Two policy measures implemented in September: True Health Medical (02697) puncture Siasun Robot&Automation gains further institutional support

In the surgical Siasun Robot&Automation industry, registration certificates are the prerequisite for a product to enter clinical use, but whether hospitals actually adopt it also depends on whether charging, payment, pricing, and other links are properly aligned. On September 2, the National Healthcare Security Administration released the Version 3.0 grouping plan for payment by diagnosis-related groups and diagnosis-intervention packets (DRG/DIP), and Siasun Robot&Automation-assisted surgery was for the first time separately grouped; in the newly added identification criteria, in addition to open, laparoscopic, endoscopic, and thoracoscopic approaches, percutaneous access was also listed as an independent category. True Health Medical's (02697) surgical Siasun Robot&Automation product line covers both puncture and ablation, both of which fall under this technical pathway; beyond that, the company has also extended its products to ex vivo organ preservation and assessment. The three hurdles in the commercialization of surgical Siasun Robot&Automation In 2026, with the successive implementation of three policies, this segmented track of percutaneous puncture surgical Siasun Robot&Automation has, for the first time, gained an institutional basis at all three links. The first hurdle is the charging item. In January this year, the National Healthcare Security Administration issued the Guidelines for Establishing Price Items for Surgical and Therapeutic Auxiliary Operation Medical Services (Trial), unifying price item establishment for robotic arm-assisted operations at the national level for the first time. In its interpretation, the National Healthcare Security Administration made clear that this price item establishment is intended to "lead medical technology upgrading through price item establishment and guide the transformation from 'traditional treatment' to 'precision medicine.'" Previously, charging standards for surgical Siasun Robot&Automation varied across regions, and item affiliation was inconsistent, affecting the standardized development of medical services and patient benefits. The guidelines establish three price items according to the degree of Siasun Robot&Automation participation in surgery: "navigation," "participation in execution," and "precision execution." Products with higher participation and more precise execution can obtain higher charging coefficients, thereby guiding surgical Siasun Robot&Automation to be prioritized for complex surgeries. For hospitals, charging now has a basis for calculation for the first time. The second hurdle is medical insurance payment. Under the DRG/DIP system, if Siasun Robot&Automation surgery and conventional surgery are in the same group, the cost difference brought by consumables and technical difficulty is difficult to reflect under the same payment standard. Version 3.0 separately groups Siasun Robot&Automation-assisted surgery for the first time, covering scenarios such as major thoracic lung surgery, orthopedic spine and joint replacement, and major urological kidney and prostate surgery. Siasun Robot&Automation surgery itself has expensive consumables and high technical difficulty, and separate grouping is intended to "precisely match its high value and high technical difficulty," providing clear and positive payment expectations for technological innovation and application. On the DIP side, Version 3.0 also added disease types related to the application of new medical technologies such as "open Siasun Robot&Automation assistance operations," further clarifying the payment pathway for Siasun Robot&Automation-assisted operations. The third hurdle is the pace of item establishment. In the past, after companies obtained registration certificates, they still had to apply level by level for newly added price items, which in some regions took years. In September this year, the National Healthcare Security Administration announced a trial pre-establishment system for medical service price items. From the date a new technology is approved to enter clinical research and a new product is approved to enter the Innovative Medical Management device special review procedure, until formal approval for clinical application, the healthcare security department can intervene in advance and study the charging pathway in parallel, with the supporting implementation of "item establishment in one province, follow-up nationwide," achieving seamless connection between approval for application and price item establishment. The National Healthcare Security Administration stated that this system opens up a green channel for price item establishment and clears the "critical last mile" for new technologies and new products to enter clinical application. It forms a clear distinction from the previous item establishment guidelines in terms of coverage stage: existing technologies and products that have already been approved for application already have corresponding charging channels, while pre-establishment targets incremental new technologies and new products in the next stage. Previously, 40 batches of item establishment guidelines had been compiled, uniformly adding more than 200 price items such as proton radiotherapy, surgical Siasun Robot&Automation, remote surgery, and brain-computer interface implantationamong the existing categories already covered as listed officially, surgical Siasun Robot&Automation is included; new products that enter the Innovative Medical Management device special review procedure in the future are likewise within the coverage of the pre-establishment system. According to the official interpretation, once a product is approved to enter this procedure, tertiary hospitals can take the lead in applying to provincial healthcare security departments, which can intervene in advance to provide price policy guidance, without waiting until approval for market launch. What does this mean for True Health's product line? After the three policies were implemented, the correspondence between True Health's products and the system also became clear. Puncture and ablation surgical Siasun Robot&Automation have entered commercialization, and ex vivo organ preservation has also seen procurement of scientific research equipment. Specifically, in the puncture direction, all four models have obtained Class III medical device registration certificates from the National Medical Products Administration, among which TH-S is recognized as a "domestic first," and the company ranks first in this segmented market with a 28.0% share based on 2025 revenue. In the ablation direction, TH-X MW and TH-X HMW have both obtained certification, and TH-X MW is recognized as an "international first"; in the January item establishment guidelines, the two correspond to the "precision execution" price item, whose floor price (except in a few provinces) is higher than 15,000 yuan. In the ex vivo organ preservation and assessment direction, the company's organ normothermic perfusion system won procurement of scientific research equipment by Yunnan Agricultural University's "Yunnan Provincial Key Laboratory of Gene Editing and Xenotransplantation in Miniature Pigs," for research on normothermic cross-perfusion of xenogeneic organs in gene-edited miniature pigs; the related systems TH-LS KI300 and TH-LS LU100 are respectively planned to start clinical trials in 2031 and the first half of 2027. The effects of the three policies' implementation will only be tested in subsequent financial statements. In the first half of 2026, the company's operating data already outlined the pace of commercialization: revenue of 5.671 million yuan, a year-on-year increase of 3,178.0%; gross profit of 4.363 million yuan, a year-on-year increase of more than 36 times, with a comprehensive gross margin of 76.9%, up 9.8 percentage points from the same period last year. In terms of revenue structure, surgical Siasun Robot&Automation sales revenue was 5.160 million yuan, accounting for 91.0%; consumables sales revenue was 408,000 yuan, a year-on-year increase of 135.8%, and the commercial logic of the "equipment + consumables" model was validated by the first round of data after listing. From the perspective of the entire percutaneous puncture surgical Siasun Robot&Automation category, the significance of the three policies lies in having a basis for charging, a group for payment, and expectations for item establishment. For the first time, this category has a set of rules it can rely on at the institutional level. As the company with the leading share in this category, True Health's product line covers three directions: puncture, ablation, and ex vivo organ preservation. The institutional conditions are already in place, and the next focus is whether these conditions can be translated into sustained installations and repeat purchases.