The National Healthcare Security Administration recently officially issued the "Guidelines for the Approval of Medical Service Price Items for Surgical and Therapeutic Auxiliary Operations (Trial)" (hereinafter referred to as the "Approval Guidelines"). These guidelines establish unified price approvals for medical technology innovations including 3D printing, tracer-enhanced imaging, energy devices, intraoperative imaging guidance, and robotic arms with remote surgery, standardizing 37 price items, 5 additional charge items, and 1 extended item. Domestically, the surgical robot industry started relatively late, and the market has long been dominated by foreign brands. With the release of the "Approval Guidelines," coupled with the continuation of the "large-scale equipment update" policy benefits and the increasingly prominent cost-performance advantages of domestic equipment, it is believed that the penetration rate of the surgical robot industry will accelerate. The educational efforts for local equipment in secondary, tertiary, and primary-level hospitals have shown significant results, indicating strong potential for import substitution. Taking laparoscopic surgical robots as an example, with leading domestic companies ramping up production capacity and maturing clinical data validation, the monopoly held by the Da Vinci system is being gradually reshaped. According to RoboticTech statistics, in terms of winning bids for laparoscopic surgical robots in 2025, domestic brands surpassed imported brands for the first time. Da Vinci's market share was further compressed, while the bid-winning volumes for domestic brands such as MEDBOT, EDGE MEDICAL, Sizherui, and Suri continued to climb, signaling a market shift from a "single-pole monopoly" towards a "multi-polar competition" landscape. A CICC research report views the development as overall positive, representing the surgical robot industry's entry into a new era of "standardized development." Against a background where pricing systems have clear rules to follow, this may further aid in increasing the clinical application penetration rate of surgical robot products. A CITIC Securities research report stated that the new policy issued by the National Healthcare Security Administration, which formulates guidelines for approving service prices related to surgical robots and surgical consumables, is expected to accelerate the promotion and adoption speed of surgical robots within China. Simultaneously, the National Healthcare Security Administration indicated that the Approval Guidelines will be continuously expanded in the future, which is beneficial for the overall innovative medical device sector. CITIC Securities Research strongly advises investors to pay attention to investment opportunities in the medical industry chain, summarizing two main investment themes. First, focus closely on the surgical robot industry and its upstream and downstream industrial chain. Second, it is recommended to pay attention to high-value consumable sectors such as minimally invasive surgery, orthopedics, gastroenterology, cardiology, and neurology. Relevant innovative medical device industry chain stocks in Hong Kong include: EDGE MEDICAL-B (02675): EDGE MEDICAL is an advanced surgical robot company in China's medical device industry, focusing on the design, development, and manufacturing of surgical robots. According to Frost & Sullivan data, EDGE MEDICAL is the first company in China and the second globally to have obtained regulatory approval for multi-port laparoscopic surgical robots, single-port laparoscopic surgical robots, and natural orifice surgical robots simultaneously. MEDBOT-B (02252): On December 24th, MEDBOT announced that preliminary statistics showed the company's cumulative comprehensive orders for surgical robot products had exceeded 230 units, including over 160 global commercial orders for its laparoscopic surgical robot; its self-developed bronchoscopic surgical robot "Dudao" received NMPA approval. China Post Securities believes the company's globalisation strategy is rapidly gaining market validation, with its overseas competitiveness continuously improving. Domestically, as policies for configuring laparoscopic robots become more relaxed, the company is expected to maintain its advantage in the remaining market share, and with optimised charging policies, industry penetration rates are anticipated to keep rising. KANGJI MEDICAL (09997): KANGJI MEDICAL is a leading domestic company in minimally invasive surgical instruments and consumables, possessing advantages in scale and first-mover status. To accelerate product portfolio expansion and provide more complete minimally invasive surgical overall solutions, the company made a strategic investment in Weijing Medical. As of 2024, the company holds a 41.99% stake in Weijing Medical. The Weijing laparoscopic surgical robot was launched in April 2025; subsequently, with the popularisation of domestic surgical robots, surgical robot consumables are expected to see volume growth, potentially ushering in a second growth curve for the company.
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