Running out three "accelerations" in eight years? 02697

The subscription ratio for financing is 682.43 times, the stock price rose by 216.96% on the first day of listing, and the total market value reached 14.26 billion Hong Kong dollars - the market's pricing of Truly Health Medical (02697) has been continuously adjusted upward. On July 13th, the company's stock price broke a new high since its listing, reaching a peak of 500 Hong Kong dollars, nearly tripling from the issue price, and the total market value once exceeded 17.1 billion Hong Kong dollars. How can a surgical Siasun Robot & Automation company, with an annual income just over tens of millions, attract such high attention in the capital market? Medical devices have always been recognized as a "slow business": the registration of Class III medical devices often requires years of accumulation, the commercial verification period is longer, and many innovative medical device companies fail on the road from clinical trials to the market. However, Truly Health Medical, founded in 2018, completed the entire process from laboratory research and development, product approval, commercial validation to listing on the Hong Kong stock market in just eight years. The answer behind it lies in three "accelerations". Product acceleration: The first breakthrough in the first certification of products in the registration barrier The registration period for Class III medical devices is usually long, but Truly Health Medical's rhythm of obtaining certifications in the field of percutaneous puncture and ablation surgery Siasun Robot & Automation is clearly ahead of the industry. In May 2022, TH-S1 obtained the first Class III medical device registration certificate in the field of percutaneous puncture surgery Siasun Robot & Automation in China; in June 2023, TH-S was approved and recognized by the National Medical Products Administration as "China's first"; in September 2024, TH-X MW was approved for the treatment of liver tumors and recognized as "internationally innovative"; in April 2026, the indication of TH-X MW was further expanded to include lung tumor treatment. Up to now, excluding consumables, Truly Health Medical has obtained 8 national medical device Class III registration certificates and 2 Class II medical device registration certificates, a total of 10 products have obtained market approval. Among the 21 percutaneous puncture surgeries Siasun Robot & Automation approved in China, Truly Health Medical has 5 approvals from the National Medical Products Administration, making it the enterprise with the earliest approval time and the most approved products in this sub-segment field. Behind the speed is a technical base of "brain-eye-hand" integration: the intelligent imaging analysis system completes three-dimensional reconstruction, lesion identification, and path planning; the optical navigation system tracks instrument positions in real-time; the robotic arm control and respiration tracking system are used to address target displacement caused by respiratory movement. From preoperative planning, intraoperative guidance to postoperative evaluation, Truly Health Medical has established a complete technical loop for percutaneous puncture surgery. Fast certification is not accidental, but the result of the collective action of technological route, clinical validation, and registration capability. Market acceleration: From equipment validation to revenue surge, the advantages of being first are beginning to pay off Approval of products is only the beginning, the real test is in commercialization. In 2025, Truly Health Medical delivered six systems, including two TH-S systems, one TH-P system, one TH-S Pro system, and two TH-X MW systems. Driven by the increase in delivery volume, the company's revenue increased from 1.791 million yuan in 2024 to 12.178 million yuan in 2025, with a gross profit margin increasing to 76.3%. It is worth noting that the market share definition in the prospectus corresponds to the percutaneous puncture and ablation surgery Siasun Robot & Automation market. Data from Burness Consulting shows that in 2025, the company's actual shipments in this market totaled 4 units, giving it a market share of 36.4% based on shipments, ranking first nationwide; and a market share of 28.0% based on revenue, also ranking first. In terms of business models, equipment delivery is driving consumable sales to contribute to revenue. In 2025, the company's consumable sales revenue was 1.358 million yuan, accounting for approximately 11.2% of total revenue, indicating that the model of "equipment installation + consumable repurchase" is beginning to take shape. Publicly available information shows that the company's products have entered nearly 100 medical institutions nationwide, completing over 7,200 surgeries, covering procedures such as puncture biopsy, preoperative positioning, tumor ablation, and particle implantation. Real-world evidence cited in the prospectus also shows a success rate of 100% in related studies. These clinical application data provide important support for subsequent commercial promotion. At the same time, the company's product matrix covers the needs of different levels of medical institutions: the TH-S series targets high-end scenarios such as tertiary hospitals, the TH-P series serves the sinking market with a more compact solution, and the TH-X series extends applications from puncture navigation to microwave ablation therapy. On the channel side, the company has cooperated with 27 domestic distributors, covering customers in 23 key provinces. In terms of policy, in January 2026, the National Medical Insurance Administration issued guidelines for the project approval of surgical and therapeutic auxiliary operation medical services prices, establishing a clearer pricing framework for the charges of Siasun Robot & Automation related operations, helping hospitals evaluate the clinical value and economy of related products. Capital acceleration: Completing the listing loop in eight months, the scarce track welcomes revaluation From stock reform to listing, Truly Health Medical's listing process also reflects high efficiency. The stock reform was completed on October 29, 2025, the confidential application was submitted on December 8, 2025, the company received a notice of record filing from the China Securities Regulatory Commission on May 19, 2026, publicly disclosed on May 31, passed the hearing on June 12, and officially listed on the Hong Kong Stock Exchange on June 30. In eight months, the company completed the key points from state-owned enterprise reform to listing on the Hong Kong stock market. The capital market also provided direct feedback. During the IPO process, the company's financing subscription ratio reached 682.43 times; on the first day of listing, the company's stock price closed at 400 Hong Kong dollars, up 216.96% from the offer price of 126.20 Hong Kong dollars, with a total market value of 142.6 billion Hong Kong dollars. This attention is not simply due to the excitement of new stocks, but is also supported by the growth potential of the track. According to Burness Consulting data, the market size of percutaneous puncture and ablation surgery Siasun Robot & Automation in China is expected to increase from 25.7 million yuan in 2025 to 1.386 billion yuan in 2031, with a compound annual growth rate of 78.3% from 2026 to 2031; the number of assisted puncture surgeries Siasun Robot & Automation is expected to increase from 2200 cases in 2025 to 290,400 cases in 2031, with a compound annual growth rate of 102.6% from 2026 to 2031. The three "speed" are closely linked: fast product certification builds a time barrier; fast market promotion verifies the commercialization path; fast listing process provides capital ammunition for subsequent research and channel expansion. However, the underlying support throughout is Truly Health Medical's technical accumulation in "percutaneous positioning and precision treatment" and the product loop from puncture to ablation. For hard-tech companies, "fast" has never been simply a pursuit of speed, but the result of multiple capabilities in research and development, registration, clinical trials, and commercialization being in place simultaneously. Listing is not the end point, but a new starting point for Truly Health Medical to enter the next stage of commercial validation.