Guoxin Securities: The rise of domestic production of endoscopic surgical robots goes hand in hand with import substitution and overseas travel
The Zhitong Finance App learned that Guoxin Securities released a research report saying that endoscopic surgical robots are the most mature commercialization of surgical robots and the core track with the strongest clinical certainty, and the industry is shifting from absolute dominance of imports to diversified domestic competition. The configuration certificate was adjusted from Class A to Class B, and the “14th Five-Year Plan” quota was expanded. In January 2026, the fee standard for surgical robots was established and clarified. The service leasing pilot was launched in Beijing. The hospital side introduction threshold continues to be lowered, and the installed capacity is expected to accelerate. Domestic brands quickly entered overseas markets with more cost-effective equipment and remote surgery qualifications, and overseas travel began an accelerated period. Focus on leading companies with the triple attributes of “international technology benchmarking+cost performance advantage+leading commercialization”.
Guoxin Securities's main views are as follows:
Endoscopic surgical robots are the most mature commercialized and clinically deterministic core circuit for surgical robots
Compared with open surgery and traditional minimally invasive surgery, robot-assisted surgery has shown systemic clinical benefits in terms of operation accuracy, visual feedback, intraoperative safety, and post-operative rehabilitation, while reducing the musculoskeletal fatigue of the operator. In 2000, the Leonardo da Vinci system was approved by the FDA to begin large-scale clinical application of endoscopic surgery robots; after entering the Chinese market in 2008, Leonardo da Vinci was dominated by imports for a long time, and in 2021, the first domestic registration certificate was approved. Since 2022, domestic products such as Tumai, Kangduo, and Jingfeng MP1000 have been approved one after another, and the industry has entered a stage of diversified domestic competition.
Domestic substitution has entered the first year of structural transformation, and intensive policy implementation has removed the core barriers to commercialization
In 2025, the share of domestic brands winning public bids for endoscopic surgery robots in public hospitals exceeded 50% for the first time, marking a shift from absolute dominance of imports to diversified domestic competition. On the multi-hole circuit, domestic products such as Jingfeng, Minimally Invasive, Scherui, Weigao, and Connolston have been approved one after another, and the cost performance ratio is higher than imported ones. The single-hole racetrack competition pattern is better. Leonardo da Vinci SP has not yet been approved domestically. Products such as Jingfeng SP1000, minimally invasive Tumai single-hole, and Shurui have taken the lead in being approved and entered clinical promotion, and domestic first-mover cards have outstanding advantages. On the policy side, the configuration certificate was adjusted from Class A to Class B, and the “14th Five-Year Plan” quota was expanded. In January 2026, the fee standard for surgical robots was established and clarified. The Beijing service leasing pilot was implemented, the hospital side introduction threshold continues to be lowered, and the installed capacity is expected to accelerate.
Domestic surgical robots going overseas have entered a period of acceleration
Global endoscopic surgery robots have been monopolized by Intuitive Surgery Da Vinci Systems for a long time. In 2024, the market share of global porous endoscopic robots reached 83%. However, in emerging markets, they faced natural pain points such as high procurement and maintenance costs and insufficient localized services, leaving a window of differentiation for domestic companies. Domestic brands quickly entered overseas markets with more cost-effective equipment and remote surgery qualifications: minimally invasive robots reached 40 billion yuan in overseas revenue in 2025, surging 287% year on year, and their revenue share jumped from 40% in 2024 to 73%; Tumai's global orders exceeded 300 units, covering more than 60 countries and regions; Jingfeng Medical's overseas revenue in 2025 was 272 million yuan, accounting for nearly 50%. Domestic surgical robots going overseas are entering a period of acceleration.
Focus on leading companies with the triple attributes of “international technology benchmarking+cost performance advantage+leading commercialization”
As a global leader, Intuitive Surgery's “equipment+consumables+service” model is mature. In 2025, consumables account for more than 60% of revenue. Leonardo da Vinci 5 has entered the marketing period and is still the industry's valuation anchor. Among domestic companies, minimally invasive robotics had revenue of 551 million yuan (+114%) in 2025, and overseas revenue became the core engine. Net losses narrowed for 3 consecutive years, turning losses into profits in the first half of 2026; Jingfeng Healthcare increased gross profit, and the multi-hole single-hole remote “three-in-one” platform built the world's leading minimally invasive surgery solution.
Risk warning: risk of R&D failure; risk of product commercialization falling short of expectations; increased risk of competition; policy risk; risk of overseas expansion falling short of expectations.