MicroPort MedBot: Toumai hits 200+ global installation; EU markets gaining strong traction

Research evidence excerpt

MicroPort MedBot: Toumai hits 200+ global installation; EU markets gaining strong traction

J P M O R G A N Asia Pacific Equity Research

29 June 2026

MicroPort MedBot Overweight

2252.HK, 2252 HK

Toumai hits 200+ global installation; EU markets Price (26 Jun 26):HK$21.80

gaining strong traction Price Target (Dec-26):HK$42.00

MedBot’s latest operational update reinforces strong commercial execution for its Healthcare and SMID-Caps

ACToumai surgical robot, with installations and orders continuing to scale Derek Choi

meaningfully—particularly overseas. While it is not news that Toumai has (852) 2800-8744

achieved 300+ accumulative global orders and regional coverage of 60+ countries derek.c.choi@jpmorgan.com

(our note in mid-Jun), Medbot managed to gain strong traction in the EU markets, J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

particularly in Spain, probably with its leadership in remote surgery and rising

Yang Huang

brand equity. Overall, the update showcases that Medbot is on track to achieve its (852) 2800 3812

200 new installations target for FY26, and it supports our confidence in MedBot yang.huang@jpmorgan.com

that it can achieve Rmb1.3bn FY26 sales, which is above the Bloomberg consensus J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

estimate of Rmb1.1bn.

Eric Zhao, CFA

(86-21) 6106 6256

• Toumai surpasses 200 installed systems globally. MedBot announced eric.zhao@jpmorgan.comSAC Registration Number: S1730524050001

that Toumai has now exceeded 200 cumulative commercial installations J.P. Morgan Securities (China) Company Limited

worldwide, with the milestone 200th unit deployed at HM Hospitales in

Spain. Notably, all installed systems have received formal customer