JP Morgan: MEDBOT-B (02252) accelerates overseas expansion, maintain "hold" rating.

J.P. Morgan issued a research report stating that they have given a "hold" rating to Siasun Robot & Automation- B (02252), with a target price of 41 Hong Kong dollars. The core product of Siasun Robot & Automation, "Tumai", has accumulated orders exceeding 200 units, indicating an increase of approximately 20 orders since late January 2026, continuing the strong momentum from October 2025 to January 2026 and alleviating some concerns in the market about its sustainability. The coverage has expanded to over 50 countries and regions (more than 40 by the end of December 2025), with over five units ordered in 12 markets, led by emerging markets such as India and Brazil, while developed markets like Spain and Australia are also experiencing accelerated breakthroughs. Siasun Robot & Automation mainly provides surgical robots for minimally invasive surgery, with "Tumai" and "Honghu" being its core products in the field of laparoscopy and orthopedics, respectively. "Tumai" is the first domestically produced laparoscopic surgical robot in China that has been clinically validated to be no less effective than the Da Vinci Surgical System, currently the leading product of Intuitive Surgical in China and globally. The bank believes that this achievement establishes Siasun Robot & Automation as a leading domestic company in China, allowing it to benefit from the trend of import substitution.