Jingfeng Medical passes hearing: Half-year revenue surges 400%, challenging the 'Iron Throne' of surgical robots!
As the growth trend of performance becomes increasingly evident, Jingfeng Medical is getting closer to ringing the bell on the Hong Kong stock market.
Recently, this surgical robot company has successfully passed the main board listing hearing, with joint sponsors being Morgan Stanley and GF Securities.
Behind this, the company's product commercialization has made significant progress. Public financial data shows that from 2022 to 2024 and the first half of 2025, Jingfeng Medical's revenue was RMB 48.042 million, RMB 160 million, RMB 30.245 million, and RMB 149 million, respectively, while the corresponding annual losses were RMB 213 million, RMB 219 million, RMB 133 million, and RMB 89.087 million.
The capital market has realized that the surgical robot sector is a long and promising field, and Jingfeng Medical provides a point to observe the industry's potential.
Systematic Product Matrix Drives Growth
Jingfeng Medical's performance of "increasing revenue and reducing losses" aligns with the industry's expansion trend.
It is understood that the development of China's surgical robot industry is relatively late and still in its early stages. Driven by continuous investment and government policy support, this stage is also a period of strong independent innovation momentum and great potential for industry explosion.
According to the Frost & Sullivan report, from 2019 to 2024, the size of China's surgical robot market increased from RMB 2.715 billion to RMB 7.184 billion, with a compound annual growth rate of 21.5%. It is expected that by 2033, the market size will reach RMB 102.019 billion, with a compound annual growth rate of 34.3%. From this, we can observe a phenomenon: domestically developed surgical robots will occupy more of the Chinese market share and gradually surpass the market share of surgical robots produced by international companies.
In terms of the localization of medical devices, Jingfeng Medical is somewhat representative. Frost & Sullivan data shows that Jingfeng Medical is the first in China and the second in the world to simultaneously obtain registration approvals for multi-port laparoscopic surgical robots, single-port laparoscopic surgical robots, and natural orifice surgical robots.
The prospectus introduces that Jingfeng® multi-port laparoscopic surgical robots and Jingfeng® single-port laparoscopic surgical robots are the core products of Jingfeng Medical. The former was approved by the National Medical Products Administration in December 2022 and is currently used in urology, gynecology, general surgery, and thoracic surgery. The latter was approved for gynecological surgery in November 2023 and received registration approval in October 2024 to expand its application to urological and general surgical procedures.
These two products complement each other and have become the main force for Jingfeng Medical to open the market. According to the prospectus, as of June 30, 2025, Jingfeng Medical has signed global sales agreements for 61 core products based on contract sales. As of the latest practicable date, more than 12,000 and 2,000 robot-assisted clinical surgeries have been completed using Jingfeng® multi-port laparoscopic surgical robots and Jingfeng® single-port laparoscopic surgical robots, respectively.
It is worth mentioning that Jingfeng Medical's listed products are still increasing. It is reported that in January 2025, Jingfeng Medical also obtained approval from the National Medical Products Administration to register the Jingfeng® bronchoscopy robot. This product is a natural orifice surgical robot for natural orifice transluminal endoscopic surgery (NOTES), navigating around the lungs through a flexible robotic endoscope, designed specifically for diagnostic and therapeutic bronchoscopy procedures. Its commercialization in China officially started in September 2025.
Overall, with the continuous enhancement of the multi-horse-driven effect, Jingfeng Medical has shown growth momentum and strengthened capital confidence. The company has completed six rounds of financing, raising a total of over RMB 2 billion, with investors including dozens of institutions such as 3H Health, Boyu Capital, Legend Star, Temasek, Poly Capital, and Sequoia China. The company's valuation once exceeded USD 1.5 billion.
Investors also expect Jingfeng Medical to withstand competitive pressure and enter a more stable growth cycle.
Low Market Penetration, Intense Competition
In the field of surgical robots, it is hard to say that Jingfeng Medical has fully established itself.
First, it is necessary to realize that although China has a large patient population and a huge number of traditional minimally invasive surgeries that could potentially be performed using surgical robots, the penetration rate of laparoscopic surgical robots in China is still relatively low.
Jingfeng Medical's prospectus mentions that in 2024, the number of multi-port and single-port robot-assisted laparoscopic surgeries in the United States was 1.8 million, with a penetration rate of 21.9%, while in China, the number of robot-assisted laparoscopic surgeries was 143,243, with a penetration rate of only 0.7% of all laparoscopic surgeries.
This also means that domestic medical device companies have significant room for improvement. On one hand, they must dare to challenge the authority of industry pioneers: it is reported that Intuitive Surgical is the first company in the world to complete key clinical trials for multi-port and single-port laparoscopic surgical robots and has obtained regulatory approval. Its da Vinci surgical system has always dominated the global laparoscopic surgical robot market.
On the other hand, they must not fear the intensifying competition: according to the prospectus, in China, apart from Jingfeng Medical, there are seven other domestic companies developing laparoscopic surgical robots that have obtained registration approval or are in clinical trials, with Weigao, MicroPort Robotics, and Surgerii being strong competitors.
Amid the fierce competition, whether Jingfeng Medical can achieve synergy in R&D, production, and commercialization will be a key factor for the capital market to examine. Especially R&D, for industries with high technological demands like surgical robots, is a crucial aspect that must be firmly grasped.
In recent years, we can also see that technological advancements in artificial intelligence, 5G, remote surgery, and human-machine interaction are continuously improving the functionality of surgical robots. Jingfeng Medical has clearly entered an important stage of strengthening its technological moat.
Source: Pharmaceutical Research Society
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