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● 本报记者 王舒嫄 连润 熊彦莎 第三届中国国际供应链促进博览会正在如火如荼地进行。本届链博会朋友圈持续扩大。在今年的参展商 中，除了连续参展的老朋友，还有230多家首次参展的中外新伙伴。 多家受访企业表示，链博会已成为维护全球产业链供应链稳定畅通的重要国际公共产品，也是促进各方 加强沟通、深化合作、共谋发展的国际化平台，希望通过参加链博会认识更多新的合作伙伴。 老朋友如约赴会 连续第三年参展的力拓对于链博会依然满怀期待。"去年我们在智能汽车链与宝武、博世和小鹏设立的 联合展台取得了巨大成功，充分展示了供应链各环节企业间的全新协同效应。"力拓集团中国区首席执 行官许峰表示，今年力拓再度携手宝武，亮相第三届链博会，在智能汽车链展区全面展示相关产品和解 决方案，以西坡和西芒杜铁矿项目为代表的全球产业合作成果，以及在低碳转型方面的最新实践。 同样三赴链博会的GE医疗今年不仅携手一众核心国产供应商参展，还带来了首届链博会上"链接"的成 果。"京东方作为GE医疗重量级合作伙伴之一，在首届链博会上与GE医疗签署战略合作协议，双方合 力在供应链解决方案、智慧医疗等领域加速创新。据研发项目团队介绍，双方正围绕高端医疗显示技 ...

2025.07. 16 本文字数：753，阅读时长大约2分钟 作者 | 第一财经 钱童心 第一财经记者获悉，即将于7月16日开幕的第三届中国国际供应链促进博览会（下称"链博会"），包括 美敦力、阿斯利康、GE医疗等跨国医疗巨头确认参展。 伴随着跨国医疗器械厂商过去几十年在中国的发展，中国医疗器械供应链体系也在逐步成熟完善，这促 进了过去几年来，本土医疗器械厂商的快速崛起，并逐步向高端产品迈进。 业内人士告诉第一财经记者，从心血管植入物到手术机器人，过去只能靠进口产品解决的疾病疗法，现 在几乎都有了本土化的可替代方案。 在本届链博会上，阿斯利康国际市场供应链管理高级执行总裁Steven Rota也将发表主旨演讲。阿斯利 康已连续第三年参加链博会。 今年3月，阿斯利康宣布了一项价值高达25亿美元的投资计划，将在北京建立全球第六个、中国第二个 战略研发中心，并达成多项重大研发与生产合作，以进一步推动中国生命科学事业发展。 阿斯利康新的研发中心坐落于北京国际医药创新公园（BioPark）。美敦力的中国首个数字化医疗创新 基地也于今年3月在该园区落地，预计2025年正式投入运营。 GE医疗全球高级副总裁乔治·维多尼什将 ...

Group 1 - The third China International Supply Chain Promotion Expo will open on July 16, featuring multinational medical giants such as Medtronic, AstraZeneca, and GE Healthcare [1] - Medtronic will showcase a new cardiac pacing catheter developed in collaboration with local clinical experts, currently awaiting approval from domestic regulatory authorities [1] - The development of the medical device supply chain in China has led to the rapid rise of domestic medical device manufacturers, who are now moving towards high-end products [1] Group 2 - AstraZeneca announced a $2.5 billion investment plan in March to establish its sixth global strategic R&D center in Beijing, aiming to advance the life sciences sector in China [2] - GE Healthcare's new products launched at the China International Medical Equipment Fair in the first half of the year had 50% of their development led by Chinese teams, with over 80% being domestically produced [2] - GE Healthcare's global senior vice president will speak at the expo on technological innovation in the global health industry [2]

Investment Rating - The report maintains a "Buy" rating for Boston Scientific (BSX), Edwards Lifesciences (EW), GE Healthcare (GEHC), Intuitive Surgical (ISRG), and Haemonetics (HAE), while downgrading Tandem Diabetes (TNDM) to "Sell/High Risk" from "Neutral/High Risk" [1][5][20]. Core Insights - The MedTech sector has shown resilience against healthcare headwinds, with a focus on returning to fundamentals and several catalysts expected to drive momentum in the second half of 2025 [1][9]. - The S&P Equipment and Supplies Index has outperformed the broader market, with a year-to-date increase of 7.2%, while relative P/E multiples remain below historical averages [2][12]. - Key upcoming catalysts include product launches and data readouts from various companies, which are anticipated to influence stock performance positively [3][10][11]. Summary by Sections Market Overview - The MedTech industry has largely absorbed tariff impacts, with a weakening USD providing additional support [1][9]. - The S&P 500 is up 6.2% year-to-date, while the S&P Equipment and Supplies Index has increased by 7.2% [2][12]. Company-Specific Insights - Boston Scientific (BSX) is expected to benefit from Farapulse and new product launches, projecting a revenue increase of 80.1% year-over-year in 2Q25 [3][10]. - Edwards Lifesciences (EW) anticipates pivotal data releases and the reopening of TAVR NCD, which could enhance its market position [3][10]. - Intuitive Surgical (ISRG) plans a broad launch of its DV5 system, which is expected to drive stock performance [4][10]. - Haemonetics (HAE) has been upgraded to "Buy" due to improved guidance and revenue growth expectations [5][20]. - Tandem Diabetes (TNDM) faces competitive pressures, leading to its downgrade to "Sell/High Risk" [5][20]. Valuation and Target Prices - Target prices have been adjusted for several companies, with BSX at $125, EW at $95, GEHC at $86, and ISRG at $650 [20][21]. - The report highlights that the relative P/E multiple for the MedTech sector is currently at 1.14x, below historical averages, indicating potential undervaluation [2][12][14].

