报告期内，归属于母公司所有者的净利润、归属于母公司所有者扣除非经常性损益的净利润亏损较上年 同期有所扩大，主要原因为：投资收益较上年同期有较大幅度减少；因实施限制性股票激励计划，股份 支付费用较上年同期有较大幅度增长；冲回以前年度确认的亏损部分的递延所得税费用，导致所得税费 用较上年同期有所增长。上述影响归属于母公司所有者的净利润亏损扩大约8,900.00万元。 预计2025年度实现归属于母公司所有者扣除非经常性损益后的净利润为亏损20,000.00万元至亏损 23,300.00万元，与上年同期相比亏损增加3,025.53万元至6,325.53万元，较上年同期亏损扩大17.82%至 37.26%。 报告期内，营业收入实现较大幅度增长，主要原因为：行业市场环境回暖，产品销售及技术服务收入实 现较大幅度增长。 格隆汇1月28日丨天智航(688277.SH)公布，经财务部门初步测算，预计2025年度实现营业收入27,000.00 万元至30,000.00万元，与上年同期相比增长50.97%至67.75%，2025年度归属于母公司所有者的净利润 为亏损16,500.00万元至亏损19,800.00万元，与上年同期相比 ...

Core Viewpoint - Tianzhihang (688277.SH) expects a net loss attributable to shareholders of the parent company for the fiscal year 2025, projected to be between 165 million and 198 million yuan, indicating an increase in losses compared to the same period last year [1] Summary by Relevant Categories Financial Performance - The anticipated net loss for 2025 is between 165 million and 198 million yuan, which represents an expansion of losses compared to the previous year [1] - The main reasons for the performance change include a significant decrease in investment income and an increase in share-based payment expenses due to the implementation of a restricted stock incentive plan [1] Taxation Impact - The increase in income tax expenses is attributed to the reversal of previously recognized losses, which has led to higher deferred tax expenses [1]

Core Viewpoint - Tianzhihang (688277) is expected to report a net profit loss of between 165 million to 198 million yuan for 2025, indicating an increase in losses compared to the previous year, with a projected increase of 43.87 million to 76.87 million yuan, representing a year-on-year loss expansion of 36.22% to 63.46% [1] Group 1 - The industry market environment is recovering, leading to significant growth in product sales and technical service revenue [1] - The increase in net profit loss compared to the previous year is primarily due to a substantial decrease in investment income [1] - The implementation of a restricted stock incentive plan has resulted in a significant increase in share-based payment expenses compared to the previous year [1] Group 2 - The reversal of previously recognized losses has led to an increase in deferred income tax expenses, contributing to the growth in income tax expenses compared to the previous year [1] - The combined impact of these factors has resulted in an approximate increase of 89 million yuan in the expanded net profit loss [1]

用状态日期调整至 2027 年 12 月。 三、本次使用部分闲置募集资金临时补充流动资金的计划 中信建投证券股份有限公司 关于北京天智航医疗科技股份有限公司 使用部分暂时闲置募集资金临时补充流动资金事项的核查 意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为北京天智航医疗科技股份有限公司（以下简称"天智航"或"公司"）2021 年 度向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》 《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证 券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对天 智航使用部分暂时闲置募集资金临时补充流动资金事项进行了审慎核查，核查情 况及核查意见如下： 一、募集资金基本情况 | 发行名称 | | | | | 2021年度向特定对象发行A股股票 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 37,020.00 | | | 万元 | | | | | 募集资金净额 | 35,975.66 | | | 万元 | ...

北京天智航医疗科技股份有限公司 证券代码：688277 证券简称：天智航 公告编号：2026-004 关于使用部分暂时闲置募集资金临时补充流动资金的公告 补流期限：自 2026 年 1 月 28 日第六届董事会第二十八次会议审议通 过之日起不超过 12 个月 北京天智航医疗科技股份有限公司（以下简称"公司"）于 2026 年 1 月 28 日召开第六届董事会第二十八次会议，审议通过了《关于使用部分暂时闲置募集 资金临时补充流动资金的议案》，同意公司使用不超过 7,000.00 万元（含本数） 暂时闲置募集资金用于临时补充流动资金，使用期限自公司董事会审议通过之日 起不超过 12 个月。保荐人对上述事项出具了明确无异议的核查意见。现将相关 事项公告如下： | 发行名称 | 2021 | | | 年度向特定对象发行 | A | 股股票 | | --- | --- | --- | --- | --- | --- | --- | | 募集资金总额 | 37,020.00 | | 万元 | | | | | 募集资金净额 | 35,975.66 | | 万元 | | | | | 募集资金到账时间 | 2023 2 | 年 ...

