该公司成立于2005年6月，经营范围包括第一类医疗器械生产、第二类医疗器械销售、智能机器人的研 发等，现由深圳迈瑞科技控股有限责任公司及上述新增股东共同持股。 来源：中国能源网 天眼查App显示，近日，武汉迈瑞科技有限公司发生工商变更，史鹏卸任法定代表人、执行董事、经 理，韩乐接任法定代表人、经理并担任董事，新增迈瑞医疗（300760）为股东，同时，注册资本由3亿 人民币增至23亿人民币，增幅约667%。 ...

11 December 2025 | 7:23AM CST Equity Research China Healthcare: Nov 2025 China hospital equipment bidding: Higher-than-expected yoy growth; lifting base case assumption We note that, while we have made a modest upward revision to our industry outlook, we maintain our earnings forecasts for our two covered companies, Mindray and United Imaging. Our existing estimates already incorporate the assumption that both companies will outperform the industry, and this latest industry-level adjustment does not alter o ...

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 ...

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4327.65 points, down 0.28%, with a trading volume of HKD 7.682 billion and a turnover rate of 0.9% [1] - Among the index constituents, 21 stocks rose while 36 stocks fell, with Kewei Medical leading the gainers at a 4.14% increase and Xianjian Technology leading the decliners at a 9.14% decrease [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56%, latest price at HKD 198.00, and a market cap of HKD 240.063 billion, down 0.36% [1] - Yier Eye Hospital (sz300015) with a weight of 11.62%, latest price at HKD 11.23, and a market cap of HKD 104.724 billion, down 0.62% [1] - Lejin Medical (sz300003) with a weight of 4.85%, latest price at HKD 15.64, and a market cap of HKD 28.831 billion, down 0.64% [1] - Aimeike (sz300896) with a weight of 4.80%, latest price at HKD 143.25, and a market cap of HKD 43.346 billion, up 1.47% [1] - Yuyue Medical (sz002223) with a weight of 4.66%, latest price at HKD 35.68, and a market cap of HKD 35.768 billion, up 0.17% [1] - Yingke Medical (sz300677) with a weight of 3.64%, latest price at HKD 41.76, and a market cap of HKD 27.360 billion, down 0.17% [1] - Furuijia (sz300049) with a weight of 3.59%, latest price at HKD 69.33, and a market cap of HKD 18.371 billion, down 0.82% [1] - Meinian Health (sz002044) with a weight of 3.58%, latest price at HKD 5.09, and a market cap of HKD 19.924 billion, up 0.39% [1] - Sinopharm Holdings (hk01099) with a weight of 3.35%, latest price at HKD 18.15, and a market cap of HKD 56.638 billion, down 0.40% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63%, latest price at HKD 12.23, and a market cap of HKD 26.434 billion, down 3.24% [1] Capital Flow Analysis - The index constituents experienced a net outflow of HKD 382 million from institutional investors, while retail investors saw a net inflow of HKD 329 million [1] - Notable individual stock capital flows include: - Meinian Health (sz002044) with a net inflow of HKD 23.6308 million from institutional investors [2] - Aimeike (sz300896) with a net inflow of HKD 5.8353 million from institutional investors [2] - Yier Eye Hospital (sz300015) with a net outflow of HKD 20.7620 million from retail investors [2]

Core Insights - A total of 553 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of December 10 [1] - ST Jinglan has the longest streak of net outflows, with 23 days, followed by Aier Eye Hospital with 22 days [1] - The largest total net outflow amount is from Changcheng Military Industry, which has seen a cumulative outflow of 2.123 billion yuan over 12 days [1] Summary by Category Stocks with Longest Net Outflow Duration - ST Jinglan: 23 days of net outflow [1] - Aier Eye Hospital: 22 days of net outflow [1] - Sairisi: 7 days of net outflow [1] Stocks with Largest Net Outflow Amount - Changcheng Military Industry: 2.123 billion yuan over 12 days [1] - Aier Eye Hospital: 1.706 billion yuan over 22 days [1] - Sairisi: 1.370 billion yuan over 7 days [1] Stocks with Highest Net Outflow Proportion - *ST Zhengping: 26.44% decline over the last 5 days [1] - Aier Eye Hospital: 14.30% decline over 22 days [1] - Sairisi: 11.26% decline over 7 days [1] Additional Notable Stocks - Keda Xunfei: 1.209 billion yuan net outflow over 12 days with a 2.75% decline [1] - Dongfang Precision: 1.171 billion yuan net outflow over 7 days with a 10.92% decline [1] - Huaying Technology: 939 million yuan net outflow over 5 days with a 7.32% decline [1]

