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minimally invasive todayrobot-B (2252.HK) once rose by 16% in early trading. Since the 14th of this month, the increase has exceeded 80% in just one week. As of today’s close, the stock price reached 31.75 Hong Kong dollars, with a market value of 30.435 billion Hong Kong dollars, returning to above 30 billion Hong Kong dollars.

On the news, the National Health and Medical Commission issued a notice not long ago, planning to use financial discount loans to renovate and renovatethe medicalequipment. According to reports, the relevant departments are currently negotiating the details, and it is estimated that the loan amount for each hospital will not be less than 20 million.

According to industry insiders, the financial interest discount policy involves a large amount of money, which will stimulate the demand for medical equipment procurement and replacement, and will “add fuel and firewood” to the new medical infrastructure. The level of diagnosis and treatment in grassroots hospitals is expected to be comprehensively improved. It is expected that from the fourth quarter of this year to next year, medical devices will usher in a peak procurement period. This is also a good opportunity for international, platform-based, and innovative domestic medical equipment manufacturers to increase their market share and accelerate hospitalization.

Statistics show that Minimally Invasive Robotics is the only surgical robot company in the world whose business covers the five major specialties of endoscopy, orthopedics, panvascular, natural orifice and percutaneous puncture. Maihe Honghu has been approved for listing by NMPA and has the premise of commercialization. It will continue to benefit from the benefits brought by policy effects such as discounted loans, and its future development prospects are expected to usher in a reassessment.

MicroPort Robotics’ 2022 first half report shows that the company’s core product Tumai was approved for listing by NMPA during the reporting period, becoming the only four-arm laparoscopic surgical robot developed by a Chinese company and approved for listing; at the same time, one of the flagship products, Honghu It also obtained NMPA approval during the reporting period, becoming the only orthopedic surgical robot independently developed by a Chinese company and approved for marketing. In addition, Honghu obtained FDA 510(k) certification in July this year, which means it can be listed in the United States. .

Although a number of products have been approved for listing, the performance of MicroPort Robotics in the first half of this year is still dismal. During the reporting period, the revenue was only 1.048 million yuan, which was zero in the same period last year. 459 million yuan, an increase of 89.7% year-on-year.

Regarding the reasons for the loss, Minimally Invasive Robotics stated that: the investment in R&D, clinical trials and product registration of products under research increased; the commercialization of surgical robot products led to increased sales and marketing expenses; and the increase in the number of employees due to R&D progress and business layout, Staff costs include increased share-based payments.

The revenue in the first half of the year was lower than expected, which means that the products launched by Minimally Invasive Robotics this year did not go on sale immediately, and the commercialization of products that have entered the market is still in the early stage. In short, the commercialization process is not satisfactory, and the surgical Robots are expensive. Price is an important reason, and now the subsidized loan policy will greatly increase the purchasing power of hospitals. The performance of the secondary market in recent days is just optimistic about this.

The commercialization process of listed products is not as expected, which is undoubtedly a major reason for people’s lack of confidence in minimally invasive robots. Under the influence of many factors such as price, technology, channels and business models, whether its products can be applied on a large scale is still debatable The problem.

In addition, the growing R&D cost of minimally invasive robots is difficult to control. As a high-end product that condenses the most advanced technology, the R&D cost of surgical robots is destined to be very high. If there is no commercial profit to balance the cost, it will be difficult to maintain it for a long time . As of June 30, the research and development cost of Minimally Invasive Robotics has accumulated as high as 336 million yuan, an increase of 110.2% over the same period last year.

Minimally Invasive Robotics also knows about profitability issues, so it is fully prepared for commercial applications:

On the one hand, it is to increase production capacity to meet sales demand. According to the financial report for the first half of the year, as of June 30, MicroPort Robotics had an inventory of 194 million yuan, a year-on-year increase of 76.5%. The increase was mainly raw materials, products in process and some low-value consumables.

In addition, MicroPort Robotics has production bases in Shanghai and Suzhou. As of June 30, the book value of property, plant and equipment was 435 million yuan, an increase from the end of last year. Sales and Dragonfly Eye, which is expected to achieve heavy volume in 2023, are ready for mass production.

On the other hand, sales and marketing expenses have increased. In the first half of 2022, the sales and marketing expenses of Minimally Invasive Robotics reached 64 million yuan, an increase of 337.7% year-on-year. The increase mainly came from the increase in the consumption of business team personnel, doctor training costs and marketing materials, which are used for product marketing. The improvement of the system and clinical promotion are necessary expenditures to facilitate the large-scale commercialization of follow-up products.

All in all, judging from the situation in the first half of the year, the performance of Minimally Invasive Robotics is not satisfactory. Based on the product characteristics, it will take some time for large-scale sales, even if there are favorable policies now. At the same time, the company’s R&D costs and sales in the future can be foreseen. Expenses will continue to rise, which means that the net loss will also expand, but the specifics will depend on the sales of products in 2023.

As far as the current surgical robot market is concerned, domestic companies are generally in a state of loss. Minimally invasive robots are not special, and the reason why they are still favored by capital lies in their broad market growth space. With economic growth and With the intensification of population aging, the demand and consumption capacity of surgical robots will also increase accordingly.

Surgical robots have higher accuracy, consistency and maneuverability, which can effectively reduce the burden on surgeons and improve the success rate of surgery. At the same time, minimally invasive surgery has a smaller wound surface and shortens the recovery period after surgery. It has extremely high clinical value. High-end medical equipment.

In the past two years, based on the continuous expansion of demand for high-quality medical resources, the number of surgical robots approved by the National Medical Products Administration (NMPA) has increased significantly, and the surgical Robot Industry has begun to rise. The first year of the robot outbreak.

According to statistics, the global surgical robot market has grown from 23.8 billion yuan in 2016 to 85.4 billion yuan in 2021, and is expected to reach 402.8 billion yuan by 2030, with a compound annual growth rate of about 21.5%. At present, China’s surgical robot market is still in the early stages of development, and the current penetration rate is low. The market size in 2021 will only be 4.2 billion yuan, accounting for only 4.9% of the global market.

However, my country has a large population base, strong demand, and favorable policies. The development speed of China’s surgical robot market will far exceed the global average growth rate. According to the forecast of Veken Industry Research Center, by 2030, the scale of China’s surgical robot market is expected to reach 650 million. billion, accounting for only 16% of the global market.