中国经济网北京10月7日讯 天智航(688277.SH)日前披露2025年半年度报告。报告期内，该公司实现 营业收入1.25亿元，同比增长114.89%；实现归属于上市公司股东的净利润-5754.82万元，上年同期 为-4648.53万元；实现归属于上市公司股东的扣除非经常性损益的净利润-7943.17万元，上年同期 为-8138.50万元；经营活动产生的现金流量净额为-5417.98万元，上年同期为-8835.49万元。 经计算，天智航两次募资累计金额为8.75亿元。 2018年至2024年，天智航营业收入分别为1.27亿元、2.30亿元、1.36亿元、1.56亿元、1.56亿元、 2.10亿元、1.79亿元，归属于上市公司股东的净利润分别为-85.60万元、-3095.78万元、-5447.09万 元、-7993.32万元、-1.11亿元、-1.56亿元、-1.21亿元，归属于上市公司股东的扣除非经常性损益的净利 润分别为-3910.14万元、-3372.84万元、-7727.26万元、-1.03亿元、-1.33亿元、-2.14亿元、-1.70亿元， 经营活动产生的现金流量净额分别为1315.19万元、2 ...

Core Insights - The 92nd China International Medical Equipment Fair (CMEF) commenced in Guangzhou, showcasing over 3,000 companies and more than 10,000 new medical device products, emphasizing the theme of "Health, Innovation, Sharing" [1] Group 1: AI and Medical Devices - The integration of artificial intelligence is transforming the medical device industry, becoming a core driver for industry upgrades [2] - The CMEF features 28 thematic exhibition areas focusing on smart technology applications, domestic core component production, international cooperation, and comprehensive health management [2] - Highlights include innovative solutions in imaging, medical robotics, and rehabilitation technologies, attracting significant attention from attendees [2] Group 2: Health Consumption Trends - The "Healthy China 2030" strategy is driving an upgrade in health consumption, marking a golden period for the health industry [3] - The introduction of the International Health Lifestyle Exhibition aims to create new consumption scenarios that integrate medical, preventive, nurturing, and care services [3] - The event includes a "Health Lifestyle Carnival" designed to provide immersive experiences related to health management and quality of life [3] Group 3: Industry Ecosystem Development - CMEF serves as a pivotal platform for product and technology exchange, fostering the integration of production and exhibition [4] - The event includes sub-brand exhibitions covering the entire medical health industry chain, focusing on design, manufacturing, and service ecosystems [4] - Innovations in rehabilitation and personal health technologies are showcased, promoting the integration of smart health solutions with the aging population [4] Group 4: Pet Health Sector Growth - The AHC Pet Health Exhibition highlights advancements in pet oncology screening and rehabilitation devices, promoting the transfer of human medical technologies to pet healthcare [5] Group 5: Forums and Industry Insights - Over 60 high-level forums and thematic meetings are held during the event, discussing key topics such as international cooperation, policy regulations, and market expansion [6] - The release of the "China Medical Device Innovation Research White Paper" provides insights into global medical device research output and competitive landscape from 2015 to 2024 [6] - The event aims to enhance the international market penetration of Chinese medical devices, leveraging Guangdong's comprehensive industry ecosystem [6]

第22届中国—东盟博览会正在广西南宁举行，首次设立的人工智能专馆成为全场焦点。记者在采访中发 现，AI正在成为中国与东盟合作的新赛道，也展现出区域产业链协同的广阔空间。 走进人工智能展馆，记者最直观的感受就是"科技感拉满"。从消费级科技产品到工业级智能装备，覆盖 服务、制造、能源等多个领域。一款透明屏吸引了不少外宾驻足。 印度尼西亚专业观众安东尼·哈迪：我觉得很震撼，因为两个国家的人可以无障碍地沟通，而且是实时 的，特别精准。我觉得很先进。 AI透明屏产品运营经理王晨：可以支持37种语种，它主要是为一些公共服务的窗口，比如说像机场， 酒店，因为会有很多的外国游客，就可以完美地去解决沟通的问题。 记者注意到，展馆里高科技消费产品的人气格外高。一款集成显示、摄像和AI翻译的智能眼镜，针对 东盟多语种环境优化了算法，支持印尼语、泰语等互译。而在另一侧，骨科手术机器人展台也同样吸引 了众多关注。 参展商钟赣汶：可以看得到，我们设计好螺钉之后，它的机械臂能够快速执行到指定位置，能够沿着这 个方向精准快速把螺钉给安装到位。 企业负责人告诉记者，中国有领先的技术，东盟有广阔的市场，但过去中国企业出海往往会面临市场准 入问题 ...

