精锋医疗-B (02675.HK) 2026智通财经夏季路演大会
文章语言：
简
繁
EN
Share
Minutes
原文
会议摘要
Jin Feng Medical demonstrated its innovative achievements in the field of surgical robots at the 2026 Zhitong Finance Summer Roadshow Conference, focusing on the research and development of porous and single-hole endoscopic surgical robots, achieving full department coverage and performance benchmarking against the international leading product Da Vinci. The company emphasizes the application of AI technology to improve surgical accuracy and safety. It is rapidly expanding overseas markets and plans to launch the next generation of products in 2027, with the goal of increasing its market share to 20%-30% within 3-5 years. Through technical advantages and cost-effective strategies, Jinfeng Medical has gradually expanded its market share, achieved profit goals, and demonstrated strong development potential in the face of international brand competition.
会议速览
2026 Zhitong Financial Roadshow: Domestic Endoscopic Surgery Robot Break, China's Medical Innovation Leads the Future2026 Zhitong Finance Summer Roadshow Conference focuses on domestic endoscopic surgery robots, explaining their advantages in reducing surgical trauma, improving medical efficiency and autonomous controllability, as well as the important role of China's medical innovation in breaking industry monopolies and reducing medical costs.
Jinfeng Medical: Deep plowing robot technology to create a world-class endoscopic surgery robot.Founded by two doctors, the company has 15 years of experience in the development of endoscopic surgery robots, successfully developed and sold to Weigao. In 2017, Jinfeng Medical was founded in Shenzhen, dedicated to the research and development of multi-hole and single-hole endoscopic surgery robots, and building a global R & D, production and marketing system. It was successfully listed in January 2026. The shareholders include well-known international long-term investment institutions. It has developed into a global team of more than 60 people, covering domestic and foreign markets.
Jingfeng Medical Robot Product Matrix: Porous, Single Hole and Super System Innovation LeadJingfeng Medical demonstrated its leading MP1000/2000 series of porous endoscopic surgery robots, covering all departments, benchmarking Da Vinci and completing more than 12000 operations in 2026. Single-hole endoscopic surgery robot SP1000, which won EU CE certification in 2025, completed more than 2000 operations. Innovatively introduce single-hole and multi-hole integrated super system MSP2000 to improve cost performance; Layout remote surgery system to solve the problem of uneven medical resources and help sink high-quality medical resources.
Bronchoscopic surgery robot: AI empowerment, creating a new medical ecologyThe future layout of bronchoscopic surgical robots is introduced, including the use of AI technology to build surgical plans, improve surgical accuracy and safety, and target autonomous surgery to reshape the future of surgery.
Analysis of Market Share and Product Differences between Jingfeng and Minimally Invasive RobotsThe dialogue discussed the sales gap between Jingfeng and minimally invasive robots in the domestic market, and pointed out that minimally invasive due to its early establishment and overseas channel advantages, the current revenue and shipments are slightly higher, but Jingfeng is growing rapidly, with the first market share. In terms of products, Jingfeng single-hole robot has been admitted to the whole department, and the introduction of a three-in-one super system, the product line is richer. The price difference between the two products is not big, and the performance can be compared to the Da Vinci robot. Jingfeng is actively expanding overseas markets and plans to double its overseas team in 2026.
Corporate Financial Planning and Overseas Market Expansion StrategyThe dialogue focused on the company's financial losses and discussed strategies for achieving break-even through the development of new markets, product upgrades and the development of new products. It is expected that overseas shipments will double in 2026 and revenue will reach 0.85 billion. The main growth driver will come from the international route, especially in 2025, the first year of domestic mobile phones going to sea, and plans to turn losses into profits.
Surgical robot industry: Da Vinci led and the rise of domestic manufacturers.The dialogue discussed the surgical robot industry and pointed out that Da Vinci, as an international benchmark, has a leading edge, but domestic manufacturers are catching up with price advantages. National policies support the expansion of domestic robot market. Hunan and Guangdong policies are favorable to domestic robots. The price of domestic robots is about 70% of Da Vinci's and the terminal price is about 12000 yuan, which shows the potential of domestic robots in cost control and market promotion.
Discussion on the Company's Production Mode and the Time for Doctors to Adapt to the New Technology SystemThe conversation discussed the size of the company, the production model, and the adaptation time required for doctors to switch from the Da Vinci system to the new system, emphasizing the high performance and ease of use of the system, allowing doctors to fully adapt within ten minutes.
Surgical robot market: domestic and Da Vinci's competitive landscapeThis paper discusses the tendency of hospitals to purchase surgical robots in overseas and domestic markets, and points out that economically developed regions prefer Da Vinci, but domestic equipment gradually wins the market due to its cost-effective advantage. Especially in Jiangsu, Zhejiang and Shanghai and other regions, the localization rate has increased, and Da Vinci's market share has dropped to 42%, showing that domestic surgical robots have full stamina and have won expert recognition and policy support.
