聚焦进博会｜西门子医疗王皓：本土化策略抵消了集采下的行业内卷

Core Insights - The medical device industry in China is experiencing profit pressure due to centralized procurement policies, yet Siemens Healthineers has managed to achieve growth through localization and innovation [1][3][4] - Siemens Healthineers reported a 5.9% year-on-year increase in comparable revenue for the fiscal year ending September 30, 2025, with an adjusted EBIT margin of 16.5%, up 0.8 percentage points from the previous year [1][3] - The company anticipates a revenue growth of 5% to 6% for the fiscal year 2026, indicating a positive outlook despite market challenges [1][3] Industry Overview - The centralized procurement initiative in China's medical device market has intensified competition, leading to price wars and profit erosion for many manufacturers [3][4] - The market is undergoing a significant transition with a focus on large-scale equipment updates and a shift towards centralized procurement, particularly in county-level hospitals [3][4] - The medical device procurement process is still in its early stages, characterized by fragmented approaches across provinces, unclear standards, and a lack of experience [4] Company Strategy - Siemens Healthineers has implemented a "National Intelligence Innovation" localization strategy, aiming for full product line localization and deeper innovation based on market demands [4] - The company is leveraging the procurement policies to expand its market share in various provinces, supported by China's complete industrial and supply chain systems [4] - Siemens Healthineers remains optimistic about the future of the medical device market in China, particularly due to the rising demand for advanced medical equipment driven by increasing incidences of serious health conditions [5]