Investment Rating - Industry investment rating: Stronger than the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Viewpoints - The medical device bidding and procurement are significantly recovering, with a notable trend towards domestic substitution. Since the beginning of 2025, there has been a concentrated push for medical device updates, leading to a substantial increase in public bidding amounts, reaching a cumulative total of 11.8 billion yuan [3][10] - The procurement scale for medical devices has shown a month-on-month improvement since January 2025, with procurement amounts in January, February, March, and April being 17.4 billion yuan, 11.2 billion yuan, 14 billion yuan, and 15.3 billion yuan respectively, reflecting year-on-year growth rates of +42%, +76%, +113%, and +84% [10][3] - Major companies in the industry are benefiting from the recovery in bidding and procurement, with significant increases in procurement amounts for various devices in April 2025, including ultrasound (1.371 billion yuan, +67% YoY), CT (2.525 billion yuan, +242% YoY), and MRI (2.270 billion yuan, +191% YoY) [4][11][13] Summary by Sections Medical Device Update and Bidding Recovery - The medical device update projects are intensively advancing, with many provinces initiating collective procurement, leading to a surge in orders. The bidding process is similar to collective procurement, giving significant bargaining power to the purchasers, which benefits leading companies with comprehensive and high-end product lines [3][10] Procurement Scale and Trends - The overall scale of new medical device bidding in China is benefiting from the rapid implementation of device updates, showing a month-on-month improvement trend since the beginning of 2025. The procurement scale in April 2025 has nearly returned to the level of the same period in 2023 [10][3] Leading Companies' Performance - The bidding trends for domestic companies align closely with industry trends, with some companies showing slightly better performance. In April 2025, major domestic companies like Mindray (624 million yuan, +51% YoY), United Imaging (1.187 billion yuan, +207% YoY), and others have reported significant increases in their bidding amounts [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies in the medical device sector that are enhancing their high-end and intelligent product layouts, such as Mindray Medical, United Imaging, and others. The government’s support for long-term special bonds for equipment updates is expected to positively impact industry bidding growth [5][21]

Group 1 - The core point of the news is the announcement of the selected units for the smart traditional Chinese medicine hospital pilot project, with over 80% of the selected units choosing Donghuayuan, highlighting its strong capabilities in the intelligent pharmacy sector [1] - A total of 127 units from various provinces and cities across the country have been selected for the pilot project, indicating a significant interest and investment in the modernization of traditional Chinese medicine services [1][6] Group 2 - Donghuayuan has developed a comprehensive solution for smart traditional Chinese medicine pharmacies, which integrates data and technology to create an intelligent service loop from prescription to patient medication [4] - The solution emphasizes automation and intelligence, offering customized production lines and various dosage forms, thereby improving the quality of traditional Chinese medicine and reducing patient wait times [4][5] - The smart pharmacy model represents a new service paradigm and is seen as a driving force for the innovation and modernization of traditional Chinese medicine, addressing industry challenges and enhancing service efficiency [5]

Financial Data and Key Metrics Changes - In 2024, the company reported revenues of $19.7 billion, demonstrating robust margin expansion and earnings per share growth driven by a lean culture [14] - The company started 2025 with the highest backlog as an independent company, indicating strong momentum in orders and book-to-bill ratios [15] Business Line Data and Key Metrics Changes - The introduction of new products contributed to a three-year new product introduction vitality rate of approximately 50%, reflecting the impact of increased R&D commitment [15] - The company closed 50 strategic long-term enterprise deals globally in 2024, which provided future growth and recurring revenue [15][16] Market Data and Key Metrics Changes - Record double-digit orders growth was driven by strength in the U.S. market, particularly in imaging products focused on cardiology and oncology [17] - The company has a strong funnel of additional opportunities to offset the impact of tariffs, indicating resilience in a dynamic global trade environment [17] Company Strategy and Development Direction - The company is evolving from an imaging and critical care equipment provider to a healthcare solutions provider, focusing on co-creating holistic offerings that include technology, services, and solutions [14] - The disciplined M&A strategy is being executed to complement existing technologies and solutions, with recent acquisitions enhancing capabilities in AI-enabled imaging and radiopharmaceutical distribution [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the impact of tariffs will be lower in 2026 compared to 2025, as the company has time to address supply chain structures [46] - The company is focused on sourcing closer to customers and has a global footprint with 43 manufacturing sites across 17 countries, providing flexibility in navigating tariff structures [46] Other Important Information - The company reported a healthy margin and earnings per share performance in the first quarter of 2025, reflecting strong commercial execution [16] - The Board of Directors recommended against a stockholder proposal regarding executive compensation, indicating a commitment to aligning management pay with shareholder interests [37] Q&A Session Summary Question: How has the current administration and tariffs affected GE Healthcare? - The gross impact of tariffs was over $1 billion, which was mitigated down to approximately $50 million, with expectations for further reduction in impact [45][46] Question: Have the on-off tariffs from Washington had any material effect on your company? - The company has been able to navigate the situation effectively, focusing on sourcing and manufacturing strategies to mitigate tariff impacts [46]

