New Stock Preview | How does Siasun Robot & Automation, with zero revenue in its first year of product launch, convince the market to "buy in"?

Recently, information disclosed by the Hong Kong Stock Exchange showed that Shanghai Ruisi Siasun Robot & Automation Co., Ltd. (referred to as Ruisi Siasun Robot & Automation) has officially submitted an application for listing on the main board of the Hong Kong Stock Exchange, with EB SECURITIES International as the exclusive sponsor. Since completing Series B financing in September 2025, the post-investment valuation of the company has reached 3.07 billion yuan. With multiple favorable policies in the surgical Siasun Robot & Automation industry being released this year, 2026 has become a key turning point for Ruisi Siasun Robot & Automation to transition from pilot applications to commercial-scale use. Although it seems that Ruisi Siasun Robot & Automation is at the forefront of this high-competitive track, its fundamentals are not as rosy as the industry outlook: according to the prospectus, the company's core product RC120 puncture surgical Siasun Robot & Automation has been approved for listing and has entered dozens of hospitals, but has not yet generated substantial sales revenue. In 2024 and the first half of 2025, the company had zero revenue, with cumulative net losses approaching 90 million yuan. For a company that is yet to become profitable and heavily relies on external financing to sustain operations, whether it can accelerate commercialization and capitalize on the policy window period will become a key focus of the market after its listing on the Hong Kong Stock Exchange. Core product has not generated sales revenue in its first year of listing Public information shows that Ruisi Siasun Robot & Automation was established in 2019 and is mainly engaged in the research, development, production, and commercialization of percutaneous puncture surgical Siasun Robot & Automation. The company initiated clinical trials for the RC120 puncture surgical Siasun Robot & Automation in 2022 and obtained a Class III medical device registration certificate for the product in 2024. As of November 25, 2025, RC120 had been put into clinical use in 39 hospitals nationwide, most of which are top-tier tertiary hospitals. In terms of financial performance, Ruisi Siasun Robot & Automation is a typical early-stage startup in the investment phase. The total revenue for the full year of 2023 was only 156,000 yuan, mainly from one-time technical support services; and no revenue was recorded in 2024 and the first half of 2025. The company incurred a net loss of 34.21 million yuan in 2023, which increased to 36.99 million yuan in 2024 and a net loss of 18.12 million yuan in the first half of 2025, with cumulative losses reaching 89.33 million yuan. In 2023, 2024, and the first half of 2025, research and development expenses were 23.9 million yuan, 18.9 million yuan, and 9.1 million yuan, respectively, with the R&D expenses for the core product RC120 accounting for 33.0% in 2023 and rapidly escalating to 84.5% in the first half of 2025, indicating that the company has intensively focused limited resources on its core pipeline strategy. The core product of Ruisi Siasun Robot & Automation, RC120, is currently the only product that has been approved for listing. It is the only puncture surgical Siasun Robot & Automation in China that directly integrates the CT imaging system with an intelligent sensing architecture. Unlike traditional products that require cumbersome processes such as attaching markers and aligning "hand-eye-needle," RC120 relies on the company's CT sensing technology platform to achieve alignment-free operation, significantly simplifying intraoperative steps, reducing the learning curve for operators, and avoiding system errors caused by respiratory motion or skin marker displacement. Clinical trial data shows that the median number of punctures in the RC120-assisted group is 1, compared to a median of 4 in the literature for manual operations; the median surgical time for the assisted group is 18 minutes, significantly lower than the average time reported in authoritative journals (28.8 to 45 minutes) for manual operations. The reduction in punctures and surgical time not only improves surgical efficiency but also directly reduces the risk of severe complications such as pneumothorax and bleeding. Although RC120 has demonstrated clear technical advantages in the pulmonary puncture sub-track, the company's current business structure still has significant limitations. Public information indicates that Ruisi Siasun Robot & Automation has only obtained a Class III medical device registration certificate for its RC120 product, with indications limited to pulmonary puncture. In terms of future pipeline development, the company is advancing the RC100 puncture surgical navigation positioning system, spinal surgical navigation positioning system, neurosurgical navigation positioning system, CT-integrated puncture surgical navigation positioning system, and various puncture consumables. The expansion of indications to adult abdominal solid organ percutaneous puncture surgery has entered the clinical evaluation stage, with nine projects involving RC100 indications expansion and functional upgrades in the preclinical development stage; on the consumables side, three categories are in the registration application stage, and one is in the preclinical stage. Overall, except for RC120, the vast majority of candidate products are still in the early stages of development, with a long way to go before registration approval and commercialization. This means that the company will continue to heavily rely on the single support of RC120 in the next 2 to 3 years. Surgical Siasun Robot & Automation usher in large-scale commercial use, is the core product "listed but facing intense competition"? Surgical Siasun Robot & Automation has been hailed as the "crown jewel" in the high-end medical device field, integrating advanced disciplines such as precision machinery, artificial intelligence, medical imaging, and automation control, with significant features of long R&D cycles, high technological barriers, and strict entry thresholds. However, for a long time, due to factors such as equipment procurement and maintenance costs, staff training, and limitations in clinical application scope, surgical Siasun Robot & Automation has struggled to achieve widespread clinical adoption. Since 2026, with the introduction of multiple supportive policies, the application