Core Viewpoint - The domestic medical device industry is in a rapid development phase, with short-term negative impacts from medical insurance cost control, but long-term optimism remains due to innovation-driven import substitution and globalization [1][2]. Industry Overview - The impact of COVID-19 is gradually diminishing, while multiple policy disturbances are putting short-term pressure on hospital diagnosis and treatment. Internationalization is expected to bring new growth points [2]. - In 2024, the revenue of listed medical device companies is projected to be 254.27 billion yuan, a year-on-year increase of 0.19%, while the net profit excluding non-recurring items is expected to decline by 13.82% to 27.25 billion yuan. Different sub-sectors show significant divergence in performance [2]. Sub-sector Analysis Low-value Consumables - Revenue is expected to grow by 12.86% in 2024, with net profit increasing by 114.83%. This growth is attributed to the recovery from inventory destocking and accelerated international expansion [2][7]. - In Q1 2025, revenue growth is projected at 2.37%, with net profit growth of 7.19%. The sector is expected to return to normal growth trends as the low base effect diminishes [7]. High-value Consumables - Revenue is projected to grow by 3.58% in 2024, while net profit is expected to decline by 4.09%. The sector is relatively stable, but performance varies across different segments due to the pace of centralized procurement [2][6]. - In Q1 2025, revenue growth is expected to be 0.25%, with a net profit decline of 6.15% [6]. Medical Equipment - Revenue is expected to decline by 1.38% in 2024, with a net profit decrease of 17.93%. The sector faces challenges from anti-corruption measures and delays in bidding processes [2][5]. - In Q1 2025, revenue is projected to decline by 5.27%, with net profit decreasing by 14.10% [5]. In Vitro Diagnostics - Revenue is expected to decline by 6.13% in 2024, with a net profit decrease of 47.04%. The sector is affected by policies such as DRGs and centralized procurement, leading to significant price declines [2][4]. - In Q1 2025, revenue is projected to decline by 15.39%, with a net profit decrease of 40.27% [4]. Investment Recommendations - Despite short-term pressures, the industry shows potential for growth through international expansion and innovative projects. Companies with early overseas layouts and those focusing on unique projects are recommended for investment [4][6].

Core Insights - Koser Medical Technology (Suzhou) Co., Ltd. has completed nearly 100 million yuan in B+ round financing, led by Tietou Jushi, with funds allocated for core product development, global market promotion, and capacity expansion [1] Company Overview - Koser Medical was established in November 2013 and is a platform company with comprehensive production and R&D capabilities in vascular interventional devices, aiming to provide systematic solutions for clinical applications [1] - The company has successfully commercialized its innovative product, the inferior vena cava filter, which is the first umbrella-shaped long-term filter approved for registration in China, with several other innovative products set to enter clinical trials [1] - Koser Medical's balloon products in the coronary field have received registration certificates from multiple countries, including China (NMPA), the USA (FDA), the EU (CE), Japan (PMDA), and South Korea (KFDA), and have entered mainstream international markets [1] Leadership - The Chairman, General Manager, and CEO, Hu Qing, is a member of the second Life Science Instrument Professional Committee of the Chinese Society of Biomedical Engineering and has received multiple honors. He has extensive experience in management roles at Fortune 500 companies and has been in the medical device industry since 2002 [1] Financing History - The company has completed four rounds of financing prior to the recent B+ round, with investors including Dacheng Caizhi and Jushi Chuangtou [2] Business Structure - Koser Medical has formed a "one core, three wings" business layout, with the parent company focusing on a one-stop treatment system for peripheral intervention, while subsidiaries specialize in cardiac electrophysiology, coronary intervention product development, and breakthrough core medical materials technology [3] Global Strategy - The company actively practices a "Local Base, Global Reach" strategy, having acquired Ireland's Micell in 2021 to gain access to extensive clinical data and special coating technology, marking a significant step towards globalization [3] - Koser Medical has completed product registrations in over 20 countries and plans to establish more overseas subsidiaries and offices, with global sales set to officially launch in 2024 and aims for large-scale international expansion by 2026 [3]