Configuration Status and Market Competition Analysis of Surgical Robots in China's Third-class HospitalsThe standard of surgical robot configuration in China's top three hospitals is discussed, and it is pointed out that hospitals in financially rich areas are more willing to purchase, the whole country has been covered but the competition is fierce, the main competition is the Da Vinci series, and the procurement is carried out through open bidding.
Surgical robot market competition and the rise of domestic manufacturers: Da Vinci and local brands to sea strategyThe competitive situation between Da Vinci and domestic manufacturers in the surgical robot market is discussed, and it is pointed out that hospitals in developed regions such as Jiangsu, Zhejiang and Shanghai are more inclined to domestic products with high cost performance. It is mentioned that Da Vinci relies on the advantages of its parent company and the maturity of overseas channels, while the local brand Jingdong accelerates its overseas layout and is expected to double its overseas shipments in 26 years. Compared with the first quarter data, Da Vinci shipped 4 units and local brands shipped 8 units, indicating that the competitiveness of local brands in the market has increased.
In 2027, a AI surgical robot for Da Vinci V will be launched, with an overseas market share target of 20%-30%.The discussion focused on the next generation of surgical robot products to be launched in 2027, which are fully benchmarked against Da Vinci V, with innovative iterations in image vision processing and AI technology applications, and plans to add force feedback functions. It is expected that this product will bring a significant driving force to the company's business growth and revenue, with the goal of achieving a 20%-30% market share in non-US regions within 3-5 years. In view of the patent problem in the US market and Da Vinci's dominant position, it is not considered to enter the US market in the short term, but patent protection has been carried out in other markets.
要点回答
Q：Why is endoscopic surgery robot an inevitable trend in the current and future medical field?
A：Endoscopic surgery robot has become an inevitable trend because of the problems of traditional surgery, such as large trauma and long recovery time. Although endoscopic surgery has significant advantages, it is still limited by the manual operation limit of doctors. Endoscopic surgery robots amplify doctors' abilities through technology, filter trembling hands, realize flexible operations beyond the human body, and solve the problems of limited vision of complex lesions and fine operations, thus bringing about less trauma, faster recovery and higher quality of life. At the same time, it is of great significance for hospital discipline upgrading, efficiency improvement and independent control of national high-end medical resources.
Q：How did the domestic surgical robot break the international monopoly?
A：In the past 20 years, the global surgical robot market has been monopolized by intuitive surgical companies, and its high costs and technical barriers have made most domestic hospitals unbearable. However, with the rise of China's medical innovation and domestic technological breakthroughs, domestic surgical robots have ushered in a comprehensive breakthrough, breaking the international monopoly.
Q：What is the basic situation and development strategy of Jinfeng Medical Company?
A：Jinfeng Medical Company was founded in Shenzhen in 2017 by Dr. Wang Jiancheng and Dr. Gao Yunqian, and is committed to building world-class surgical robots. The company adopts the strategy of full-stack self-research, double-line parallel and global layout, and develops porous and single-hole endoscopic surgery robots at the same time, and has achieved remarkable results at home and abroad, such as successful listing on the main board of the Shenzhen Stock Exchange, with a global team of more than 60 people, core research and development personnel accounting for more than half, and a marketing network covering the national and global markets.
Q：What are the product matrices of Goldpeak Medical?
A：Jin Feng Medical's product matrix includes the MP1000 and MP2000 series of porous endoscopic surgical robots. It is one of the most mature domestic porous endoscopic surgical robots. Its performance can be fully standard Da Vinci surgical robots. It has obtained NMPA three-dimensional certificate and achieved full coverage of all departments in 2023. It has completed more than 12000 clinical operations in total. In addition, there is a single-hole endoscopic surgery robot SP1000, which is the first single-hole endoscopic surgery robot in the world to achieve full coverage of four major departments. It adopts a single-arm single-hole design, with less trauma and faster recovery. It has obtained NMPA Class 3 certification and EU CE certification, covering urology, gynecology, general surgery and thoracic surgery.
Q：What are the innovative products and technological advantages of Jinfeng Medical?
A：Jinfeng Medical pioneered the super system-MSP2000, which is a product that subverts the industry pattern. It integrates the advantages of single-hole and multi-hole surgical robots. One system can be switched flexibly to realize the configuration of all-round surgical robots, effectively reduce the hospital purchase cost, break the single product competition dimension, form a unique differentiation advantage under the domestic configuration certificate policy, and become the first choice of high-end hospitals, and it has built a moat for global competition.
Q：What pain points does Jingdong's remote surgery system mainly solve?
A：Jingdong's remote surgery system mainly solves the problem of uneven distribution of resources among medical experts in various provinces in China, reduces the cost and fatigue of doctors' long-distance travel through remote surgery technology, and effectively alleviates the situation that top surgical experts cannot frequently participate in flying knife surgery.
Q：What is the global status of remote surgery systems?
A：The remote surgery system is a global leader and has been approved for low-latency remote operation, which helps to sink high-quality medical resources and solve the problem of regional medical imbalance.
Q：What are the characteristics and application scenarios of the transbronchial surgical robot? What is the company's layout plan for the surgical robot plus AI?