Group 1 - The global macroeconomic environment has gradually improved since 2025, leading to a steady upward trend in the A-share market, with major indices like the CSI 300 and ChiNext Index rising over 20% [2] - The technology, consumer, and new energy sectors have been the main drivers of this market rally, with daily trading volume increasing by approximately 15% compared to the same period last year [2] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for equity mixed funds exceeding 25% this year, and some thematic funds, such as those focused on artificial intelligence and high-end manufacturing, seeing gains over 40% [2] Group 2 - The Dachen Yuexiang Life Mixed A fund, managed by Qi Weizhong, has underperformed despite the bullish market, with a return of -12.18% since its inception on December 10, 2021 [5] - The fund's heavy allocation to traditional consumer sectors like liquor and duty-free has not performed well, as these sectors face demand ceilings, while emerging consumption areas have not been adequately represented in the portfolio [5] - The fund's performance has been negatively impacted by the weakening competitive edge of some leading companies in its holdings, while new consumer brands have rapidly gained market share [5] Group 3 - The Dachen Consumption Selected Stock A fund has also struggled, with a return of -18.82% since its inception on May 24, 2021, and a year-to-date return of 16.55% [18] - The fund has seen a consistent decline in its asset size, with net assets decreasing to 2.69 billion yuan by September 30, 2025, due to ongoing redemptions [30] - The fund's investment strategy has been criticized for not adapting to the significant changes in the consumer industry, necessitating a reassessment of its thematic focus and investment approach [5][30]

Group 1 - The global macroeconomic environment has gradually improved since 2025, with corporate profit expectations and favorable policies driving the A-share market upward, with major indices like the CSI 300 and ChiNext Index showing cumulative gains exceeding 20% [3][42] - The technology, consumer, and new energy sectors have emerged as the main leaders in the market rally, with trading activity significantly increasing, as evidenced by a 15% year-on-year growth in average daily trading volume [3][42] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for mixed equity funds surpassing 25% this year, and several thematic funds, such as those focused on artificial intelligence and high-end manufacturing, achieving gains over 40% [3][42] Group 2 - The Dachen Consumer Selected Stock A fund has underperformed, with a cumulative return of -18.82% since its inception, despite the overall bullish market conditions [3][22][61] - The fund's performance has been hindered by a heavy allocation to traditional consumer sectors like liquor and duty-free, which are facing demand ceilings, while emerging consumption areas such as instant retail and experience economy have not been adequately represented in the portfolio [8][47][56] - The fund's holdings in leading companies have seen a weakening of their competitive advantages, while new consumer brands have rapidly gained market share, indicating a need for the fund to reassess its thematic positioning and investment strategy [8][56][58] Group 3 - The Dachen Yuexiang Life Mixed A fund, established on December 10, 2021, has a current net asset value of 146 million yuan, with a unit net value of 0.8782 as of December 5, 2025, reflecting a significant underperformance compared to its peers [8][47][58] - The fund's net asset value has decreased by 5.12% in the latest reporting period, indicating ongoing challenges in attracting new investments, as evidenced by consistent redemptions across multiple quarters [57][58] - The fund's investment strategy has included significant positions in stocks like Kweichow Moutai and Luzhou Laojiao, which have seen substantial price declines during the holding periods, further contributing to the fund's poor performance [10][52][70]

