2024-2032E中国手术机器人整体市场规模CAGR约34%。 根据Frost&sullivan、精锋医疗招股书数据，2024-2032年，中国手术机器人市场规模有望从72亿元增长 至767亿元人民币，对应市场规模CAGR约34%。渗透率提升等拉动下，手术机器人市场空间巨大，行 业高增长可期。 其中，配置证放开以及收费目录落地等催化下，腔镜手术机器人2024-2032E市场规模CAGR约29%;收费 目录落地有望带动入院加速，骨科手术机器人渗透率有望持续提升，根据Frost&sullivan、维卓致远公转 书数据，2024-2032E市场规模CAGR约41%。 看好2026年收费目录落地以及出海加速催化下国产手术机器人的放量拐点，看好具有商业化能力的手术 机器人平台型企业以及上游厂商。 智通财经APP获悉，中信建投认为，手术机器人是医疗器械领域最好的商业模式之一，设备装机后将带 动耗材持续放量，形成稳定的收入和现金流。全球可对标龙头直觉外科已超过10000亿元市值，且渗透 率及市场规模仍有较大增长空间。 海外龙头凭借先发优势占据市场主导地位，国产龙头加速推进产品迭代，性能已接近全球领先水平，在 远程手术方面 ...

看好2026年收费目录落地以及出海加速催化下国产手术机器人的放量拐点，看好具有商业化能力的手术 机器人平台型企业以及上游厂商。 2024-2032E中国手术机器人整体市场规模CAGR约34%。 根据Frost&sullivan、精锋医疗招股书数据，2024-2032年，中国手术机器人市场规模有望从72亿元增长 至767亿元人民币，对应市场规模CAGR约34%。渗透率提升等拉动下，手术机器人市场空间巨大，行 业高增长可期。 其中，配置证放开以及收费目录落地等催化下，腔镜手术机器人2024-2032E市场规模CAGR约29%;收费 目录落地有望带动入院加速，骨科手术机器人渗透率有望持续提升，根据Frost&sullivan、维卓致远公转 书数据，2024-2032E市场规模CAGR约41%。 浙商证券（601878）发布研报称，渗透率提升等拉动下，手术机器人市场空间巨大，行业高增长可期。 该行认为，收费目录若落地或将加速手术机器人入院，腔镜与骨科手术机器人在2026年或将步入快速发 展期。海外手术机器人市场空间广阔且正处于市场规模快速增长期，国产头部企业2026年海外增长可 期，并有望形成持续的新增长拉动。 手术 ...

Group 1 - The National Healthcare Security Administration (NHSA) has issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes 37 pricing items, 5 additional charges, and 1 expansion item related to medical technology innovations such as 3D printing and robotic surgery [1] - The domestic surgical robot industry, which has been dominated by foreign brands, is expected to see accelerated penetration rates due to the release of the "Guidelines" and the advantages of domestic equipment in terms of cost-effectiveness [1][2] - The market landscape for laparoscopic surgical robots is shifting as domestic brands are projected to surpass imported brands in bidding volumes by 2025, with companies like MicroPort, Precision, and others gaining market share [1] Group 2 - CITIC Securities reports that the NHSA's new policy will accelerate the promotion and adoption of surgical robots in China, with plans for the guidelines to expand in the future, benefiting innovative medical device products [2] - Investment opportunities in the medical industry chain are highlighted, focusing on the surgical robot sector and its upstream and downstream industries, as well as high-value consumables in various medical fields [3] - Companies like Precision Medicine and MicroPort are positioned well in the surgical robot market, with significant order volumes and ongoing product approvals, indicating strong market validation and competitive advantages [4][5]

