The H1 2026 results for the three NEEQ-listed endoscope companies are in, revealing three distinctly different business strategies.
We reviewed annual filings of three NEEQ-listed endoscope manufacturers: Seesheen, Tiansong Medical and Fanxing Medical. These three firms represent three typical operational trajectories in the sector, differentiated by endoscope product portfolios and business status. Comments are welcome.
Operating Performance Comparison (1H 2026, Unit: RMB Ten Thousand)
> One firm growing, one contracting, one climbing out of losses
1. Seesheen
Operating revenue reached RMB 88.60 million, up 13.52% year‑on‑year. Growth stemmed from robust overseas sales expansion.
Taike Medical (animal-use) contributed RMB 26.24 million, nearly 30% of consolidated revenue.
2. Tiansong Medical
Operating revenue hit RMB 39.52 million, down 16.71% YoY. Domestic revenue fell 25.91%, while overseas grew 4.25%.
Notable: Domestic gross margin stood at 68.21%, up 1.36 percentage points YoY.
3. Fanxing Medical
Revenue RMB 6.94 million (+9.25% YoY). A mild rebound from a drastically reduced baseline.
Highly concentrated: Top-five customers made up 54.44% of total revenue.
Profitability: Larger Revenue Does Not Equal Higher Profit
Tiansong’s net profit reached 5.6 times that of Seesheen (RMB 10.16m vs RMB 1.81m), despite having less than half the revenue. The gap originates from sales expenses:
- ● Seesheen: Sales expenses RMB 27.84m (31.43% of revenue). Volume-driven strategy weighs on profitability.
- ● Tiansong Medical: Sales expenses RMB 2.67m (6.77% of revenue). Exceptional efficiency via a mature distribution network.
- ● Fanxing Medical: Sales expenses RMB 2.23m (32.16% of revenue). Downsizing regional markets to cut costs.
R&D Investment & Regulatory Clearances
| Company | R&D Spend (% of Rev) | 2026 Approvals |
|---|---|---|
| Seesheen | RMB 18.35m (20.72%) | Bronchoscope, nasopharyngoscope, GI endoscope, processor |
| Tiansong | RMB 5.67m (14.36%) | Optical cystoscope, arthroscope |
| Fanxing | RMB 1.31m (18.89%) | Endoscope processor & light‑source unit |
Estimated Monthly Compensation
1. Seesheen: CNY 17,954
2. Tiansong Medical: CNY 13,381
3. Fanxing Medical: CNY 9,243
Concluding Observations
Combined 1H revenue for these three companies totals RMB 135 million—less than one-thousandth of the USD 29.5 billion global market. While they cannot reshape the global landscape yet, they serve as representative samples for China’s broader end-device industry.
Footnote: Global endoscopy market reached USD 29.5 billion in 2024. Data source: company annual report.
Beyond the Three Reports: A Partner for the Broader Endoscopy Ecosystem
The three NEEQ-listed companies above illustrate a hard truth: revenue scale alone does not determine profitability. For the vast majority of domestic endoscope manufacturers – and the distributors who serve them – the same logic applies to the consumables side of the business.
ZRHmed (Jiangxi Zhuoruihua Medical Instrument Co., Ltd.) is a Chinese manufacturer of disposable endoscopic consumables, with a portfolio covering both gastroenterology and endourology: biopsy forceps, polypectomy snares, hemostatic clips, sclerotherapy needles, guidewires, stone retrieval baskets, Sphincterotome, nasal biliary drainage catheters, and UAS with suction.
Core products are MDR CE certified and produced under ISO 13485:2016 quality systems, with exports to over 80 countries.
What sets ZRHmed apart is our regulatory responsiveness. We provide support within 3–5 working days, helping partners navigate local registration and market access. Combined with direct factory pricing, ZRHmed offers distributors a way to protect margins without sacrificing quality.
Post time: Oct-15-2026