EB SECURITIES: Price Approval Guidelines Released Focus on Domestic Surgery Siasun Robot&Automation Commercialization Promotion

EB SECURITIES released a research report stating that the recent official issuance of the "Guidelines for the Project Approval of Medical Service Prices for Surgical and Therapeutic Assistance Operations (Trial)" by the National Healthcare Security Administration is expected to reshape the industry's valuation logic. The report is optimistic about platform companies that are supported by large medical groups, can adapt to the new healthcare payment rules, and have financial and channel advantages. Domestic companies that have differentiated innovation capabilities (such as single-port, 5G remote), products that meet the high fee standards of "precision execution" and have cost-effectiveness, are expected to steadily increase market share and profitability through service fee models. Event: The National Healthcare Security Administration recently officially issued the "Guidelines for the Project Approval of Medical Service Prices for Surgical and Therapeutic Assistance Operations (Trial)" (referred to as the "Approval Guidelines"), focusing on medical technology innovations such as 3D printing, tracking-enhanced imaging, energy instruments, intraoperative image guidance, robotic arms, and remote surgeries. The guidelines establish uniform pricing for 37 price items, 5 additional charges, and 1 expansion item. Key points from EB SECURITIES: Acceleration of domestic commercialization and strong certainty of import substitution The domestic surgical Siasun Robot & Automation industry started late, with the market long dominated by foreign brands. With the release of the "Approval Guidelines", combined with the continuation of the policy dividend of "large-scale equipment updates" and the evident cost-effectiveness of domestic equipment, the report believes that the penetration rate of the surgical Siasun Robot & Automation industry will accelerate. The education effectiveness of local equipment in secondary and tertiary hospitals and grassroots markets is significant, and there is a strong certainty for domestic substitution. Taking laparoscopic surgery Siasun Robot & Automation as an example, with the release of domestic leading companies' production capacity and mature clinical data verification, the monopoly of Da Vinci is gradually being reshaped. According to RoboticTech statistics, by 2025, in terms of the bidding volume of laparoscopic surgery Siasun Robot & Automation, domestic brands will surpass imported brands for the first time, resulting in a further compression of Da Vinci's market share. Domestic brands such as Minimally Invasive, Jingfeng, Sizer, and Surgi are continuing to rise in bidding volume, shifting the market from a "single-monopoly" to a "multi-strong competition" pattern. Conclusion of the issuance of the "14th Five-Year Plan" configuration certificate, combined with equipment update policies, strong industry tender installation recovery Since 2024, the industry has gradually emerged from the impact of anti-corruption, and by 2025, the issuance of the "14th Five-Year Plan" large medical equipment configuration certificates entered the final sprint stage. Taking laparoscopic surgery Siasun Robot & Automation as an example, according to RoboticTech statistics, the total number of laparoscopic surgery Siasun Robot & Automation units bid in 2025 reached 110 units (compared to about 98 units in 2024), with the core reason being the concentrated execution of "14th Five-Year Plan" quotas and the stimulation of hospital procurement willingness by equipment update subsidies. Considering that the management of quotas for the "15th Five-Year Plan" is about to be introduced, the management of quotas is expected to become more flexible and the further enrichment of domestically approved models, the report predicts that the industry bidding installation progress in 2026 is likely to continue at a high level of prosperity. Reshaping of business logic by the "Approval Guidelines", optimistic about platform companies and startups with excellent R&D capabilities The "Approval Guidelines" categorize the surgical Siasun Robot & Automation auxiliary operations into navigation, participatory execution, precision execution, and other projects, and explicitly include the exclusive consumables required during the use of robotic arms in the price composition. The report believes that this policy is expected to reshape the industry's valuation logic. On the one hand, it is optimistic about platform companies that are supported by large medical groups, can adapt to the new healthcare payment rules, and have financial and channel advantages; on the other hand, domestically produced companies with differentiated innovation capabilities (such as single-port, 5G remote), products that meet the high fee standards of "precision execution" and have cost-effectiveness are expected to steadily increase market share and profitability through service fee models. Risk analysis: Increased competition in the surgical Siasun Robot & Automation industry; opening of configuration certificates and inclusion in healthcare progress slower than expected; new product development or commercialization progress slower than expected; R&D progress slower than expected, etc.