新华财经上海11月21日电（记者 杜康）在近日举办的的张江药谷国际创新大会·医疗器械论坛上，来自产学研医各界的顶尖专家们传递出一个明确信号，中 国医疗器械行业已进入创新黄金期。 全球医疗器械TOP 100的名单中，开始出现了更多中国企业的身影，且排名呈上升态势。以创新产品叩开海外中高端市场，一些国内头部企业的海外利润占 比已经过半。产业、医院、科研机构之间的密切合作，全链条与交叉融合的人才梯队建设，蓬勃发展的AI 生态……中国正在跻身全球医疗器械创新的中 心。 上海浦东，作为中国医药创新链条最完整、生态最优良、人才最聚集、创新最活跃、研发最高效的区域之一，正将资源和势能转化为新一轮发展的强大动 能，加快构建具有世界影响力的高端医疗器械产业集群。 从跟随者到领跑者，中国医疗器械出海"创新"主线愈发明晰 医疗器械在整个医疗领域，具有研发周期相对更短、医工高度交叉、技术更新快、产品门类多、市场规模增速快、发展潜力大等特点。目前，中国已位居全 球第二大医疗器械市场，2024年的整体市场规模达到了1.35万亿元。 近两年来，中国创新药企出海的"战绩"可谓是有目共睹。在医疗器械领域，我国也涌现出迈瑞、联影等一批头部企业。 ...

2025年杜塞尔多夫国际医疗器械设备展近日在德国开幕，大量中国企业参展，然而中国参展商遭遇大规 模食物中毒事件，大约200人食用一家中餐馆提供的盒饭后上吐下泄，有人甚至一晚上拉了40多次。 （文章来源：每日经济新闻） 记者在展会现场看到，10多个场馆几乎都有中国企业的身影，部分场馆还有特设的中国展区。 "中国参展企业不仅数量更多，产品质量也更好了。"长期参与组织中国企业参加展会的中国医疗器械行 业协会国际合作部副主任夏天表示，中国医疗器械产品的技术含量和覆盖品类逐年增加，中国企业正在 得到全球客户的认可。 本届展会为期4天，预计将吸引超过160个国家和地区的8万名专业人士参观。 每日经济新闻综合自第一财经、扬子晚报、新华网、公开资料等 江苏参展商小罗（化名）称，中国参展商组成30多个参展团参加这次活动，展会期间的餐食由地接联系 一家名为"兄弟烤吧"的当地中餐馆供应，一份盒饭20欧元（约合人民币164元），价格相当高。 该餐馆11月19日在社交媒体上发信道歉，声称食材是正规渠道采购，只是肉品未完全煮透熟所致，但未 提具体赔偿措施。 很多受影响者对此并不满意，认为该餐馆避重就轻，没有说明食物中毒的实质问题。多人表 ...

Core Insights - The stock price of United Imaging Healthcare (688271) closed at 136.88 CNY on November 14, 2025, reflecting a decrease of 0.57% from the previous week's closing price of 137.66 CNY [1] - The company's market capitalization is currently 112.81 billion CNY, ranking 2nd in the medical device sector out of 126 companies and 155th in the A-share market out of 5165 companies [1] Company Announcements - United Imaging Healthcare's wholly-owned subsidiary, Wuhan United Imaging Healthcare Technology Co., Ltd., obtained a medical device registration certificate for its color Doppler ultrasound diagnostic system on November 11, 2025 [1] - The registered products include the uSONIQUE Pulse series, uSONIQUE Genesis series, and uSONIQUE Venus series, which cater to a wide range of markets from high-end to economical, applicable in various departments such as general, cardiac, obstetric, and vascular [1] - The product series is based on the uEDGETEC technology platform, integrating multiple innovative technologies to achieve intelligent imaging and applications [1] - The registration certificate is valid until November 10, 2030, and the company has cumulatively received approvals for over 140 products, entering more than 90 countries and regions [1] - This certification is expected to enhance the product line and strengthen core competitiveness, although the impact on future revenue remains uncertain [1]

Core Insights - The surgical robot market is highly competitive but not saturated, with significant growth potential in China [2] - Johnson & Johnson is accelerating its investment in the surgical robot sector in China, particularly through partnerships with local companies [2][7] - The Haishan I, developed by Chinese company RuLong Surgical, is a notable product showcased by Johnson & Johnson, representing a strategic collaboration [2][3] Market Dynamics - The surgical robot market is characterized by intense competition, with Intuitive Surgical's Da Vinci system holding a dominant market share of 53.8% as of Q2 2025 [3] - RuLong Surgical's Haishan I is the first modular surgical robot in China, offering flexibility and lower production costs compared to traditional integrated systems [3][4] - Johnson & Johnson's entry into the surgical robot market has been relatively late, but the company has made several acquisitions and is optimistic about future growth [4][5] Product Development - Johnson & Johnson currently has one approved surgical robot in China, the MONARCH, while aiming for a target installation of 500 units for the Haishan I within five years [4][5] - The Haishan I has received approvals for multiple surgical applications, unlike many competitors that require separate approvals for each application [3][4] Pricing and Cost Structure - The high cost of surgical robots has historically limited their adoption, with prices for leading models exceeding 20 million yuan [5][6] - Johnson & Johnson is focused on optimizing technology and supply chains to reduce costs and improve competitiveness in the market [6] Collaboration and Commercialization - Johnson & Johnson has engaged in several collaborations with local medical device companies to enhance commercialization efforts [7] - The company is also exploring international markets for its products, contingent on confirming quality and supply chain stability [8] Market Opportunities - The aging population in China presents a significant opportunity for the medical device market, driving demand for surgical interventions [8] - Johnson & Johnson showcased over 1,000 products at the China International Import Expo, indicating a strong commitment to integrating into China's innovation ecosystem [8]