Core Viewpoint - The recent announcement by the U.S. government to impose "reciprocal tariffs" on Chinese goods has prompted a swift response from several medical device companies, which have indicated they have comprehensive plans and measures in place to address the situation. Despite the complex impacts on the supply chain, the long-term trend towards self-sufficiency and international expansion in the medical device sector remains optimistic [1][2][7]. Company Responses - Multiple medical device companies have reported minimal impact from the U.S. tariff policy, citing pre-existing contingency plans. For instance, Mindray Medical has proactively stocked products in the U.S. ahead of previous tariff increases, ensuring that current sales are unaffected by the new tariffs [2][8]. - Kaili Medical stated that the U.S. market contributes only 1%-2% to its revenue, and prior inventory preparations have mitigated the tariff impact. The company has a well-established overseas market presence [3][8]. - Dirui Medical anticipates that its direct exports to the U.S. will be around $150,000 in 2024, representing a negligible portion of its overall revenue. The company has also identified measures to minimize the tariff's effects [3]. - Leshi Medical indicated that the tariff impact is manageable, as its U.S. operations focus on digital chronic disease management solutions, which have established long-term customer relationships [3][8]. - Weili Medical reported that its exports to the U.S. account for about 15% of total revenue, with a stable business model due to long-term partnerships and necessary certifications [4]. Industry Trends - The Chinese medical device industry is experiencing a push towards domestic production and innovation, particularly in high-end medical imaging and core components, where reliance on imports has been significant. Recent advancements in domestic R&D are enabling some companies to gain competitive advantages [4][6]. - The Ministry of Commerce has initiated anti-dumping investigations into imported medical CT tubes, which may benefit domestic suppliers and manufacturers [5]. - The Chinese government continues to support the medical device sector, promoting high-quality development and encouraging companies to expand internationally. This includes backing for high-end medical devices and innovative technologies [6][7]. - Analysts suggest that despite the tariff challenges, there is a strong potential for domestic companies to increase market share and reduce reliance on imports, particularly in high-value consumables and in vitro diagnostics (IVD) sectors [7]. Long-term Outlook - The long-term export potential for Chinese medical device companies remains positive, with a focus on expanding into developing markets outside the U.S. Companies like Mindray Medical are looking to enhance their brand presence in these regions [8]. - Companies are diversifying their international strategies, with plans for local production and sales in emerging markets such as Mexico, which is expected to commence operations by early 2026 [8].

2025年2月20日， 希毅医学联合思宇MedTech，在深圳先进技术研究院举办了 "ReDe for 2025：医疗器械海外增长新范式"研讨会 。 分享一：中国高值耗材出海之路 分享嘉宾：元心科技海外负责人 黄俊明 在全球化浪潮的推动下，中国医疗器械企业正迎来前所未有的海外发展机遇。然而，如何突破海外市场壁垒、实现业务模式的转型升级，是每一个企业亟待解决的 问题。本次研讨会聚焦于此，旨在为中国医疗器械企业开辟海外增长的新路径。 一、出海策略：市场分析与营销实践 1. 市场分析：理论容量与实际容量 市场分析需结合理论容量（如病患数量）和实际容量（如医生数量、手术量等）。实际容量受医疗条件和医生数量限制，因此不能仅看病患数量。例如，神经外科 高值耗材的实际容量取决于神经外科医生的数量，而非病患数量。不同国家和地区市场差异大：欧美市场虽大但进入门槛高，东南亚和拉美市场虽小但潜力大。 2. 竞争分析：差异化与市场定位 竞争分析需关注竞争对手的市场份额、推广策略和合作伙伴。企业需通过差异化的产品力和品牌力提升竞争力，而非仅靠低价竞争。价格策略应由市场竞争决定， 而非单纯由国家贫富决定，竞争越激烈，价格越低。 3. 学 ...

