JPMorgan has issued a research report reiterating an "Overweight" rating on MEDBOT-B (02252) with a target price of HK$41. Cumulative orders for MEDBOT-B's core product, Toumai, have surpassed 200 units, indicating an addition of approximately 20 orders since late January 2026. This continues the strong momentum observed from October 2025 to January 2026, further alleviating market concerns regarding sustainability. The product's coverage has expanded to over 50 countries and regions, up from more than 40 at the end of December 2025. Twelve markets have placed orders for more than five units, led primarily by emerging markets such as India and Brazil, while accelerated breakthroughs have also been achieved in developed markets like Spain and Australia. MEDBOT-B primarily supplies surgical robots for minimally invasive surgery, with Toumai and Honghu serving as its core products in the laparoscopy and orthopedics segments, respectively. Toumai is the first China-made laparoscopic surgical robot clinically proven to be non-inferior in efficacy to the Da Vinci Surgical System, which is the leading product of Intuitive Surgical in China and globally. The report believes this achievement solidifies MEDBOT-B's position as a leading domestic player in China, enabling it to benefit from the import substitution trend.