With payment rules clarified, billing barriers for hospitals procuring such equipment have been removed, opening a window for accelerated installation of domestic surgical robots.
On 28 August, TrueHealth Medical (02697.HK, the "Company") released its maiden interim results. During the reporting period, the Company booked revenue of RMB 5.671 million, jumping nearly 32 times year-on-year. Gross profit reached RMB 4.363 million, soaring more than 36 times year-on-year, with an overall gross margin of 76.9%, representing an uplift of 9.8 percentage points against the prior-year period. Revenue from surgical robot products stood at RMB 5.16 million, accounting for 91.0% of total revenue, marking the commencement of revenue recognition.
Consumables business grew in tandem, delivering consumables sales of RMB 408,000 during the period, up 135.8% year-on-year. As device installations scale up, profitability from repeat orders has improved, with gross margin rising from 67.1% in the same period last year to 79.9%. Sales coverage has also expanded, shifting from a Beijing-only footprint last year to multiple regions including North and South China. North China emerged as the core delivery market in the period, contributing 57.7% of sales, while South China accounted for 35.8%. Driven by rising device installations, repeat purchases of consumables and geographic expansion, the Company's overall business has entered a sustainable growth trajectory.
The Company stated in its announcement that the "device plus consumables" business model has been validated by its first batch of post-listing operational data. It will maintain its existing pace for pipeline advancement and ecosystem buildout in H2, retaining confidence in sustained commercial expansion.
TrueHealth Medical specializes in percutaneous puncture surgical robots and has completed the full commercialization cycle from technology development to market validation. All four models of its core products have obtained Class III medical device registration certificates from the National Medical Products Administration (NMPA), giving the Company the largest number of approved models among Chinese peers and a comprehensive product portfolio. Its installed base spans nearly 100 medical institutions across major regions, ranking among the industry leaders. The sales system built on distributor networks, benchmark hospitals and clinical training support is fully in place.
While the commercial foundation solidifies, the Company has ramped up R&D investment. R&D expenditure totaled RMB 26.931 million in the reporting period, rising 15.2% year-on-year. Investment focuses on two key areas: expansion of clinical indications and overseas registration.
On clinical indication expansion: R&D spending on core products increased from RMB 7.4 million in the prior-year period to RMB 10.7 million. The pulmonary indication of TH-X MW, the world's first and only microwave ablation surgical robot integrating precision localization and microwave ablation, received NMPA approval within the reporting period. With this milestone, this globally-first percutaneous microwave ablation surgical robot now covers both liver and lung tumor treatment scenarios. The registration clinical trial for the flagship TH-S1 puncture surgical robot, expanded for retroperitoneal lesions, has enrolled 16 patients. The Company plans to file the registration application in Q4 2026, with NMPA approval anticipated in H2 2027. For overseas registration: CE certification applications for core products were submitted and accepted in January 2026, with certification expected in Q4 2026. Upon obtaining CE certification, the percutaneous puncture surgical robots will be able to enter the EU market, extending the Company's footprint beyond China.
Additionally, the Company's forward-looking long-term pipeline, including the organ normothermic perfusion system, follows a clear timeline. The system recently won the bid for the research equipment procurement project of the Yunnan Key Laboratory of Gene-edited Miniature Pigs and Xenotransplantation at Yunnan Agricultural University. This milestone confirms completion of engineering finalization and prototype verification, laying the technical foundation to move from research settings to preclinical studies and eventual clinical adoption. It marks a pivotal transition of TrueHealth Medical's organ normothermic perfusion system from R&D to industrialization. This cutting-edge technology aligns closely with the 15th Five-Year Plan strategic roadmap in China, which identifies organ manufacturing, life support devices and advanced biotechnologies as prioritized research areas.
Beyond scaling commercial sales, the Company continues to build strategic depth across channels, products and technologies. Three landmark initiatives were finalized in August: a strategic cooperation agreement with Genertec Liaoning Pharmaceuticals to systematically deliver minimally invasive diagnosis and treatment solutions to regional markets via this state-owned enterprise platform, unlocking large-scale hospital adoption; the organ normothermic perfusion system winning the Yunnan Agricultural University tender, bringing the second growth curve into market validation; and a collaboration with the Tianjin Embodied Intelligence Innovation Center to build technical capabilities for surgical robots to evolve from "execution tools" into "intelligent agents", securing a leading edge for long-term technological advancement.
Policy tailwinds have materialized, and the Company's commercial flywheel is now gaining traction. In August, TrueHealth Medical was included in the Hang Seng Composite Index, qualifying it for Stock Connect inclusion. Its maiden interim results validate the robustness of its "device plus consumables" business model, laying a solid foundation for sustained commercial scaling ahead. Several key dimensions merit close attention: robust expansion in new installations, consistent growth in recurring consumables revenue, timely roll‑out of clinical indication expansions for pipelines including TH‑S1, overseas market penetration following CE certification, and validation of follow‑on orders for emerging businesses such as organ perfusion systems.
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About TrueHealth Medical Technology Development Co., Limited
A nationally accredited "Little Giant" enterprise (Specialized, Sophisticated, Distinctive & Innovative), Guangdong TrueHealth Medical Technology Development Co., Limited leverages artificial intelligence and robotic control technologies to develop and commercialize intelligent robots for soft tissue puncture diagnosis and organ repair. Its core offerings cover percutaneous puncture navigation and microwave ablation guided systems. The ZhenYiDa® percutaneous puncture navigation and positioning system holds NMPA China-first certification, while the ZhenYiDa® navigation and positioning microwave ablation system is accredited as a world-first innovation by NMPA. The Company undertakes key projects under China's 14th Five-Year National Key R&D Program, with its products featured in national flagship schemes including high-end medical device roll-out initiatives, AI medical device innovation program and the Catalog of Outstanding Domestic Medical Devices. TrueHealth Medical aims to deploy AI and surgical robotics to advance precision, minimally invasive therapeutic solutions for widespread clinical use.
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