Woofun AI reports that Karl Storz, widely recognized as the "King of Rigid Endoscopes," officially terminated its surgical robot operations on June 17, concluding a two-year strategic venture. This withdrawal follows a broader industry trend where Vicarious Surgical initiated delisting procedures in the United States in March, and CMR Surgical previously explored selling its business, prompting a wave of foreign entities to reconsider their market positions.

Concurrently, domestic Chinese surgical robot manufacturers have accelerated their pursuit of public listings at an unprecedented rate to secure survival capital. On June 22, Zhenjiankang Medical formally launched its initial public offering bid on the Hong Kong Stock Exchange, while Shurui Robot completed the IPO guidance process for the STAR Market on June 3, advancing its single-port robot toward listing. Ruichu Robot submitted its application to the HKEX main board on May 27, and Jingfeng Medical successfully listed on the HKEX on January 8. Despite these divergent trajectories, the central challenge remains identical: the imperative of long-term profitability. The sector has moved beyond storytelling to a phase demanding tangible commercial proof.

For Karl Storz, the decision to exit stemmed from the prohibitive costs and uncertain returns associated with independently developing a robotic platform. Domestic companies facing the IPO rush are similarly burdened by financial pressure, evidenced by stark loss figures. Ruichu Robot reported losses of 34.211 million yuan in 2023, 36.9998 million yuan in 2024, and 18.12 million yuan in the first half of 2025. Zhenjiankang Medical suffered net losses of -95.541 million yuan, -92.156 million yuan, and -56.734 million yuan across the same periods. Prolonged deficits have eroded capital market patience, making continued operations difficult without external funding.

Woofun AI data shows that given current expenditure rates, these firms cannot sustain long-term operations, rendering IPOs the most direct survival mechanism. The structural contrast is clear: foreign entities possess the financial reserves to withdraw strategically, whereas domestic players lack such options and must assume significant risks in the capital markets.

A life-or-death elimination race is now underway in the surgical robotics sector. Intuitive Surgical serves as the benchmark, having spent six years on its path to success; it installed its first surgical robot in 1998 and did not turn a profit until 2004. Similarly, Johnson & Johnson and Medtronic have only recently achieved profitability in this field.

However, with financing tightening in China, the question remains who will emerge as the ultimate winner by 2026. Karl Storz's withdrawal sent shockwaves through the market. On June 17, Storz announced the cessation of all research and development for the next-generation Luna surgical hardware platform and the discontinuation of the Asensus brand. The company also plans to gradually phase out after-sales support for the listed Senhance system and halt production entirely. Subsequently, Storz announced layoffs of 108 employees at its Asensus Surgical subsidiary in North Carolina, representing approximately 50% of the total workforce at that location.

Karl Storz stands as a hidden champion in the global endoscope and minimally invasive surgical equipment industry. In August 2024, the company acquired Asensus Surgical for nearly $100 million, paying a 67% premium to enter the surgical robot market. Storz was particularly interested in Asensus's next-generation LUNA surgical robot system, viewing it as a potential competitor to Intuitive Surgical's Da Vinci system. Yet, after just two years, the company officially withdrew, causing significant market stir. The rationale is straightforward: the competitive landscape is relatively stable, and for an endoscope company with annual revenues exceeding 2 billion euros, independently developing a robotic platform demands massive investment with highly uncertain returns. In the global soft tissue surgical robot market, Intuitive Surgical remains the undisputed leader, holding more than 80% of the market share. Medtronic's Hugo soft tissue robot system and Johnson & Johnson's Ottava follow closely behind.

In China, domestic surgical robots are making rapid progress despite the global consolidation. In terms of revenue during the first five months of 2026, Zhinian Medical ranked first with sales amounting to 149 million yuan, while Tianzhihang ranked second with 94 million yuan in revenue. Following them were Jingfeng Medical, Huake Precision, Tuodao Medical, and Minimally Invasive Robot, forming the first tier of domestic surgical robot companies. Regarding pricing, products from Jingfeng, Minimally Invasive, and Shurui cost only one-third to one-half of the price of Intuitive Surgical's Da Vinci system. In terms of sales volume, Huake Precision led the industry with 22 units sold, while Yake Intelligence and Tianzhihang both sold 10 units each, exceeding Zhinian Medical's 9 units and Medtronic's 8 units. This once-thriving sector is now entering a phase of consolidation. Not only Karl Storz but also Vicarious Surgical announced on March 4 that the NYSE had initiated its delisting process. Earlier, CMR Surgical, considered a challenger to the Da Vinci system, had been seeking to sell its business.