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年度实现营业收入 27,000.00 万元至 30,000.00 万元，与上年同期相比增长 50.97%至 67.75%，2025 年度归属于母公 司所有者的净利润为亏损 16,500.00 万元至亏损 19,800.00 万元，与上年同期相比 亏损增加 4,387.03 万元至 7,687.03 万元，较上年同期亏损扩大 36.22%至 63.46%。 证券代码：688277 证券简称：天智航 公告编号：2026-005 北京天智航医疗科技股份有限公司 2025 年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 四、风险提示 公司不存在影响本次业绩预告内容准确性的重大不确定因素，本次业绩预告 未经注册会计师审计。 五、其他说明事项 2、预计 2025 年度实现归属于母公司所有者扣除非经常性损益后的净利润 为亏损 20,000.00 万元至亏损 ...

天智航公告，预计2025年度归属于母公司所有者的净亏损为1.65亿元至1.98亿元，与上年同期相比亏损 增加4387.03万元至7687.03万元，较上年同期亏损扩大36.22%至63.46%。预计2025年度实现归属于母公 司所有者扣除非经常性损益后的净亏损为2亿元至2.33亿元，与上年同期相比亏损增加3025.53万元至 6325.53万元，较上年同期亏损扩大17.82%至37.26%。报告期内，营业收入实现较大幅度增长，主要原 因为：行业市场环境回暖，产品销售及技术服务收入实现较大幅度增长。 ...

Group 1 - On January 28, Tianzhihang executed a block trade of 238,600 shares, with a transaction value of 5.0663 million yuan, accounting for 1.44% of the total transaction volume for the day [1] - The transaction price was 21.23 yuan, which represents an 8.61% discount compared to the market closing price of 23.23 yuan [1] - The block trade involved institutional buyers, indicating a potential strategic move by large investors [2]

Core Viewpoint - Tianzhihang (688277) has shown a significant increase in stock price and market performance, indicating strong growth potential in the orthopedic surgical robot market, where it holds a leading position [1]. Group 1: Company Performance - As of January 23, 2026, Tianzhihang's stock closed at 23.99 yuan, up 4.62% from the previous week [1]. - The company reached a market capitalization of 10.939 billion yuan, ranking 36th out of 127 in the medical device sector and 1939th out of 5182 in the A-share market [1]. - On January 21, 2026, Tianzhihang recorded two block trades with a total transaction value of 4.0034 million yuan [3]. Group 2: Market Position and Growth - In 2025, the domestic market for orthopedic surgical robots is expected to see over 100 units awarded in procurement, with a year-on-year growth rate of approximately 35% [1]. - Tianzhihang maintains the largest market share in the domestic orthopedic surgical robot sector, with over 70% of the total surgical volume, translating to more than 35,000 surgeries out of 48,500 performed in the first three quarters of 2025 [1][3]. Group 3: Strategic Initiatives - The company is exploring new models such as "purchasing technology services" to reduce upfront costs for medical institutions and enhance the accessibility of surgical robots [1]. - Tianzhihang is actively pursuing international expansion by participating in overseas exhibitions and developing differentiated market strategies to enhance its global competitiveness [1]. - The company's products have received CE certification from the EU, allowing them to meet the demands of high-end markets in developed countries while also being cost-effective for developing nations [1]. Group 4: Industry Developments - The National Healthcare Security Administration has released a guideline to establish a unified pricing project for surgical and treatment auxiliary services, promoting the adoption of robotic surgical technology [2]. - The guideline aims to incentivize companies to develop high-value technologies and guide the industry towards high-quality, standardized development [2].

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]