（文章来源：经济日报） 耗材集采、跨省共济、医保购药……这些新概念的确切含义很多人或许并不清楚，但它们带来的好处已 经惠及千家万户。从试点、推广到常态化，每一个成果的取得，都表明我们向着"十四五"规划提出 的"全面推进健康中国建设"又进了一步。 从"十三五"到"十四五"，科技发展的指导思想从"3个面向"变为"4个面向"，增加的就是"面向人民生命健 康"。"十五五"规划建议再次强调"实施健康优先发展战略"。无论是药品、耗材价格大幅降低，还是"15 分钟医保服务圈"不断完善，一个又一个5年里，看得见的改变把民生保障网越织越密，托住了人民群众 稳稳的幸福。 我国始终坚持基本医疗卫生事业的公益属性，在不脱离发展实际的前提下，持续扩大服务范围、提高服 务标准。"十四五"时期，各项医保帮扶政策为农村低收入群体减轻费用负担超过6500亿元。同时，"药 品比价"等小程序全面上线，医保政务服务线上可办率从2020年的55%增长至2024年的92%。 ...

Group 1: Company Performance and Outlook - The overall business growth trend is stable, with high revenue levels in Q2 and Q4 historically [3] - Management aims to maintain market insight and strategic focus to consolidate 2025 performance [3] - The gross margin slightly decreased due to policy changes affecting export tax rebates [3] Group 2: Customer Engagement and Product Validation - High customer loyalty and repurchase rates are noted, with core material validation taking 3 to 6 months [3] - The company’s digital equipment can effectively perform edentulous jaw scans, enhancing clinical efficiency [4] Group 3: Financial Metrics and Cost Management - The sales expense ratio decreased by 0.62 percentage points in Q3, attributed to normal fluctuations [5] - The company will continue to align investment with market share and profitability [5] Group 4: Future Development and Innovation - The new dental industry park will focus on CAD/CAM material industrialization and digital service platforms [6] - Plans to enhance production capacity and optimize product structure to cover a broader customer base [6] - The company will introduce new materials for various clinical needs, including edentulous treatment [7] Group 5: Market Strategy and Global Presence - Currently, the company’s consumables are not included in centralized procurement, with a controlled impact on performance if included [8] - The company has subsidiaries in key markets like the USA, Germany, and Japan, with over 60 local employees globally [9] - A direct sales team in the USA collaborates with over 200 dental processing companies, while Europe employs a "direct sales + distribution" model [9]

Macroeconomic Information and Commentary - In the first three quarters, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%. The quarterly growth rates were 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3 [3] - From January to September, the industrial added value above designated size grew by 6.2% year-on-year, while fixed asset investment (excluding rural households) was 3,715.35 billion yuan, down 0.5% year-on-year. Private investment decreased by 3.1% [3] - The retail sales of consumer goods totaled 4,197.1 billion yuan, with a year-on-year growth of 3.0% [3] Industry and Company Analysis Medical Consumables Industry - The sixth batch of medical consumables national procurement introduced new regulations, including the concept of "anchor price" for price difference calculation, aiming to stabilize expectations and prevent vicious competition [7][8] - The focus of this procurement includes drug-coated balloons and urological intervention materials, with a trend towards quality competition rather than just low prices [7][8] - High-value consumables companies are gradually digesting the performance pressure from procurement, with recent innovations and overseas business developments expected to provide new growth points [9] - The medical consumables industry is rated as "overweight," with recommendations to focus on companies with rich product lines and high innovation levels [11] In Vitro Diagnostics Industry - Samsung has partnered with Grail to enter the multi-cancer early detection market, investing 783 million yuan (110 million USD) [15] - The IVD market is undergoing a transformation, with challenges from price controls and procurement affecting short-term performance, but long-term growth is anticipated [17] - The IVD industry is rated as "overweight," with a focus on immunodiagnostics and molecular diagnostics sectors [17] Traditional Chinese Medicine Industry - The Traditional Chinese Medicine (TCM) sector saw a slight increase of 0.38% amidst an overall decline in the pharmaceutical sector [19] - A pilot program for disease-based payment for TCM is set to begin, which may enhance the reimbursement for TCM services [23] - The TCM industry is rated as "overweight," with investment recommendations focusing on companies with strong R&D capabilities and unique products [24]

