医疗器械一季报：板块业绩分化，国产化趋势显著

Core Viewpoint - The A-share medical device sector is experiencing a mixed performance in Q1 2025, with over 80% of listed companies reporting profits, but overall revenue and net profit are declining due to various market pressures and policy impacts [1][2]. Revenue and Profit Performance - In Q1 2025, 106 out of 129 listed medical device companies in A-shares achieved profitability, indicating strong performance in the sector [1]. - The overall revenue of the A-share medical device sector decreased by 6.12% year-on-year, while the net profit fell by 16.48% [1][2]. - The top three companies by revenue in Q1 2025 were Mindray Medical, YK Medical, and United Imaging, all ranking in the top 10% of the biopharmaceutical industry [1]. Segment Performance - The consumables segment showed signs of stabilization due to inventory clearance and accelerated centralized procurement, while the in vitro diagnostics and medical equipment segments faced significant performance pressure [1][3]. - The medical equipment segment, the largest sub-sector, is experiencing temporary revenue and profit pressures due to policy impacts and delayed procurement processes [3]. - In Q1 2025, the overall market size for medical equipment bidding increased by approximately 67% year-on-year, with medical imaging equipment showing a strong growth rate exceeding 85% [3]. Company-Specific Insights - United Imaging reported a revenue of 24.78 billion yuan in Q1 2025, with a year-on-year growth of 5.42%, while other companies like BGI and KaiLi Medical faced declines in revenue and profit [4]. - The in vitro diagnostics market saw a 3% decline in size in Q1 2025, with central laboratories particularly affected by ongoing centralized procurement policies [5]. - High-value consumables maintained relatively stable performance, benefiting from the trend of "collectively procuring all that can be procured" [5]. Market Trends and Future Outlook - The domestic medical device industry is still in a rapid development phase, with expectations for marginal improvement in the future despite short-term negative impacts from cost control policies [2][7]. - The medical device market in China is projected to grow significantly due to increasing healthcare demands driven by an aging population and rising health awareness [6][7]. - The domestic market's penetration rate is expected to increase, with local companies gaining market share, particularly in high-end medical devices due to rising import costs from tariffs [8].