Core Insights - The National Healthcare Security Administration (NHSA) has officially issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes pricing for 37 projects, 5 additional charges, and 1 expansion item related to medical technology innovations such as 3D printing and robotic surgery [1][2] Group 1: Industry Overview - The domestic surgical robot industry has started late and has been dominated by foreign brands, but the release of the pricing guidelines and the continuation of policies favoring large-scale equipment updates are expected to accelerate the penetration rate of surgical robots [1] - The market for domestic surgical robots is showing strong potential for replacement, particularly in second and third-tier hospitals, as local brands demonstrate significant cost-performance advantages [1] Group 2: Market Dynamics - The monopoly of the Da Vinci surgical robot is gradually being reshaped, with domestic brands like Weigao, Jisheng, Sizhirui, and Shurui increasing their market share, indicating a shift from a "monopoly" to "multi-strong competition" in the laparoscopic surgical robot market [1] - According to RoboticTech, by 2025, domestic brands are expected to surpass imported brands in terms of bidding volume for laparoscopic surgical robots, further compressing Da Vinci's market share [1] Group 3: Investment Opportunities - CITIC Securities suggests that investors should focus on the surgical robot industry and its upstream and downstream supply chains, as well as high-value consumables in fields such as minimally invasive surgery, orthopedics, gastroenterology, cardiovascular, and neurology [3] - The NHSA's new policy is expected to accelerate the promotion and popularization of surgical robots in China, benefiting the overall innovative medical device sector [2] Group 4: Company Highlights - Precision Medical (02675) is recognized as a leading domestic surgical robot company, being the first in China and the second globally to obtain regulatory approval for multiple types of laparoscopic surgical robots [4] - MicroPort (02252) has reported a cumulative order of over 230 surgical robots, with more than 160 being laparoscopic surgical robots, indicating strong market validation of its global strategy [4] - Kangji Medical (09997) is a leading company in minimally invasive surgical consumables, strategically investing in Weijing Medical to expand its product offerings, with expectations of significant growth as domestic surgical robots become more prevalent [5]

Core Insights - The National Healthcare Security Administration (NHSA) has issued the "Guidelines for the Pricing Project of Surgical and Treatment Auxiliary Medical Services (Trial)" which standardizes pricing for 37 projects and 5 additional items related to innovative medical technologies such as 3D printing and robotic surgery [1][2] Industry Overview - The domestic surgical robot industry is relatively new and has been dominated by foreign brands. However, the release of the pricing guidelines and the continuation of policies favoring large-scale equipment updates are expected to accelerate the penetration of surgical robots in the market [1] - The guidelines are seen as a step towards the "standardized development" of the surgical robot industry, which may enhance the clinical application penetration of these products [1][2] Market Dynamics - The market share of the Da Vinci surgical robot is being gradually challenged by domestic brands such as Weigao, Jisheng, and others, with projections indicating that by 2025, domestic brands will surpass imports in terms of bidding volume for laparoscopic surgical robots [1] - The competitive landscape is shifting from a "monopoly" to a "multi-strong competition" model, indicating a significant change in market dynamics [1] Investment Opportunities - Citic Securities recommends investors focus on the surgical robot industry and its supply chain, as well as high-value consumables in fields such as minimally invasive surgery, orthopedics, and cardiovascular medicine [3] - Companies like Precision Medical and MicroPort are highlighted as key players in the surgical robot market, with Precision Medical being the first in China to obtain approvals for multiple types of surgical robots [4] - MicroPort has reported significant order volumes for its surgical robots, indicating strong market validation and potential for continued growth [4] Strategic Developments - Kangji Medical, a leader in minimally invasive surgical consumables, is expanding its product portfolio through strategic investments, which may lead to increased market share as domestic surgical robots become more prevalent [5]

Core Viewpoint - Kangji Medical has been privatized at a valuation of $1.4 billion, marking its exit from the capital market after five years of listing, with the privatization process taking nearly six months to complete [3][12]. Group 1: Privatization Details - The privatization offer was initiated by the founders of Kangji Medical, along with TPG and Qatar Investment Authority, proposing a cash price of HKD 9.25 per share, which represents a premium of approximately 9.9% over the last closing price before suspension [3][12]. - Kangji Medical was listed on the Hong Kong Stock Exchange in June 2020 at an opening price of HKD 23.679 per share, raising approximately HKD 3.219 billion, but the stock price has since declined significantly, dropping over 64% by the time of the privatization announcement [3][5][12]. - The privatization proposal was approved by shareholders on November 10, 2025, and the company is set to officially delist on December 9, 2025, after receiving court approval [5][14]. Group 2: Financial Performance and Market Context - As of June 30, 2025, Kangji Medical reported revenues of CNY 497 million, reflecting an 8.3% year-on-year increase, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [8][17]. - The medical device industry is undergoing significant changes, with intensified competition and regulatory uncertainties, prompting companies like Kangji Medical to reassess their capital structures and strategic directions [8][18]. - The privatization of Kangji Medical is part of a broader trend in the Hong Kong medical sector, where several companies have opted for privatization due to valuation challenges and market conditions [8][18].

