Zhen Jiankang Medical (02697) has released its first interim results: revenue increased by over 30 times year-on-year, with the commercialization of Siasun Robot & Automation's puncture surgery accelerating.

On August 28, Zhenjiankang Medical (02697) released its first interim report since going public, marking a critical step in its commercialization efforts. During the reporting period, the company saw a significant increase in revenue alongside strong profit quality, achieving revenue of 5.671 million yuan, a year-on-year increase of nearly 32 times; gross profit of 4.363 million yuan, which is more than a 36-fold jump year-on-year, with an overall gross margin of 76.9%, up 9.8 percentage points from the same period last year. As of June 30, the company had cash and bank balances of 460 million yuan, approximately 2.5 times the amount expected by the end of 2025, indicating sufficient funding reserves. A key highlight of this report is the ramp-up in commercialization. The revenue structure indicates that sales from the surgical Siasun Robot & Automation amounted to 5.160 million yuan, accounting for 91.0% of total revenue; sales of consumables reached 408,000 yuan, a year-on-year increase of 135.8%. The surgical Siasun Robot & Automation has entered its revenue recognition phase, with an increase in machine installations driving sales of consumables, effectively initiating the equipment + consumables commercialization model. Product sales have expanded to regions such as North China and South China, with North China accounting for 57.7% of deliveries this period, while South China contributed 35.8%. Since starting the commercialization of its core products in 2022, Zhenjiankang Medical has been ranked first in China in terms of revenue from percutaneous puncture surgery Siasun Robot & Automation, holding a market share of 28.0%, according to data from Zhaoshang Consulting. The core product, the percutaneous puncture surgery Siasun Robot & Automation, has four models, all of which have obtained class III registration certificates from the National Medical Products Administration, with the TH-S model recognized as "domestically innovative" and the key product TH-X MW recognized as "internationally innovative." Currently, the companys products are applied in multiple clinical departments including thoracic surgery, respiratory medicine, interventional medicine, oncology, hepatobiliary surgery, radiology, and imaging, covering the diagnostic and treatment needs of tumors from early to late stages, and extending into the field of ex vivo organ preservation and evaluation. R&D investment continues to increase, and the advancement of the product pipeline remains fast-paced. During the reporting period, Zhenjiankang Medicals R&D expenditures reached 26.931 million yuan, a year-on-year increase of 15.2%, with a research team of 72 people, making up approximately 45.6% of the total workforce. The product pipeline is advancing quickly, with the application for a change of registration for new pulmonary indications for the TH-X MW model granted approval by the National Medical Products Administration; the flagship model TH-S1 has expanded its indications to include clinical trials for retroperitoneal lesions, having enrolled 16 patients, with plans to submit a registration application in the fourth quarter of 2026; the core products CE certification application has been submitted and accepted by the certifying body in January 2026, with expectations to obtain certification in the fourth quarter of 2026. Looking ahead to the second half of the year, Zhenjiankang Medical plans to advance the TH-X Cryo freezing ablation Siasun Robot & Automation registration application to be submitted in the second half of 2027, and plans to begin clinical trials for TH-LS LU100 and TH-LS KI300 in the first half of 2027 and 2031, respectively. Over the next three years, the company aims to apply for at least 50 domestic invention patents and 3 PCT international patents, continuously strengthening its technological moat to accumulate momentum for long-term high-quality development. On August 21, the Hang Seng Index Company announced the results of its quarterly review, with Zhenjiankang Medical being included in the Hang Seng Composite Index. The related changes will be implemented after the market closes on September 4 and will take effect starting September 7, at which point the Shanghai and Shenzhen Stock Exchanges will adjust the scope of investable stocks under the Hong Kong Stock Connect, providing the company an opportunity to enter the Hong Kong Stock Connect list and potentially opening up further avenues for southbound capital flow.