billion [1][3] - The successful listing marks a new phase for the company characterized by globalization and scaling, following breakthroughs in core technology and commercialization [3] - The company has developed a complete product layout covering multi-port, single-port, and natural orifice surgical robots, being the first in China and the second globally to commercialize both multi-port and single-port laparoscopic surgical robots [3] Group 2 - The company's operational performance has rapidly improved, with projected revenue of CNY 149 million for the first half of 2025, nearly quadrupling compared to the same period in 2024, and a gross margin of approximately 62.8%, indicating high commercialization quality and sustainability [5] - As of the latest available date, over 12,000 robotic-assisted surgeries have been completed using the multi-port laparoscopic surgical robot, and over 2,000 surgeries with the single-port laparoscopic surgical robot, showing a stable increase in clinical usage [5] - The company was co-founded by PhDs from MIT and Harvard, with strategic shareholders including well-known institutions such as the Social Security Fund, Sequoia China, and Kangji Medical [7] Group 3 - The IPO attracted 14 top international institutions as cornerstone investors, collectively subscribing for USD 75 million, reflecting strong international long-term capital recognition of the Chinese surgical robot industry and the company's technology and business model [8] - The company aims to leverage its Hong Kong listing to focus on core technology innovation in surgical robots, expand product application scenarios, and enhance global market coverage, promoting domestic high-end medical equipment on the world stage [8] - Longgang District has nurtured 50 listed companies domestically and internationally, supported by a comprehensive service system and a full-chain service support mechanism for enterprises at different development stages [9]