Southwest Securities has issued a research report indicating that on December 24, MEDBOT-B (02252) released a voluntary announcement, which disclosed two key updates: 1) Based on preliminary statistics, the cumulative comprehensive orders for the company's surgical robot products have exceeded 230 units, among which global commercial orders for laparoscopic surgical robots have surpassed 160 units; 2) The independently developed bronchoscopic surgical robot "Dudao" has obtained NMPA approval.

Southwest Securities' main viewpoints are as follows: Global commercial orders are accelerating their breakthrough, with both domestic and overseas markets thriving. As of the announcement date, the company's self-developed laparoscopic robot "Tumai" has secured over 160 global commercial orders, including approximately 120 new orders in 2025, demonstrating strong growth momentum.

In the domestic market, among the hospitals where Tumai has been installed, tertiary grade A hospitals account for more than 90%, and top 100 hospitals make up 23%, reflecting a continuous improvement in recognition within the high-end medical market.

Internationally, relying on the group's mature overseas marketing network, the company is accelerating its layout in more than 40 countries and regions across Asia, Europe, Africa, Oceania, and South America. It has already installed multiple units in 15 countries, marking a landmark milestone for domestic laparoscopic surgical robots to enter the global market.

The five major robot product lines have been fully completed, making it the surgical robot company with the most comprehensive product range currently available. The company has obtained NMPA approvals for five surgical robot product lines: laparoscopic (Tumai), orthopedic (Honghu), panvascular (R-ONE), percutaneous puncture (Mona Lisa), and transbronchial (Dudao).

In addition, Tumai, Qingtingyan, and Honghu have all successfully obtained overseas registration certificates, expediting the implementation of overseas expansion.

Earnings Forecast: Revenue is expected to reach RMB 500 million, RMB 1.2 billion, and RMB 1.8 billion in 2025, 2026, and 2027 respectively. The company is currently in a high-growth stage, with volume production imminent.

Risk Warnings: Risks include product volume falling short of expectations, policy-driven cost control, and overseas competition risks.