会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码： 688271 证券简称： 联影医疗 公告编号： 2025-039 上海联影医疗科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 13 日（星期一）15:00-16:00 投资者可于 2025 年 9 月 26 日（星期五）至 10 月 10 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@united-imaging.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海联影医疗科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告。为便于广大投资者更全面深入地了解公司 2025 年半年度经营 ...

Core Viewpoint - The Trump administration has initiated Section 232 investigations into imported robots, industrial machinery, and medical devices, which may lead to potential tariffs affecting Chinese medical device exports to the U.S. [1] Group 1: Impact on Medical Device Companies - The stock prices of the top ten medical device companies in A-shares showed mixed results, with Mindray Medical (300760.SZ) increasing by 4.75%, while the largest decline was seen in Yingke Medical (300677.SZ) with a drop of 2.54% [1] - According to the China Chamber of Commerce for Import and Export of Medicines and Health Products, China's medical device export value is projected to reach $24.1 billion in the first half of 2025, marking a 5.0% year-on-year increase. However, exports to the U.S. decreased by 4.41% due to escalating trade tensions, resulting in a market share contraction of 2.26 percentage points compared to the same period in 2024 [1] Group 2: Strategies of Chinese Medical Device Companies - Chinese medical imaging device companies have limited manufacturing presence in the U.S. and primarily rely on direct exports. The U.S. is also pushing for a return of pharmaceutical manufacturing [2] - The impact of potential tariffs varies among medical device companies; low-value consumables may face profit margin pressures, while higher-margin medical equipment companies might absorb tariff costs [2] - The China Chamber of Commerce for Import and Export of Medicines and Health Products indicated that companies are restructuring competitive strategies through "technology tiers + global layout" in response to U.S. tariffs and technology restrictions [2] - Companies like United Imaging Healthcare have established a global service network with seven regional spare parts hubs and 32 country warehouses, while Mindray Medical is advancing its global strategy through digitalization and IoT technology [2] Group 3: Local Production and Market Adaptation - Mindray Medical reported that nearly 70% of its international revenue comes from developing countries, which have market capacities similar to China but with faster growth rates. The company plans to increase the number of countries with local production to 14, with 11 already initiated [3] - Steady Medical (300888.SZ) noted that its sales to the U.S. represent a small portion of its revenue and is closely monitoring the investigation's outcomes while shifting some medical consumables production to the U.S. and nearby regions to mitigate tariff impacts [3]

Core Viewpoint - The U.S. government is initiating investigations into tariffs on imported medical devices and industrial machinery, which may lead to increased taxes affecting Chinese medical device exporters [1][3]. Group 1: Impact on Chinese Medical Device Companies - The stock prices of the top ten medical device companies in A-shares showed mixed results, with Mindray Medical (300760.SZ) increasing by 4.75%, while the largest decline was seen in Yingke Medical (300677.SZ) with a drop of 2.54% [1]. - In the first half of 2025, China's medical device exports are projected to reach $24.1 billion, a year-on-year increase of 5.0%, with the U.S. being the largest market at $5.167 billion, accounting for 21.44% of total exports [1]. - The trade tensions have led to a 4.41% year-on-year decline in exports to the U.S., with a market share contraction of 2.26 percentage points compared to the same period in 2024 [1]. Group 2: Strategic Responses of Companies - Chinese medical device companies are restructuring their competitive strategies in response to U.S. tariffs and technology restrictions, focusing on a "technology tier + global layout" approach [3]. - Companies like United Imaging Healthcare have established a global service network with seven regional spare parts hubs and 32 country warehouses to enhance their market reach [3]. - Mindray Medical is advancing its global strategy through digitalization and smart technology, with significant revenue from developing countries, which are growing faster than the Chinese market [4]. Group 3: Production and Supply Chain Adjustments - Low-value consumable companies, such as Shenguan Medical (300888.SZ), report minimal sales to the U.S. and are closely monitoring the tariff investigations [4]. - Shenguan Medical is shifting some production of medical consumables to the U.S. and nearby regions to mitigate the impact of potential tariffs [4]. - Mindray Medical plans to increase the number of countries with local production to 14, with 11 already initiated, to meet overseas market demands [4].

