CHINA SURGICAL ROBOTS #3: Accelerating Overseas Commercialization Supports Guidance Delivery; Domestic Softness Largely Expected

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CHINA SURGICAL ROBOTS #3: Accelerating Overseas Commercialization Supports Guidance Delivery; Domestic Softness Largely Expected

Equity Research

28 July 2026 | 5:14PM HKT

CHINA SURGICAL ROBOTS

#3: Accelerating Overseas Commercialization Supports Guidance

Delivery; Domestic Softness Largely Expected

Chinese surgical robotics companies have continued to attract significant investor Chris Pan, CFA

+852-2978-7993 | chris.pan@gs.com

attention given their long-term globalization potential, a theme we highlighted when Goldman Sachs (Asia) L.L.C.

we initiated coverage in April (thematic report, initiations here and investor Ziyi Chen

feedback). However, we believe recent overseas commercialization progress is yet +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

to be fully reflected in the share price, as investors remain focused on order

verification, the sustainability of overseas demand, and the sentiment impact from

Intuitive Surgical’s recent share price weakness (-30% in the past three months). We

remain constructive on the theme and believe continued evidence of overseas

commercial traction, procedure growth, and order execution will be key to

strengthen investor confidence and support further re-rating; reiterate our Buy

rating on Medbot and EdgeMed.

Global commercialization remains on track, with strengthening overseas

execution translating into accelerating financial performance.

n MicroPort MedBot’s July 22 profit alert marked a key inflection point, with

1H26 profitability achieved alongside c.200–230% yoy revenue growth, driven

by strong Toumai adoption and >450% yoy overseas revenue growth. Gross

margin expanded by more than 15ppt, supported by scale benefits and product

mix improvement. Investor focus is likely to remain on revenue sustainability and