国泰海通｜医药：25年设备更新政策如期落地，医疗设备全年招采规模同比快速增长

Core Viewpoint - The medical equipment bidding scale continues to show good growth, driven by the implementation of equipment renewal policies, which is expected to stimulate long-term procurement levels in the medical equipment sector [1][4]. Group 1: Equipment Renewal Policy Impact - The equipment renewal policy is set to be implemented as planned in 2025, with a rapid year-on-year growth in the annual bidding scale for medical equipment. For instance, in December 2025, the bidding scale for MR decreased by 11.8%, while CT and DR saw declines of 7.3% and 3.9%, respectively. However, the overall annual cumulative growth for 2025 shows significant increases: MR grew by 31.4%, CT by 53.2%, DR by 53.2%, ultrasound by 42.3%, endoscopes by 16.3%, and surgical robots by 21.9% [3][4]. - The four ministries jointly issued a notice in 2024, aiming for a more than 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment configurations to levels seen in middle-income countries [4]. Group 2: Market Recovery and Company Performance - The domestic market is showing signs of effective recovery due to policy implementation, with medical equipment companies expected to experience a performance turnaround. For example, in the first three quarters of 2025, United Imaging's domestic revenue reached 6.866 billion yuan, reflecting a year-on-year growth of 23.7%, indicating a recovery and structural upgrade trend in the medical equipment industry [4]. - The demand for innovative diagnostic and treatment equipment, particularly in imaging and radiotherapy, is rapidly increasing as a result of the ongoing equipment renewal policies [4].