Zheshang: Surgery in the Siasun Robot & Automation industry is expected to have high growth potential, and going global is expected to create sustained new growth drivers.

Zheshang released a research report stating that with the increase in penetration rate, there is huge market space for surgical Siasun Robot & Automation, and high industry growth can be expected. The industry believes that if the fee schedule is implemented, it may accelerate the entry of surgical Siasun Robot & Automation into hospitals, and laparoscopic and orthopedic surgical Siasun Robot & Automation may enter a period of rapid development in 2026. The overseas market space for surgical Siasun Robot & Automation is vast and is currently experiencing rapid market growth. Top domestic companies are expected to see overseas growth in 2026, and are likely to provide sustained growth momentum. With the expectation of the fee schedule being implemented in 2026 and accelerated overseas expansion, there is optimism for a turning point in the volume of domestic surgical Siasun Robot & Automation, as well as for platform-type companies and upstream manufacturers with commercialization capabilities. Mediocre's main points are as follows: Q1: How do you view the industry space? A1: The market size is expected to exceed 70 billion, with a CAGR of approximately 34% for the overall market size of Chinese surgical Siasun Robot & Automation from 2024 to 2032E. According to data from Frost & Sullivan and the IPO prospectus of Microport Medical, from 2024 to 2032, the market size of surgical Siasun Robot & Automation in China is expected to increase from 7.2 billion yuan to 76.7 billion yuan, with a corresponding CAGR of approximately 34%. With the increase in penetration rate, there is huge market space for surgical Siasun Robot & Automation, and high industry growth can be expected. Under the catalysis of measures such as the opening of equipment qualification and the implementation of the fee schedule, the market size of laparoscopic surgical Siasun Robot & Automation from 2024 to 2032E is expected to have a CAGR of approximately 29%; the implementation of the fee schedule is expected to accelerate hospital admissions, and the penetration rate of orthopedic surgical Siasun Robot & Automation is expected to continue to increase, according to data from Frost & Sullivan and VRIC Consulting, the market size is expected to increase. Q2: What are the catalysts for 2026? A2: The implementation of the fee policy or domestic product entry into hospitals is one of the core catalysts. Analyzing the development cycle of domestic surgical Siasun Robot & Automation, the industry believes it can be divided into several stages: (1) Early development period: mainly a period of product strength improvement, with weak product strength, low market acceptance, price and quantity impacts, market competition, etc., commercialization is slow. During this period, the clinical applications of surgical Siasun Robot & Automation are not mature enough, the clinical advantages are not clear enough, domestic products are weak, and there are few overseas products; the clinical significance is not clear, which brings difficulties in pricing, hospital admissions, etc. It is mainly deployed in top hospitals or cities with more developed medical levels, bring more social benefits to hospitals, rather than economic benefits. (2) Period of rapid development: domestic products have the ability to compete, the implementation of the fee schedule, accelerated hospital admissions, and rapid increase in penetration rate. The industry believes that the indicators for surgical Siasun Robot & Automation to enter a period of rapid development are: Significant improvement in product strength that can empower clinical practices, some manufacturers have launched products with a comprehensive product gradient that have been clinically recognized and can solve clinical pain points; Clear fee schedule, clear medical insurance reimbursement ratio. Surgical Siasun Robot & Automation, as a new product, faces difficulties in hospital admissions without a clear fee schedule; on January 20, 2026, the medical insurance bureau issued the "Guidelines for the Establishment of Surgical and Treatment-Assisted Operations (Trial)", the industry believes that the implementation of the fee schedule for surgical Robot & Automation in 2026 will help accelerate product admission; if more provinces subsequently include surgical Siasun Robot & Automation in medical insurance reimbursement, it will further drive the increase in surgical penetration rate; (3) Mature development period: the products are gradually enriched, competition becomes more adequate, during this period, product improvement, expansion of indications/departments, and regional expansion become the core drivers of growth. There are many types of surgical Siasun Robot & Automation products, each with different development cycles. The industry believes that the implementation of the fee schedule may accelerate the entry of surgical Siasun Robot & Automation into hospitals, and laparoscopic and orthopedic surgical Siasun Robot & Automation may enter a period of rapid development in 2026. Q3: How do you view the pace of overseas expansion? A3: Overseas expansion is expected to become a new growth driver for surgical Siasun Robot & Automation manufacturers. According to data from Frost & Sullivan and Microport Medical's IPO prospectus, in 2024, the market size of China's surgical Siasun