证券日报网讯1月22日，三友医疗在互动平台回答投资者提问时表示，Implanet公司的创新产品JAZZ固 定拉力带系统已获得国家药监局的注册批准，并在部分医院成功完成手术植入。该产品可配合公司疗法 创新的全系列脊柱内固定系统，为临床医生提供更全面、更先进的脊柱手术治疗方案，进一步提升了公 司的市场竞争优势和整体实力。 ...

三友医疗（688085.SH）1月22日在投资者互动平台表示，Implanet公司的创新产品JAZZ固定拉力带系统 已获得国家药监局的注册批准，并在部分医院成功完成手术植入。该产品可配合公司疗法创新的全系列 脊柱内固定系统，为临床医生提供更全面、更先进的脊柱手术治疗方案，进一步提升了公司的市场竞争 优势和整体实力。关于更多的公司经营情况信息，请持续关注公司的定期报告。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：Implanet 2025年33%营收增长、美国市场49%增速的红 利，及JAZZ®在华上市的协同机遇，能否明确2026-2027年JAZZ®在华营收目标、国内产品线联合推广 的效益指标，同时披露Implanet海外增长利润的并表比例与时间节点？ ...

Investment Rating - The industry investment rating is "Increase Holding" [2][5] Core Insights - The recent release of the "Guidelines for the Pricing of Surgical and Treatment Auxiliary Medical Services" by the National Medical Insurance Administration aims to standardize pricing for innovative medical technologies, including surgical robots, which is expected to accelerate clinical application [4] - The guidelines introduce a tiered pricing model based on the level of participation and clinical value of surgical robots, allowing for higher fees for more advanced functionalities [4] - The establishment of a new pricing project for "Remote Surgical Assistance" facilitates the practical application of remote surgery, enhancing access to quality medical resources across regions [4] - The guidelines clarify the boundaries between consumable costs and technical service fees, promoting transparency and reducing unreasonable price increases in the industry [4] - The inclusion of medical data storage and device operation records in the pricing structure is expected to support future technological iterations and application expansions [4] Summary by Sections Industry Overview - The industry comprises 133 listed companies with a total market value of 14,628.56 billion and a circulating market value of 13,032.75 billion [2] Policy Impact - The new pricing guidelines are anticipated to break the commercialization bottleneck of surgical robots, emphasizing the need for continuous innovation among companies [4] - Companies with technological accumulation and high product maturity, such as Tianzhihang-U, Jingfeng Medical-B, and others, are expected to benefit from the inclusion of robotic-assisted surgery projects in local medical insurance directories [4]

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

Group 1 - The three major indices collectively rose, with the medical equipment sector showing active performance, as evidenced by the CSI All Index Medical Care Equipment and Services Index (H30178) increasing by 0.53% [1] - Notable performers within the index included Tianzhihang, which rose over 14%, Shuoshi Bio, which increased over 9%, and Sanyou Medical, which saw a rise of over 6% [1] - The Medical Equipment ETF (159873) recorded a trading volume exceeding 16 million yuan, with a subscription of 5 million units during the trading session [1] Group 2 - The Medical Equipment ETF has experienced a net inflow of funds for nine consecutive trading days, accumulating a total net inflow of 117 million yuan as of January 20 [1] - The ETF's scale has doubled over the past 20 days, reaching a latest circulating scale of 233 million yuan [1] - The ETF closely tracks the CSI All Index Medical Care Equipment and Services Index, which selects listed companies in the medical care theme to reflect the overall performance of these securities [1] Group 3 - The first human subject implanted with Neuralink's brain-machine interface, Nolan Arbo, reported that the module in his brain can be wirelessly upgraded remotely, similar to Tesla's OTA updates [2] - This marks a historic first where a human brain can be updated without surgery, allowing for performance improvements through software updates [2] - Merge Labs, a Silicon Valley startup, has raised $252 million in seed funding from investors including OpenAI, indicating strong interest in advancements in medical technology [2] Group 4 - Guotai Junan Securities noted that the scale of medical equipment bidding continues to grow, supported by ongoing implementation of equipment upgrade policies, which are expected to drive long-term procurement levels [2] - The report recommends medical equipment companies that are likely to benefit from the performance recovery driven by the implementation of these upgrade policies [2]

