瑞银：中国医疗科技-欧盟对中国企业的市场准入限制好于市场预期

Investment Rating - The report does not explicitly state an investment rating for the China medtech sector but indicates that the restrictive measures from the EU are better than market expectations, suggesting a positive outlook for Chinese firms in this sector [2][4]. Core Insights - The European Commission's announcement on June 20, 2025, restricts Chinese participation in EU medical devices procurement, allowing a maximum of 50% of inputs from China for contracts valued at EUR5 million or more [3][4]. - Approximately 96% of the EU's medtech procurement procedures from 2017 to 2022 had values below EUR5 million, indicating that the majority of procurement activities remain unaffected by these new restrictions [4]. - Companies such as Mindray, MGI Tech, and Sonoscape are expected to experience limited impact from these measures, as their revenue exposure to the EU market is manageable, with MGI Tech at 11.4%, Mindray at 7.9%, and United Imaging at 3.7% [5]. Summary by Sections EU Market Access Restrictions - The EU's measures stem from an investigation that found China unfairly limiting access for EU medical device producers to its government contracts [2][3]. - The restrictions apply to public procurement across all medical device categories valued at EUR5 million or more, but allow for participation if the 50% threshold is met [3]. Impact on China Medtech Sector - The report suggests that the impacts of the EU's measures are largely manageable for the China medtech sector, with significant opportunities still available for Chinese firms [4]. - The majority of covered companies have not participated in EU public procurements exceeding EUR5 million, which mitigates potential revenue loss [5]. Company-Level Analysis - The revenue exposure of the covered companies to the EU market is generally manageable, with specific percentages outlined for each company [5]. - Some companies have established local manufacturing facilities in Europe, which can help mitigate challenges posed by the new restrictions [5].