Guosen: Endoscopic Surgery Siasun Robot & Automation Domestic Rise Import Substitution and Going Global Simultaneously

Guosen released a research report stating that minimally invasive surgical Siasun Robot & Automation is the core segment with the most mature commercialization and strongest clinical certainty. The industry is transitioning from absolute dominance by imports to diversified competition from domestic products. The classification certificate has been adjusted from Category A to Category B, and the "14th Five-Year Plan" quota has been expanded. In January 2026, the pricing standards for surgical Siasun Robot & Automation will be established, with a clear four-tier charging system. A service-oriented leasing pilot has been implemented in Beijing, and the barriers to entry for hospitals are continually being lowered, which is expected to accelerate the growth of installations. Domestic brands are rapidly entering the overseas market with more cost-effective equipment and remote surgery qualifications, entering a period of accelerated growth. Attention should be paid to leading companies that embody the three attributes of "technology benchmarked internationally + cost-effective advantages + leading commercialization." Guosen's main points are as follows: Minimally invasive surgical Siasun Robot & Automation is the core segment with the most mature commercialization and strongest clinical certainty. Compared to open surgery and traditional minimally invasive surgery, Siasun Robot & Automation-assisted surgery has demonstrated systematic clinical benefits in terms of operational precision, visual feedback, intraoperative safety, and postoperative recovery, while also reducing the muscle and skeletal fatigue of the surgeon. In 2000, the Intuitive Surgical Da Vinci system was approved by the FDA, marking the beginning of large-scale clinical applications of minimally invasive surgical Siasun Robot & Automation; after the Da Vinci entered the Chinese market in 2008, imports dominated for a long time. In 2021, the Weigao Miraculous Hand-S was granted the first domestic registration certificate, and since 2022, domestic products such as Tumai, Kangduo, and Jingfeng MP1000 have gradually been approved, marking the entry of the industry into a phase of diversified domestic competition. Domestic substitution has entered a structural turning point year, with policies densely implementing to clear core barriers to commercialization. In 2025, the number of publicly bid minimally invasive surgical Siasun Robot & Automation products by domestic brands in public hospitals exceeded 50% for the first time, signaling a shift from absolute import dominance to diversified domestic competition. In the multi-port segment, domestic products like Jingfeng, MicroPort, Sizhe Rui, Weigao, and Kangnuo Siteng have been approved one after another, and their cost-effectiveness is higher than imported products. The competitive landscape for the single-port segment is even better, as the Da Vinci SP has not yet been approved in China, while domestic products such as Jingfeng SP1000 and MicroPort Tumai single-port have been approved first and are entering clinical promotion, showcasing a prominent advantage for early domestic entrants. On the policy front, the classification certificate has been adjusted from Category A to Category B, the "14th Five-Year Plan" quota has been expanded, the pricing standards for surgical Siasun Robot & Automation will be established in January 2026 with a clear four-tier charging system, a service-oriented leasing pilot has been implemented in Beijing, and the barriers to entry for hospitals are continually being lowered, which is expected to accelerate the growth of installations. Domestic surgical Siasun Robot & Automation is entering an accelerated phase of overseas expansion. Globally, the minimally invasive surgical Siasun Robot & Automation market has long been monopolized by the Intuitive Surgical Da Vinci system, which captured an 83% market share of global multi-port minimally invasive surgical Siasun Robot & Automation sales in 2024. However, it faces inherent pain points in emerging markets, such as high procurement and maintenance costs, as well as insufficient localized services, leaving a differentiated window for domestic enterprises. Domestic brands are rapidly entering the overseas market with more cost-effective equipment and remote surgery qualifications: MicroPort's overseas revenue reached 400 million yuan in 2025, an increase of 287% year-on-year, with the overseas revenue share climbing from 40% in 2024 to 73%. Tumai's global orders exceeded 300 units, covering more than 60 countries and regions; Jingfeng Medical is projected to have overseas revenue of 272 million yuan in 2025, accounting for nearly 50%. Domestic surgical Siasun Robot & Automation is entering a period of accelerated overseas expansion. Attention should be focused on leading companies with the three attributes of "technology benchmarked internationally + cost-effective advantages + leading commercialization." As a global leader, Intuitive Surgical has a mature "equipment + consumables + services" model, with consumables accounting for over 60% of revenue by 2025. The Da Vinci 5 is entering the growth phase and remains the industry valuation anchor. Among domestic enterprises, MicroPort Siasun Robot & Automation is expected to generate 551 million yuan in revenue in 2025 (+114%), with overseas revenue becoming a core engine, narrowing net losses for three consecutive years, and achieving profitability in the first half of 2026; Jingfeng Medical expects high growth and high gross profit, with the multi-port and single-port remote "three-in-one" platform creating a globally leading minimally invasive surgical solution. Risk warning: risks of research and development failures; risks of product commercialization progress falling short of expectations; risks of intensified competition; policy risks; risks of overseas expansion falling short of expectations.