The Hong Kong stock surgical robotics sector is entering a critical juncture in the transition from “conceptual narrative” to “performance verification.”
The Zhitong Finance App learned that on August 28, “First Puncture Surgery Robot” True Health Healthcare (02697) released its first interim results since listing. During the reporting period, the company achieved operating income of 5.671,000 yuan, a sharp increase of 3178.0% year on year; overall gross margin increased to 76.9%, up 9.8 percentage points from the same period last year. On the high-end medical device circuit, the value of the interim report is never limited to book figures, but also to verify the viability of the commercialization path.
This report card clearly sends three major signals: batch delivery and implementation of core products, beginning to generate revenue for consumables, and gradual realization of product matrix value. This means that True Healthcare has passed the technology and registration verification period and has officially entered a new stage of accelerated commercialization.
1. Revenue growth outperforms the industry stage, and the revenue structure verifies the business model
The early growth of the surgical robotics industry was never a smooth climb, but a stepwise growth from “sporadic delivery” to “batch landing.” True Healthcare's explosive growth in mid-term revenue is a typical reflection of the characteristics of this stage. Financial reports show that as of June 30, 2026, the company achieved operating income of 5.671,000 yuan, an increase of 3178.0% over 173,000 yuan in the same period last year. The growth rate was significantly higher than the average in the early days of commercialization of the industry. Growth does not come from the occasional delivery of a single project, but rather a systematic upgrade of products and business structures. By business type, see:
The sales revenue of surgical robots was 5.16 million yuan, accounting for 91.0% of total revenue, forming the core pillar of growth, marking the official entry of core puncture and ablation robots into the batch delivery cycle;
Consumables sales revenue was 408,000 yuan, accounting for 7.2% of total revenue, a sharp increase of 135.8% over the previous year. As the installed capacity increased and the frequency of clinical use increased, the continuous repurchase attribute of supporting consumables began to show, and the classic surgical robot business model of “one-time sales of equipment + continuous revenue from consumables” initially came to fruition;
Technical service revenue was 103,000 yuan, accounting for 1.8% of total revenue. It came from R&D service exports, and business boundaries gradually expanded.
In terms of regional structure, the nationwide layout is progressing simultaneously. The South China region's revenue was 19.91 million yuan, accounting for 35.8%, and the core market in the Greater Bay Area continued to be cultivated; North China's revenue was 3.23 million yuan, accounting for 57.7%, with remarkable breakthroughs in the northern core medical market. The company has covered 23 key provinces across the country, with 27 cooperative dealers, and the channel network has expanded from regional leaders to the whole country.
2. Marginal improvement in profit quality and steady rise in operating efficiency
The market often gives priority to loss figures, but for medical device companies in the early stages of commercialization, the more core observation dimension is changes in profit structure and operating efficiency.
During the reporting period, the company achieved gross profit of 4.363 million yuan, with an overall gross profit margin of 76.9%, an increase of 9.8 percentage points over 67.1% in the same period last year. According to the announcement, the increase in gross margin was mainly due to the increase in equipment revenue and the higher gross profit level of the equipment business. The Zhitong Finance App notes that compared to traditional puncture and navigation devices, True Health Medical's microwave ablation surgical robot is the world's first and only surgical robot product that can achieve “accurate positioning+microwave ablation”. It covers the two core scenarios of liver cancer and lung cancer, has “international first” technical barriers, and has stronger product premium capabilities.
By business, the gross profit margin for surgical robot sales was 77.6%, and the gross profit margin for consumables sales was 79.9%, all of which remained at a high level. As the share of subsequent consumables revenue continues to rise and the scale effect gradually becomes apparent, there is still room for the overall gross margin to rise.
On the profit side, the net loss during the reporting period was RMB 604.24 million, an increase of 6.5% over the same period last year. However, as can be seen from the dismantling of the loss structure, phased and non-operating factors were the main drivers: administrative expenses of 32.251 million yuan during the period, including 17.592 million yuan of expenses related to a one-time listing. Excluding this portion of one-time expenses, operating administrative expenses during the period were about 14.659 million yuan, down about 11.8% from 16.622 million yuan in the same period last year. The increase in operating efficiency is clearly visible.
The three expenses present a healthy structure of “stabilizing R&D, reducing sales, and controlling administration”:
Sales and distribution expenses were 17.455 million yuan, a year-on-year decrease of 3.9%. Cost reductions were achieved in the context of significant revenue growth and continuous channel expansion, and large-scale effects were realized simultaneously with operational efficiency;
R&D expenditure was 26.931 million yuan, an increase of 15.2% over the previous year. The investment intensity remained stable, and core product iteration, expansion of new indications, and cutting-edge pipeline research and development progressed simultaneously;
The increase in administrative expenses mainly comes from one-time investment in listing, and daily operating costs are continuously optimized.
In terms of cash flow, the net cash outflow from operating activities during the period was 56.6668 million yuan, down 9.6% from the same period last year. While R&D investment increased and revenue scale expanded, cash consumption narrowed, and operating hematopoietic capacity improved marginally.
As of the end of the reporting period, the company's cash and bank balance reached $460 million, a significant increase over $182 million at the end of 2025, mainly from net IPO fundraising. Based on the current consumption rate, capital reserves are sufficient to support at least 3 years of R&D and commercialization investment, and the financial safety cushion is sufficient.
