内容概要：XR设备是指基于扩展现实技术，专门用于医疗诊断、手术辅助、医学培训、康复治疗及患 者管理的智能化硬件及软件系统，是现代医疗基础性的诊断设备，广泛应用于临床诊断。近年来，全球 范围XR设备市场规模稳步扩张，2024年达到152.3亿美元，其中亚太地区长期保持全球最大XR设备市 场的地位，市场规模达到58.8亿美元；预计2025年全球范围XR设备的市场规模有望达到160.1亿美元， 其中亚太地区有望达到61.6亿美元。中国由于其庞大的人口基数、经济增长、医疗体系改善以及对高质 量医疗服务的日益需求，正逐渐成为全球医疗设备的主要市场之一。随着我国分级诊疗政策的推行， XR设备普及率逐步上升，市场规模持续攀升。2024年中国XR设备市场规模达到145.2亿元，预计2025 年这一规模有望达到154.1亿元。由于临床上对XR设备的精准性、便捷性、高效性的诉求越来越高，中 国XR设备未来有望向着智能化、移动化、动态多功能化方向发展。 上市企业：迈瑞医疗[300760]、联影医疗[688271] 相关企业：东软医疗系统股份有限公司、推想医疗科技股份有限公司、深圳安科高技术股份有限公司、 Osso VR、Appli ...

Summary of Conference Call Notes on China Healthcare Sector Industry Overview - The European Union (EU) is considering a proposal to limit Chinese medical device suppliers from participating in EU public procurement contracts, which could impact the medtech industry significantly [1][2]. Key Points on Regulatory Changes - The EU established the International Procurement Instrument (IPI) regulation in 2022, which led to an investigation into Chinese medical devices in 2024. The EU believes that certain practices by the Chinese government are hindering EU access to China's public procurement market for medical devices [2]. - Under the IPI regulation, Chinese-made medical device bidders could face penalties when competing for contracts exceeding EUR5 million, including score deductions or exclusion from the procurement process. This regulation is valid for five years, with a possible five-year extension [2]. Company-Specific Impacts Mindray - Mindray derives approximately 9% of its total revenue from exports to Europe, with no single contracts exceeding EUR5 million as of 2024. Therefore, the proposed regulation is expected to have a limited impact on the company [4]. - Mindray plans to focus on localized manufacturing to adapt to the global trade environment [4]. - The company is rated as a "Buy" due to strong domestic market growth and potential for increased overseas revenue, supported by a cost-effective product portfolio [14]. United Imaging - United Imaging's revenue from Europe accounts for about 4% of its total revenue, which includes income from non-EU regions. The company has high-end products priced above EUR5 million, which could be affected by the proposed restrictions [9]. - In the event of restrictions, the company anticipates a manageable impact of approximately 1% on total revenue [9]. - United Imaging is exploring several strategies to mitigate potential impacts, including establishing production lines within the EU and focusing on the private hospital market [11]. - The company is also rated as a "Buy," with expectations of revenue growth and improved gross profit margins due to increased service-related revenue [15]. Financial Projections and Risks Mindray - The 12-month target price for Mindray is set at RMB 300, based on a two-stage DCF valuation. Key risks include potential impacts from value-based pricing (VBP) policies, challenges in entering North American and European markets, and patent-related lawsuits [17]. United Imaging - The 12-month target price for United Imaging is RMB 173, with risks including supply chain issues, raw material costs, and macroeconomic downturns in China [18]. Conclusion - The proposed EU regulations could significantly affect Chinese medtech companies, particularly Mindray and United Imaging. However, both companies have strategies in place to mitigate risks and continue to show potential for growth in their respective markets [3][15].

Summary of Key Points Core Viewpoint - United Imaging Healthcare (联影医疗) has experienced a decline in stock price, closing at 134.16 CNY as of June 6, 2025, down 2.38% from the previous week, indicating market volatility and investor sentiment [1]. Company Performance - The stock reached a peak price of 143.9 CNY on June 3, 2025, and a low of 133.33 CNY on June 6, 2025 [1]. - The current total market capitalization of United Imaging Healthcare is 110.569 billion CNY, ranking 2nd out of 126 in the medical device sector and 123rd out of 5148 in the A-share market [1]. Upcoming Events - The company will hold its 2024 Annual General Meeting on June 30, 2025, in Shanghai, with both in-person and online voting options available [1]. - Key agenda items for the meeting include the review of the 2024 Board of Directors' report, financial statements, profit distribution plan, and the appointment of auditors [1]. - The record date for shareholders to attend the meeting is set for June 25, 2025, with a registration deadline for in-person attendance on June 27, 2025 [1].

