Summary of China Healthcare Industry Conference Call Industry Overview - **Industry**: China Healthcare Industry - **Report Date**: January 21, 2026 - **Sentiment**: Cautiously optimistic outlook for 2026 regarding hospital capital expenditures and market dynamics [1][2] Key Insights Capital Expenditure Trends - **Stable to Moderate Growth**: Hospital capital expenditures are expected to remain stable with moderate growth in 2026 [2] - **Survey Results**: 59% of surveyed hospital managers anticipate capital expenditure growth in 2026, up from 43% in late 2024, but still below 85% in late 2023 [3] - **Projected Growth Rate**: Expected capital expenditure growth of 4.7% in 2026, compared to 3.0% growth anticipated for 2025 [3] - **Actual Growth Expectations**: Respondents expect actual capital expenditure growth of 5.8% for 2025, indicating limited visibility on actual demand [3] Key Drivers of Expenditure - **Primary Drivers**: 1. Hospital Surplus (69%) 2. Patient Demand (50%) 3. Local Fiscal Budgets (44%) [3] - **Service Volume Constraints**: Factors such as Diagnosis-Related Group (DRG) payment limits and medical insurance settlements are seen as major constraints on service volume [3] Equipment and Technology Focus - **Investment Priorities**: Hospitals are prioritizing investments in AI, endoscopy, and imaging equipment, with a focus on surgical and flexible endoscopes, followed by CT and ultrasound [3] - **Weak Demand**: In vitro diagnostics are expected to remain weak [3] Company-Specific Insights Beneficiaries of Capital Expenditure Growth - **Mindray Medical (300760.SZ)**: Expected to benefit from a stable capital expenditure environment, with anticipated single-digit revenue growth in 2026. The company is expected to maintain a 16% share of planned capital expenditures [4][10] - **United Imaging (688271.SS)**: Anticipated to benefit from strong demand in high-end imaging, with projected revenue growth of approximately 21% in 2026 [4][11] - **New Industries (300832.SZ)**: Expected to face continued pricing pressure in in vitro diagnostics but may achieve above-industry growth due to healthy demand for chemical luminescence analyzers [4][12] - **Huatai Medical (688617.SS)**: Positioned to capitalize on the growing adoption of pulse field ablation technology, with projected revenue growth of 30% in 2026 [4][13] - **Guichuang Tongqiao (2190.HK)**: Expected to see revenue growth of around 30% driven by increased demand for neurointerventional and peripheral interventional procedures [4][15] Challenges for Global Players - **GE Healthcare**: Faces mixed impacts from increased capital expenditure and growing preference for local brands, which may offset some growth [4][16] - **Siemens Healthineers (SHL)**: Cautious outlook due to slow recovery in utilization rates and increased pricing pressure from procurement policies [4][17] - **Philips (PHIA)**: Similar cautious outlook with potential declines in market share for CT and ultrasound equipment [4][18] - **Olympus (7733.T)**: Expected to face challenges in maintaining market share in the digestive endoscopy market [4][19] - **Hologic (6869.T)**: Anticipated slowdown in clinical testing volumes and potential market share decline in hematology [4][20] Additional Observations - **Market Dynamics**: The report highlights a complex landscape for global medical technology companies in China, with both opportunities and pressures from local competition and procurement policies [4][16][17][18][19][20] - **Emerging Trends**: The shift towards local brands and the impact of procurement policies are significant trends that may reshape the competitive landscape in the healthcare sector [4][16][17][18][19][20]

Core Viewpoint - The medical device sector experienced a rise of 0.54% on January 21, with N Aisheren leading the gains, while the Shanghai Composite Index increased by 0.08% and the Shenzhen Component Index rose by 0.7% [1] Group 1: Stock Performance - N Aisheren (code: 920050) closed at 44.04, with a remarkable increase of 175.59% and a trading volume of 141,600 shares [1] - Tianzhihang (code: 688277) saw a rise of 12.38%, closing at 23.88 with a trading volume of 376,500 shares [1] - Xishan Technology (code: 688576) increased by 11.18%, closing at 76.80 with a trading volume of 34,000 shares [1] - Kangzhong Medical (code: 688607) rose by 10.91%, closing at 59.67 with a trading volume of 76,200 shares [1] - Shuoshi Biological (code: 6658889) increased by 9.74%, closing at 84.84 with a trading volume of 70,300 shares [1] Group 2: Capital Flow - The medical device sector saw a net inflow of 300 million yuan from institutional investors, while retail investors experienced a net outflow of 430 million yuan [2] - Major stocks like Sainuo Medical (code: 688108) had a net inflow of 69.18 million yuan from institutional investors, but a net outflow of 44.76 million yuan from retail investors [3] - LePu Medical (code: 300003) had a net inflow of 48.54 million yuan from institutional investors, with a slight net inflow of 0.52 million yuan from retail investors [3]

