Core Viewpoint - The financial performance of United Imaging Healthcare (688271) shows significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational efficiency and market demand for its medical imaging and treatment solutions [2]. Financial Performance - For the first three quarters of 2025, the company's main revenue reached 8.859 billion yuan, a year-on-year increase of 27.39% [2]. - The net profit attributable to shareholders was 1.12 billion yuan, up 66.91% year-on-year [2]. - The net profit excluding non-recurring items was 1.053 billion yuan, reflecting a substantial increase of 126.94% year-on-year [2]. - In Q3 2025 alone, the company reported a single-quarter main revenue of 2.843 billion yuan, a remarkable increase of 75.41% year-on-year [2]. - The single-quarter net profit attributable to shareholders was 122 million yuan, showing a year-on-year growth of 143.8% [2]. - The single-quarter net profit excluding non-recurring items was 87.6141 million yuan, up 126.24% year-on-year [2]. - The company's debt ratio stands at 30.08%, with investment income of 606.847 million yuan and financial expenses of -438.233 million yuan, while the gross profit margin is 47.02% [2]. Market Activity - As of December 11, 2025, the stock price of United Imaging Healthcare closed at 128.7 yuan, down 0.84% with a turnover rate of 0.31% [1]. - The trading volume was 25,700 hands, with a total transaction value of 332 million yuan [1]. - On December 11, the net outflow of main funds was 26.0505 million yuan, accounting for 7.85% of the total transaction value, while retail investors saw a net inflow of 13.9798 million yuan, representing 4.21% of the total transaction value [1]. Analyst Ratings - In the last 90 days, 25 institutions have provided ratings for the stock, with 18 giving a buy rating and 7 an overweight rating [2]. - The average target price set by institutions over the past 90 days is 17.312 billion yuan [2].

Summary of Conference Call on China Healthcare Industry and Companies Industry Overview - **Sector**: China Healthcare, specifically focusing on hospital equipment bidding - **Key Data**: November 2025 public hospital medical equipment bidding value increased by **15% YoY**, surpassing previous expectations of flat-to-low single-digit growth [1] Core Insights - **Bidding Activity**: - The increase in bidding value was unexpected, as leading indicators suggested weaker dynamics for 2025 compared to 2024 [1] - United Imaging indicated that while trade-in program execution is faster than last year, some procurement may be deferred to 2026, suggesting a recovery in non-trade-in demand [1] - **Future Outlook**: - A cautious stance is maintained for bidding activity into December 2025 and the first half of 2026 due to tougher base effects and uneven trade-in execution across regions [2] - The base-case assumption for bidding value has been revised from a flat-to-single-digit decline to flat-to-modest YoY growth for December 2025 and 1H26 [2] Company-Specific Insights United Imaging - **Performance**: - Domestic revenue grew **73% YoY** in 3Q25, driven by previous hospital bidding revenue recognition; overseas revenue increased by **81% YoY** [14] - Service revenue grew **22% YoY**, indicating resilience to economic cycles [14] - November growth was **30% YoY**, significantly higher than the industry average of **15%** [14] - **Valuation**: - Currently trading near its median P/E multiple since listing, with significant long-term net profit growth potential anticipated [14] Mindray - **Performance**: - Core businesses showed mixed results: PMLS grew **2.6%**, MI grew **1%**, while IVD declined **2.8%** in 3Q25 [16] - Domestic PMLS revenue decline narrowed to **-25%** from **-57%** in 1H25, with overseas sales up **14% YoY** [16] - Management expects destocking to complete by 4Q25, with revenue recovery anticipated in 2026 [16] - **Growth Drivers**: - Long-term double-digit growth supported by recurring business in China and market share gains in emerging markets [16] - High-potential products expected to drive significant revenue growth in China from 2024 to 2035 [16] Risks and Challenges - **Mindray**: - Risks include potential impacts from VBP on product pricing, challenges in penetrating top-tier hospitals, and difficulties in entering North American and European markets [77] - **United Imaging**: - Risks include chip supply chain issues, raw material risks, macroeconomic downturns in China, and potential VBP risks [78] Investment Ratings - **Mindray**: Rated as "Buy" with a 12-month target price of **Rmb285**, indicating an upside of **43.4%** [79] - **United Imaging**: Rated as "Buy" with a 12-month target price of **Rmb174**, indicating an upside of **34.9%** [82] Conclusion - The China healthcare equipment sector is showing signs of recovery with better-than-expected bidding activity, particularly for United Imaging. Mindray is facing challenges but has potential growth drivers in emerging markets and high-potential products. Both companies are rated as "Buy" with significant upside potential.

