The investment proposition of TH MEDICAL-B (02697) was vividly showcased in a pre-IPO surgical procedure. Recently, two lung puncture surgeries performed in the Hengqin-Guangdong-Macao Deep Cooperation Zone garnered significant attention from major media outlets. The patients were two elderly individuals from Macao, and the surgical robot utilized was from TH MEDICAL-B, the "first mover in puncture surgical robots" that listed on the Hong Kong Stock Exchange in late June. During the procedures, the company's robot achieved sub-millimeter precision in a complex puncture, assisting doctors in successfully performing percutaneous lung biopsy and cryoablation. One ablation needle navigated intricate chest structures in a single pass, reaching a deep-seated lesion 16 centimeters into the lung.
The patients were 79 and 87 years old. The first was diagnosed with lung adenocarcinoma with a challenging lesion location, unresponsive to various treatments. Due to multiple underlying health conditions, the patient could not tolerate general anesthesia, making traditional puncture or open surgery impossible. The second patient had recurrent lung cancer, where advanced age and prior surgical history ruled out conventional surgical options. Facing such difficult cases, TH MEDICAL-B's robot delivered a near-perfect performance: sub-millimeter precise positioning, successful single-pass puncture, no post-operative complications, and discharge the following day.
This surgery is not an isolated case. In TH MEDICAL-B's clinical records, similar "impossible" procedures are being routinely redefined. One case involved a young woman with over 100 nodules in both lungs, deemed inoperable by multiple hospitals. She eventually underwent robot-guided puncture ablation at a national respiratory medical center, which precisely treated the dangerous nodules without open-chest surgery or lung resection. Another patient had a mere 6mm nodule situated perilously between the pulmonary artery and vein, a feat nearly impossible with manual puncture. The robot successfully navigated the needle through the narrow gap between the major vessels. Further cases include a 91-year-old patient successfully undergoing robot-assisted surgery and procedures where ablation was completed within 15 minutes or patients were discharged the next day. In one instance, the robot even achieved single-needle ablation of multiple lesions.
As these traditional surgical "no-go zones" are breached one by one, clinical value solidifies into commercial scaling confidence. To date, TH MEDICAL-B's products have been deployed in 23 provinces across China, completing over 7,200 procedures with a 100% success rate. Based on this clinical experience, the company has systematically compiled over 100 complex case studies involving high anatomical difficulty and surgical risk for physician training and procedural standardization.
The technology enabling this "single-pass success" overcomes three major challenges in lung puncture, one of the most difficult soft tissue puncture procedures. First, lesions can "move" 1-2 centimeters with respiration. The company's real-time respiratory motion compensation technology tracks breathing rhythm and automatically compensates for displacement. Second, path planning is akin to a "3D maze." The intelligent 3D reconstruction and path planning system converts CT data into a 3D model, automatically segments the lesion and surrounding tissues, and plans the optimal puncture path. Third, human hands tremble. The six-degree-of-freedom robotic arm, coupled with an infrared binocular navigation system, achieves sub-millimeter precision, eliminating human error. This technological suite has received authoritative recognition.
With the technical logic validated, the commercial logic follows. Prospectus data shows the company's 2025 revenue reached approximately 12.18 million yuan, a nearly six-fold increase from 2024. Six units were delivered in 2025. By unit shipments, it holds a 36.4% share in China's percutaneous puncture surgical robot market, ranking first; by revenue, its 28.0% share also places it at the top. This breakthrough growth is driven by the resonance of three commercial logics. The "snowball effect" of clinical reputation: successful benchmark cases serve as powerful references in the lengthy, cautious procurement decisions of hospitals. The replication of the Hengqin-Macao joint clinic model: the success of the initial case has created a significant demonstration effect, and with the referral mechanism from Macao to Hengqin established, the company gains the capacity to serve the broader Greater Bay Area. Dual support from channels and policy: a distribution network covering 23 provinces is in place. The implementation of a national pricing framework for surgical robots and the establishment of service price items in several provinces are clearing policy hurdles. Coupled with anticipated CE certification, scaling in 2026 is highly anticipated.
TH MEDICAL-B also holds an often-overlooked label: a Macao-funded enterprise. This grants it natural advantages, including preferential tax policies, R&D subsidies, streamlined talent recruitment, and green channels for approvals, along with easier market access to Portuguese- and Spanish-speaking countries. While other innovative medical device companies grapple with approval cycles, tax burdens, and talent acquisition, TH MEDICAL-B has minimized these "hidden costs." Its successful listing makes it Macao's first listed biopharma company and the first local listed company from the Hengqin-Guangdong-Macao Deep Cooperation Zone. As development in the Cooperation Zone and the Greater Bay Area intensifies, TH MEDICAL-B, as a representative tech firm in the region, is poised to benefit from this unique policy environment and grow into a distinctive "Hengqin-Macao name card" for China's original high-end medical equipment.
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