Core Insights - Johnson & Johnson Medical Technology launched the ETHICON 4000, the first 3D stapler for laparoscopic surgery in Asia, aimed at enhancing patient outcomes by improving tissue integrity during surgical procedures [1] - The CEREGLIDE 71 distal access catheter made its Asian debut, designed for neurovascular systems, which can reach critical areas in the brain, thus providing timely intervention for stroke patients [2] - The strong and flexible blood flow-directed mesh stent, developed in collaboration with a domestic medical innovation company, was also introduced, showcasing advancements in neurointerventional devices [2] Group 1 - The ETHICON 4000 laparoscopic stapler represents a significant technological advancement, transitioning from 2D to 3D stapling, which enhances the integrity of tissue connections and reduces the risk of complications such as blood leakage [1] - The innovative pre-set chip technology in the ETHICON 4000 allows for dynamic adjustment during the stapling process, potentially decreasing postoperative complications and improving patient recovery [1] Group 2 - The CEREGLIDE 71 distal access catheter is capable of reaching the M1-M2 segments of the brain, facilitating rapid access for stroke treatment, which is critical for patient outcomes [2] - The introduction of a complete thrombectomy product line, including the EMBOTRAP III and EMBOVAC devices, highlights Johnson & Johnson's commitment to advancing neurointerventional solutions [2] - The collaboration with a domestic company to develop the blood flow-directed stent emphasizes the trend of partnerships in the medical technology sector to enhance product offerings and address specific clinical needs [2]

Core Viewpoint - The company has received official approval from the National Medical Products Administration of China for its G-BranchTM thoracoabdominal aortic stent graft system, which is designed for the treatment of thoracoabdominal aortic aneurysms (TAAA) [1][2] Group 1 - The G-BranchTM system is a pioneering product featuring a "dual inner and dual outer" hybrid branch design, allowing for full endovascular reconstruction of TAAA while maintaining blood supply to vital organs during the procedure [1] - The company holds independent intellectual property rights for the G-BranchTM product, which is expected to provide a systematic solution for TAAA patients [1] - The approval of the G-BranchTM system follows the earlier approvals of the aortic arch stent system and aortic covered stent system, enhancing the company's product portfolio in the peripheral vascular intervention field [2] Group 2 - The company aims to offer more flexible, comprehensive, safe, effective, and easy-to-operate solutions for thoracoabdominal aortic aneurysm endovascular reconstruction as commercialization progresses [2] - The company is committed to collaborating with industry experts to advance the development and launch of more urgently needed medical device products, driving growth in the medical device sector [2]

Core Viewpoint - The China Securities Index Co., Ltd. will officially launch the China Securities Innovation Drug Index and the China Securities Innovation Medical Device Index on November 7, providing a broader range of investment targets for the market [2]. Group 1: Innovation Drug Index - The China Securities Innovation Drug Index selects listed companies involved in innovative drug research and development from the Sci-Tech Innovation Board and the Growth Enterprise Market, reflecting the overall performance of these companies [2]. - A total of 50 constituent stocks have been included in the index, such as BeiGene-U, Zai Lab, and Kanglong Chemical [2]. - Notable performance includes BeiGene-U with a latest closing price of 277.50 yuan per share and a year-to-date increase of 72.34% [4]. Group 2: Medical Device Index - The China Securities Innovation Medical Device Index selects listed companies providing medical devices, consumables, and in vitro diagnostics from the Sci-Tech Innovation Board and the Growth Enterprise Market, reflecting the overall performance of the medical device sector [5]. - The index also includes 50 constituent stocks, including Mindray Medical, United Imaging, and New Industries [5]. - Mindray Medical has a latest closing price of 206.35 yuan per share, with a year-to-date decline of 17.92% [6]. Group 3: Market Trends - The pharmaceutical sector has attracted significant investor attention this year, particularly in the innovative drug space, which has shown remarkable performance [7]. - China's innovative drug pipeline and clinical trial projects rank among the top globally, with ongoing policy support aimed at promoting high-quality industry development [7]. - The medical device industry is also experiencing rapid growth, driven by innovation and the trend of import substitution, as well as global expansion opportunities [8].

