The surgical robotics sector continues to attract significant attention from capital markets.
Recently, Shanghai Ruichu Robot Co., Ltd. - B (referred to as "Ruichu Robot") submitted a listing application to the Hong Kong Stock Exchange for a main board listing, aiming to become the "first surgical robot stock." Everbright Securities International is the sole sponsor. As a company focused on percutaneous surgical robots, Ruichu Robot has completed the commercialization of its core product, the RC120. However, based on the latest disclosed financial data, the company remains in the early stages of commercialization, with limited revenue contribution and ongoing losses.
Core Product Commercialized, Revenue Yet to Scale
The prospectus shows that Ruichu Robot was founded in 2019 and is primarily engaged in the research, development, production, and commercialization of percutaneous surgical robots. Citing data from Frost & Sullivan, the company states that based on trial installations in 2024, its RC120 percutaneous surgical navigation and positioning system ranks second in the Chinese percutaneous surgical robot market.
Regarding product progress, the RC120 percutaneous surgical robot initiated clinical trials in January 2022 and completed them in February 2023. It obtained a Class III medical device registration certificate in 2024. As of the latest practicable date, the related product has achieved commercial sales.
However, product ranking does not directly translate to revenue realization. In terms of the pace of indication advancement, the company currently has only one approved indication for its core product RC120—"navigation and positioning for adult pulmonary puncture surgery." Another indication, "navigation and positioning for adult abdominal solid organ puncture surgery," is still in the clinical evaluation stage, with approval expected as early as the fourth quarter of this year. Other products and indications are mostly in the pre-clinical stage.
Despite achieving phased breakthroughs with its product, the company's revenue has not yet scaled up.
Financial data disclosed in the prospectus shows that from 2023 to the first half of 2025, Ruichu Robot has not generated significant revenue. It recorded income only in 2023, amounting to RMB 156,000 from providing one-time technical support services to a public hospital client. Revenue for 2024 and the first half of 2025 was zero. Meanwhile, the company's selling and distribution expenses have continued to rise, reaching RMB 2.92 million and RMB 5.28 million in 2023 and 2024, respectively, and further increasing to RMB 3.76 million in the first half of 2025. In the absence of revenue support, these expense outlays create significant pressure on profitability.
Asset-Liability Ratio Climbs to High Level
Financially, Ruichu Robot currently faces notable funding and debt repayment pressures.
During the reporting period, the company sustained losses, with net losses of RMB 34.21 million and RMB 37.00 million in 2023 and 2024, respectively. It continued to incur a net loss of RMB 18.12 million in the first half of 2025. Although this represents a year-on-year narrowing, the company has not yet escaped an overall loss-making state. Research and development expenses were RMB 23.86 million and RMB 18.90 million in 2023 and 2024, respectively, reaching RMB 9.05 million in the first half of 2025.
From the perspective of asset and liability structure, the trend of liquidity pressure is evident.
Net current assets decreased from RMB 39.25 million at the end of 2023 to RMB 12.57 million at the end of 2024, and further turned into a net current liability of RMB 2.85 million in the first half of 2025. Over the same period, cash and cash equivalents continuously decreased from RMB 44.00 million to RMB 15.40 million, indicating a widening gap between daily operational consumption and funding replenishment.
Pressure on the liability side is more pronounced. The company's total current liabilities increased from RMB 6.11 million in 2023 to RMB 15.88 million in 2024, and further rose to RMB 21.53 million in the first half of 2025. Total liabilities increased from RMB 6.87 million to RMB 22.32 million, with the asset-liability ratio soaring from approximately 13% to about 73.5%. Concurrently, net assets decreased from RMB 45.96 million at the end of 2023 to RMB 20.93 million at the end of 2024, leaving only RMB 8.07 million in the first half of 2025, with reserves turning negative to -RMB 16.83 million.
Regarding cash flow, although the company's operating cash flow has improved, it remains negative.
Net cash outflows from operating activities were RMB 28.797 million and RMB 26.451 million in 2023 and 2024, respectively. In the first half of 2025, the net outflow narrowed to RMB 162,000, but the company has not yet developed self-sustaining operational cash generation capabilities. The company anticipates that with the advancement of RC120 commercialization and the availability of funds raised from the listing, its future cash flow situation is expected to improve.
As of October 31, 2025, cash and cash equivalents stood at RMB 71.30 million. The directors believe that upon completion of the listing, existing resources can support more than 125% of cost expenditures for at least the next 12 months, covering research and development, sales, and administrative expenses.
Founder Holds Nearly 60% Stake, Retaining Control
The company's founder is Liu Jian.
Information shows that Liu Jian, 47, joined the company in July 2019 and has since served as General Manager. He was appointed as a Director on October 15, 2020, and re-designated as an Executive Director on November 25, 2025. He is primarily responsible for the company's strategic planning, driving business decisions and product development, and management. Since August 2005, he has held positions at Shanghai Siemens Medical Equipment Co., Ltd. (a company mainly engaged in the R&D, production, and sales of medical imaging equipment) and Philips Medical (Suzhou) Technology Co., Ltd. (a company mainly engaged in the R&D, production, and sales of medical imaging equipment). His last position at Shanghai Siemens Medical Equipment Co., Ltd. was R&D Department Manager. From April 2012 to July 2019, he worked at Shanghai United Imaging Healthcare Co., Ltd., with his last position being Director of the Component Technology Strategic Development Department.
Liu Jian obtained a Bachelor of Engineering degree (majoring in Mechanical Engineering and Automation) from Nanchang University, China, in July 2000. Subsequently, he earned a Master of Engineering degree (majoring in Mechanical Manufacturing and Automation) from Nanjing University of Science and Technology, China, in July 2004. Since September 2018, he has been pursuing a part-time Doctor of Engineering program (majoring in Advanced Manufacturing) at Shanghai Jiao Tong University, China.
Prior to the IPO, Liu Jian, Shanghai Ruicong Limited Partnership, and Shanghai Ruiru Limited Partnership held 13,102,135 shares, 1,666,675 shares, and 497,865 shares, respectively, representing approximately 51.43%, 6.54%, and 1.95% of the total issued shares. Liu Jian is the sole general partner of Shanghai Ruicong Limited Partnership and Shanghai Ruiru Limited Partnership and can exercise the voting rights attached to the shares they hold. Therefore, Liu Jian, Shanghai Ruicong Limited Partnership, and Shanghai Ruiru Limited Partnership are considered a group of controlling shareholders, collectively holding approximately 59.93% of the total issued shares as of the latest practicable date.
Currently, Ruichu Robot has completed the critical step from R&D to regulatory approval in its niche segment. However, the revenue scaling expected in the early commercialization phase has not yet materialized. Issues such as losses and cash flow consumption remain its primary challenges.
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