91 Q F 9 t m 0 8 F Q 中国最 x 7 ● C e ma F E FFF "I"|I .... Lo) Al 000 ปี (D 今天分享的是：人工智能+医疗专题：2025年医疗人工智能产业报告 报告共计：99页 《2025年医疗人工智能产业报告》聚焦医疗AI的价值计量与商业化破局，展现其在政策、技术与需求驱动下的发展态势。2024年中国医疗AI解决方案市场 规模达164亿元，预计2030年将增至353亿元，CAGR为13.63%，应用已覆盖临床专科、医技支撑、基层医疗等全场景。临床专科中，胸外科、心内科、骨 科、神外科、内分泌科等AI应用成熟，从诊断、手术规划到术后康复全流程赋能，提升诊疗效率与精准度，如骨科手术机器人实现复杂手术规模化落地， 内分泌科AI盘活慢病管理。医技科以影像科、放疗科、病理科、检验科为核心，AI通过自动分割、智能阅片、流程优化等功能，破解人力短缺与效率瓶 颈，其中影像科AI辅助诊断覆盖多病种，病理科大模型提升泛化能力与可解释性。基层医疗AI凭借政策支持与场景适配，率先实现商业化闭环，通过CDSS 等系统弥补人才缺口，推动分级诊疗落地。行业发展面临价值分歧、数据治理成 ...

12月18日，上证指数涨0.16%，收报3876.37点，恒生指数涨0.12%，收报25498.13点。 春立医疗AH溢价达72.56%，位居AH股溢价率第54位。当日收盘，春立医疗A股报23.94元，跌幅 0.33%，H股报15.33港元，下跌0.2%。 作者：金股通 资料显示，北京市春立正达医疗器械股份有限公司(688236.SH+01858.HK)成立于1998年,公司自成立以 来一直致力于推动高端医疗器械的持续开发和研究,产品涵盖关节类、脊柱类、运动医学类、创伤类等 全系列骨科产品,并在齿科、PRP(富血小板血浆)制备系统、骨科手术机器人等领域持续布局,不断扩展产 品范围。目前,公司拥有124项医疗器械注册证及备案凭证,进一步丰富了公司的产品线,扩充了公司在医 疗领域的布局,不断满足多元化的市场及临床需求,提高了公司整体综合竞争力。 春立医疗在保持国内市场领先地位的同时也积极开拓国际市场。目前,春立产品已经远销至全球五十多 个国家和地区。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：市场资讯 ...

Group 1 - The orthopedic surgical robot industry is characterized by multidisciplinary integration and resonance with clinical needs, driven by technological innovation that accelerates research and industrialization [2][7][10] - Orthopedic surgical robots can create personalized surgical plans preoperatively and guide surgeons during operations, addressing the complexities and high risks associated with traditional orthopedic procedures [2][7] - The demand for orthopedic surgical robots is increasing due to the limitations of traditional methods, such as restricted visibility, significant trauma, high radiation exposure, and increased risk of complications [2][7] Group 2 - Research activity in the field of orthopedic surgical robots has seen a significant increase globally, particularly in the last decade, with China emerging as a major contributor despite starting later [8][9] - From 1993 to 2022, China published the most papers (128) on orthopedic surgical robots, followed by the United States (114), the United Kingdom (68), and Germany (44) [8] - The global surgical robot industry has experienced a notable increase in financing activities, with total funding reaching approximately $8.162 billion over seven years, peaking at $2.798 billion in 2021, a 336% year-on-year increase [9] Group 3 - The domestic surgical robot industry also saw a peak in financing in 2021, with total funding amounting to $1.254 billion, reflecting a 349% year-on-year growth [9] - Recent national policies have emphasized the importance of the surgical robot industry, encouraging domestic medical device companies to innovate and reduce reliance on imported high-end medical equipment [10][13] - The application of joint surgical robots is at a favorable stage due to continuous technological advancements and accumulated clinical experience [10][13]

