21特写｜骨科爆发、出海加速 医疗器械企业寻路“拐点”

Core Insights - The Chinese medical device industry faced challenges and opportunities in the first half of 2025, with a recovery in bidding for medical equipment not yet translating into improved company performance [1][3] - Overall performance of the industry remained under pressure due to complex global macroeconomic conditions, with a decline in revenue and net profit for A-share medical device companies [1][3] Financial Performance - In the first half of 2025, 131 A-share medical device companies reported total revenue of 1188.17 billion yuan, a decrease of 4.29% from 1241.43 billion yuan in the previous year [1] - Net profit for these companies fell to 188.12 billion yuan, down 17.17% from 227.11 billion yuan year-on-year [1] - Over 80% of companies in the in vitro diagnostics sector experienced a decline in performance due to factors like centralized procurement and medical insurance cost control [1] Sector Highlights - Despite overall declines, certain sectors like orthopedics and cardiovascular devices showed significant growth, with companies such as Sanyou Medical and Dabo Medical reporting revenue growth exceeding 40% [1][4] - Sanyou Medical achieved a remarkable net profit growth of 2083.64%, driven by acquisitions and recovery in domestic business [4] International Market Expansion - Overseas markets have become crucial for leading companies to overcome growth bottlenecks, with companies like Ruimai Te and Yuyue Medical reporting revenue growth of 61.33% and 49.96% respectively from international sales [2][7] - The international revenue for 89 companies reached 332.47 billion yuan, marking an 8.2% increase year-on-year [6] Future Outlook - The industry anticipates a turning point in the second half of 2025, with signs of demand recovery and improved bidding activity for medical devices [3][10] - The approval of innovative medical devices and drugs is on the rise, with 45 innovative medical devices approved in the first half of 2025, a year-on-year increase of 87% [12][13]