走进人工智能展馆，记者最直观的感受就是"科技感拉满"。从消费级科技产品到工业级智能装备，覆盖服务、制造、能源等多个 领域。一款透明屏吸引了不少外宾驻足，试用之后他们表示，通过这款产品，两个国家的人可以无障碍实时沟通，很先进。相关负责 人介绍，这款产品可以支持37种语种，主要为一些公共服务的窗口，比如说机场、酒店，因为会有很多的外国游客，可以完美解决沟 通的问题。 央视网消息：第22届中国—东盟博览会正在广西南宁举行，首次设立的人工智能专馆成为全场焦点。记者在采访中发现，AI正在 成为中国与东盟合作的新赛道，也展现出区域产业链协同的广阔空间。 参会展商表示，为很多对外贸易企业提供服务，对各个国家的诉求进行AI的分析，涉及在境外的相关法律法规。在服务贸易的合 作平台帮助下，让国内的企业更好地"走出去"，更方便地"走出去"。 记者注意到，展馆里高科技消费产品的人气格外高。一款集成显示、摄像和AI翻译的智能眼镜，针对东盟多语种环境优化了算 法，支持印尼语、泰语等互译。而在另一侧，骨科手术机器人展台也同样吸引了众多关注。 企业负责人告诉记者，中国有领先的技术，东盟有广阔的市场，但过去中国企业"出海"往往会面临市场准入问 ...

Core Viewpoint - The "14th Five-Year Plan" period has seen significant advancements in China's healthcare system, with improvements in disease prevention, medical services, and public health outcomes, leading to a higher life expectancy and broader insurance coverage [1][3]. Group 1: Healthcare System Development - China has established the world's largest disease prevention and control system and medical service system, with a projected per capita life expectancy of 79 years by 2024 and over 1.3 billion people covered by basic health insurance [1][3]. - The healthcare service capacity and efficiency have been significantly enhanced, with a total of 1.09 million healthcare institutions expected by the end of 2024, and over 90% of residents able to reach a medical service point within 15 minutes [2][3]. Group 2: Public Health Initiatives - The health literacy of residents has improved from 23.2% in 2020 to 31.9% in 2024, reflecting the effectiveness of public health actions [2]. - The government has implemented 18 public health actions under the Healthy China initiative, mobilizing social forces to participate in health work [2]. Group 3: Medical Resource Allocation - The government aims to ensure that serious illnesses are treated within provinces, general illnesses are addressed at city and county levels, and routine health issues are managed at the grassroots level [3]. - A total of 82 national medical teams have been established to provide mobile medical services, optimizing resource allocation and supporting grassroots healthcare [3]. Group 4: Technological Advancements in Healthcare - China's pharmaceutical industry has made significant strides, with over 20% of new drugs in development globally, positioning the country as the second-largest in new drug research and development [4]. - Innovations in medical devices, such as photon-counting CT and surgical robots, have improved treatment precision and patient outcomes [4]. Group 5: Breakthroughs in Disease Treatment - New therapies for colorectal cancer have increased treatment effectiveness from 13% to 44%, significantly improving patient survival rates [5]. - The average time for stroke patients to receive thrombolytic treatment has been reduced from 60 minutes to under 30 minutes, enhancing treatment efficacy [5].