Core Insights - The integration of generative AI and agentic AI in medical devices is transforming clinical workflows and patient care, with generative AI focusing on content creation and design optimization, while agentic AI enables autonomous decision-making based on real-time data [1][3] Group 1: AI Integration in Medical Devices - Generative AI is used to create synthetic medical images for training diagnostic tools, enhancing datasets [1] - Agentic AI supports predictive maintenance in medical equipment, reducing downtime through fault detection and automated service scheduling [3] - AI-powered tools like Nuance Communications's Dragon Ambient eXperience improve clinical documentation by transcribing doctor-patient conversations into structured notes [2] Group 2: Key Factors Driving AI Adoption - There is a rising demand for precision and personalized medicine, with AI enabling individualized diagnostics and treatments based on patient-specific data [5] - The regulatory environment is favorable, with over 700 AI-enabled devices approved by the FDA, significantly increasing from 2020 [6] Group 3: Medical Device Stocks to Watch - Boston Scientific Corporation (BSX) is investing in AI for improved procedural outcomes, with a projected 2025 sales growth rate of 16.4% and earnings expected to grow by 15.9% [8][7] - Johnson & Johnson (JNJ) employs AI in surgical robotics and digital surgery analytics, with a historical earnings growth rate of 5.5% and projected sales growth of 2.8% for 2025 [11][10] - GE HealthCare Technologies Inc. (GEHC) leads in FDA-cleared AI devices, with a projected sales growth rate of 3.2% for 2025 and a focus on enhancing imaging through AI solutions [13][12]

Core Insights - Tianjin Pengruili Hospital has established a strategic partnership with GE Healthcare to enhance precision oncology diagnosis and treatment, marking a significant step in cancer prevention and management in China [2][5][10] Group 1: Strategic Collaborations - The signing ceremony included collaborations with Boston Scientific and Saint Meisen Biotech, creating a multi-party ecosystem for cancer diagnosis and treatment [5] - GE Healthcare will provide integrated solutions in medical imaging, ultrasound, and drug diagnostics, significantly improving early detection of tumors [4][12] Group 2: Hospital Development and Services - Since its opening on February 26, 2025, Tianjin Pengruili Hospital has made notable advancements in service innovation, offering various departments including oncology, urology, and a dedicated international department [4] - The oncology center employs a multidisciplinary approach, utilizing minimally invasive surgeries, targeted therapies, and psychological support to ensure comprehensive patient care [4][7] Group 3: Academic Exchange and Innovation - The forum featured discussions on cutting-edge topics in precision medicine, including early screening and diagnosis of lung nodules, presented by leading experts in the field [8] - GE Healthcare showcased its multi-modal tumor solutions, emphasizing the role of imaging technology in enhancing precision treatment [8] Group 4: Future Vision and Goals - The CEO of Pengruili Group emphasized the importance of resource integration and collaborative innovation in establishing a modern oncology center to address the complexities of cancer prevention [10] - The goal is to create a benchmark for comprehensive cancer management, focusing on early screening, precise diagnosis, and professional rehabilitation [10][12]

Core Viewpoint - The article discusses the challenges faced by major medical device companies, specifically Philips, GE Healthcare, and Siemens Healthineers (collectively referred to as GPS), in the Chinese market and globally due to trade wars and increasing competition. The companies are focusing on localization and adapting their strategies to navigate these challenges effectively [1][3][5]. Group 1: Market Challenges - In 2024, Philips experienced a double-digit revenue decline in the Chinese market, a trend mirrored by GE Healthcare and Siemens Healthineers [1][5]. - The trade war has significantly impacted GPS, with GE Healthcare estimating a loss of approximately $380 million due to tariffs by 2025, while Philips anticipates losses between €250 million to €300 million [4][5]. - The overall market environment is characterized by intensified competition, price pressures, and the need for strategic adaptation in response to new tariffs [5][14]. Group 2: Localization Efforts - Philips has achieved over 95% of its products being manufactured locally in China, positioning the country as a key supply chain and manufacturing hub [7][8]. - GE Healthcare emphasizes the importance of localizing every component, not just the equipment, to enhance supply chain resilience and quality [9][10]. - Both companies recognize the necessity of building local ecosystems and training talent to support their localization strategies [10][11]. Group 3: Competitive Landscape - Local Chinese companies like United Imaging, Neusoft, and Mindray are emerging as strong competitors, moving beyond imitation to innovation and price competition [14]. - The growing demand for healthcare solutions in China, driven by an aging population and increasing chronic diseases, presents ongoing market opportunities for GPS [14][15]. - The companies are adapting their strategies to focus on specific market segments rather than attempting to cover all areas, indicating a more targeted approach to competition [15].