Core Insights - The 24th Chinese Orthopaedic Association (COA) conference showcased significant advancements in orthopedic technology, emphasizing the integration of robotics, navigation, imaging, and biomaterials under the theme "Digital Intelligence in Orthopedics" [2] - The conference attracted 20,188 registered participants and received 37,222 submissions, indicating a strong interest in orthopedic innovations [2] Group 1: Robotics and Navigation Systems - Surgical robots and navigation systems are expanding across various orthopedic fields, moving beyond joint surgeries to include spine, trauma, and sports medicine, focusing on precision and standardization [4] - Companies like Stryker, Tianzhihang, and others are presenting comprehensive orthopedic platforms that integrate imaging, navigation, and robotic arms, forming a closed-loop system for enhanced surgical outcomes [4] - The Trinity system by Tuo Dao Medical demonstrates a unified platform for rapid switching between surgical procedures, showcasing advancements in AI planning and real-time navigation [19] Group 2: Biomaterials and Bone Repair - The competition in bone repair and biomaterials is intensifying, with companies offering innovative solutions such as absorbable screws and 3D-printed bioceramics, focusing on osteogenic activity and infection resistance [4] - Smartbone and other manufacturers are introducing advanced materials that not only fill defects but also promote bone regeneration and integration [4] Group 3: Domestic Innovations - Domestic companies are accelerating the development of high-end joint prosthetics and key materials, with a focus on integrating materials, prosthetic design, and manufacturing processes [4] - The collaboration between local firms and international companies is shifting from product showcases to establishing standards and ecosystems, enhancing the overall orthopedic landscape [4] Group 4: Key Product Launches - Stryker highlighted its latest products, including the Mako robotic system, which integrates multiple surgical techniques for hip and knee replacements, enhancing precision and efficiency [5][7] - Rosenboht signed a strategic partnership with the Chinese University of Hong Kong to advance intelligent surgical technologies, aiming for more precise and minimally invasive orthopedic procedures [12][14] - The launch of the "Panshi Self-Pressing 3D Partition Bone Trabecular Biological Knee Prosthesis" by Jiashite Medical showcases advancements in mechanical stability and biological fixation [40][42] Group 5: Technological Integration - Companies are increasingly focusing on integrating AI and imaging technologies to enhance surgical precision and safety, as seen in the solutions presented by Meiya Optical and other firms [46][50] - The introduction of AR navigation systems by Linyan Medical represents a significant technological advancement, improving the visibility and accuracy of spinal surgeries [53][55] Group 6: Comprehensive Solutions - The conference highlighted the importance of comprehensive solutions that encompass preoperative planning, intraoperative guidance, and postoperative evaluation, as demonstrated by various exhibitors [4][60] - Companies like Weigao and others are showcasing integrated solutions that leverage digital technologies to enhance the entire orthopedic treatment process [100][102]

Group 1: Core Insights - The China Securities Regulatory Commission has confirmed the overseas listing applications for Puhui Medical and Baoji Pharmaceutical, both aiming for a listing in Hong Kong [1] Group 2: Puhui Medical - Puhui Medical plans to issue no more than 34,500,000 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [2] - The company submitted its prospectus to the Hong Kong Stock Exchange on April 30, but the prospectus has since expired. Puhui Medical specializes in the research, production, and sales of medical X-ray imaging equipment and orthopedic surgical robots, covering over 100 products across nine major series [4] - Financially, Puhui Medical reported revenues of 377 million yuan, 501 million yuan, and 484 million yuan for the fiscal years 2022 to 2024, with corresponding net losses of 43.7 million yuan, 15.97 million yuan, and 44.23 million yuan [5] Group 3: Baoji Pharmaceutical - Baoji Pharmaceutical plans to issue no more than 110,426,740 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [6] - The company submitted its prospectus to the Hong Kong Stock Exchange on August 21, having previously submitted an application on January 21, 2025. Baoji Pharmaceutical is a clinical-stage biotechnology company focused on addressing complex diseases with limited treatment options. As of August 2025, it has seven clinical-stage candidates, including three core products, and holds nine authorized patents along with ten patent applications [8] - In terms of financial performance, Baoji Pharmaceutical reported revenues of 6.93 million yuan, 6.16 million yuan, and 4.20 million yuan for 2023, 2024, and the first six months of 2025, with corresponding net losses of 160 million yuan, 364 million yuan, and 183 million yuan [8]

Core Viewpoint - The company Estun (002747) is leveraging bionic technology through its subsidiary Estun Medical to develop a unique orthopedic surgical robot based on rope drive technology [1] Group 1 - The rope drive technology is noted for its excellent interaction and safety features [1] - Estun Medical is currently in the clinical enrollment phase for its orthopedic surgical robot, which utilizes core components developed from Barrett Technology's rope drive technology [1]

Core Viewpoint - The company is exploring opportunities in the bionic technology sector, particularly in tendon-driven systems, to enhance its core competitiveness and influence through potential mergers or investments in related companies [1] Company Developments - Estun (002747.SZ) responded to investor inquiries about tendon-driven systems, highlighting their advantages in interaction and safety [1] - The company has a stake in Estun Medical, which is developing core components for medical robots based on Barrett Technology's tendon-driven technology [1] - A unique orthopedic surgical robot is currently in clinical enrollment, utilizing the core components developed from this technology [1]