Core Insights - The National Health Commission (NHC) has reported significant advancements in China's healthcare system during the 14th Five-Year Plan, establishing the world's largest disease prevention and control system and medical service system [1][2] - By the end of 2024, the average life expectancy in China is projected to reach 79 years, an increase of 1.1 years compared to 2020, with improvements in infant and maternal mortality rates [3][4] Healthcare System Development - The NHC aims to strengthen the grassroots healthcare service system over the next five years, enhancing capacity and accessibility, and promoting collaboration between different levels of medical institutions [2] - By the end of 2024, the total number of healthcare institutions in China is expected to reach 1.09 million, with over 90% of residents able to access medical services within 15 minutes [2] - The healthcare workforce is projected to expand to 15.78 million by the end of 2024, improving the quality of health services available to the public [2] Chronic Disease and Public Health - The early mortality rate from major chronic diseases has been further controlled, with a decline in the incidence of infectious diseases such as tuberculosis, hepatitis B, and AIDS [2] - The basic medical insurance coverage remains stable at around 95%, covering over 1.3 billion residents, significantly reducing the financial burden of medical expenses [2] Childcare Support Initiatives - The NHC has implemented a childcare subsidy program for families with children under three years old, with over 24 million applications submitted, representing approximately 80% of the target population [3] - The initiative is part of a broader strategy to support childbirth and promote a family-friendly environment [3] Technological Innovation in Healthcare - Technological innovations have significantly enhanced healthcare service capabilities and treatment outcomes, contributing to the high-quality development of the health sector [4] - China ranks second globally in the number of new drugs under development, with over 20% of the global total, and several domestic innovative drugs have been approved for market [4][5] - The domestic HPV vaccine has become widely available, improving accessibility and affordability for women [4] Medical Equipment Advancements - Innovations in medical devices include the development of photon-counting CT, which offers improved spatial resolution and reduced radiation doses compared to traditional CT [5] - Successful development of domestic orthopedic surgical robots and endoscopic soft tissue surgical robots has enhanced surgical precision and reduced patient trauma [5] - High-end medical equipment such as ECMO machines, artificial hearts, and proton therapy devices have been developed and are now in clinical use, ensuring better access to advanced medical technology for patients [5]

Group 1 - The National Health Commission (NHC) has established the world's largest disease prevention and control system and medical service system during the 14th Five-Year Plan period, leading to continuous improvement in residents' health levels [1][2] - By the end of 2024, the total number of medical and health institutions in China is expected to reach 1.09 million, with over 90% of residents able to access medical services within 15 minutes [1] - The NHC aims to strengthen the grassroots-focused healthcare service system, enhancing capacity and accessibility while promoting collaboration between different levels of medical institutions [1] Group 2 - The NHC has implemented a childcare subsidy system for families with children under three years old, with over 24 million applications submitted, covering about 80% of the target population [2] - Basic medical insurance coverage remains stable at around 1.3 billion residents, significantly reducing the financial burden of medical expenses for the public [2] Group 3 - Technological innovation has significantly improved the capacity and technical level of healthcare services, with China ranking second globally in the number of new drugs under development, accounting for over 20% of the global total [3] - Several domestically developed innovative drugs have been approved, filling gaps in their respective fields, and the domestically produced HPV vaccine has improved accessibility and affordability [3][4] Group 4 - Innovations in medical devices include the development of photon-counting CT, which offers 2 to 3 times better spatial resolution than traditional CT, and various surgical robots that enhance precision and reduce patient trauma [4] - High-end medical equipment such as ECMO machines, artificial hearts, and proton heavy ion therapy devices have been successfully developed and are now in clinical use, making advanced medical technology more accessible to patients [4]

Core Insights - The "14th Five-Year Plan" period has seen significant advancements in health technology innovation in China, with a focus on new drug and vaccine development, medical device innovation, and high-level disease prevention and treatment solutions [1][2][3] Group 1: New Drug and Vaccine Development - China's share of new drugs in global research exceeds 20%, ranking second globally, with several innovative domestic drugs like Sugli monoclonal antibody and Enzalutamide receiving approval [1] - The domestically developed HPV vaccine has improved accessibility and affordability, with the nine-valent HPV vaccine recently launched for broader immunization options for women [1] Group 2: Medical Device Innovation - The domestically developed photon counting CT has improved spatial resolution by 2-3 times compared to traditional CT, with faster scanning speeds and significantly reduced radiation doses [2] - Successful development of orthopedic surgical robots and endoscopic soft tissue surgical robots has enhanced surgical precision and reduced patient trauma [2] - High-end medical equipment such as ECMO, artificial hearts, and proton heavy ion therapy devices have been independently developed and are now in clinical use, improving patient access and outcomes [2] Group 3: High-Level Disease Prevention and Treatment Solutions - Research supported by national technology initiatives has increased the treatment efficacy for difficult-to-treat metastatic colorectal cancer from 13% to 44%, with a 61% extension in progression-free survival [3] - The average time for patients to receive thrombolytic therapy for acute stroke has been reduced from 60 minutes to under 30 minutes, significantly enhancing treatment effectiveness [3] - Development of a diagnostic and treatment system for systemic lupus erythematosus has achieved precise prediction and assessment of disease progression, establishing a personalized treatment model that is internationally leading [3]