Core Viewpoint - The medical device industry has not yet reached a turning point, and the "BD moment" is still awaited. Despite the declining stock prices, the chairman of Mindray Medical, Li Xiting, has initiated a share buyback to bolster confidence in the company [1][3]. Group 1: Company Actions - Mindray Medical's chairman, Li Xiting, purchased 152,300 shares for nearly 30 million yuan, with plans to invest an additional 200 million yuan in the next six months [1]. - This marks the first share buyback by Li Xiting since Mindray Medical's listing in A-shares in 2018 [1]. Group 2: Financial Performance - As of the latest closing, Mindray Medical's stock price has fallen below 200 yuan, with a total market value of 240.9 billion yuan, reflecting a decline of over 20% this year and a market value loss exceeding 300 billion yuan from its peak [3]. - For 2024, Mindray Medical is projected to achieve revenues of 36.73 billion yuan and a net profit of 11.67 billion yuan, with growth rates of 5.14% and 0.74%, respectively, indicating a significant slowdown compared to previous years [3][7]. - In the first three quarters of this year, Mindray Medical experienced negative growth, with revenue and net profit declines of 12.38% and 28.83%, respectively [3]. Group 3: Industry Context - The medical device industry has historically been supported by government policies, but the introduction of centralized procurement in 2021 has ended a long-standing period of industry benefits, leading to increased price competition [7][8]. - Mindray Medical's core business includes the production of life information and support devices, in vitro diagnostics, and medical imaging equipment [6]. Group 4: Market Challenges - The gross margins for Mindray Medical's three main business segments have declined, with in vitro diagnostics dropping from 64.98% to 59.5%, life information and support from 66.12% to 60.56%, and medical imaging from 69.59% to 65.07% [9]. - The overall gross margin for Mindray Medical decreased from 64.87% to 61.95%, and the net profit margin fell from 36.3% to 30.25% [9]. Group 5: Strategic Moves - To counter domestic market pressures, Mindray Medical is focusing on international expansion, having established production bases in 14 countries, with 11 already operational [11]. - The company has initiated plans for a listing on the Hong Kong Stock Exchange to raise funds for its international strategy and global business expansion [12].

Core Viewpoint - Mindray Medical has completed a systematic restructuring in Wuhan, with Mindray becoming the controlling shareholder of Wuhan Mindray Technology after a series of capital and organizational changes, including an increase in registered capital from 300 million to 2.3 billion yuan [2][4]. Group 1: Capital Structure and Corporate Changes - The registered capital increase corresponds with the previous capital of the merged entity, forming a logical closure [4]. - The merger and change of legal representative signify a return to a "single entity" framework, enhancing governance and operational efficiency [4][20]. - The restructuring is part of a broader strategy to unify governance structures, which is common among large medical device companies [4][20]. Group 2: Overview of Wuhan Operations - The Wuhan operations are not limited to a single orthopedic consumables company; Mindray has been developing a second headquarters in Wuhan, with an investment of approximately 4.5 billion yuan [5]. - The Wuhan base encompasses a large-scale R&D and manufacturing facility, covering three main areas: minimally invasive surgery, orthopedics, and cardiovascular technologies [5][7]. Group 3: R&D and Manufacturing Capabilities - The Wuhan R&D center features extensive laboratory facilities and supports technology transfer, engineering validation, and global customer training, establishing a comprehensive capability platform [8]. - The manufacturing base in Wuhan is a key node in Mindray's global supply chain, producing orthopedic materials and minimally invasive surgical instruments [9]. Group 4: Strategic Reasons for the Merger - The merger is seen as a necessary step for Mindray to clarify its operations in Wuhan, aligning R&D, manufacturing, and business lines under a unified governance structure [10][11]. - The integration allows for better collaboration between orthopedic and minimally invasive business lines, transitioning from project-based initiatives to systematic capability development [12]. Group 5: Future Role of Wuhan Operations - Post-merger, Wuhan Mindray Technology is positioned to become a critical capability center for Mindray's surgical and orthopedic systems, aligning with the company's strategic focus on surgical platforms and orthopedic consumables [15][23]. - The integrated structure in Wuhan enables a complete "R&D-manufacturing-training" loop, which is crucial for the fast-paced development of minimally invasive and orthopedic products [17][18]. - Wuhan is expected to serve as a second growth hub for Mindray, complementing its headquarters in Shenzhen and facilitating a multi-center collaborative organizational model [19][21].