Group 1 - The core viewpoint of the news highlights the growth of the biomedical sector in China's STAR Market, with the STAR Market Biomedical Index rising by 0.29% and specific stocks like Tianzhihang increasing by 14.64% [1] - The National Healthcare Security Administration has released a guideline for pricing surgical and treatment auxiliary medical services, establishing a fee framework for innovative technologies such as surgical robots and remote surgeries, promoting a coefficient-based charging model linked to robotic assistance [1] - Guohai Securities points out that artificial intelligence is accelerating the empowerment of the entire pharmaceutical industry chain, with NVIDIA and Eli Lilly announcing a joint AI innovation lab, investing up to $1 billion over five years to explore AI applications in drug discovery, development, and manufacturing [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the STAR Market Biomedical Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 48.85% of the index [1] - The STAR Market Medical ETF by Harvest (588700) closely tracks the STAR Market Biomedical Index, providing an easy investment opportunity in the biomedical sector for investors without stock accounts through the Harvest Medical ETF linked fund (021061) [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the medical device sector, with significant stock price increases for various companies and a favorable market outlook driven by new pricing policies and international trade initiatives [1][2][3] Group 2 - As of January 21, the Shanghai Composite Index rose by 0.22%, while the medical device index increased by 0.69%, with notable stock performances from Tianzhihang-U (+13%), Sanyou Medical (+7%), and others [1] - The medical device ETF (562600) saw a 0.77% increase, with a trading volume of 254.268 billion yuan and a turnover rate of 4.15%. Over the past six months, the fund has gained 4.80%, and 11.30% over the past year [1] Group 3 - On January 20, the National Healthcare Security Administration issued guidelines for pricing medical services related to surgical robots and remote surgeries, establishing a structured pricing system to enhance innovation returns and improve accessibility to precision medicine [2] - A special seminar was held on January 17 to discuss how to leverage the medical device procurement and pricing platform to support the international expansion of Chinese medical devices, with plans for a cross-border channel based on procurement platforms in Guangxi and Tianjin [2] Group 4 - Multiple authoritative institutions have expressed optimism about the medical device sector, with expectations for a turning point in operations by 2026 due to optimized procurement rules and significant growth potential in domestic and international markets for surgical robots and AI medical technologies [3] - The medical device ETF (562600) tracks the CSI All Index for medical devices, with the top ten weighted stocks accounting for 45.04% of the total, including major players like Mindray Medical and United Imaging [3]

