From surgical Siasun Robot&Automation to extracorporeal organ support, Zhen Health Medical (02697) accelerates the expansion of its product matrix.

Organ transplantation has long been shackled by the era of donor shortage. Patients with end-stage renal disease often face long queues waiting for human donor kidneys. During the long wait, dialysis can only maintain basic life, while continuously eroding patients' quality of life and cardiovascular health. On September 3, a xenotransplantation case published in The Lancet offered a disruptive "bridging" approach to this industry challenge. A 66-year-old patient with end-stage renal failure received a gene-edited pig kidney and relied on the xenogeneic donor kidney to remain completely free from dialysis for 271 days; after the pig kidney failed and was removed, the patient's immune system was not sensitized, and two months later the patient successfully received a human kidney transplant. (Image from the internet, photographer: Kate Flock, affiliated institution: Massachusetts General Hospital, USA) The core value of this milestone case is not simplying the survival record for xenotransplantation, but reshaping the industry's judgment of the value of xenogeneic organs: xenogeneic organs do not have to pursue lifelong service. Their mission is to serve as a life bridge while patients wait for human donors, safely carrying patients to the next stage of transplantation. As clinical exploration of xenotransplantation continues to advance, a key industry question emerges: once donor organs are procured, how can organ viability be preserved and organ function accurately assessed during the window from ex vivo to implantation into the human body? At this critical bottleneck in the transplantation chain, Zhen Health Medical (02697) has already laid its plans in advance. Zhen Health Medical's ex vivo machine perfusion platform relies on normothermic machine perfusion technology, pumping warm oxygenated perfusion fluid to simulate human physiological blood flow, completing organ transport, preservation, and functional assessment under conditions close to the in vivo physiological environment, connecting the entire chain of organ diagnosis, intervention, and transplantation. The platform can cover perfusion scenarios for multiple organs including heart, liver, lung, and kidney, is equipped with a magnetic levitation centrifugal pump to ensure stable blood flow, and is paired with a ventilator to solve the coordination challenge of ventilation and perfusion in isolated lungs. In August this year, the company's normothermic organ perfusion system was procured by the Yunnan Agricultural University Key Laboratory of Gene Editing and Xenotransplantation in Miniature Pigs, and will be used for research on normothermic cross-perfusion of xenogeneic organs in gene-edited miniature pigs. The ex vivo organ support track is still in the early stage of industrialization, but xenotransplantation is steadily moving from basic research toward clinical validation. Once the "bridging transplantation" model gradually moves toward clinical application, demand for ex vivo organ preservation and functional assessment equipment will also continue to penetrate from scientific research laboratory scenarios to clinical transplantation centers. On the commercialization level, Zhen Health's core revenue source is surgical Siasun Robot&Automation products. The business has entered a volume expansion channel. As of now, the company's puncture surgical Siasun Robot&Automation has cumulatively completed more than 8,000 related surgeries, with a technical success rate of 100%; in the first half of the year, the company achieved revenue of RMB 5.671 million (the same unit below), a year-on-year increase of 3,178.0%, of which surgical Siasun Robot&Automation sales revenue accounted for 91.0%; the comprehensive gross margin was 76.9%, up 9.8 percentage points from the same period last year. On the order side, on August 31 the company announced the signing of a sales contract worth nearly RMB 100 million for the sale of a puncture surgical navigation and positioning system, the first hundred-million-level order since listing. At present, the company's core product, the percutaneous puncture surgical navigation and positioning system, has four models (TH-S1, TH-S, TH-S Pro, TH-SA) that have obtained Class III medical device registration certificates from the National Medical Products Administration; in addition, two models of the company's key product, the percutaneous microwave ablation surgical Siasun Robot&Automation TH-X MW and TH-X HMW, have also obtained Class III medical device registration certificates, respectively approved for the treatment of liver and lung tumors and for the treatment of liver tumors, among which TH-X MW has been recognized by the National Medical Products Administration as "internationally pioneering". In the direction of life support systems, the company's pace of advancement has already been clarified. According to company disclosures, the ex vivo organ preservation and assessment system TH-LS LU100 is aimed at multi-organ normothermic preservation and functional assessment, and is planned to enter clinical trials in the first half of 2027; TH-LS KI300 is aimed at kidney normothermic preservation and functional assessment, and is planned to enter clinical trials in 2031. The landing of the first scientific research procurement order in August this year is the first node in this pipeline's move from R&D to industrialization. From the batch delivery of surgical Siasun Robot&Automation to the first order landing for the ex vivo organ support system, Zhen Health is walking on two legs: one is a mature pipeline that has already completed commercial validation, and the other is a frontier layout positioned for structural opportunities in the next five to ten years. The former provides current cash flow and certainty, while the latter reserves long-term track value. The clinical window for xenotransplantation is opening, and as an unavoidable part of it, ex vivo organ support demand will also extend from scientific research to clinical practice.