Group 1 - The medical sector in A-shares remains active, with the largest medical ETF (512170) rising over 1% and recovering its 5-day moving average, with a trading volume exceeding 480 million yuan [1] - Major stocks in the medical device and CXO sectors saw significant gains, with Mindray Medical rising over 4% and Jiuzhou Pharmaceutical hitting a daily limit before closing nearly 6% higher [1] - Conversely, companies like Meihua Medical and Yingke Medical experienced notable declines [1] Group 2 - The release of the industry standard for medical devices using brain-computer interface technology on September 18 is expected to promote the standardized application of this technology in the medical field [1][3] - Global brain initiatives are driving the development of brain-computer interface technology, with China's first industry standard establishing a unified technical language for the sector [3] - The Shanghai government has announced an action plan to promote the development of high-end medical devices, aiming to add over 500 Class III medical device registration certificates by 2027 and cultivate two hundred billion-level leading enterprises [3] Group 3 - The medical ETF (512170) passively tracks the CSI Medical Index, with its top ten weighted stocks including WuXi AppTec, Mindray Medical, and others [3] - The medical device sector is anticipated to reach a turning point in the second half of the year due to improvements in anti-corruption measures, centralized procurement, and equipment purchasing [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Views - The recent optimization of the national drug procurement rules marks a significant improvement in the industry ecosystem, with a focus on balancing supply assurance and industry health development [5][6] - The new procurement rules include a comprehensive evaluation mechanism, a "revival" mechanism for non-selected companies, and increased qualification requirements for bidding enterprises, which collectively enhance the quality and stability of drug supply [5][6] - The report emphasizes the importance of quality control and innovation in the pharmaceutical industry, suggesting that companies with strong quality management systems and innovative capabilities will be better positioned in the new procurement environment [6] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown an absolute return of 46.85% and a relative return of 6.21% compared to the CSI 300 index [3] Investment Highlights - The new procurement rules will significantly improve the matching of drug supply with clinical demand, ensuring continuity and stability in clinical medication [6] - The introduction of a "revival" mechanism reduces the risk of quality enterprises being unexpectedly eliminated from the procurement process [6] - Enhanced quality supervision requirements favor leading companies with stable production processes and strict quality control, promoting overall industry quality improvement [6] - The report advises focusing on leading companies with quality control advantages, those capable of producing pediatric medications, and R&D-driven innovative pharmaceutical companies [6]

Policy Empowerment - The establishment of the "Enterprise+" service platform in Suzhou aims to create a supportive environment for entrepreneurs, facilitating connections and cooperation among businesses [1] - Suzhou has 15,618 private national high-tech enterprises and 587 specialized "little giant" enterprises, reflecting the continuous growth and innovation in the private sector [2] - Shanghai has implemented various measures to support companies in integrating into global supply chains and expanding internationally [2] Technological Breakthroughs - The integration of innovation, industry, and talent is crucial for achieving technological advancements, as seen in the development of autonomous robots and AI-driven solutions in various sectors [4][5] - The establishment of the Yangtze River Delta Innovation Alliance aims to enhance collaboration between enterprises and academic institutions, facilitating technology transfer and talent development [7] Entrepreneurial Spirit - Companies like Wan Shili are promoting a model that combines silk production with culture and technology, significantly benefiting local farmers and enhancing community employment [8] - The commitment to high-quality development is evident in the efforts of private enterprises to innovate and address critical technological challenges, such as the advancements in solar cell materials by Hangzhou Xinna Optoelectronics [9][10]

Market Sentiment - The current market sentiment score is 88, indicating an "overheated" market condition [6][9][19] - Historical trends show that when sentiment is below or close to 50, the market tends to receive support, while above 90, it may face resistance [9] Hot Themes Tracking - **Robotics Theme**: Tesla's "Master Plan 4" emphasizes AI and robotics, with Elon Musk stating that 80% of Tesla's future value will come from the Optimus robot. Related stocks include Wolong Electric Drive (600580) and Changsheng Bearing (300718) [6] - **Medical Devices Theme**: Shanghai's government aims to approve over 500 new Class III medical device registrations by 2027, with a focus on high-end imaging and AI medical devices. Related stocks include United Imaging Healthcare (688271) and Tsinghua Tongfang (300642) [6] - **Liquid Cooling Theme**: Due to high power consumption from new AI platforms, NVIDIA is pushing for the development of new microchannel water cooling technology, which is significantly more expensive than existing solutions. Related stocks include Silver Wheel (002126) and Plittech (688333) [6] Capital Flow Analysis - The top ten stocks with the highest net inflow include Sunshine Power (300274) with 141,122.14 million and Tongfu Microelectronics (002156) with 119,114.80 million [10][11] - The top ten stocks with the highest net outflow include Heertai (002402) with -183,572.02 million and Shenghong Technology (300476) with -111,874.04 million [12][20] - The top ten stocks with the highest net buy in financing include Luxshare Precision (002475) with 146,141.15 million and SMIC (688981) with 124,971.96 million [12][20] Industry Insights - The electronics and power equipment sectors are currently seeing significant capital inflow, while industries like automotive and communication are experiencing notable outflows [16][20] - The report highlights the importance of monitoring market sentiment and capital flows to identify potential investment opportunities and risks in various sectors [19][20]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The report emphasizes the acceleration of domestic substitution due to centralized procurement, highlighting the importance of volume, price, and localization rates [11][15] - The IVD (In Vitro Diagnostics) market is experiencing rapid growth, with a market size of approximately 604 billion yuan in 2018, reflecting a year-on-year growth of 18.43% [30] - The report identifies significant opportunities in segments with low penetration rates and high growth potential, such as orthopedics, chemical luminescence, peripheral vascular intervention, electrophysiology, and TAVR [15] Summary by Sections Centralized Procurement - Centralized procurement has not affected manufacturers' ex-factory prices but has compressed intermediary channel profits, ensuring profit margins for production companies [11] - Various sub-sectors have low localization rates, allowing for competitive pricing to accelerate import substitution [11] IVD Market - The IVD market is segmented into biochemical diagnostics, immunodiagnostics, molecular diagnostics, microbiological diagnostics, and blood diagnostics, with the three main areas holding 46% of the global market share [30][31] - The market is characterized by a shift towards closed systems, which enhance accuracy and ease of use compared to open systems [33][34] Medical Devices and Equipment - The medical device sector is cyclical, with procurement activity peaking in December 2024, driven by demand recovery and policy implementation [24] - The report tracks hospital procurement data, indicating a seasonal pattern with the first half of the year typically being a low season for procurement [24] Medical Consumables - High-value consumables are seeing increased localization due to ongoing R&D investments and centralized procurement policies, while low-value consumables have a lower barrier to entry and higher domestic production rates [37][49] Electrophysiology and Gastroenterology - Electrophysiology devices and consumables are closely linked, with procedures conducted in catheterization labs [41] - Gastroenterology consumables are categorized based on their clinical applications, with a focus on devices used in endoscopic procedures [45][48]