Summary of Conference Call Notes Industry Overview - The medical devices industry in China is expected to face ongoing pricing pressures in 2026, particularly for in vitro diagnostics (IVD) players, although some recovery in medical equipment sales is anticipated. Niche consumable segments may benefit from value-based pricing (VBP) and globalization trends [1][2][3]. Company-Specific Insights Imeik Technology Development Co Ltd (300896.SZ) - **Rating Downgrade**: Imeik has been downgraded from Equal-weight (EW) to Underweight (UW) with a price target (PT) maintained at Rmb130. The downgrade is attributed to intensifying competition, soft domestic demand, and weakening bargaining power, leading to persistent pricing and margin pressures on its core products, Hearty and CureWhite [3][4][32]. - **Sales Forecast**: A projected 20% year-over-year (YoY) sales decline for 2025 is expected, with 4Q results likely flat quarter-over-quarter (QoQ) due to higher selling, general, and administrative expenses (SG&A). A recovery to high single-digit growth is anticipated in 2026, supported by stable legacy products and contributions from new products like Hutox [3][33][34]. - **Valuation Concerns**: The stock is trading at approximately 29 times the estimated earnings per share (EPS) for 2026, which is considered full given the low-teens growth outlook and limited visibility due to macroeconomic and competitive challenges [3][34][37]. Mindray Bio-Medical Electronics Co Ltd (300760.SZ) - **Revenue Decline**: Expected to post a 9% YoY revenue decline for 2025, with a modest recovery anticipated in 2026. The net profit is also projected to decline by double digits in 2025 [8][10]. United Imaging Healthcare Co (688271.SS) - **Sales Growth**: Anticipated to achieve over 20% sales growth in 2025, with net profit growth expected to exceed 40-50% due to a low profit base in 2024 [8][10]. APT Medical Inc (688617.SS) - **Growth Projections**: Expected to see approximately 24% overall sales growth and 28% net profit growth in 2025, with strong performance in 4Q [11][19]. Zylox-Tonbridge Medical Technology Co (2190.HK) - **Market Position**: Likely to benefit from VBP tailwinds in neuro and peripheral intervention devices, with potential upside surprises in sales growth [12][19]. Peijia Medical Ltd (9996.HK) - **Revenue Expectations**: Projected TAVR revenue for 2025 is estimated to be below Rmb300 million due to a voluntary product shipment delay [13][19]. Angelalign Technology Inc (6699.HK) - **Performance Outlook**: Expected to outperform targets due to resilient growth in China and lower costs [8][19]. Key Trends and Risks - **Market Dynamics**: The medical device tender value rebounded by 30.1% YoY in 2025, approaching 2022 levels, indicating a recovery in various categories despite challenges in IVD analyzers [25][26]. - **Competitive Landscape**: Increasing competition in the dermal filler market is noted, with Imeik facing challenges from new product launches and changing market dynamics [32][37]. - **Regulatory Environment**: Updates on VBP implementation and pricing strategies are critical for future performance, particularly for companies like Imeik and Peijia [15][34]. Conclusion The medical devices industry in China is navigating a complex landscape characterized by pricing pressures, competitive challenges, and varying growth prospects across companies. Imeik Technology's downgrade reflects broader concerns about market dynamics and profitability, while other companies like United Imaging and APT Medical show potential for growth amidst these challenges.

新股精要—国内领先的精准 PCI 医疗器 械生产商北芯生命 ——IPO 专题 本报告导读： 北芯生命（688712.SH）是国内精准 PCI 领域领先的医疗器械生产商，核心产品打 破国际厂商垄断，有望受益于精准 PCI 渗透率提升和国产化替代进程。2024 年公司 实现营收/归母净利润 3.12/-0.44 亿元。截至 2026 年 1 月 19 日，可比公司对应 2024/2025/2026 年平均 PS 为 19.31/15.94/12.46 倍。 投资要点： 新股研究 /[Table_Date] 2026.01.20 | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiq ...

