智通财经网·2025-09-17 03:16Core Viewpoint - The report from China Merchants Securities International indicates a decline in the mainland medical device industry, with a projected revenue drop of 3.8% and a net profit decrease of 12.8% year-on-year for the first half of 2025, suggesting a potential recovery phase starting in late 2025 to 2026 [1] Industry Summary - The overall revenue of the mainland medical device industry is expected to decline by 3.8% year-on-year in the first half of 2025, with a net profit drop of 12.8% and a non-recurring net profit decrease of 14.5% [1] - In the second quarter, the revenue is projected to fall by 5.5% year-on-year, with a net profit decline of 20.3% and a non-recurring net profit drop of 25% [1] - Approximately 53% of the 129 medical device companies analyzed reported revenue growth year-on-year, with 16% experiencing growth rates exceeding 20% and 37% within the 0-20% growth range [1] Future Outlook - The industry is anticipated to reach a turning point with a rebound in revenue and profit levels following disruptions from the pandemic and domestic procurement policies [1] - A new development phase for the mainland medical device industry is expected from the second half of 2025 to 2026, driven by improved internal policy environments and external market expansion [1] - The report suggests focusing on two main themes: domestic substitution and international expansion, with short-term attention on undervalued stocks showing clear performance improvement and long-term investment in high-growth sectors driven by innovation [1] Recommended Companies - The report highlights several companies for potential investment: Mindray Medical (300760.SZ), United Imaging Healthcare (688271.SH), MicroPort Scientific Corporation-B (02252), Huaitai Medical (688617.SH), and BGI Genomics (688114.SH) [1]