Financial Data and Key Metrics Changes - Underlying revenue growth for Q3 2025 was 5%, consistent with H1 run rate, with reported revenue at $1.5 billion, reflecting a 6.3% increase due to a 130 basis point tailwind from foreign exchange [2][5] - Free cash flow guidance raised from over $600 million to around $750 million, driven by improved working capital discipline and operational efficiencies [3][11] Business Line Data and Key Metrics Changes - Orthopedics grew 4.1% on an underlying basis, with strong performance in hips in the US offsetting softer knee sales [5][6] - Trauma and extremities grew 7.5%, with notable contributions from the Evos plating system and Atos shoulder [7] - Advanced Wound Management grew 6%, with advanced wound care growing 1.1% and Bioactives up 12.2% [8][9] Market Data and Key Metrics Changes - US market grew 5.5%, while other established markets grew 3.9% and emerging markets grew 5.4% [5] - Excluding China, underlying revenue growth was 6.4%, with joint repair growth at 13% [3][8] Company Strategy and Development Direction - Innovation remains central to growth, with over half of growth coming from products launched in the last five years [12] - The company is focused on operational improvements and cash efficiency, with plans to present a new strategy at upcoming capital markets events [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting revenue guidance for Q4, citing a strong sales funnel and new customer integrations [20][30] - The company anticipates continued margin expansion beyond 2025, despite headwinds from tariffs and reimbursement changes [11][41] Other Important Information - The company launched several new products, including the Alevi Complete Care dressing and the Legion medial stabilized knee, which are expected to drive future growth [12][14] - Management acknowledged ongoing challenges in the US knee market but remains optimistic about future performance improvements [15][27] Q&A Session Summary Question: Concerns about revenue guidance and margin expectations - Management remains confident in Q4 revenue guidance, supported by new product launches and customer integrations, and expects to maintain margin guidance in the 19-20% range [20][30] Question: Impact of portfolio rationalization on US knees - Management acknowledged the gap between their performance and market growth in US knees, attributing it to ongoing portfolio rationalization, but expressed optimism for future improvements [27][28] Question: Key factors affecting margins in 2026 - Management outlined several headwinds for 2026, including tariffs and pricing pressures, but remains confident in achieving margin expansion through operational efficiencies [41][42] Question: Future of the China business - The company is committed to building a sustainable business in China and will evaluate product lines for investment based on profitability [42] Question: Expectations for Q4 performance in other recon - Management expects a rebound in other recon performance in Q4, driven by strong placements and utilization rates [75]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Group 1: Market Performance - In the first eight months of this year, Beijing's medical instruments and devices exports reached 5.83 billion, a year-on-year increase of 21.5% [1] - Some medical device companies have reported strong Q3 performance, with Weili Medical achieving a Q3 revenue of 446 million, up 16.09% year-on-year [5] - Xiamen Medical reported a revenue of 343 million in the first three quarters, a decrease of 5.3% year-on-year, while its Q3 net profit increased by 41.95% [6] Group 2: Innovation and Product Development - Under supportive policies, Chinese medical device companies are experiencing a surge in innovation, with multiple new products receiving approval [2] - David Medical's subsidiary received a registration certificate for a new type of surgical stapler, enhancing the company's product line and competitiveness [2] - Neusoft Medical's X-ray CT device received approval, offering higher spatial resolution and better clinical imaging capabilities compared to traditional CT [3] Group 3: International Expansion - Companies are increasingly focusing on international markets, with Mindray Medical planning to issue H-shares to enhance its global capital operations [7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments in Q1 2026, primarily supplying products to major US clients [8] - Analysts believe that the international business potential is vast, with many companies experiencing high growth in overseas markets [8]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1][3] - Medical device exports from Beijing reached 5.83 billion yuan in the first eight months of the year, marking a 21.5% year-on-year increase, indicating significant growth potential in international markets [1] - Several innovative medical devices have recently received approval, showcasing the industry's innovation vitality [2][3] Regulatory Support - The NMPA has issued measures to optimize the regulatory support for high-end medical device innovation, focusing on key areas such as medical robots, high-end medical imaging, and AI medical devices [3] - The approval of advanced imaging devices like photon-counting CT is seen as a major technological breakthrough, significantly improving traditional imaging methods [3] Company Performance - Weili Medical reported a 16.09% year-on-year increase in Q3 revenue, reaching 446 million yuan, and a net profit of 70.57 million yuan, up 16.31% [4] - Xiangsheng Medical's revenue for the first three quarters was 343 million yuan, down 5.3%, but Q3 net profit increased by 41.95% [4] International Expansion - Companies are increasingly focusing on internationalization, with Mindray Medical planning to issue H-shares for further capital strength and global market engagement [6][7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments by Q1 2026, primarily supplying products to major clients in the U.S. [7] - Analysts believe that the international business potential is vast, with many domestic companies experiencing high growth in overseas markets [7]