Investment Rating - The report does not explicitly state an investment rating for the XR equipment industry Core Insights - The XR equipment industry is experiencing significant growth driven by technological advancements, policy support for domestic alternatives, and increasing demand in the healthcare sector. The market is expected to expand due to factors such as the aging population, rising cardiovascular disease rates, and the implementation of new healthcare policies [4][20][32]. Summary by Sections Industry Definition - XR equipment utilizes X-rays to obtain internal imaging information based on the differential absorption and attenuation of X-rays by various tissues. It is widely used in medical diagnostics, security, and industrial applications, with a focus on medical health in this report [5]. Industry Characteristics - The XR equipment industry is characterized by: - **Technology-Intensive and Innovation-Driven**: The industry relies heavily on technological innovation, particularly in digitalization, AI integration, and low-dose imaging technologies [10]. - **Policy-Driven and Accelerated Domestic Replacement**: Government policies are significantly influencing the market, promoting the use of domestic medical devices [12]. - **Diverse Application Scenarios and Market Segmentation**: XR equipment applications extend beyond traditional medical diagnostics to include industrial inspection and security [13]. Development History - The development of XR equipment in China has gone through three phases: initial reliance on foreign technology, a period of domestic growth supported by policy, and a current phase of technological breakthroughs and international market expansion [14]. Industry Chain Analysis - The XR equipment industry chain includes: - **Upstream**: Comprising core component manufacturing such as chips and sensors, with low domestic production rates [17]. - **Midstream**: Focused on the assembly of devices and content development, with a notable shift towards domestic production [19]. - **Downstream**: Concentrated on application promotion and sales across various sectors, with hospitals being the primary customers [29]. Market Size and Growth - The XR equipment market size is projected to grow from 11.2 billion RMB in 2019 to 14.51 billion RMB in 2024, with a compound annual growth rate (CAGR) of 5.31% [33]. The market is expected to continue expanding due to increasing healthcare demands and supportive policies [36]. Policy Overview - Key policies influencing the XR equipment industry include: - **Equipment Update Policies**: Encouraging medical institutions to upgrade their imaging equipment [41]. - **Support for Domestic Production**: Policies aimed at promoting the use of domestic medical devices [42]. Competitive Landscape - The XR equipment market is dominated by major international players like Siemens, Philips, and GE in the high-end segment, while domestic companies such as United Imaging, Mindray, and Wandong Medical are gaining traction in the mid to low-end markets [44]. The competition is characterized by a clear segmentation based on hospital tiers and equipment preferences [45]. Future Outlook - The XR equipment industry is poised for growth driven by technological advancements, policy support for domestic manufacturers, and increasing healthcare needs, particularly in the context of an aging population and rising chronic disease prevalence [40][46].

Investment Rating - The report indicates a positive investment outlook for the XR equipment industry, driven by technological advancements and policy support for domestic manufacturers [4][11][41]. Core Insights - XR devices are essential in medical diagnostics, particularly for cardiovascular diseases, and are expected to evolve towards smart, low-dose, and high-precision technologies [4][5][9]. - The market for XR devices is projected to grow significantly due to increasing demand from grassroots medical institutions and the aging population [4][31][40]. - Domestic manufacturers are gaining market share due to favorable policies promoting local production and innovation [11][19][45]. Summary by Sections Industry Overview - XR devices are widely used in medical, security, and industrial fields, with a strong emphasis on medical applications for diagnosing various diseases [5][9]. - The industry is characterized by high technological intensity and innovation, with a focus on digitalization and AI integration [9][19]. Market Dynamics - The XR equipment market is expected to grow from 112 billion RMB in 2019 to 145.1 billion RMB by 2024, with a compound annual growth rate (CAGR) of 5.31% [33]. - The demand for XR devices is driven by policies that enhance the capabilities of grassroots medical services and the increasing prevalence of cardiovascular diseases [37][40]. Competitive Landscape - The market is dominated by international brands like Siemens, Philips, and GE in the high-end segment, while domestic brands such as United Imaging and Wandong Medical are gaining traction in the mid to low-end markets [45][46]. - The competitive dynamics are influenced by the differing needs of hospitals at various levels, with tertiary hospitals favoring high-end imported devices and secondary hospitals leaning towards cost-effective domestic options [46]. Policy Impact - Government policies are significantly influencing the XR equipment market, with initiatives aimed at promoting domestic production and upgrading medical equipment in grassroots healthcare settings [11][41][42]. - The "14th Five-Year Plan" for medical equipment development aims to enhance the technological capabilities and quality of medical devices, further supporting the growth of the XR equipment industry [41][42].

证券代码：688271 证券简称：联影医疗 公告编号：2025-017 上海联影医疗科技股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东会召开日期：2025年6月30日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 召开日期时间：2025 年 6 月 30 日 14 点 00 分 召开地点：上海市嘉定区城北路 2258 号一楼 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 6 月 30 日至2025 年 6 月 30 日采用上海证券 交易所网络投票系统，通过交易系统投票平台的投 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-017 上海联影医疗科技股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （四） 现场会议召开的日期、时间和地点 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024年年度股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | | 非累积投票议案 | | | 1 | 关于公司 2024 年度董事会工作报告的议案 | √ | | 2 | 关于公司 2024 年度监事会工作报告的议案 | √ | | 3 ...