A：The wind-operated bronchoscopic surgical robot can be diagnosed and treated through the natural human body, and is mainly used for the diagnosis and resection of lung diseases, such as lung nodules. With the increasingly serious sub-health problems in China, this surgical robot is expected to become the second growth curve of Jingfeng. The company plans to build a robot brain, use AI technology to build standardized surgical programs, generate models, provide doctors with surgical path reference, narrow the gap between the ability of doctors at different levels, and achieve surgical homogenization. At the same time, the driving algorithm of surgical robot is developed to improve the accuracy and safety of surgery, and the ultimate goal is to realize autonomous surgery and reshape the future of surgery.
Q：What is the application of AIGAI technology in the field of image imaging of endoscopic surgery robots?
A：AIGAI technology has been applied in the field of image imaging of endoscopic surgery robots, which can improve the clarity of surgical imaging and help solve the problem of image coding in remote surgery. The company will continue to iterate on the level of technology to drive surgery gradually towards semi-automation.
Q：Jingdong and minimally invasive robot sales in the domestic market gap?
A：Minimally Invasive was founded earlier than Jingdong and has an overseas channel advantage, temporarily leading in revenue and shipments. However, JD is growing at a faster rate, and currently maintains the first market share of domestic manufacturers in the domestic market for many consecutive years from 2024.
Q：Jingdong overseas market layout of the situation?
A：Jingdong shipped 50 units overseas in 2025, with Europe and Central and South America each accounting for 1/3. It plans to expand the overseas team to about 100 people in 2026 and establish training centers in many countries and regions.
Q：What is the difference between the functions and prices of Jingdong's robot products and minimally invasive?
A：Jingdong's single-hole surgical robot has been approved by all departments, with a richer variety of products and a three-in-one super system. In contrast, minimally invasive functions may be relatively few. In terms of price, there is not much difference between the two, and the performance of the domestic surgical robot has been fully standard Da Vinci surgical robot.
Q：What are the company's financial plans to break even?
A：The company expects a full turnaround in 2026, and overseas shipments are expected to double in 2026. With the increase in installed capacity, this year is expected to achieve break-even. The company's revenue guidance for 2026 is 0.85 billion.
Q：Is the industry's international benchmark Da Vinci or other manufacturers?
A：Although the article does not clearly point out the specific manufacturers of the international benchmark of the industry, it is mentioned that Jingdong's remote surgery system is in a leading position in the world, so it may be Da Vinci or other well-known manufacturers as a benchmark.
Q：What is Da Vinci's position in the industry?
A：Da Vinci is the absolute leader in the industry. It has been in this field for more than 20 years. At present, there are not many manufacturers who can fully benchmark Da Vinci. There are also some less influential foreign companies overseas that continue to develop performance hand robots, but there are only two domestic manufacturers that can compete with Da Vinci in the domestic market.
Q：What are the advantages of the price of domestic manufacturers compared with Da Vinci?
A：The price of domestic manufacturers is about 70% of Da Vinci's. In the domestic market, Da Vinci's shipments are not large due to policy restrictions and the price is relatively high, while domestic manufacturers benefit from relevant policies because of price advantages. At present, the ex-factory price of domestic manufacturers is about 10000, and the terminal price is about 12000 yuan.
Q：What is the size and production of the company?
A：The company now has more than 600 people, all products are produced in their own factories, no outsourcing.
Q：How long does it take for foreign doctors to switch from using Da Vinci to domestic surgical robots?
A：Doctors with Leonardo da Vinci's experience can fully adapt to the domestic surgical robot system within ten minutes, because the system can be fully benchmarked in terms of technical level and performance, and doctors switch smoothly without too much learning pressure.
Q：What is the company's strategy in overseas markets?
A：When opening up the market, it includes both hospitals that have been equipped with Da Vinci robots and hospitals that have not yet used surgical robots. Some hospitals may choose domestic manufacturers for cost-effective considerations.
Q：What is the localization rate of domestic hospitals when purchasing surgical robots?
A：According to the data, Da Vinci's market share in the domestic market has dropped from the early monopoly position to about 42%, and the advantages of domestic manufacturers are obvious. At the same time, the recognition of domestic experts has improved, and the policy also supports the expansion of domestic surgical robots in the domestic market.
Q：Future new product technology upgrade plan how?
A：The next generation of products will be fully benchmarked against the 5th generation of Da Vinci, and innovative iterations will be carried out in image vision processing, AI technology applications and the addition of force feedback functions. It is expected to be launched and commercially installed in 2027. In addition, the company has a core transcendence point in AI technology and will continue to explore semi-automated and automated surgical technology routes.
Q：Is there a plan for the route of miniaturization or man-machine combination?
A：In the short term, the company has no plans in this regard. At present, it mainly focuses on the performance improvement of large-scale surgical robots and overseas market expansion. In particular, the new generation of products planned to be launched in 2027 will bring greater business growth driving force to the company. In the next 3 to 5 years, the market share is expected to reach 20% to 30%, with the main growth point in overseas markets.