Core Viewpoint - The article provides insights into the latest perspectives and recommendations for the pharmaceutical sector, emphasizing the importance of historical context in analyzing the industry and individual stocks [4]. Group 1: Pharmaceutical Sector Insights - The research team at Guotai Junan Securities specializes in analyzing the global pharmaceutical industry over 40 years and the Chinese pharmaceutical industry over 20 years, focusing on a comprehensive view of industry development to identify investment opportunities [4]. - Key discussions are scheduled for various segments of the pharmaceutical industry, including medical devices, innovative drugs, and CXO & upstream sectors, with prominent analysts leading these discussions [5][6][7]. Group 2: Upcoming Events and Recommendations - A series of conference calls are planned from September 22 to September 26, covering different aspects of the pharmaceutical sector, with notable analysts presenting their insights and recommendations [5][6][7]. - The focus will be on recent key recommendations and deep dives into specific stocks, highlighting the ongoing analysis and updates in the pharmaceutical landscape [7].

Summary of Medical Device and Healthcare Services Industry Conference Call Industry Overview - The medical device sector is experiencing improved growth rates, with significant performance expected in Q3 and the second half of the year, suggesting a focus on companies with improving quarter-over-quarter and year-over-year results, as well as those poised for accelerated growth in 2026 [1][2][6] - High-value consumables and equipment performed relatively well in the first half of the year, with upstream medical device companies like Meihao Medical, Yingke Medical, and Haitai Xinguang showing high growth trends in Q3 [1][3][4] Key Trends and Insights - The strategy of expanding overseas is crucial for Chinese medical device companies to unlock a second growth curve, driven by domestic policy pressures and increased competition from local manufacturers [1][5] - The medical device sector is expected to see a significant improvement in Q3, with companies like Union Medical and Mindray anticipated to show performance turning points [4][8] - The high consumables segment is expected to see further improvement in Q3, benefiting from reduced impact from centralized procurement and the launch of new products, with companies like Huatai and Maipu Chunli Medical projected to achieve high growth [9] Investment Opportunities - Companies with high growth potential or rapid profit growth, such as Meihao Medical and those in the brain-computer interface and humanoid robot supply chains, are recommended for long-term holding [6][7] - Low-valuation companies expected to accelerate growth in 2026 include Meihao Medical, MicroPort Medical, and Yiyuan Technology, among others [12] - The IVD sector is facing challenges but is expected to see improvements in domestic growth rates, while overseas markets maintain high growth [10] Performance of Specific Companies - The Hong Kong medical device sector has shown significant innovation, with companies like Silan Tongqiang and MicroPort Medical demonstrating strong recovery in profitability [14] - The consumption medical services sector, led by Aier Eye Hospital, is outperforming serious medical services, with a notable increase in average transaction prices for procedures [16][17] Valuation and Market Position - The overall valuation of the medical services sector is at historically low levels, with the current PE ratio around the 20% percentile of the past five years [18] - Comprehensive hospitals are facing revenue declines due to healthcare payment reforms, with many experiencing over a 10% drop in income in the first half of 2025 [19][20] Recommendations for Future Monitoring - Long-term investment opportunities exist in both the Hong Kong and A-share medical device sectors, particularly in companies with strong innovation capabilities and international expansion potential [15] - Companies like Aier Eye Hospital and Hai Jiaya Medical are recommended for their leadership in their respective segments, while Yiyuan Medical is noted for its rapid overseas growth and strong cash flow [21][22]