China Healthcare Service & Devices 2Q25 preview: new order momentum key for CDMO; eyes on recovery for in-hospital surgeries and consumption As we head into the 2Q25 earnings season, we've seen a pickup in investor inquiries around CRO/CDMO, Medtech, and Services and exploring potential trading opportunities, following strong performance in biotech/pharma. While Biotech remain our top-ranking sub-sector within our coverage (see Ziyi's report), we believe 2Q earnings releases in the CDMO segment could cataly ...