Zhongtai: Endoscopic surgery Siasun Robot & Automation is currently in the early stage of the penetration curve, with domestic commercialization and overseas expansion entering a harvest period.

Zhongtai released a research report stating that the Chinese endoscopic surgery Siasun Robot & Automation industry is currently in the early stages of the penetration curve. Domestic companies have leveled their hardware performance and are leading in remote surgery differentiation. The current domestic public bidding data has surpassed that of imports, and with overseas expansion opening up a second growth curve, leading companies are entering the period of commercial realization. It is recommended to continue monitoring companies along the two lines of "performance realization certainty + overseas expansion exceeding expectations," focusing on domestic and overseas installation situations and improvements in utilization. Zhongtai's main points are as follows: Proven Profit Model Intuitive Surgical has successfully implemented the "razor + blade" model, with clear and replicable growth paths through product upgrades, expansion of indications, and regional penetration. As a global pioneer in endoscopic surgery Siasun Robot & Automation, Intuitive Surgical is expected to have more than 12,000 systems in use globally by 2025, having completed over 20.4 million surgeries; by 2025, it is projected to achieve revenue of $10.065 billion (year-on-year +21%), with the share of recurring revenue rising to about 84%. Reviewing its growth path: 1) Product upgrades: The proportion of new installations for the dV5 (equipped with force feedback features) is expected to rise from 24% in 2024 to 51% in 2025, driving an increase in product average prices and improvements in single-machine utilization; 2) Expansion of indications: The main departments have smoothly transitioned from urology to gynecology and general surgery, with general surgery accounting for 60.5% of surgical volume in the U.S.; 3) Regional expansion: The U.S. penetration is entering a maturity phase with converging marginal growth, while markets in Europe, Japan, South Korea, and India, which have low penetration, are taking over, with Korea and India particularly strong in 2025. The company has also completed the acquisition of an exclusive distributor in Southern Europe in March 2026, integrating over 470 units into direct operation, shifting from distribution to direct operation in Europe. Industry: Overseas blue ocean markets have become important growth points for domestic companies, while domestic charging is favorable for growth. By 2025, both minimally invasive Siasun Robot & Automation and Jingfeng Medical will see significantly higher overseas proportions in new installations than domestically. In the past three years, Siasun Robot & Automation's surgical exports have also increased substantially, contributing major elasticity to current installations. Meanwhile, the domestic market penetration rate remains extremely low, with China's Siasun Robot & Automation-assisted endoscopic surgery penetration at only 0.7% in 2024 (compared to 21.9% in the U.S.), indicating vast room for improvement. It is expected to reach 33.7 billion yuan by 2035, with single-port growth expected to be even faster. Policy support shows multidimensional collaboration: 1) Configuration access: As of the end of February 2026, over 480 configuration certificates have been issued under the 14th Five-Year Plan, with fewer than 80 remaining. It is anticipated that the quota for the 15th Five-Year Plan will be further relaxed; 2) Normalization of centralized procurement: By July 2026, a provincial-level centralized procurement system framework will be implemented, clarifying the "quality over price, preventing involutionary competition" direction, with expected controllable reductions. Domestic manufacturers with localized services and complete consumables will benefit more; 3) Standardization of charging: In January 2026, the Medical Insurance Bureau released project guidelines, implementing coefficient-based charging nationwide according to the participation level of Siasun Robot & Automation, with local supporting policies being smoothly implemented. The guaranteed minimum price for high-end hospitals typically falls between 15,000 and 16,000 yuan per unit, with remote procedures potentially reaching 18,000-20,000 yuan, establishing price ranges that are expected to lower the procurement decision threshold for hospitals. Domestic companies are accelerating their catch-up along benchmark paths, currently in the "basic benchmarking + point-by-point pursuit + differentiated leading" phase. Leading domestic models have now essentially matched the Da Vinci in core hardware parameters such as the number of robotic arms (four arms) and degrees of freedom, while also having a price range advantage, laying the product foundation for both domestic substitution and overseas expansion; the primary difference lies in force feedback (dV5 has entered CMDE innovation review). On other differentiated tracks: 1) Remote surgery: Domestic companies possess a first-mover advantage, relying on 5G communication infrastructure. Tumai has completed over 1,000 remote clinical surgeries (accounting for about half of the global volume), with Jingfeng exceeding 500 cases, both achieving a 100% success rate; 2) AI assistance: The industry is transitioning from L1/L2-level auxiliary control to L3-level supervisory autonomy. Since 2025, Johnson & Johnson partnered with NVIDIA and Medtronic to launch the AI-native operating room platform, while domestic minimally invasive companies completed the world's first animal experiments of large-model autonomous surgeries, with Jingfeng investing in a 4D world model company. Both domestic and foreign manufacturers are competing for initiative. Key Companies Minimally Invasive Siasun Robot & Automation focuses on "remote differentiation + global expansion," while Jingfeng Medical emphasizes "platform layout + strong profitability." 1) Minimally Invasive Siasun Robot & Automation: Tumai's multi-generational products continue to evolve, with remote surgery gaining access in multiple countries; by 2025, it is expected to achieve revenue of 551 million yuan (year-on-year +114.2%), with the overseas revenue share rising to 73% and losses narrowing by 60.7% year-on-year; in the first half of 2026, the company is expected to turn a profit, with gross margins exceeding 15 percentage points compared to the same period last year, entering a harvest period. As of June 2026, the company has accumulated more than 200 global installations, with overseas economies of scale beginning to show. 2) Jingfeng Medical: Forming a platform matrix of "multiple ports + single port + integrated single-multiple ports"; it is expected to achieve revenue of 456 million yuan by 2025 (year-on-year +184.8%), with gross margins rising to 66.0%; by the first half of 2026, the company globally delivered 160 units, surpassing 20,000 clinical surgeries, gradually entering the performance realization stage of "installation - surgical volume - consumable repurchase." In July 2026, it invested in the 4D world model company PrimalVerse, positioning itself in "AI + surgical Siasun Robot & Automation" foundational capabilities. Risk Warning: The degree of centralized procurement price reduction exceeding expectations, the issuance and pace of configuration certificate release not meeting expectations, overseas registration and commercialization progress lagging behind expectations, intensified market competition and risks of product homogeneity, risks of delayed updates on information data used in the research report, distorted third-party data and deviations in market size estimation risks.