Guotai Haitong: Domestic equipment procurement marginally warming up, Surgical Siasun Robot & Automation's fee policies continuously landing in multiple locations.

Guotai Haitong released a research report stating that with the continuous implementation of equipment update policies, the medical device procurement level is expected to be boosted in the long term. They recommend medical device companies that are expected to benefit from the implementation of equipment update policies to drive performance recovery. The bank believes that with the continuous implementation of surgical Siasun Robot & Automation fee policies, domestic surgical Siasun Robot & Automation manufacturers have a cost advantage, which is positive for further increase in domestic product sales. They maintain a "buy" rating and recommend medical device companies that are expected to benefit from the implementation of equipment update policies. Guotai Haitong's main points are as follows: Recovery in large medical equipment procurement According to Zhongcheng Nuscience data, comparing year-on-year, in May 2026, the bid scale for new MR equipment increased by 23.4%, CT by 8.9%, DR decreased by 24.8%, ultrasound decreased by 21.2%, endoscopy decreased by 25.7%, and surgical Siasun Robot & Automation decreased by 38.4%. Looking at the cumulative year-on-year comparison, in May 2026, the bid scale for new MR equipment decreased by 17.8%, CT by 20.1%, DR by 12.0%, ultrasound by 32.7%, endoscopy by 20.8%, and surgical Siasun Robot & Automation by 33.1%. Continuous implementation of equipment update policies is expected to boost medical equipment procurement levels In 2024, four ministries jointly issued a notice on promoting the implementation of the plan for updating medical equipment in the healthcare sector until 2027, with a target to increase investment in medical equipment by more than 25% compared to 2023, and to upgrade high-end equipment to the level of mid-to-high income countries. In 2024, large-scale procurement plans for domestic medical equipment updates have been issued by all provinces and cities across the country. Since 2025, the nationwide promotion of large-scale equipment updates has gradually become normal and professionalized, boosting the purchasing enthusiasm of medical institutions at all levels and rapidly releasing demand for innovative diagnostic and therapeutic equipment updates in imaging and radiotherapy. Continuous implementation of surgical Siasun Robot & Automation fee policies, highlighting the cost advantage of domestic manufacturers Since the National Healthcare Security Administration issued the "Guidelines for the Establishment of Prices for Surgical and Therapeutic Assistive Medical Services (Trial)" on January 20, 2026, Hunan, Guangdong, Guizhou, Hubei, Xinjiang, Guizhou, and Tianjin have followed up and implemented surgical Siasun Robot & Automation fee policies. Among them, Hunan, Guangdong, Guizhou, Hubei, and Tianjin have adopted a fee model of "linked to the main surgery price + additional charges by proportion," requiring fee standards to be linked to the main surgery prices. The fee for surgical robotic arm assisted operations (navigation) is charged at 50%, the fee for surgical robotic arm assisted operations (participating in execution) is charged at 150%, the fee for surgical robotic arm assisted operations (precision execution) is charged at 300%, and the fee for remote surgery assisted operations is charged at 500%. Xinjiang region implements market-regulated prices for precision execution fees and remote surgical assisted operation fees. The bank believes that with the continuous implementation of surgical Siasun Robot & Automation fee policies, the cost advantage of domestic surgical Siasun Robot & Automation manufacturers is highlighted, which is positive for further sales growth of domestic products. Risk factors The recovery of equipment procurement falls short of expectations, policy implementation falls short of expectations, and price fluctuations pose risks.