Core Insights - Philips is facing significant challenges in the Chinese market, with a double-digit revenue decline reported in 2024, coinciding with the appointment of a new president for the Greater China region [1][4] - The global medical device market, particularly for major players like GE Healthcare, Siemens Healthineers, and Philips (collectively referred to as GPS), is under pressure due to trade wars and tariffs, impacting their financial performance [3][6] - The need for localization and supply chain resilience is emphasized, with Philips aiming for over 95% of its products to be manufactured locally in China, despite some core components still being imported [8][9] Market Performance - In 2024, GE Healthcare's revenue in China declined by 15%, while Siemens Healthineers reported a 14% drop in the same period, indicating a broader trend of revenue challenges among GPS companies in the region [5][12] - Philips anticipates continued revenue decline in the Chinese market into 2025, projecting a mid-single-digit percentage drop [4][12] Strategic Responses - Philips is focusing on increasing localization and integrating into the Chinese ecosystem, with plans to enhance local production capabilities and reduce reliance on imports [8][10] - The company has appointed a new Chief Competitiveness Officer to drive innovation and improve product competitiveness in response to local market dynamics [12][14] Competitive Landscape - Local Chinese medical device companies are emerging as strong competitors, with firms like United Imaging, Neusoft Medical, and Mindray gaining traction and challenging established players [12][14] - The competitive environment is expected to intensify, with price pressures and increased competition being common challenges faced by all GPS companies [6][12] Future Outlook - The Chinese market is viewed as a significant growth opportunity due to its large population and increasing healthcare demands, particularly in chronic disease management [12][13] - Despite current challenges, the long-term outlook for the medical device industry in China remains positive, with companies encouraged to adapt and innovate to meet evolving market needs [13][14]

Core Viewpoint - The global lighthouse network initiative represents the highest level of intelligent manufacturing and digitalization in today's global manufacturing industry, with "lighthouse factories" serving as exemplary models for digital manufacturing and Industry 4.0, supported by policies at national and local levels for smart manufacturing upgrades and high-quality development [1]. Group 1: Trends in Lighthouse Factories - Trend 1: "The Stronger Get Stronger" - Companies that already possess "lighthouses" can rapidly deploy new digital use cases at scale due to their established production operation networks and systematic capabilities [2]. - Trend 2: AI Empowerment - The integration of analytical and generative AI in lighthouse factories has become more significant, enhancing value creation across the entire value chain, including asset management, resource management, quality management, workforce empowerment, product development, and supply chain planning [3]. - Trend 3: Internal and External Learning - Lighthouse factories learn from the successful experiences of other factories while also enhancing their internal capabilities for deploying digital and AI solutions, leading to long-term digital transformation [4]. Group 2: Lighthouse Factories in the Pharmaceutical Industry in China - There are currently 189 lighthouse factories globally, with 23 in the pharmaceutical and medical device sector, accounting for 12%. In the past two years, three new lighthouse factories in this sector have been certified in China [5]. - Case Study 1: Johnson & Johnson's Xi'an Factory - This factory, which serves the Chinese and Asian markets, has implemented advanced technologies to enhance agility, quality standards, and competitiveness, resulting in a 64% reduction in product transfer time, a 60% decrease in non-conforming products, a 40% increase in productivity, and a 24% reduction in operational costs [6][7]. - Case Study 2: AstraZeneca's Wuxi Factory - This factory has achieved a 55% increase in overall output, a 44% reduction in delivery cycles, and an 80% decrease in non-perfect batches through the deployment of over 30 digital use cases, including AI and computer vision [11]. - Case Study 3: GE Healthcare's Beijing Factory - This factory has successfully implemented 45 digital solutions, resulting in a 66% reduction in production cycles, a 66% decrease in scrap rates, and a 73% reduction in customer complaints [14]. Group 3: Insights for Chinese Pharmaceutical and Medical Device Companies - High-quality manufacturing is crucial for the sustainable development of Chinese pharmaceutical and medical device companies amid intense market competition and complex macro environments. The rapid development of AI presents new opportunities for enhancing production and supply chain performance [17]. - Recommendations for Chinese companies include: 1. Clarifying business value orientation to prioritize digital transformation areas with the highest return on investment [18]. 2. Deepening AI application by exploring deployment opportunities and ensuring data is systematically collected and governed [18]. 3. Restructuring organizations to enhance collaboration between business and digital teams, ensuring that digital transformation is business-driven [18].