Core Viewpoint - Kangji Medical has completed its privatization with a valuation of $1.4 billion, marking its exit from the capital market after five years of listing on the Hong Kong Stock Exchange [2] Group 1: Privatization Process - The privatization process began on July 17, 2025, when Knight Bidco Limited requested the board to present a privatization proposal to shareholders [3] - The privatization offer was officially announced on August 12, 2025, with shareholders set to receive HKD 9.25 per share, representing a 21.7% premium over the closing price on June 30, 2025 [4] - The proposal received shareholder approval on November 10, 2025, leading to the final trading of Kangji Medical shares on December 9, 2025 [4] Group 2: Financial Performance and Market Context - Kangji Medical's stock price fell over 64% from its initial listing price of HKD 23.679 to HKD 8.42 by the time of the privatization announcement [3] - The company reported revenue of CNY 497 million for the six months ending June 30, 2025, an increase of 8.3%, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [7] - The privatization reflects broader valuation challenges in the Hong Kong medical sector, with other companies like China Traditional Chinese Medicine and Sai Sheng Pharmaceutical also pursuing privatization due to similar pressures [8] Group 3: Strategic Considerations - The decision for privatization was influenced by factors such as limited equity financing capabilities, long-term stock price underperformance, and the need to reduce compliance costs [3][6] - Kangji Medical aims to focus on long-term strategic decisions, including R&D investments and operational upgrades, which are hindered by short-term performance pressures in a competitive market [6][7] - The involvement of major investors like TPG and Qatar Investment Authority, who collectively hold 74.75% of the company, provides a solid foundation for the privatization process [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 旨 在 亦 不 構 成 購 買 或 認 購 或 邀 請 購 買 或 認 購 要 約 人 或 本 公 司 任 何 證 券 的 任 何 要 約 或 成 為 其 一 部 分，亦 非 於 任 何司法 權區徵求任何投票或批准。 本 公告的全部或部分內容不會在違反任何司法管轄區適用法律或法規 之 司 法 管 轄 區 內 刊 發、登 載 或 派 發。 KNIGHT BIDCO LIMITED （於開曼群島註冊成立之有限公司） （於開曼群島註冊成立的有限公司） 康基医疗控股有限公司 聯合公告 (1)要約人根據開曼群島公司法第86條通過協議安排將 康 基 医 療 控股有限公司 私有化的建議 獨立董事委員會之獨立財務顧問 新百利融資有限公 司 (2)建議撤銷 康基医 療 控股有限公司 的上市地位 及 (3)有關存續安排及股東協議的特別交易 ...

Market Performance - The Hang Seng Index closed at 26,033, up 0.67% for the day and up 29.78% year-to-date [1] - The Hang Seng Tech Index rose by 0.82% to 5,644, with a year-to-date increase of 26.33% [1] - The Shanghai Composite Index increased by 0.65% to 3,914, with a year-to-date rise of 16.77% [1] - The Dow Jones Index fell by 0.90% to 47,289, with a year-to-date increase of 11.15% [1] Currency and Commodity Overview - The Renminbi Index stands at 97.920, with a 1-month increase of 0.38% and a 6-month increase of 1.79% [2] - Brent crude oil is priced at $63.570 per barrel, down 0.98% over the past month but up 3.13% over the past six months [2] - Gold is priced at $4,256.22 per ounce, with a 1-month increase of 6.37% and a 6-month increase of 25.87% [2] Company News - Kangji Medical's privatization plan has been approved by the Grand Court, with the plan expected to take effect on December 5, 2025 [19] - HashKey Holdings has passed the listing hearing with plans to raise $500 million and seek a listing this month [16] - The real estate crisis in China continues, with major data providers instructed to halt the release of sales data for property companies [17] Economic Indicators - China's official manufacturing PMI for November recorded at 49.2, below market expectations of 49.3 [13] - The non-manufacturing PMI for November was reported at 49.5, also below expectations of 50 [10] - Hong Kong's retail sales value for October increased by 6.9% year-on-year, with online sales rising over 27% [15]

Core Viewpoint - 康基医疗控股有限公司 has announced the approval of its privatization plan by the Grand Court of the Cayman Islands, which is set to take effect on December 5, 2025, leading to its delisting from the Hong Kong Stock Exchange on December 9, 2025 [1] Group 1 - The privatization plan will provide eligible shareholders with a cash payment of HKD 9.25 per share, with checks expected to be mailed by December 16, 2025 [1] - 康基医疗's chairman expressed gratitude to shareholders for their support during the company's listing period and reaffirmed the company's commitment to providing quality products and services for human health [1] - Knight Bidco Limited has expressed satisfaction with the positive response to the privatization proposal and looks forward to collaborating with the management team to achieve long-term growth objectives [1]