Core Achievements in Health Sector - The establishment of the world's largest disease prevention and control system and medical service system, with a target of reaching a per capita life expectancy of 79 years by 2024 and improving health literacy to 31.9% during the 14th Five-Year Plan period [1] Medical Technology Advancements - The launch of NanoForge, the world's first AI drug nano-delivery platform, which enhances drug development processes and expands data barriers for innovative drug research [2] - China ranks second globally in new drug research and development, with over 20% of new drugs in development, and several innovative domestic drugs have been approved, including the anti-tumor drug Zebutinib [2] Medical Equipment Innovations - Significant advancements in medical devices, such as photon-counting CT that improves spatial resolution by 2-3 times and reduces radiation dose, along with successful development of orthopedic and soft tissue surgical robots [3] - New treatment methods for colorectal cancer have increased the effective treatment rate from 13% to 44%, showcasing the effectiveness of domestic research [3] Improvement in Medical Services - The introduction of the "Xihe No. 1" AI model has improved diagnostic accuracy and reduced misdiagnosis rates, providing timely treatment opportunities for patients [4] - The goal of providing accessible healthcare has led to the establishment of a comprehensive health service system, addressing public concerns about medical access [4] Optimization of Healthcare Resources - Accelerated construction of national and regional medical centers to extend quality healthcare resources to underserved areas, with 26 national medical centers and 125 regional centers established [5] - Implementation of a "distributed examination, centralized diagnosis" model to facilitate mutual recognition of medical test results across cities [6] Enhancements in Medical Insurance - The introduction of the "medical insurance wallet" feature allows for the transfer of personal medical insurance funds to family members, enhancing the convenience of medical payments [8] - Comprehensive reforms in medical insurance have improved outpatient reimbursement and increased the direct settlement rate for cross-provincial medical expenses to over 90% [8] Focus on Elderly and Child Healthcare - Strengthening of maternity insurance and the establishment of long-term care insurance systems to support the elderly and disabled populations [9] - Significant reductions in medical expenses for low-income rural populations, with over 650 billion yuan in cost alleviation achieved through various insurance policies [9] Continuous Improvement in Medical Services - The establishment of a unified national medical insurance information platform has significantly enhanced service efficiency, with a 43-fold increase in direct settlement for cross-provincial medical services from 2020 to 2024 [10] - The ongoing development of health services aims to provide affordable and high-quality healthcare to the public, reinforcing the foundation for a healthy life [10]

Group 1 - The 138th China Import and Export Fair (Canton Fair) is being held from today until November 4, featuring a record number of exhibitors and exhibition areas, including new zones for smart healthcare and service robots [1][2] - The Shenzhen delegation includes 1,374 enterprises with a total of 3,197 exhibition booths, of which 48% are recognized as national-level specialized and innovative "little giant" enterprises, national manufacturing single champions, and high-tech enterprises [1] - The total number of booths at this year's fair reaches 74,600, with over 32,000 participating enterprises, marking a historical high, and more than 3,600 companies are debuting at the event [1] Group 2 - The newly established smart healthcare zone features 47 companies showcasing surgical robots, smart monitoring, and wearable devices [2] - The fair will host over 600 new product launch events and 13 thematic forums, enhancing the networking opportunities for participants [2] - Major industry leaders are participating, including companies like Zhiyuan Robotics and Shenzhen Pudu, showcasing innovative solutions across various application scenarios [2]

Core Viewpoint - Tianzhihang (688277.SH) reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating ongoing challenges in profitability despite revenue growth [1] Financial Performance - The company achieved operating revenue of 125 million yuan, representing a year-on-year increase of 114.89% [1] - The net profit attributable to shareholders was -57.55 million yuan, compared to -46.49 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -79.43 million yuan, slightly improved from -81.39 million yuan year-on-year [1] - The net cash flow from operating activities was -54.18 million yuan, an improvement from -88.35 million yuan in the previous year [1] Historical Financial Data - From 2018 to 2024, Tianzhihang's operating revenues fluctuated, with figures of 127 million yuan, 230 million yuan, 136 million yuan, 156 million yuan, 156 million yuan, 210 million yuan, and 179 million yuan respectively [2] - The net profit attributable to shareholders over the same period showed consistent losses, with figures ranging from -0.86 million yuan to -121 million yuan [2] - The net profit after deducting non-recurring gains and losses also reflected losses, with amounts from -39.10 million yuan to -170 million yuan [2] - The net cash flow from operating activities varied, with positive cash flow in 2018 and 2019, followed by negative cash flow in subsequent years [2] Fundraising Activities - Tianzhihang raised a total of 504.48 million yuan through its initial public offering, with a net amount of approximately 448.30 million yuan after deducting issuance costs [3] - The company planned to use the raised funds for various projects, including the development of orthopedic surgical robots and the establishment of an operational center [3] - In 2023, the company issued shares to specific investors, raising approximately 370.20 million yuan, with a net amount of about 359.76 million yuan after expenses [4] - The total amount raised by Tianzhihang from both fundraising activities reached approximately 875 million yuan [4]