文章来源： 微创机器人 转载要求：可以直接转载，请在文首注明来源 2025 年 12 月 24 日 ， 国 产 图 迈 ® 腔 镜 手 术 机 器 人 正 式 落 地 巴 西 Hospital Unimed Foz do Iguaçu。 这是 图迈 ® 机器人在全球范围的 第 100 台 商业化装机， 该百台装机均已取得用户签 署的装机验收报告。该等交易安排均符合公司收入确认政策，完成收入确认。公司的收入确认政策 遵循香港会计准则与行业惯例。 截至目前， 图迈 ® 机器人全球累计订单量突破 160+ 台 ，微创 ® 机器人集团旗下腔镜、骨科、血管介入核心产品综合订单量累计突破 230 台 ，各产品共完成商 业化装机 150 余台 。 图迈 ® 机器人成为首个实现100台商业化装机的国产腔镜手术机器人，不仅证明其已具备行业基础 设施级的系统可靠性与临床稳定性，也标志着其在质量合规、生产工艺、工程验证、系统交付、临 床适配及全流程保障能力等关键体系上实现了全面跃升。 微创 ® 机器人集团总裁何超博士指出， 图迈 ® 全球市场份额持续跃升，标志着中国不再是全球医疗技术创新叙事的旁观者，而是成为推动 全球手术技术普惠 ...

Core Viewpoint - The recent share transfer involving MicroPort Medical (00853.HK) signals a strategic restructuring and return to core operations after nearly a decade of extensive expansion and diversification in the medical device industry [3][4]. Shareholder Changes - The share transfer involves Otsuka Medical relinquishing 7.3% of its shares to Shanghai Biomedicine M&A Fund, managed by Shanghai Shanshi Capital, while the founding team and management increase their stake by an equivalent amount and additionally subscribe for 1.1% [4][5]. - This transaction, estimated at around HKD 3 billion based on the closing price on the announcement date, marks Otsuka Medical's exit from the controlling shareholder position, which has been in place since 2010 [4]. Strategic Implications - The entry of a state-owned strategic investor is seen as a stabilizing force for MicroPort, providing an opportunity to streamline operations and enhance collaboration across its diverse business segments [3][4][16]. - The management's collective increase in shareholding reinforces internal governance and strategic continuity, laying a foundation for better integration and collaboration within the company's multi-segment ecosystem [5]. Business Restructuring - MicroPort has historically maintained a diverse product line across various medical fields, but has faced challenges such as operational inefficiencies and increasing losses, with a reported loss of USD 200 million in 2024 [8][9]. - The company has initiated a "strategic contraction" plan, divesting from non-core subsidiaries and focusing on three main areas: coronary intervention, surgical robotics, and CRM [8][9]. Product Line Overview - The coronary intervention segment, previously a major revenue driver, is facing profit margin pressures due to national procurement policies and price reductions [9][10]. - The surgical robotics division, particularly the Tumi® laparoscopic surgical robot, has shown rapid revenue growth and reduced losses following its commercialization [11][14]. - The CRM business is undergoing a potential strategic restructuring to merge with MicroPort Heart's structural heart disease operations, aiming to create a comprehensive product platform [15]. Future Outlook - The partnership with a stable, industry-focused investor like Shanghai Shanshi Capital is expected to provide MicroPort with necessary resources and support for optimizing supply chains and enhancing high-end manufacturing capabilities [16]. - The company's ability to transition from a fragmented structure to a cohesive growth model will depend on effective internal governance and the realization of product value [17][18].