Xiangyu Medical(SH:688626) Chan Ye Xin Xi Wang·2025-12-02 01:34Core Viewpoint - The demand for medium-frequency therapeutic devices in China is significantly increasing due to the aging population and the growing need for postoperative rehabilitation and chronic disease treatment, with a notable rise in market demand driven by enhanced health awareness among the public [1][7]. Market Overview - The medium-frequency therapeutic device, also known as low-frequency modulated medium-frequency therapeutic device, operates on the principle of medium-frequency electrotherapy, which is effective in disease treatment, pain relief, and rehabilitation care [1][5]. - The total procurement volume of medium-frequency therapeutic devices in China is projected to reach 6,745 units in 2024, representing a year-on-year increase of 37.26%, with a total procurement amount of 0.76 billion yuan, up 1.33% year-on-year [1][7]. Market Policy - The Chinese government emphasizes the development of the medical device industry, including medium-frequency therapeutic devices, through various policies aimed at regulating market order, ensuring product quality, and safeguarding patient safety [4][5]. Industry Chain - The upstream of the medium-frequency therapeutic device industry includes suppliers of electronic components such as control chips and power amplifiers, while the midstream involves R&D, design, and production [5]. - The downstream demand structure shows that medical institutions account for over 50% of the demand, with orthopedic and neurological rehabilitation being the core application areas [5][6]. Competitive Landscape - The market concentration for medium-frequency therapeutic devices in China is high, with the top five companies holding a market share of 55.66% as of the first half of 2025. Xiangyu Medical leads with a market share of 15.39% [8]. - Xiangyu Medical reported a total revenue of 744 million yuan in 2024, with 67.79% coming from rehabilitation therapy equipment [9]. - Beiyikang, another key player, achieved a revenue of 115 million yuan in the first half of 2025, with 84.98% from rehabilitation technology products [10]. Development Trends - The future of medium-frequency therapeutic devices will focus on smart technology integration, including AI algorithms for personalized treatment and IoT for data sharing and remote monitoring [11]. - The application scenarios for these devices are expected to expand beyond traditional medical settings to include sports rehabilitation and wellness, targeting specific user groups such as office workers and fitness enthusiasts [11].