Everbright Securities released a research report stating that the recent official issuance of the "Guidelines for the Establishment of Price Items for Surgical and Therapeutic Auxiliary Operation Medical Services (Trial)" by the National Healthcare Security Administration is expected to reshape the industry's valuation logic. The report favors platform-based companies backed by large medical groups that can adapt to the new medical insurance payment rules and possess capital and channel advantages. Domestic companies with differentiated innovation capabilities (such as single-port or 5G remote surgery), whose product performance meets the high-charge "precise execution" standards while maintaining a cost-performance advantage, are expected to steadily increase their market share and profit quality through service fee models.
The event concerns the recent official issuance of the guidelines by the National Healthcare Security Administration. These guidelines establish unified pricing for 37 price items, 5 additional charge items, and 1 extended item, covering innovative medical technologies including 3D printing, tracer-enhanced imaging, energy-based devices, intraoperative imaging guidance, and robotic arms with remote surgery.
Everbright Securities' main views are as follows: The commercialization of domestic products is accelerating, and import substitution appears highly certain. The domestic surgical robot industry started relatively late, and the market has long been dominated by foreign brands. With the release of the guidelines, coupled with the continuation of the "large-scale equipment renewal" policy benefits and the prominent cost-performance advantage of domestic equipment, the penetration rate of surgical robots is expected to accelerate significantly. Domestic equipment has shown significant educational effectiveness in secondary, tertiary, and primary hospitals, strengthening the case for import substitution. Taking laparoscopic surgical robots as an example, with leading domestic companies ramping up production capacity and maturing clinical data, the monopoly of the Da Vinci system is being gradually reshaped. According to RoboticTech statistics, domestic brands surpassed imported brands in the number of laparoscopic robot bids won in 2025 for the first time, further compressing Da Vinci's market share. Bids won by domestic brands like MicroPort, Jingfeng, Sizherui, and Surui continue to climb, shifting the market structure from a "single-pole monopoly" to a "multi-polar competition."
The conclusion of the "14th Five-Year Plan" equipment allocation license issuance, combined with the equipment renewal policy, has led to a strong recovery in industry bidding and installation. Since 2024, the industry has gradually moved past the impact of anti-corruption efforts. Entering 2025, the issuance of allocation licenses for large medical equipment under the "14th Five-Year Plan" is in its final冲刺 stage. For instance, RoboticTech statistics show the total number of laparoscopic surgical robots winning bids reached 110 units in 2025 (compared to approximately 98 units in 2024), attributed mainly to the concentrated execution of "14th Five-Year Plan" quotas and the boost to hospital procurement willingness from equipment renewal subsidies. Considering the upcoming announcement of quota management for the "15th Five-Year Plan," which is expected to become more flexible, along with the increasing variety of approved domestic models, Everbright Securities anticipates the high growth momentum in industry bidding and installation is likely to continue into 2026.
The guidelines are set to reshape the business logic, favoring both platform companies and innovative startups with strong R&D capabilities. The guidelines categorize robotic-assisted operations into items like navigation, participation in execution, and precise execution based on function, and explicitly include essential proprietary consumables used during robotic arm operation in the price structure. Everbright Securities believes this policy will reshape industry valuation logic. On one hand, it favors platform-based companies backed by large medical groups that can adapt to new payment rules and possess capital and channel strengths. On the other hand, domestic companies with differentiated innovation (e.g., single-port, 5G remote), whose product performance meets the high-charge "precise execution" standard and offers good value, are poised to steadily increase market share and profit quality through service-based收费 models.
Risk analysis includes intensifying competition in the surgical robot industry; slower-than-expected progress in liberalizing allocation licenses and inclusion in national insurance; delays in new product development or commercialization; and potential setbacks in research and development progress.
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