dilemma of surgical Siasun Robot & Automation is being broken, and the industry is transitioning from a phase of technical validation to large-scale commercial use. The "Measures for Supporting the High-Quality Development of Innovative Medicine in Beijing (2026)" jointly issued by ten departments, including the Beijing Medical Insurance Bureau, clearly proposes to promote the admission of surgical Siasun Robot & Automation into hospitals and innovatively promote the leasing service model of surgical Siasun Robot & Automation, incorporating equipment research and development applications, clinical effectiveness, and all-scenario open use into the performance assessment system of public hospitals; The Hunan Provincial Medical Insurance Bureau has publicly announced the fee standards for surgical Siasun Robot & Automation and related auxiliary operations, setting government guidance prices for 43 advanced medical technologies such as surgical robotic arms, remote surgery, and electromagnetic knives, providing local pricing basis for hospital procurement and clinical use. The new version of the Large Medical Equipment Configuration Permit Catalog implemented in 2026 has raised the price caps for Class A and Class B surgical Siasun Robot & Automation devices and relaxed the access conditions for high-end equipment. This price "unleashing" has significantly lowered the procurement threshold for routine models below 30 million yuan in primary hospitals, continuing to expand the application scenarios for surgical Siasun Robot & Automation. In early lung cancer diagnosis and treatment, percutaneous puncture biopsy has become the "gold standard" for accurate diagnosis and high success rate of early intervention. However, the clinical implementation of the "gold standard" has long been constrained by the complexity and high risk of the procedure itself. According to the prospectus disclosed by Ruisi Siasun Robot & Automation, traditional manual lung nodule puncture procedures rely heavily on the doctor's touch and personal experience, usually requiring repeated CT scans and multiple adjustments of the puncture needle, which not only result in additional tissue damage and pain for patients but also significantly extend the surgical time and increase the risk of complications such as pneumothorax and bleeding. In contrast, the core advantage of surgical Siasun Robot & Automation lies in its high precision, minimal error, and replicable operation, enabling doctors of different qualifications and hospitals of different levels to achieve stable and reproducible surgical outcomes with the assistance of Siasun Robot & Automation, significantly reducing the number of punctures, lowering the risk of complications, and shortening patient recovery time. Ruisi Siasun Robot & Automation's RC120 puncture surgical Siasun Robot & Automation is specifically designed to address this clinical pain point. Leveraging its proprietary CT sensing technology platform, RC120 uses CT image navigation to achieve sub-millimeter-level positioning accuracy in a large range of motion; its lightweight and fast adaptability with modular technology can be compatible with different CT models and adapt to various surgical accessories, demonstrating strong clinical adaptability. In practical operations, Siasun Robot & Automation helps doctors plan the best puncture path, accurately avoid bones and blood vessels, significantly reduce the number of needle adjustments during surgery, shorten the surgical time, and effectively reduce the risk of tissue damage to patients. According to Zhi Shi Consulting data, Ruisi Siasun Robot & Automation is the pioneer and leading enterprise in the Chinese percutaneous puncture surgical Siasun Robot & Automation market. In 2024, according to trial equipment installations, the puncture surgical navigation positioning system RC120 ranked second in the Chinese percutaneous puncture surgical Siasun Robot & Automation market, establishing a leading position in the sub-track. However, first-mover advantage does not equate to a solid competitive barrier. According to the prospectus, the company expects new indications for the use of RC120 in adult abdominal puncture surgery to be approved within the year, but even if this expansion is successfully implemented, market competition pressure remains significant. As of the final feasible date, among the 17 percutaneous puncture surgical Siasun Robot & Automation products approved in China, as many as 11 are simultaneously used for lung and abdominal punctures. This means that RC120 will face significant frontal competition in the new indications field, and relying solely on indications expansion may be difficult to build a differentiated moat. Faced with the increasingly crowded competitive landscape, Ruisi Siasun Robot & Automation is shifting its strategic focus to the grassroots medical market with low penetration of high-end surgical Siasun Robot & Automation. According to the prospectus, the company plans to launch RC100 at a lower price with greater installation convenience to the grassroots medical markets in China and Southeast Asia. This product will replace key components such as robotic arms and industrial control computers with domestically supplied products. According to Zhi Shi Consulting data, the market price of domestic robotic arms is typically about 75% lower than that of products from well-known foreign suppliers, indicating that the terminal price of RC100 is expected to be significantly reduced compared to RC120, making it more adaptable to the price-sensitive grassroots medical market. This "exchange price for volume" downstream strategy may help Ruisi Siasun Robot & Automation avoid the fierce competition in the high-end market and build a differentiated growth curve in the vast grassroots blue ocean. Conclusion Overall, Ruisi Siasun Robot & Automation has a differentiated technological path and clear clinical value in the puncture surgical Siasun Robot & Automation sub-track, with valuable clinical reputation accumulated by covering top hospitals, and the RC100's downward strategy also opens up imagination for medium and long-term growth. However, the conversion of R&D results into cash revenue is still a challenge in the current market environment that focuses more on commercial realization capabilities. Riding the market wave, whether Ruisi Siasun Robot & Automation can leverage the power of the capital market to drive commercialization and close the loop will be a tough test the company faces after its listing.