Southwest Securities: Minimally Invasive Robot-B (02252) Global Commercial Orders Accelerate Breakthrough Five Major Racetracks

The Zhitong Finance App learned that on December 24, Southwest Securities released a research report stating that on December 24, minimally invasive robot-B (02252) issued a voluntary announcement. 1) According to preliminary statistics, the company's total number of comprehensive orders for surgical robot products exceeded 230 units, including more than 160 global commercial orders for endoscopic surgical robots; 2) the self-developed bronchoscopic surgery robot “Dudao” was approved by the NMPA.

The main views of Southwest Securities are as follows:

Global commercial orders have broken through at an accelerated pace, and both domestic and overseas have blossomed

As of the announcement date, the company's self-developed endoscopic robot “Tumai” had more than 160 commercial orders worldwide, of which about 120 new orders were added in 2025, showing strong growth momentum. On the domestic side, the top three hospitals among Tumai's installed hospitals account for more than 90%, and the top 100 hospitals account for 23%, and the high level of medical market recognition continues to increase. On the overseas side, the company relied on the Group's mature overseas marketing network to accelerate overseas deployment in more than 40 countries including Asia, Europe, Africa, Oceania and South America. It has now installed multiple units in 15 countries, which is a landmark milestone in domestic endoscopic surgery robots going overseas.

The five major robot layouts have all been completed, making it the most comprehensive surgical robot company in existence

Currently, the types of surgical robots approved by the company include endoscopic (Tumai), orthopedic (Honghu), panvascularization (R-ONE), percutaneous puncture (Mona Lisa), and transbronchial (single channel). The five major robotic pipelines have all been approved by NMPA. Furthermore, Tumai, Dragonfly Eye, and Honghu have all successfully obtained overseas registration certificates, and the overseas layout has been implemented at an accelerated pace.

Profit forecast: Revenue from 2025 to 2027 is expected to be 5/12/1.8 billion yuan, respectively. Currently, it is in a stage of rapid growth, and volume is imminent.

Risk warning: risk of product release falling short of expectations, risk of policy control, risk of overseas competition.