高盛：中国医疗-关于关税影响的分析，总体而言对我们所涵盖的内容影响有限，正等待有关潜在制药方面的最新消息

Investment Rating - The report maintains a generally positive outlook on the Chinese healthcare sector, indicating that the tariff impact is manageable for covered companies [2][3]. Core Views - The report highlights that while US tariffs on pharmaceuticals have been broadly exempt, there is potential exposure for generic drug and API exporters if tariffs are imposed [2][3]. - The analysis suggests that domestic players in the MedTech sector have limited exposure to US tariffs, with many focusing on emerging markets [2][3]. - The report emphasizes that the tariff situation is evolving, with significant implications for companies with US exposure, particularly in the pharmaceutical and biotech segments [2][3]. Summary by Segment Pharmaceuticals - Pharmaceuticals are currently exempt from US tariffs, but risks remain as tariffs may be imposed in the future [14][16]. - Companies like Hepalink and Luye are expected to face revenue impacts due to their exposure to US tariffs, with estimated changes in 12-month target prices ranging from -5% to -13% [16][24]. - The report notes that the majority of upstream supply materials for pharma companies are sourced domestically, limiting exposure to the 125% China tariff on US imports [16][24]. Biotech - Biotech companies generally have limited exposure to US tariffs, with significant license-in assets primarily sourced from the EU [16][30]. - The report indicates that BeiGene and Legend Biotech have some exposure to US tariffs, but their local-to-local supply strategies mitigate risks [16][30]. - Sensitivity analysis shows potential earnings impacts for companies like Zai Lab and Everest Medicines, with expected COGS increases of 3% to 11% due to tariffs [30][35]. MedTech - The MedTech sector is noted to have limited impact from US tariffs, as many companies are focused on developing markets [18][26]. - Companies like United Imaging and AngelAlign are building local manufacturing capacities in the US to mitigate tariff risks [18][26]. - The report highlights that high-end medical equipment may face cost increases due to China's anti-dumping investigations, but overall exposure remains low [18][26]. CDMO - The report indicates that CDMO players are primarily affected by commercial API projects, with costs likely passed on to pharmaceutical and biotech clients [20][21]. - Sensitivity analysis suggests that COGS could be affected by 0.1% to 6.8% if CDMOs can only pass through a portion of the increased costs due to tariffs [21][28]. - The overall impact on CDMO companies is manageable, with many having diversified supply chains to mitigate tariff risks [20][21]. Healthcare Services - Healthcare service providers report very limited impact from US tariffs, as many can switch to alternative suppliers [22][26]. - Companies like Jinxin and Aier noted that a low proportion of their consumables are sourced from the US, allowing for flexibility in procurement [22][26]. - The report emphasizes that the demand for healthcare services remains relatively inelastic, reducing the impact of potential cost increases [22][28].