3. The full-stack product matrix builds barriers and opens up the position of peers
The competition on the robotic circuit for percutaneous puncture surgery is shifting from “whether you have or not” qualification competition to a “complete and incomplete” system competition. The threshold for single-piercing navigation devices is gradually being leveled, and the integrated full-stack capability of “piercing+ablation” is the core of the long-term barrier. Up to now, a total of 21 domestic percutaneous surgical robots have been approved by the State Drug Administration. Of these, 19 are made in China and 2 are imported. True Health & Medical has exclusive access to 5 three types of registration certificates. It is the company with the earliest approval time and the largest number of approved products in the industry. According to Insight Consulting data, based on the 2025 revenue scale, the company's share of the percutaneous puncture robot market in China reached 28.0%, ranking first in the industry.
Compared with most peers, which are still stuck in the “single puncture navigation device” product form, the advantages of True Health Care's full-stack matrix have gradually become apparent: First, the product hierarchy covers the entire price range. The core puncture robot forms four large models: TH-S1 (flagship), TH-S (mid-range workhorse), TH-S Pro (cost-effective), and TH-SA (compact), superimposed with the TH-P series cost-effective compact models, which can meet the needs of all levels from the top three hospitals to county medical institutions. Most competitors only compete on a single model, and the ability to adapt to scenarios is limited. Second, “piercing+ablation” is an integrated closed loop. The key product, the microwave ablation surgical robot TH-X MW, is an “international first” certified by the State Drug Administration. It is the only approved product in the world that natively integrates puncture navigation, robotic arm positioning, respiratory tracking, and microwave energy output into a single platform, covering both liver and lung indications; the iterative model TH-X HMW was simultaneously approved for liver cancer treatment. Compared with the “navigation platform+third-party ablation equipment” patchwork scheme common in the industry, native integrated products have intergenerational advantages in puncture accuracy, ablation target coverage, and surgical efficiency, while also improving the value and stickiness of single-hospital customers. Third, multi-department applications open the ceiling. A single puncture device often only covers individual departments such as respiratory departments, while the “piercing+ablation” combination can simultaneously cover multiple departments such as thoracic surgery, oncology, hepatobiliary surgery, and interventional departments. The procurement ceiling and customer life cycle value of a single hospital have greatly increased.
4. Policies and pipelines both resonate, and the long-term growth path is clear
For the surgical robot industry, there are two core prerequisites for commercialization: one is the opening of the payment side, and the other is the continuous iteration of the product pipeline. Currently, true health care is at the intersection of two major dividends.
On the payment side, the implementation of health insurance policies is opening up the last mile of commercialization. In January 2026, the National Health Insurance Administration issued the “Surgical and Therapy-Assisted Operation Medical Service Price Project Guidelines (Trial)”, which clarifies the “Surgical Robotic Arm Assisted Operation Fee (Participation in Execution)” fee program, which applies to the company's core products such as TH-S1, TH-S, TH-S Pro, TH-SA, etc., except in Guizhou, Guangxi, and Yunnan, where the “Surgical Robotic Arm Assisted Operation Fee (Accurate Execution)” fee program is applicable to the company's two key products, TH-X MW and TH-X HMW, except The total outward price in Shanxi is higher than 15,000 yuan. By the end of the reporting period, 9 provinces including Hunan, Hubei, and Sichuan had announced local implementation policies and implementation dates, while 9 other provinces had issued local implementation policies.
Clarity of fee standards allows hospitals to clearly measure the return on investment cycle of equipment and pushes equipment from “trial scientific research” to “formal procurement”. The overall procurement cycle of the industry is expected to be significantly shortened.
At the pipeline end, core products and cutting-edge pipelines are progressing steadily, continuing to open up growth boundaries:
Expansion of core indications: The pulmonary indications of TH-X MW were approved by the State Drug Administration during the reporting period. So far, this “international first” percutaneous microwave ablation surgical robot has covered the two major scenarios of liver cancer and lung cancer; the TH-S1 retroperitoneal lesion registration clinical trial began in November 2025. By the end of the reporting period, 16 patients had been enrolled. It is planned to submit registration applications in the fourth quarter of 2026. It is expected to be approved in the second half of 2027 and will open up a new blue ocean of retroperitoneal tumors markets;
International layout: CE certification for core products was submitted and accepted in January 2026. It is expected that certification will be obtained in the fourth quarter of 2026, and the European market space will be officially opened up at that time;
Frontier pipeline reserves: TH-X Cryo freeze-ablation robots are being developed steadily; in vitro organ preservation and evaluation systems TH-LS LU100 and TH-LS KI300 are scheduled to start clinical trials in the first half of 2027 and 2031, respectively, to lay out an empty domestic track and create a second growth curve.
At the intellectual property level, 16 patents were applied for during the period, 8 were authorized, and the R&D team comprised 72 people, accounting for 45.57% of the total number of employees. 28% had master's degrees, and the technical team was stable, providing support for the continuous advancement of the pipeline.
5. Conclusions
In summary, True Health Medical, the first interim report after listing, is essentially a letter confirming the acceleration of commercialization. The explosive growth in revenue has verified the market acceptance of products, the launch of consumables has verified the sustainability of the business model, and the full-stack product matrix and policy dividends have jointly built a moat for long-term growth.
The robotic racetrack for percutaneous puncture surgery is still in the early stages of increasing penetration. With the implementation of medical insurance payments and increased clinical awareness, the industry is on the eve of mass deployment. Compared with the industry's single-point breakthrough development model, True Health Medicine's “piercing+ablation” full-stack layout route has more long-term competitiveness and cycle resistance. In addition, the forward-looking layout of real health care and an organ room temperature infusion system with advanced card slots is more room for imagination. With subsequent pipeline implementation and channel sinking, the pace of commercialization of this segmented racetrack leader is expected to continue to exceed market expectations.