As foreign companies withdraw, domestic firms are rushing to list at an unprecedented pace. In just half a year, four prominent domestic surgical robot companies have reached a critical stage in their commercialization efforts. On June 22, Zhenjiankang Medical officially launched its IPO bid on the HKEX and is expected to list on June 30, aiming to become the first company in the field of puncture surgical robots to go public. On June 3, Shurui Robot completed the IPO guidance process for the STAR Market, taking another step toward listing. Ruichu Robot submitted its listing application to the main board of the HKEX, and Jingfeng Medical successfully listed on the HKEX on January 8. Jingfeng Medical is the only domestic surgical robot company to have successfully listed this year. As a leader in laparoscopic surgical robots, its commercial achievements have won recognition from investors, and in 2025 alone, it signed contracts for 92 surgical robots. Jingfeng Medical's revenue increased from 48.042 million yuan in 2023 to 160 million yuan in 2024 and then to 455.7 million yuan in 2025, a year-on-year increase of 185%.

However, in 2025, the company reported a net loss of 88.6 million yuan, a significant reduction compared to the 21.85 million yuan loss in 2024.

In addition to Jingfeng Medical, three other domestic surgical robot companies are considered hot candidates for IPOs, though their prospects remain uncertain. Ruichu Robot reported losses of 156,000 yuan, 0 yuan, and 0 yuan in 2023, 2024, and the first half of 2025, respectively. Zhenjiankang Medical suffered net losses of -95.541 million yuan, -92.156 million yuan, and -56.734 million yuan in the same periods, resulting in cumulative losses of nearly 250 million yuan over three years. With only approximately 78.7 million yuan in cash on hand, it is unlikely that the company will be able to sustain its operations in the long term. Prolonged losses have clearly diminished the capital market's patience. These companies share a similar story to Sizherui. Established in 2013, Sizherui was one of the early domestic companies to focus on laparoscopic surgical robots, with its core product being the Kangdu robot. On October 31, 2022, Sizherui's IPO application for the STAR Market was accepted by the Shanghai Stock Exchange, and on June 25, 2023, it submitted its registration documents.

However, its financial records show that it incurred losses of -32.2889 million yuan, -66.6326 million yuan, and -271 million yuan from 2020 to 2022. More than four years later, Sizherui is still in the registration phase. For investors, the narrative surrounding surgical robots is no longer about storytelling but about tangible commercial capabilities.

From Shurui Robot completing its IPO guidance process to Sizherui remaining in the registration phase, to Ruichu Robot submitting its listing application to the HKEX and Jingfeng Medical's commercial performance after listing, domestic surgical robots have entered a new critical stage. The question is no longer about which company will list first but about which one can present more convincing commercial data. This "robot war" has lasted for 40 years, and Intuitive Surgical's Da Vinci system is undoubtedly the "king." Medtronic, Johnson & Johnson, and Stryker each have their own unique technological strengths, but in the end, the only decisive factor remains long-term profitability. Even a company like Intuitive Surgical has struggled for six years to achieve success: it installed its first surgical robot in 1998 and turned a profit in 2004. In 2015, Johnson & Johnson partnered with Verily to establish VerbSurgical to enter the surgical robot market. In November 2020, it first introduced the Ottava surgical robot but did not submit its listing application until January 2026, and it had not yet achieved profitability at that time. Medtronic acquired MazorRobotics in 2018 to enter the surgical robot market, and it was not until February 2026 that the Hugo soft tissue robot system successfully conducted its first commercial surgeries in the United States, taking eight years to reach profitability. For latecomers, the challenges are enormous. Not only Karl Storz but also Siemens Medical previously announced its withdrawal from the vascular interventional surgical robot market. For other foreign companies, bankruptcy or sale are often the result of trying to limit losses in a timely manner.

In China, the development of domestic surgical robots began in 2010 when Tianzhihang launched its first-generation orthopedic surgical robot, Tianji. With the support of capital, domestic companies such as Tianzhihang, Minimally Invasive Robot, and Runmaid successively went public through IPOs, while companies like Weigao and Jingfeng Medical have entered the stage of realizing their commercial ambitions. Capital has provided substantial support, and from 2020 to 2022, the domestic surgical robot industry completed 27, 30, and 29 financing rounds respectively.

However, the trend of financing declined sharply in 2023. During this downward cycle, the capital market proved to be much more ruthless than expected. By 2024, only 9 financing rounds were completed in the surgical robot industry. For new entrants, this is a devastating blow. As many domestic surgical robot companies approach the IPO stage, some have already run out of options. On January 23, Shanghai Longhui Medical filed for bankruptcy, highlighting the reality that even companies that have obtained the third-class registration certificate for orthopedic surgical robots can collapse due to broken capital chains just one and a half years later. Earlier on, Weiyah Medical was auctioned off in bankruptcy, and the starting bid for its 17 patents, 72 trademarks, and fixed assets was only approximately 1.292 million yuan. Zhang Taihao of Zhengxin Valley Capital once mentioned that new entrants need to spend tens of millions of yuan annually on market expenses, and coupled with continuous research and development costs, they consume approximately 150 million yuan in cash each year.

However, most surgical robot companies have only raised 100 million to 300 million yuan in financing, which is far from enough to sustain their operations in the long term. In the next two or three years, a large number of surgical robot companies are likely to face delisting. As foreign companies choose to withdraw, domestic companies are just one step away from going public, but many of them are at risk of running out of funds. This marks a definitive shift where survival depends entirely on the ability to monetize technology rather than secure further venture capital.