On August 28, TH MEDICAL-B (02697) released its inaugural interim results since its stock exchange debut, marking a pivotal step in its commercialization journey. During the reporting period, the company achieved simultaneous growth in revenue volume and profitability quality, posting revenue of RMB 5.671 million—a nearly 32-fold increase year-on-year—while gross profit surged over 36-fold to RMB 4.363 million. The overall gross margin stood at 76.9%, up 9.8 percentage points from the same period last year.

As of June 30, the company held cash and bank balances of RMB 460 million, approximately 2.5 times the level recorded at the end of 2025, underscoring a robust capital position. Commercial ramp-up stands out as a core highlight of this report. The revenue breakdown reveals that surgical robot sales contributed RMB 5.16 million, accounting for 91.0% of total revenue, while consumables sales reached RMB 408,000, up 135.8% year-on-year. As surgical robots enter the revenue recognition phase, rising installation volumes are concurrently driving consumables sales, validating the "equipment plus consumables" business model.

Product sales have expanded into regions including North China and South China, with North China emerging as the primary delivery hub at 57.7% of revenue, followed by South China at 35.8%. Since initiating commercialization of its core products in 2022, TH MEDICAL-B has secured the leading position in China's percutaneous puncture surgical robot market by 2025 revenue, capturing a 28.0% market share, according to CIC Consulting data. The company's core percutaneous puncture surgical robots come in four models, all holding Class III medical device registration certificates from the National Medical Products Administration. Among these, the TH-S model has been recognized as "China's first" in its category, while the key TH-X MW model has been designated as an "international first."

The company's products are now deployed across multiple clinical departments, including thoracic surgery, respiratory medicine, interventional radiology, oncology, hepatobiliary surgery, radiology, and imaging. They address tumor diagnosis and treatment needs spanning early to advanced stages, with applications extending into extracorporeal organ preservation and assessment.

R&D investment continues to intensify, with pipeline advancement maintaining a brisk pace. During the reporting period, TH MEDICAL-B recorded R&D expenses of RMB 26.931 million, up 15.2% year-on-year, supported by a 72-person R&D team representing approximately 45.6% of total headcount. Multiple product pipelines are progressing rapidly: the change registration application to add a lung indication for TH-X MW received approval from the National Medical Products Administration; the flagship TH-S1 model's registration clinical trial for expanding indications to retroperitoneal lesions has enrolled 16 patients, with a registration application planned for submission in the fourth quarter of 2026; and the CE certification application for core products was submitted in January 2026 and accepted by the certification body, with approval anticipated in the fourth quarter of 2026.

Looking ahead to the second half of the year, TH MEDICAL-B plans to submit the registration application for its TH-X Cryo cryoablation robot in the second half of 2027, and intends to initiate clinical trials for TH-LS LU100 and TH-LS KI300 in the first half of 2027 and 2031, respectively. Over the next three years, the company aims to file at least 50 domestic invention patents and 3 PCT international patents, further solidifying its technological moat and building momentum for long-term, high-quality growth.

On August 21, Hang Seng Indexes Company announced its quarterly review results, revealing that TH MEDICAL-B has been added to the Hang Seng Composite Index. The change will take effect after market close on September 4 and become effective on September 7. This will prompt the Shanghai and Shenzhen stock exchanges to correspondingly adjust the eligible scope of stocks for the Stock Connect southbound trading, potentially paving the way for the company's inclusion in the Hong Kong Stock Connect list and further opening the southbound capital channel.