Core Insights - China is a significant market for global medical AI solutions, benefiting from technological advancements, high-quality medical data accumulation, supportive national policies, and growing market demand, leading to rapid growth in AI applications in healthcare [1][4]. Market Size and Growth - The market size for medical AI solutions in China is projected to grow from 9.1 billion yuan in 2021 to 16.4 billion yuan in 2024, with L1 solutions increasing from 5.8 billion yuan to 9.4 billion yuan, L2 solutions from 3.3 billion yuan to 6.9 billion yuan, and L3 solutions at 0.1 billion yuan [1][4]. - By 2025, the market size is expected to reach 18.2 billion yuan, with L1 solutions at 9.8 billion yuan, L2 solutions at 7.8 billion yuan, and L3 solutions at 0.6 billion yuan [1][4]. Industry Definition and Applications - Medical AI solutions utilize AI technologies such as machine learning, deep learning, natural language processing, and big data analysis to enhance various medical processes, including diagnosis, treatment, drug development, and hospital management [2][3]. - The industry is evolving from L1 and L2 solutions, which provide supportive insights, to L3 and L4 autonomous agents capable of executing tasks independently [2][3]. Industry Development Status - The integration of general large model capabilities with medical knowledge bases is driving the transition of medical AI solutions towards higher levels of autonomy [3][4]. - The global market for medical AI solutions is expected to grow from 23.2 billion yuan in 2021 to 40 billion yuan in 2024, with L1 solutions increasing from 13.9 billion yuan to 21.1 billion yuan, L2 solutions from 9.3 billion yuan to 18.7 billion yuan, and L3 solutions at 0.2 billion yuan [4]. Industry Chain - The medical AI solutions industry chain includes upstream data supply, hardware providers (chips, servers), cloud services, operating systems, and algorithms, with midstream companies providing AI solutions and downstream applications in healthcare institutions, pharmaceutical companies, and individual patients [5]. Policy Environment - The Chinese government has prioritized the application of AI in healthcare, implementing policies to support AI in medical diagnosis, health management, and insurance regulation, which are expected to accelerate the development of AI in healthcare [5]. Competitive Landscape - The industry features a competitive landscape with local giants, vertical startups, and multinational companies. Key players include iFlytek Medical, Baidu, United Imaging, CloudWalk, Weining Health, and Mindray Medical [7]. - iFlytek Medical is a leading company in the AI healthcare sector, leveraging its large model to empower various healthcare stakeholders and has developed comprehensive AI solutions for hospitals and primary care institutions [9][11]. Revenue Structure of Key Players - iFlytek Medical reported a revenue of 299 million yuan in the first half of 2025, with contributions from various solutions: 84 million yuan from primary care solutions, 58 million yuan from regional solutions, 53 million yuan from hospital solutions, and 104 million yuan from patient management services [11]. - The company aims to build a robust B-end ecosystem to strengthen its commercial channels [9]. Future Trends - The development of the medical AI industry will be driven by a combination of technology, data, scenarios, and regulation, leading to a more mature, deeper, and broader market landscape [12].

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

证券之星消息，截至2025年12月10日收盘，联影医疗(688271)报收于129.79元，上涨0.63%，换手率 0.35%，成交量2.91万手，成交额3.76亿元。 12月10日的资金流向数据方面，主力资金净流出925.4万元，占总成交额2.46%，游资资金净流出 1558.56万元，占总成交额4.14%，散户资金净流入2483.96万元，占总成交额6.6%。 近5日资金流向一览见下表： | 指标 | 联影医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 1069.67亿元 | 108.96亿元 | 2 124 | | 净资产 | 208.05亿元 | 39.1亿元 | 3 124 | | 净利润 | 11.2亿元 | 2.12亿元 | 5 124 | | 市盈率(动) | 71.62 | 62.74 | 66 124 | | 市净率 | 5.14 | 3.79 | 105 124 | | 毛利率 | 47.02% | 51.22% | 77 124 | | 净利率 | 12.44% | 9.57% | 56 124 | | ROE | 5. ...

Group 1 - The core point of the article is that Shanghai United Imaging Healthcare Co., Ltd. has won a bid for the maintenance service procurement of large medical equipment at Shouxian People's Hospital, with a bid amount of 685,000.00 [1][2] - The procurement was officially announced on December 7, 2025, indicating the ongoing investment in healthcare infrastructure in Anhui Province [2] - Shanghai United Imaging Healthcare Co., Ltd. has a significant presence in the market, having participated in 8,516 bidding projects and invested in 21 companies [1] Group 2 - The company holds a substantial amount of intellectual property, including 894 trademark registrations, 5,562 patents, and 109 copyrights, which reflects its innovation capabilities [1] - Additionally, the company has obtained 457 administrative licenses, indicating compliance with regulatory requirements in the healthcare sector [1]