Summary of Conference Call on Northeast Medical Health Industry Industry Overview - The conference call discusses the Northeast Medical Health industry, specifically focusing on the recent developments in surgical robotics and innovative medical technologies. Key Points and Arguments 1. **National Pricing Guidelines**: On January 20, the National Healthcare Security Administration (NHSA) released the "Guidelines for the Establishment of Pricing Projects for Surgical and Treatment Auxiliary Medical Services (Trial)" which establishes a unified pricing framework for surgical robots, energy equipment consumables, and remote surgery technologies across the country [1][3]. 2. **Provincial Implementation Timeline**: Historical data suggests that it typically takes between six months to a year for provinces to implement specific projects and pricing after the NHSA's announcement [2]. 3. **Benefits of Pricing Directory**: The establishment of a clear pricing directory is expected to facilitate the entry of innovative devices into hospitals and increase the sales volume of consumables [4]. 4. **Impact on Clinical Promotion**: Previously, the need for medical institutions to apply for self-pricing or provincial pricing led to reduced enthusiasm for clinical promotion. The new pricing directory aims to streamline the final pricing model across provinces, enhancing the accessibility of advanced medical technologies and promoting a shift from traditional to precision medicine [5]. 5. **Tiered Pricing System for Surgical Robots**: A tiered pricing system based on the clinical value and participation level of surgical robots has been introduced. Prices will be set in three tiers: navigation, participation in execution, and precise execution. The guidelines also include specific consumables in the pricing structure [5]. 6. **Independent Pricing for Remote Surgery**: Remote surgery has been given independent pricing status, which is expected to benefit leading hospitals and increase surgical volumes [6]. 7. **Clarification on Consumable Charges**: The guidelines clarify the charging logic for disposable and reusable consumables, stating that disposable consumables will be sold at zero markup, while reusable consumables will incur an auxiliary operation fee [7]. Key Beneficiaries 1. **MicroPort Robotics**: A leading domestic surgical robot company with over 160 cumulative orders for laparoscopic robots expected by December 2025. The company is positioned to capitalize on the commercialization of surgical robots and expand market share through innovative procedures [8]. 2. **JinFeng Medical**: Among the top two domestic surgical robot manufacturers, it is rapidly increasing the volume of multi-port and single-port laparoscopic robots, leading in domestic procurement bids [8]. 3. **Tianzhihang**: A leader in orthopedic surgical robots, the company has developed a comprehensive business model that includes equipment, consumables, and technical services [8]. 4. **Sanyou Medical**: Focused on developing three-arm spinal surgical robots and ultrasonic bone knives, benefiting from the new pricing regulations for energy equipment consumables [8]. 5. **Aikang Medical**: Set to launch a second-generation knee joint surgical robot in collaboration with Peking University Third Hospital, aiming to provide a complete digital orthopedic solution [8]. 6. **Chunli Medical**: Innovating with handheld robotic technology, the company plans to establish multiple surgical training centers overseas to accelerate international expansion [9].

Group 1 - The core viewpoint of the article is that the company is leveraging its controlling stake in the French orthopedic company Implanet to expand its presence in the international high-end orthopedic market with innovative therapies and products [1] - The company has established a new international product brand based on Implanet, leading to sales growth in international markets, particularly in the United States [1] - The company plans to continue focusing on the high-end orthopedic markets in Europe and the United States, increasing sales investments to promote rapid development of its international business [1]

Core Viewpoint - The medical device sector experienced a decline of 1.58% on January 16, with Kangzhong Medical leading the losses, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index decreased by 0.18% [1]. Group 1: Market Performance - The medical device sector's stocks showed mixed performance, with notable gainers including Huakang Clean (20.01% increase) and Yirui Technology (4.60% increase) [1]. - Conversely, Kangzhong Medical saw a significant drop of 8.60%, followed by Huada Zhizao with a decline of 6.61% [2]. - The overall trading volume in the medical device sector was substantial, with Huakang Clean achieving a transaction amount of 707 million yuan [1]. Group 2: Capital Flow - The medical device sector experienced a net outflow of 1.395 billion yuan from major funds, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Specific stocks like Huakang Clean had a net inflow of 58.17 million yuan from major funds, while retail investors showed a net outflow of 46.88 million yuan [3]. - The capital flow dynamics indicate a shift in investor sentiment, with retail investors actively participating despite the overall sector decline [2][3].

Group 1 - The medical device sector increased by 0.66% on January 14, with Sanyou Medical leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Notable gainers in the medical device sector included Sanyou Medical, which rose by 16.63% to a closing price of 22.30, and Tianzhihang, which increased by 13.25% to 24.95 [1] Group 2 - The medical device sector experienced a net outflow of 428 million yuan from institutional investors and 495 million yuan from retail investors, while retail investors saw a net inflow of 923 million yuan [2] - The individual stock fund flow data indicated that Yuyue Medical had a net inflow of 356 million yuan from institutional investors, while it faced a net outflow of 66.06 million yuan from retail investors [3] - Other companies like Yingke Medical and Weili Medical also showed significant net inflows from institutional investors, with 105 million yuan and 90.06 million yuan respectively [3]

Core Viewpoint - The announcement reveals the share reduction plan by the actual controllers of Sanyou Medical, indicating a total intended reduction of up to 6,669,249 shares, which represents 2.00% of the company's total share capital, due to personal financial needs [2][3]. Group 1: Shareholding Structure - As of the announcement date, the actual controller Xu Nong's associated entity holds 2,212,155 shares, accounting for 0.66% of the total share capital, while Xu Nong directly holds 39,297,975 shares [1]. - The chairman Michael Mingyan Liu holds 30,341,922 shares, representing 9.10% of the total share capital, and another associated person, David Fan, holds 16,335,114 shares [1]. - The total shares held by the actual controllers and their associated persons amount to 88,187,166 shares, which is 26.45% of the total share capital [1]. Group 2: Reduction Plan Details - Xu Nong plans to reduce up to 2,212,155 shares (0.66% of total share capital) and Michael Mingyan Liu plans to reduce up to 4,457,094 shares (1.34% of total share capital) through block trading [2]. - The reduction will take place within three months starting from February 4, 2026, and will be limited to a maximum of 2.00% of the total share capital within any continuous 90-day period [2]. - David Fan will not participate in this reduction plan [3]. Group 3: Financial Implications - Based on the closing price of 19.28 yuan on January 12, the total cash expected from the planned reductions is approximately 129 million yuan [4]. - The associated entity, 混沌天成18号, has previously reduced its holdings by 666,920 shares, realizing about 135 million yuan in cash [4]. - Michael Mingyan Liu has also reduced his holdings by 190,000 shares, realizing approximately 44.96 million yuan [4].