Summary of China Healthcare Conference Call Industry Overview - **Industry**: China Healthcare - **Survey**: AlphaWise survey conducted with 80 hospital executives in November 2025, focusing on hospital capital expenditures (capex), procedure volumes, and brand preferences for 2026 [1][26] Key Findings Hospital Capex Outlook - **Cautiously Optimistic**: 59% of hospital executives expect higher capex in 2026, up from 43% in 2025, but still below 85% in 2024 [3][51] - **Expected Growth**: Average capex growth projected at 4.7% YoY for 2026, compared to 3.0% for 2025 [3][51] - **Actual Growth in 2025**: Estimated capex growth for 2025 was 5.8% YoY, indicating better-than-expected performance [3][51] - **Key Drivers**: Hospital surplus (69%), patient demand (50%), and local fiscal budgets (44%) are primary factors influencing capex decisions [31] Equipment Spending Trends - **Top Equipment Categories**: Surgical and soft endoscopes expected to see the highest unit growth at 26% and 16% respectively, followed by CT, ultrasound, and CLIA analyzers with high-teens growth [32][93] - **AI and Digitization**: AI, digitization, and cloud capabilities are the top investment priorities, with 84% of executives planning to increase spending in these areas [33][78] Brand Preferences and Market Dynamics - **Domestic Brands**: Mindray and United Imaging maintain strong positions in brand preference, with Mindray expected to gain share in surgical endoscopes and ultrasound [36][38] - **Foreign Brands**: Siemens Healthineers, GE Healthcare, and Philips show mixed performance, with potential share losses due to domestic competition [17][19][20] - **Market Shifts**: United Imaging is expected to gain significant share in CT and MR equipment, while Mindray is anticipated to strengthen its position in various categories [38] Pricing and Procurement - **Pricing Pressures**: Continuous pricing pressure expected in clinical testing, negatively impacting the IVD segment [10][42] - **Procurement Changes**: Increased expectations for centralized procurement and shorter tender cycles, which could lead to downward pricing pressures [30][61][62] Procedure Volume Expectations - **Moderating Growth**: Only 17% of executives expect growth in procedure volumes, down from 31% in the previous year, primarily due to budget constraints [39] - **Specialty Procedures**: Expected growth across major specialties is clustered in the mid-single-digit range, indicating stable demand [40] Stock Implications - **Positive Outlook for Certain Companies**: - **Mindray**: Expected to recover to positive revenue growth in 2026 due to stable capex environment [11] - **United Imaging**: Positioned to benefit from high-end imaging demand [12] - **APT Medical**: Anticipated to capture growth in cardiac ablation procedures [14][15] - **Zylox-Tonbridge**: Expected to see growth in neuro and peripheral intervention procedures [16] Risks and Challenges - **Market Uncertainty**: Hospital executives express caution regarding capex decisions, with procurement timing expected to be back-loaded into the second half of 2026 [68] - **Regulatory Pressures**: Ongoing regulatory scrutiny and tighter budgets continue to pose challenges for lower-tier hospitals [56] Conclusion The 2026 outlook for the China healthcare sector is cautiously optimistic, with expected growth in hospital capex and a focus on advanced medical technologies. However, challenges such as pricing pressures and market competition from domestic players remain significant factors influencing the landscape.

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The medical consumables sector saw a slight increase of 0.62% last week, while the broader pharmaceutical and biological sector decreased by 0.68% [4] - The current Price-to-Earnings (PE) ratio for the medical consumables sector is 37.38X, with a Price-to-Book (PB) ratio of 2.69X [5][16] - The sixth batch of national high-value medical consumables procurement opened on January 13, 2026, involving 12 types of medical consumables with 227 companies participating [6][19] Industry Performance - Over the past month, the medical consumables sector has shown a relative return of 6%, while the absolute return over the last 12 months is 19% [3] - The sector's performance compared to the CSI 300 index indicates a slight underperformance of 0.11 percentage points last week [4][9] Industry Dynamics and Company Announcements - The recent procurement rules emphasize clinical value and innovation over low pricing, which may benefit small and medium enterprises by providing a survival and growth space [6][22] - The procurement results are expected to be implemented by May 2026, allowing patients to access reasonably priced and quality-assured products [20][22] Investment Recommendations - The report suggests focusing on leading companies with strong cost control and innovation capabilities, particularly in the fields of rehabilitation and chronic disease management [7][23] - Recommended companies include those with rich product lines and high innovation levels, such as Huatai Medical and Weier Medical, as well as orthopedic consumables companies like Weigao Orthopedics [7][23]

Core Viewpoint - The medical device sector experienced a decline of 1.58% on January 16, with Kangzhong Medical leading the losses, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index decreased by 0.18% [1]. Group 1: Market Performance - The medical device sector's stocks showed mixed performance, with notable gainers including Huakang Clean (20.01% increase) and Yirui Technology (4.60% increase) [1]. - Conversely, Kangzhong Medical saw a significant drop of 8.60%, followed by Huada Zhizao with a decline of 6.61% [2]. - The overall trading volume in the medical device sector was substantial, with Huakang Clean achieving a transaction amount of 707 million yuan [1]. Group 2: Capital Flow - The medical device sector experienced a net outflow of 1.395 billion yuan from major funds, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Specific stocks like Huakang Clean had a net inflow of 58.17 million yuan from major funds, while retail investors showed a net outflow of 46.88 million yuan [3]. - The capital flow dynamics indicate a shift in investor sentiment, with retail investors actively participating despite the overall sector decline [2][3].

险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳北芯生命科技股份有限公司 Insight Lifetech Co., Ltd. （深圳市龙华区民治街道北站社区鸿荣源北站中心 A 塔 2102） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高 的投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风 深圳北芯生命科技股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收 ...