中国的创新耗材国际化到什么阶段了？20251225 摘要 国内高值耗材市场已触底，国际市场存在增长空间，具备国际化能力的 高值耗材企业具有投资潜力，尤其是在集采政策影响下，国产替代加速。 高值耗材商业模式优越，定价稳定且不易被迭代。中国市场集采基本完 成后，叠加海外研发进展，高值耗材板块迎来投资机会，港股创新耗材 公司市值偏低，预计 2026 年后盈利能力将改善。 国内高值耗材企业在国际化方面取得进展，如时代天使、微创医疗、春 立等公司产品在海外市场销售增长迅速，但主要集中于非欧美市场，进 入欧美市场需进行临床试验和当地审批。 国内高值耗材领域具有临床成本低、手术量大等优势，促进产品改进。 关注微创火鹰支架、健世科技三尖瓣设备、赛诺支架等产品的海外获批 进展，以及相关企业与国际巨头的 BD 合作。 国内医疗器械产品获得 FDA 突破性认证成为国际合作的重要门槛，吸引 投资。2025 年上半年创新器械板块利润为正，微创医疗盈利能力改善 将提振行业。 集采政策加速国产替代，预计 2026 年约 60%耗材纳入集采。神经介入 领域如归创通桥等公司受益明显，未来神经介入、瓣膜、PFA 等高值耗 材领域值得关注。 美股 ...

Summary of Conference Call on HuiTai Medical Industry Overview - The conference call primarily discusses the **high-value medical consumables industry**, particularly focusing on **coronary access products** in the **European market** [1][4][6]. Key Points and Arguments - **Market Positioning**: HuiTai has established a comprehensive product line for coronary access products in Europe, which includes angiography kits, catheters, guidewires, and balloons, all of which have received CE certification and have been sold for several years [1][4]. - **Market Dynamics**: The European coronary access consumables market is dominated by **Medtronic** and **Abbott**, with **Terumo** recognized for sheaths, hydrophilic guidewires, and balloons. Chinese companies like **HuiTai** and **Bossma** are emerging in specific niches [1][6][7]. - **Growth Potential**: HuiTai aims to enhance its brand image through differentiated designs, such as extended catheters and micro-catheters, and anticipates a future growth rate of **40%-50%** [1][10]. - **Sales Strategy**: The company primarily utilizes a **distribution model** in Europe, with multiple distributors per country, and plans to refine this to a single distributor per region as the market expands [1][11]. - **Brand Recognition**: HuiTai's brand, **APP Medical**, ranks among the top four for extended catheters in Europe, although it struggles to break into the top five for more commonly used devices like balloons due to intense competition [1][13]. - **Pricing Structure**: The factory prices of coronary access products in Europe are comparable to domestic procurement prices, with fluctuations between **80% to 120%** of domestic prices [1][17]. - **Reimbursement Policies**: In Europe, reimbursement for balloon products does not differentiate by brand, and prices may vary based on procurement agreements [1][16][14]. - **Market Growth**: The growth in the European market is expected to be primarily driven by PCI consumables, with peripheral products still in the registration phase [1][23]. Additional Important Insights - **International Sales Contribution**: The largest contribution to HuiTai's overseas sales comes from the **Asia-Pacific region**, followed by **Latin America**, **Middle East and Africa**, and the least from the **CIS** [1][24]. - **OEM and ODM Operations**: HuiTai engages in both **OEM** and **ODM** businesses, primarily managed by its factory in Hunan [1][27]. - **Local Presence**: The company plans to establish local warehousing and offices in Europe to better manage operations, with a current presence in Indonesia [1][33][26]. - **Competitive Landscape**: Domestic competitors in the Asia-Pacific and Latin American regions include **Bossma**, **Shengmei**, and **Lepu**, each with unique strengths in product offerings [1][31]. - **Future Plans**: HuiTai is focused on expanding its product registration and increasing its overseas workforce, which has grown from under **30** to over **40** employees since 2023 [1][29]. This summary encapsulates the key insights from the conference call regarding HuiTai Medical's strategies, market positioning, and growth potential in the high-value medical consumables sector.