在全球化和国内政策变动的双重影响下，中国医疗器械行业正站在转型的十字路口。国内集采政策的实施 和反腐力度的加强，使得企业面临利润压缩和传统经营模式的挑战。中国医疗器械企业必须寻求新的发展 路径，积极拥抱全球化，以全新的业务形态和战略思维走向世界。 时间： 2025年2月20日，14:00-16:00 地点： 广东省深圳市南山区学苑大道1068号，中国科学院深圳先进院技术研究院 活动对象： 医疗器械投资人，创始人及高管，海外市场负责人等，审核制，限30人 主办方： 希毅医学，思宇MedTech 报名方式： 而在国际市场的高标准和严要求下，传统的外贸模式已不再适应当前的国际市场环境，企业需要摒弃旧有 的业务形态，转型成为具有国际竞争力的跨国企业。 这一转型 不仅是产品和技术的创新，更是商业模 式、学术营销策略等多纬度的全面再开发（ReDevelopment） 。 复制以下链接到IE浏览器进行填写或点击文末 "阅读原文" 进行填写 2月20日， 希毅医学 携手 思宇MedTech ，并得到 深圳先进技术研究院 的大力支持，联合举办 "ReDe for 2025：医疗器械海外增长新范式"研讨会 。 https://d ...

在全球化和国内政策变动的双重影响下，中国医疗器械行业正站在转型的十字路口。国内集采政策的实施和反腐力度的加强，使得企业面临利润压缩和传统 经营模式的挑战。中国医疗器械企业必须寻求新的发展路径，积极拥抱全球化，以全新的业务形态和战略思维走向世界。 而在国际市场的高标准和严要求下，传统的外贸模式已不再适应当前的国际市场环境，企业需要摒弃旧有的业务形态，转型成为具有国际竞争力的跨国企 业。 这一转型 不仅是产品和技术的创新，更是商业模式、学术营销策略等多纬度的全面再开发（ReDevelopment） 。 2月20日， 希毅医学 携手 思宇MedTech ，并得到 深圳先进技术研究院 的大力支持，联合举办 "ReDe for 2025：医疗器械海外增长新范式"研讨会 。 本次活动将通过主题分享、自由交流等形式，围绕出海策略和案例、海外临床试验设计与运营、海外商业化策略等话题进行深入讨论，并对中国医疗器械企 业如何通过再开发策略，实现业务模式的转型升级和海外市场增量提出解决方案。 我们期待与您共同探讨和见证这一变革过程，为中国医疗器械行业的未来发展注入新动力，以更正确的姿势迈向2025年的出海之路。 # 关于"ReDe ...

地点： 广东省深圳市南山区学苑大道1068号，中国科学院深圳先进院技术研究院 活动对象： 医疗器械投资人，创始人及高管，海外市场负责人等，审核制，限30人 在全球化和国内政策变动的双重影响下，中国医疗器械行业正站在转型的十字路口。国内集采政策的实施和反腐力度的加强，使得企业面临利润压缩和传统 经营模式的挑战。中国医疗器械企业必须寻求新的发展路径，积极拥抱全球化，以全新的业务形态和战略思维走向世界。 而在国际市场的高标准和严要求下，传统的外贸模式已不再适应当前的国际市场环境，企业需要摒弃旧有的业务形态，转型成为具有国际竞争力的跨国企 业。 这一转型 不仅是产品和技术的创新，更是商业模式、学术营销策略等多纬度的全面再开发（ReDevelopment） 。 2月20日， 希毅医学 携手 思宇MedTech ，并得到 深圳先进技术研究院 的大力支持，联合举办 "ReDe for 2025：医疗器械海外增长新范式"研讨会 。 本次活动将通过主题分享、自由交流等形式，围绕出海策略和案例、海外临床试验设计与运营、海外商业化策略等话题进行深入讨论，并对中国医疗器械企 业如何通过再开发策略，实现业务模式的转型升级和海外市场增量 ...