China Post Securities released a research report stating that the National Healthcare Security Administration issued the "Guidelines for Pricing Approval of Auxiliary Operation Categories," establishing a unified pricing management framework at the national level for the first time for precision medical technologies such as surgical robots. By implementing tiered pricing based on the degree of participation and precision, it guides the technology towards application in complex surgeries. This move signifies a critical turning point for the industry's commercialization, with leading companies like Tinavi (688277.SH) and MEDBOT-B (02252) expected to benefit first, propelling the industry from quantitative to qualitative transformation. The main views of China Post Securities are as follows:
The event occurred on January 20, 2026, when the National Healthcare Security Administration officially released the "Guidelines for Pricing Approval of Surgical and Therapeutic Auxiliary Operation Categories (Trial)" (hereinafter referred to as the "Auxiliary Operation Pricing Guidelines"). These guidelines establish unified pricing approvals for medical technology innovations, including 3D printing, tracer-enhanced imaging, energy-based devices, intraoperative image guidance, robotic arms, and remote surgery. They standardize the formation of 37 price items, 5 additional charge items, and 1 extended item, aiming to lead the upgrade of medical technology through pricing and guide the transition from "traditional treatment" to "precision medicine."
Next, the National Healthcare Security Administration will guide provincial healthcare security bureaus to reference these guidelines and formulate unified provincial price benchmarks. Regions with pricing management authority will then determine the actual implementation price levels based on these benchmarks, allowing for upward or downward adjustments.
This "Auxiliary Operation Pricing Guidelines" marks the first national-level effort to construct a pricing management framework for related auxiliary operations such as robotic surgery and remote surgery, which is expected to drive the industry's development from quantitative change to qualitative improvement. The guidelines focus on the participation level of surgical robots in procedures and their clinical value in promoting precision surgery. They establish three tiered price items: navigation, participation in execution, and precision execution, implementing a coefficient-based charging model linked to the primary surgery. Surgical robots with higher participation, more comprehensive functions, and greater precision can obtain higher charging coefficients, which is expected to incentivize medical institutions to prioritize the use of surgical robots in complex surgeries, thereby accelerating robotic clinical applications.
The establishment of a nationally unified pricing framework for robotic surgery will become a significant turning point for the commercialization of the surgical robot industry. Beneficiary stocks include Tinavi: According to data from Yizhuang Shusheng, in 2025, Tinavi maintained its top position in the domestic orthopedic surgical robot market share, exceeding 40%, with 42 successful tenders (including technical service installations), dominating the domestic orthopedic surgical robot market. In the first three quarters of 2025, domestic orthopedic robotic surgeries reached 48,500 cases, of which Tinavi's Tiangui orthopedic surgical robot performed over 35,000 cases, accounting for more than 70%. The implementation of this policy is expected to further optimize the company's business model. In the future, as the volume of robotic surgeries rapidly increases, revenue from consumables and services is expected to become the company's primary growth drivers.
MEDBOT-B: The company's global strategy is rapidly gaining market validation, with its overseas competitiveness continuously improving. As of December 24, 2025, its core product, the Toumai laparoscopic surgical robot, had accumulated over 160 commercial orders globally, including nearly 120 new orders acquired in 2025 (making Toumai's 2025 global order volume the second highest worldwide). Domestically, with the relaxation of policies regarding configuration permits for laparoscopic robots, the company is expected to maintain its advantage in the remaining quota. Coupled with the optimization of charging policies, industry penetration rates are expected to continue rising, and the company's commercialization is likely to enter an accelerated development phase.
Other companies mentioned include Jingfeng Medical-B, United Imaging Healthcare, and Sanyou Medical. Risks include potential delays in policy implementation, intensifying competition, and risks associated with new product development falling short of expectations.
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