Industry Overview - Innovative medical devices refer to new medical equipment with core technology patents, internationally leading technology levels, and significant clinical application value, such as AI-assisted diagnostic devices, 3D-printed implants, and gene testing instruments [2][5] - The development process for innovative medical devices in China typically takes about 5-8 years, including R&D, clinical trials, and regulatory approval [2] - The number of approved innovative medical devices in China has been increasing, with 65 approved in 2024 and 34 in the first four months of 2025 [1][5] Market Status - The medical device industry is a crucial pillar of the modern healthcare system, with significant strategic importance and growth potential [5] - The Chinese government has implemented various policies to encourage innovation and the domestic production of high-end medical devices, leading to rapid industry development [5][7] Enterprise Landscape - The competitive landscape of the innovative medical device industry in China is still in the R&D investment phase, resulting in a low market concentration with over 200 approved production enterprises [11] - Leading companies in the innovative medical device sector include Beijing Pinchi Medical Equipment Co., Ltd., Shenzhen Xianjian Technology Co., Ltd., and Shanghai United Imaging Healthcare Co., Ltd., among others [12][11] Future Trends - The integration of artificial intelligence and the Internet of Things is accelerating in the medical device field, enhancing diagnostic efficiency and accuracy [16] - Domestic companies are rapidly advancing in high-end medical equipment and consumables, with increasing market share for products like vascular stents and artificial joints [17] - Chinese innovative medical device companies are actively expanding into overseas markets through technology licensing and cross-border cooperation [18]

Core Viewpoint - Increasingly, Chinese companies with a global vision, advanced technology, compliant operations, and high-quality products are emerging in the internationalization process, showcasing their international influence, particularly in the medical device sector, with companies like United Imaging and Mindray accelerating their overseas expansion [1][3]. Group 1: Market Impact - Following recent news, shares of major medical device companies faced pressure, with United Imaging (688271.SH) dropping nearly 6%, Mindray (300760.SZ) down nearly 2%, and Yuyue Medical (002223.SZ) falling nearly 3% [1]. - The European Union plans to impose restrictive measures on Chinese enterprises under the "International Procurement Instrument," potentially limiting their participation in EU public tender projects for medical devices valued over 5 million euros in the next five years [1][3]. Group 2: Industry Growth - The global medical device industry is rapidly developing, characterized by active trade and high product added value, providing significant opportunities for Chinese medical device companies to expand internationally [3]. - Chinese medical device exports are shifting from low-value products to a growing number of innovative devices entering overseas markets, indicating a move towards higher-end products in the industry [3][4]. Group 3: Innovation and Quality - High-quality clinical data is essential for gaining global market recognition, as demonstrated by a Shanghai-developed transcatheter aortic valve system that achieved significant clinical milestones, offering new treatment options for millions of patients [4]. - The Chinese medical device sector is transitioning from "Made in China" to "Intelligent Manufacturing in China," with products meeting international clinical standards and defining new treatment paradigms globally [4]. - Chinese companies are leading innovation in the global medical device field, with some products and technologies reaching a level of global originality and strong competitiveness, making them indispensable in the market [4].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The PD-1 (PD-L1)/VEGF dual antibody concept is gaining significant attention, with Chinese innovative pharmaceutical companies leading the research and development efforts [2][20]. - The global market for dual antibodies is projected to exceed $80 billion by 2030, with PD-1 (PD-L1)/VEGF drugs expected to challenge traditional PD-1/PD-L1 therapies in cancer treatment [20][21]. - The report highlights the importance of clinical data barriers and international expansion for companies in this sector, suggesting that these factors will create differentiated investment opportunities [3][26]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 2.21%, outperforming the CSI 300 index by 3.30 percentage points [11][12]. - Among sub-industries, other biological products led with a 4.65% increase, while offline pharmacies saw a decline of 2.69% [12][19]. Clinical Progress - Notable advancements include the IND applications for BG-60366 by BeiGene and RFUS-949 by Renfu Pharmaceutical, as well as ongoing clinical trials for several drugs [29][30]. - Companies like Hengrui Medicine and Shijiazhuang Yiling Pharmaceutical are in Phase III trials, while others are in earlier stages [29][31]. Investment Strategy - The report emphasizes a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [4][26]. - Key recommendations include Hengrui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical [4]. Company Updates - Recent announcements include significant collaborations and product approvals, such as the $60.5 billion global licensing deal between 3SBio and Pfizer [2][28]. - The report notes that as of June 1, 2025, there are 14 PD-1 (PD-L1)/VEGF products in clinical stages, all associated with Chinese companies [21][24].