Group 1: Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 0.18%, and the ChiNext Index decreased by 0.68% [1] - In terms of sectors, small metals, jewelry, and semiconductors showed the highest gains, while biopharmaceuticals, chemical pharmaceuticals, and insurance sectors faced the largest declines [1] - Major capital inflows were observed in the semiconductor, medical device, and energy metal sectors [1] Group 2: Investment Opportunities in Rare Earths - Pacific Securities expressed optimism about the rare earth industry chain, driven by increasing demand and price hikes, particularly in applications such as electric vehicles and consumer electronics [2] - The report highlighted that China leads globally in both the scale and technology of rare earth resource development and has international pricing power [2] - Financial forecasts suggest that rare earth product prices are reasonable and likely to rise further, presenting investment opportunities in the sector [2] Group 3: Medical Device Sector Recovery - Citic Construction Investment noted that the A-share medical device index has been in decline for the past four years but has shown signs of recovery since early 2025 due to policy easing and strategic transformations by companies [3] - The report anticipates that several companies will experience performance and valuation recovery, with high growth expected in the second half of 2025 and into 2026 [3] - Related ETFs include Medical Device ETF (159797) and Medical Service ETF (516610) [3] Group 4: Gold Market Outlook - According to Guosen Securities, there is a probability of short-term gold prices rising again, with a long-term bullish outlook supported by geopolitical tensions, a weakening dollar, and ongoing gold purchases by non-U.S. central banks [3] - The total market turnover for gold from January to July 2025 reached 29.05 trillion yuan, marking a year-on-year increase of 49.24% [3] - Related ETFs include Gold Stock ETF (159315) and Gold Stock ETF Fund (159321) [3]

Core Insights - The focus of medical consumables procurement has shifted from large-scale coverage to emphasizing product quality and clinical value, marking a new phase of "quality enhancement" in procurement [1][4] - In a recent procurement announcement, five foreign companies won bids for cerebrospinal fluid shunt systems, with no domestic companies selected, indicating a strong preference for imported products [1][3] Group 1: Procurement Results - The procurement results show that products from Medtronic, Integra, Christoph Miethke, Sophysa, and HPB from Brazil were selected, with prices remaining stable compared to previous bids [1][2] - The proposed prices for the selected products range from 2,349 to 26,100 yuan, reflecting a consistent pricing strategy among foreign brands [2][3] Group 2: Market Dynamics - Imported brands dominate the cerebrospinal fluid shunt market due to their established technology and higher clinical acceptance, while domestic products struggle to gain recognition [3][4] - The complexity of manufacturing these medical devices, particularly the valves, presents a significant barrier for domestic companies, which are still developing their technologies [3][4] Group 3: Future Opportunities for Domestic Companies - Despite the current dominance of foreign products, there is a pathway for newly approved domestic products to enter the market if they meet pricing requirements [6][7] - Domestic companies are actively innovating and closing the technology gap, with several firms developing new products and patents that could enhance their market position [6][7] Group 4: Industry Trends - The ongoing procurement process is expected to increase the clinical penetration of cerebrospinal fluid shunt systems, fostering greater market demand [6][7] - The advancement of technologies such as IoT and AI may lead to innovations in domestic products, potentially positioning them as leaders in the industry [7]

Core Viewpoint - The company, Dabo Medical Technology Co., Ltd., is forecasting a significant increase in net profit for the first half of 2025, driven by product innovation and strategic international development [1][2]. Financial Performance Summary - The expected net profit for the reporting period (January 1, 2025, to June 30, 2025) is projected to be between 230 million to 250 million yuan, representing a year-on-year growth of approximately 66.37% to 80.84% [1][2]. - The net profit attributable to shareholders is expected to be between 230 million to 250 million yuan, compared to 138.24 million yuan in the same period last year [1]. - The basic earnings per share are forecasted to be between 0.5657 yuan to 0.6148 yuan, up from 0.3339 yuan per share in the previous year [1]. Business Development Factors - The company attributes its performance improvement to the new growth norm following the centralized procurement of consumables, alongside a commitment to product innovation and technical services [2]. - The company has incurred approximately 25 million yuan in equity payment expenses during the reporting period [2].

Core Viewpoint - The company, Shanwaishan, is experiencing growth in its blood purification equipment sales and is well-positioned in the expanding domestic blood dialysis market due to increasing ESRD patient numbers and supportive government policies [2][3][5]. Industry Overview - The number of ESRD patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a compound growth rate (CGR) of 8.1%, which is significantly higher than the global growth rate of 5.1% [2]. - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is below the global average of 37% and significantly lower than the average of 75% in developed countries, indicating substantial market potential for blood dialysis services [2]. Company Performance - In Q1 2025, Shanwaishan's blood purification equipment achieved revenue of 127.49 million yuan, with strong growth in both domestic and international markets [3]. - The company's blood purification consumables generated revenue of 43.26 million yuan in Q1 2025, with a year-on-year growth of 123.46% [5][6]. - The medical services segment reported revenue of 16.27 million yuan in Q1 2025, reflecting a year-on-year increase of 43.52% [6]. Competitive Advantages - Shanwaishan maintains a strong competitive edge through technological innovation, product quality, brand influence, and rapid service response [4]. - The company has established a national-level technology innovation platform and a comprehensive quality management system, ensuring product safety and reliability [4]. - As the only Sci-Tech Innovation Board listed company in the blood purification industry, Shanwaishan's brand recognition is increasing, enhancing market trust and acceptance [4]. Market Trends and Policies - The Chinese government is promoting policies to enhance the efficiency of medical equipment funding and reduce financing costs for equipment updates, which is expected to increase demand for blood dialysis equipment in hospitals [5][6]. - The company is actively monitoring and participating in the implementation of relevant procurement policies to capitalize on market opportunities [6].