Core Viewpoint - The stock of United Imaging Healthcare (688271) has shown a decline in price and significant net outflow of funds, indicating potential investor concerns despite strong financial performance in recent quarters [1][2]. Financial Performance - For the first three quarters of 2025, United Imaging Healthcare reported a main revenue of 8.859 billion yuan, a year-on-year increase of 27.39% [3] - The net profit attributable to shareholders was 1.12 billion yuan, up 66.91% year-on-year [3] - The third quarter alone saw a main revenue of 2.843 billion yuan, representing a 75.41% increase year-on-year, with a net profit of 122 million yuan, up 143.8% [3] - The company’s gross margin stands at 47.02% [3] Market Position - United Imaging Healthcare has a total market capitalization of 106.91 billion yuan, ranking second in the medical device industry [3] - The company’s net assets are 20.805 billion yuan, ranking third in the industry [3] - The price-to-earnings ratio (P/E) is 71.58, which is higher than the industry average of 65.06 [3] - The return on equity (ROE) is 5.5%, significantly above the industry average of 0.15% [3] Fund Flow Analysis - On December 8, 2025, the stock price closed at 129.72 yuan, down 0.68%, with a total trading volume of 34,300 hands and a transaction amount of 444.5 million yuan [1] - The net outflow of main funds was 26.99 million yuan, accounting for 6.06% of the total transaction amount [1][2] - Retail investors showed a net inflow of 10.97 million yuan, indicating some level of interest from smaller investors [1][2] Institutional Ratings - In the last 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings [4] - The average target price set by institutions over the past 90 days is 173.12 yuan [4]

近日，全球放射学界规模最大的会议——北美放射学年会（RSNA）在芝加哥召开。 在本届RSNA上，联影集团携一批高端医疗装备及十余款医疗智能体集体亮相。其中，由联影集团子公 司联影医疗自主研发的原生智能超声家族uSONIQUE系列、世界首台"摄像"磁共振uMR Ultra、全球首 创双宽体双源CT成像系统uCT SiriuX、业界首款智慧仿生空中机器人血管造影系uAngio AVIVA、uMI Panvivo PET/CT家族等一系列AI赋能下的高端影像设备悉数亮相，并有多款产品为首次亮相RSNA。 具体来看，联影uSONIQUE超声家族继11月在中国首次亮相后，本次登陆RSNA意味着正式的全球发 布。uSONIQUE超声家族包括了从超高端到高端、中端再到经济型全系列超声产品矩阵，涵盖台式、便 携、掌上等多种形态产品。据介绍，联影通过为超声量身打造uEDGETEC技术平台，以"原生AI"赋能全 超声产品线，推动超声诊疗从"依赖人工"向"智能自主"、从"个体经验"向"标准均质"、从"特定场 景"向"全域覆盖"的跃迁。以智能工作流中的切面识别为例，单切面扫查时间仅需要10s，相较传统的一 分钟以上，效率提升88%。 ...

证券之星消息，截至2025年12月5日收盘，联影医疗(688271)报收于130.61元，上涨1.35%，换手率 0.44%，成交量3.64万手，成交额4.7亿元。 | 指标 | 联影医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 1076.43亿元 | 110.35亿元 | 2 124 | | 净资产 | 208.05亿元 | 39.1亿元 | 3 124 | | 净利润 | 11.2亿元 | 2.12亿元 | 5 124 | | 市盈率(动) | 72.07 | 64.34 | 66 124 | | 市净率 | 5.17 | 3.85 | 105 124 | | 毛利率 | 47.02% | 51.22% | 77 124 | | 净利率 | 12.44% | 9.57% | 56 124 | | ROE | 5.5% | 0.15% | 46 124 | 联影医疗2025年三季报显示，前三季度公司主营收入88.59亿元，同比上升27.39%；归母净利润11.2亿 元，同比上升66.91%；扣非净利润10.53亿元，同比上升126.94%； ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting it to outperform the CSI 300 index by more than 10% in the next six months [4][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.25% from November 21 to December 4, 2025, which is approximately 0.85 percentage points lower than the index [4][11]. - Most sub-sectors within the industry recorded negative returns during the same period, with the pharmaceutical distribution and offline pharmacy sectors showing positive growth of 4.18% and 0.37%, respectively. In contrast, the medical research outsourcing and vaccine sectors experienced declines of 4.57% and 4.45% [4][12]. - Approximately 35% of stocks in the industry recorded positive returns, while about 65% saw negative returns during the reporting period [4][13]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.20 times as of December 4, 2025, indicating a decline in industry valuation [4][17]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.25% from November 21 to December 4, 2025 [11]. - Most sub-sectors recorded negative returns, with pharmaceutical distribution and offline pharmacies performing relatively well [12]. - About 35% of stocks in the industry had positive returns, while 65% had negative returns [13]. - The industry valuation has decreased, with a PE ratio of 51.20 times [17]. 2. Industry News - The report highlights significant industry news, including the announcement of centralized procurement results for medical consumables in Liaoning Province, which included 799 products [24]. - The report also mentions the release of the "Clinical Blood Use Technical Specifications (2025 Edition)" by the National Health Commission [20]. 3. Company Announcements - Dongcheng Pharmaceutical announced that its subsidiary received a production license for radioactive pharmaceuticals, which is not expected to significantly impact current performance [25]. 4. Weekly Industry Outlook - The report maintains an "Overweight" rating for the industry, suggesting a focus on investment opportunities in the flu-related sector due to increased flu cases compared to the previous year [26][29]. - Recommended stocks include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, scientific services, and traditional Chinese medicine [26][29].