Robot & Automation accounted for only about 5% of the global market size. The overseas market for surgical Siasun Robot & Automation is vast, and with the improvement of domestic product strength, many surgical Siasun Robot & Automation companies have already begun to expand into overseas markets, such as Microport Medical, Microport Medical, with product advantages and 5G remote surgery opening up overseas markets. As of December 2025, Microport Medical's laparoscopic surgery Robot & Automation system (CE certified in May 2024) has received over 160 global commercial orders, covering more than 40 countries, and its orthopedic Robot & Automation system (HooHoo), which has been certified by China NMPA, US FDA, EU CE, etc., has received more than 55 global orders in the first half of 2025; Microport Medical's laparoscopic surgery Robot & Automation system (MP1000) received CE certification in March 2025, and SP1000 received CE certification in October 2025, as of the end of October 2025, Microport Medical had signed 72 overseas orders (a total of 118 worldwide). The industry believes that the overseas market space for surgical Siasun Robot & Automation is vast and is currently experiencing rapid market growth. Top domestic companies are expected to leverage their product strength, cost-effectiveness, and unique innovation capabilities to expand overseas markets, and overseas growth can be expected in 2026, forming a sustained new growth momentum. Q4: How do you view the profit model compared to overseas leaders? A4: Compared to Intuitive Surgical, the logic of laparoscopic Robot & Automation equipment driving consumables volume is clear. Intuitive Surgical is a globally representative laparoscopic surgical Robot & Automation company, as of January 20, 2026, its market value has exceeded 187 billion US dollars, and product volume growth has driven a rapid increase in market value. From a business model perspective, since the FDA certification of the first da Vinci system in the early 2000s, products have gradually iterated to Xi (2014), X (2017), SP (2018), and 5 (2024). The expansion of equipment installation has laid the foundation for commercialization, with income mainly from "systems + consumables + services". The equipment's installation drives the continuous increase in consumables and services, with the proportion of consumables and services reaching 76% in 2024. The industry believes that the overall fee model for laparoscopic surgical Siasun Robot & Automation in China is similar to that of Intuitive Surgical. Whether in domestic promotion or international expansion processes, the logic of equipment installation driving consumables and services continues to increase; and as consumables and services continue to increase, profitability is likely to improve. The surgical Siasun Robot & Automation industry is currently in a period of rapid development, and companies that increase equipment installation/surgical volume during this period are likely to gain a first-mover advantage. Domestic industry leaders need to quickly seize the market during this period to help strengthen their position in the future. Compared to Stryker, the overseas expansion of orthopedic companies may lead to the synergistic growth of implants and Robot & Automation. Around 2011, there was a trend of declining revenue growth for overseas orthopedic giants, prompting them to start mergers and acquisitions in the orthopedic Robot & Automation sector to maintain performance growth. With the listing of orthopedic Robot & Automation, the coordinated promotion of orthopedic implants and surgical Robot & Automation has led to a recovery in revenue growth trends for overseas orthopedic giant companies. The industry believes that Chinese orthopedic implant procurement policies differ from those overseas, and domestic orthopedic implant companies are expected to leverage the coordinated growth of surgical Robot & Automation and implants, while orthopedic surgical Robot & Automation industry leaders are expected to capitalize on increased equipment installation and surgical volume to drive long-term revenue and profit growth. However, in the process of overseas expansion, drawing lessons from overseas orthopedic giants such as Stryker, the coordinated promotion of innovative implant products and orthopedic Robot & Automation may lead to better growth momentum. Q5: Which types of companies are you positive about? A5: Companies with commercialization capabilities in the surgical Robot & Automation platform and upstream manufacturers with innovative or strong production capabilities are favored. Surgical Robot & Automation is an emerging field with a high level of commercialization difficulty, but companies that drive consumable sales through equipment volume, equipment admissions, and clinical recognition have certain first-mover advantages. Given the promotional costs required for commercialization in the field and the industry's expected rapid development, the industry is positive about platform-type companies with commercialization capabilities and upstream manufacturers with innovative or strong production capabilities, recommending Microport Medical, MeHow Innovative, AK MEDICAL, and paying attention to Tinluzhang, Microport Medical, etc. Risk warning Risk of policy changes or delayed implementation; risk of underperformance in commercialization; risk of increased industry competition; risk of underperformance in overseas expansion; risk of incomplete third-party data.