Guan Cha Zhe Wang·2025-11-28 07:14Core Viewpoint - United Imaging has launched the uSONIQUE series ultrasound products, marking its entry into the ultrasound market, which is dominated by domestic leader Mindray and international giants GE, Philips, and Siemens. This move comes at a time when AI technology is reshaping ultrasound diagnostics and domestic substitution policies are intensifying [1][2][4]. Group 1: Market Context - The ultrasound equipment market in China exceeds 14 billion yuan, characterized by intense price competition [1]. - United Imaging's entry is strategically timed as AI technology is fundamentally changing ultrasound diagnostics, providing an opportunity for the company to differentiate itself with its "native AI" approach [4][6]. - The company has invested over 600 million yuan in ultrasound R&D since 2019, establishing a comprehensive product line from high-end to economical models [2][6]. Group 2: Competitive Landscape - Mindray is the current market leader in China's ultrasound sector, with a domestic market share of over 40% and a global ranking of third, following GE and Philips [8][10]. - Mindray's strategy focuses on a "scale + penetration" approach, starting from mid-to-low-end products and gradually moving to high-end offerings, which has established strong brand recognition and channel barriers [10][11]. - United Imaging aims to challenge Mindray by adopting an "AI + platform" strategy, seeking to redefine ultrasound value rather than competing directly on traditional metrics [10][11]. Group 3: Strategic Advantages and Challenges - United Imaging's existing sales network in CT and MR fields provides a significant advantage for cross-selling ultrasound products, leveraging its established brand and channel [6][11]. - The company has received regulatory approval for its high-end ultrasound products, with expectations to start contributing to revenue by late 2025 to early 2026 [7]. - However, the commercial viability of AI in ultrasound remains uncertain, as regulatory constraints limit its direct monetization, potentially impacting short-term profitability [13].