浙商证券指出，高值耗材大品类集采基本完成，支付政策优化下，2025年前三季度收入持续增长、利润 同比增速转正（2024年收入恢复、2025年利润有望恢复）；2026年医保支付政策优化、新品商业化加速 等拉动下，看好业绩恢复及新品放量弹性。家用医疗板块2025年前三季度收入利润同比增速恢复，看好 出海等带来的成长性恢复；低值耗材/IVD板块受量价影响，收入利润增速双降，但看好新品拉动及技 术壁垒较高企业。此外，"十五五"规划建议支持医疗器械发展，推动脑机接口成为新的经济增长点，看 好心血管介入、脑机接口、肿瘤诊疗及手术机器人等创新方向。整体来看，医疗器械估值仍处于历史相 对低位，行业在创新性持续增强、出海拉动下业绩恢复，有望带来长期成长动能。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数从创业板 市场中选取涉及生物医药、医疗器械及相关服务业务的上市公司证券作为指数样本，以反映创业板医药 健康产业相关上市公司证券的整体表现。创医药指数成分股覆盖创新药研发、生物技术、医疗设备制造 等领域，充分体现医药健康产业的高成长性和创新能力，侧重反映中国健康产业的发展趋势。 ...

Core Viewpoint - Taihe Cheng Medical (CCM) experienced a 2.4% increase in stock price, reaching $5.345 per share, with a total market capitalization of $26.52 million as of July 30 [1] Financial Performance - As of December 31, 2024, Taihe Cheng Medical reported total revenue of 384 million RMB, a year-on-year decrease of 28.55% [1] - The company recorded a net profit attributable to shareholders of -30.8 million RMB, reflecting a year-on-year decline of 3.56% [1] Company Overview - Taihe Cheng Medical Group Limited, listed on the New York Stock Exchange in 2009, is primarily engaged in medical services, focusing on cancer prevention, diagnosis, education, and research [1] - Established in 1997, the company provides third-party tumor imaging diagnosis and radiation therapy services, operates self-built cancer specialty hospitals, outpatient departments, independent imaging centers, and proton centers [1] Strategic Partnerships - In 2015, Taihe Cheng signed a long-term strategic cooperation agreement with the University of Texas MD Anderson Cancer Center, focusing on diagnostic technology, radiation quality control, medical processes, operational management, and brand usage in Singapore and mainland China [1] - The collaboration aims to develop an international cancer specialty hospital based on a multidisciplinary treatment model and clinical research, enhancing patient experience and improving cancer treatment standards in China [1]

Financial Performance - As of June 30, 2024, the total revenue of Taihe Cheng Medical (CCM) is 219 million RMB, representing a year-on-year decrease of 23.09% [1] - The net profit attributable to the parent company is -172 million RMB, showing a significant year-on-year decline of 89.33% [1] Company Overview - Taihe Cheng Medical Group Limited, listed on the New York Stock Exchange in 2009, is primarily engaged in medical services, focusing on cancer prevention, diagnosis, education, and research [2] - The company provides third-party tumor imaging diagnosis and radiation therapy services, operates specialized cancer hospitals, outpatient departments, independent imaging centers, and proton centers [2] - In 2015, Taihe Cheng signed a long-term strategic cooperation agreement with the University of Texas MD Anderson Cancer Center to enhance cancer treatment and research capabilities in China and Singapore [2]