1、Asia Pacific Equity Research03 September 2025J P M O R G A NMicroPort MedBotSustained overseas growth and continued margin expansion;upgrade to OW OverweightPrevious:Neutral2252.HK,2252 HKPrice(02 Sep 25):HK$25.00Price Target(Dec-26):HK$30.90Prior(Jun-26):HK$19.10Healthcare and SMID-CapsDerek Choi A

2、C(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedYang Huang(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedDenise Yan,CFA(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedEric Zha

3、o,CFA(86-21)6106 SAC Registration Number:S1730524050001J.P.Morgan Securities(China)Company LimitedKey Changes(FYE Dec)PrevCurRevenue-25E(Rmb mn)534502Style ExposureWe raise our rating on MedBot to Overweight after a strongerthanexpected order trend in 1H25,which confirms a structural shift in growth

4、 and profitability drivers for the company.Revenue rose 77%YoY to RMB 176mn with net loss narrowing 59%in 1H25,while overseas sales surged 189%to account for 58%of total revenue,validating the overseas business as the core engine.Sales of consumables for surgical robots now exceed 10%of total revenu

5、e with higher margins,setting up gross margin expansion driven by an improved product mix.Plus,more products are approved,including single-port Toumai,the worlds first Toumai Remote approval in China,and Honghus multiregion approvals.Management guided 85%revenue growth in FY25E,with further loss red

6、uction,tightly controlled capex(RMB 510mn),and free cash outflow 60(incl.16 overseas installs in 1H25,27 overseas cumulative).Honghu ortho robot is approved in China/US/EU,with 55 orders,35 installs,and 2,500 TKA/THA(total knee/hip arthroplasty)cases operated on Honghu.Vascular robot RONE have been