Core Viewpoint - The third Global Medical Robotics Conference 2025 highlighted the evolution of surgical robots, focusing on technological advancements, clinical applications, and globalization pathways in the industry [2][49]. Group 1: Conference Overview - The conference attracted over 700 professionals from hospitals, enterprises, research institutions, and investment agencies to discuss the future of the surgical robotics industry [2]. - The event featured discussions on various topics, including minimally invasive surgery, orthopedic applications, AI integration, and market access strategies [2]. - Key activities included the release of white papers, award presentations, and multiple keynote speeches and roundtable forums, showcasing the industry's progress and consensus [2][8]. Group 2: Policy and Clinical Collaboration - Beijing is positioning itself as a strong supporter of the surgical robotics industry, emphasizing the importance of policy guidance and clinical collaboration to drive innovation [3][6]. - The Beijing Medical Health Technology Development Center highlighted the city's commitment to building a high-end medical technology cluster, with surgical robots entering a new phase of policy, technology, and application synergy [3][6]. Group 3: Awards and Recognition - The conference awarded the "Global Medical Robotics Series Awards," recognizing significant achievements in technology breakthroughs, clinical implementation, market performance, and international expansion for the years 2024-2025 [8][10]. Group 4: Industry Insights and Innovations - Shanghai MicroPort Medical Robotics introduced remote surgery as a solution to address healthcare resource imbalances, having completed nearly 500 human surgeries across multiple continents [12]. - Beijing Rosenbot Technology emphasized the need for clinical-driven robot development, showcasing innovations in pelvic fracture repositioning robots [14]. - The evolution of orthopedic surgical robots is moving towards autonomous execution under physician supervision, focusing on system-level capabilities rather than just hardware performance [16]. Group 5: Training and Economic Considerations - The importance of replicable low-cost training models for technology dissemination was emphasized, with 3D printing being a key tool for creating high-fidelity training systems [22]. - The need for robotic services to demonstrate clinical value, usage frequency, and economic viability was highlighted to gain acceptance from payers [24]. Group 6: Internationalization and Market Strategies - The conference discussed the necessity for Chinese surgical robotics companies to focus on international expansion and differentiation strategies [29]. - The importance of building trust through multi-center collaborations and expert endorsements was emphasized as a critical factor for success in international markets [43]. Group 7: Future Directions and System Integration - The future of surgical robotics is seen as a transition from technical breakthroughs to system capabilities, with a focus on ecological collaboration and international dialogue [76]. - The integration of AI and collaborative systems in surgical environments is expected to enhance decision-making efficiency and safety [71].

Financial Performance - Company reported a total revenue of 125 million yuan for the first half of 2025, representing a year-on-year increase of 114.89% [1] - The net profit attributable to shareholders was -57.55 million yuan, a decrease of 23.8% compared to the previous year [1] - In Q2 2025, total revenue reached 66.73 million yuan, up 127.21% year-on-year, while the net profit attributable to shareholders was -44.34 million yuan, down 21.75% [1] - Gross margin improved to 73.67%, an increase of 7.05% year-on-year, while net margin was -51.54%, up 35.34% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 124 million yuan, accounting for 98.94% of revenue, a decrease of 35.44% year-on-year [1] Cash Flow and Financial Health - The company reported a negative operating cash flow per share of -0.12 yuan, but this was an improvement of 39.12% year-on-year [1] - The average operating cash flow over the past three years was -112.22% of current liabilities, indicating ongoing cash flow challenges [1] - The company’s receivables increased significantly by 157.70% year-on-year, reaching 90.46 million yuan [1] Market Position and Competition - As of the end of Q1 2025, the company has completed over 110,000 surgeries, enhancing its operational experience and understanding of clinical needs [3] - The company has established a product development framework that includes "pre-research, transformation, and market launch," which supports its continuous innovation capabilities [3] - The competitive landscape in the surgical robot market is intense, with 64 companies having 115 approved surgical robot products as of the end of 2024, particularly in the orthopedic segment, which accounts for 47% of the total approved products [2]