大公司： 滴滴企业版成为3M国内首家出行服务商 近日，滴滴企业版正式成为世界500强企业3M公司在中国的首个出行服务商。通过无纸化报销、用车数 据线上化、低碳出行等创新服务，滴滴企业版将为3M提供高效、合规、可持续发展的出行管理方案。 在帮助外资企业来华用车管理便利上，滴滴企业版具有丰富的实践经验。截至2025年，滴滴企业版已累 计服务超过3000家外企，其中大型外企237家。过去12个月，外企客户在华用车单量同比增长39%，滴 滴企业版帮助他们节省综合成本约8800万元。 三星医疗：预中标约2.13亿元国家电网采购项目 36氪获悉，三星医疗公告，公司及全资子公司三星智能预中标国家电网有限公司2025年第三十一批采购 （营销项目第一次计量设备招标采购）和2025年第三十二批采购（营销项目第一次充换电设备招标采 购）项目，预计合计中标总金额约2.13亿元。 韦尔股份据悉已挑选银行筹备在香港上市 36氪获悉，据报道，韦尔股份据悉已挑选银行筹备在香港上市，拟筹集不超过10亿美元。 埃克森美孚将把法国子公司埃索出售给加拿大能源集团 能源巨头埃克森美孚周三表示，该公司已与加拿大能源集团北大西洋旗下的法国子公司进行了独家 ...

Core Viewpoint - The company plans to change the purpose of repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital, involving 5,755,371 shares, which is approximately 0.41% of the total share capital [1][2][3]. Group 1: Share Repurchase Details - The company approved a share repurchase plan on December 7, 2023, with a total repurchase amount between RMB 150 million and RMB 300 million, at a price not exceeding RMB 21.00 per share [2]. - The company has completed the repurchase of shares at an average price of RMB 19.30 per share, totaling RMB 279,083,618.90, and has used 2,048,590 shares for its core team stock ownership plan [3]. Group 2: Purpose Change and Cancellation - The purpose of the repurchased shares is being changed to cancellation and reduction of registered capital, which will leave a balance of 5,755,371 shares in the repurchase account after the cancellation [3][5]. - Following the cancellation, the total share capital will decrease from 1,411,006,571 shares to 1,405,251,200 shares, and the registered capital will similarly decrease from RMB 1,411,006,571 to RMB 1,405,251,200 [1][4]. Group 3: Impact and Compliance - The change in the purpose of repurchased shares aligns with relevant laws and regulations, reflecting the company's confidence in future development and long-term value [5]. - This action is expected to optimize shareholder returns and enhance investor confidence without significantly impacting the company's financial status or operational capabilities [5].

Core Viewpoint - Ningbo Samsung Medical Electric Co., Ltd. has been recommended as a candidate for winning bids in two procurement projects by State Grid Corporation of China, with a total expected bid amount of approximately 212.68 million yuan [1][2]. Group 1: Bid Details - The company and its wholly-owned subsidiary, Ningbo Samsung Intelligent Electric Co., Ltd., are candidates for the 2025 31st batch procurement for metering equipment and the 2025 32nd batch procurement for charging and swapping equipment [1]. - The expected bid amount for the metering equipment project is approximately 190.72 million yuan, while the expected bid amount for the charging equipment project is approximately 21.96 million yuan [2]. Group 2: Impact on Company Performance - The total expected bid amount of approximately 212.68 million yuan is anticipated to have a positive impact on the company's operational performance, although the delivery time will depend on actual contract requirements [2].

Core Points - The company Ningbo Sanxing Medical Electric Co., Ltd. is convening its first extraordinary general meeting of shareholders in 2025 on June 13, 2025, at 14:00 [1][3] - The meeting will utilize a combination of on-site and online voting methods [1][2] - The agenda includes a proposal to change part of the repurchased shares' purpose to cancellation and reduction of the company's registered capital [2][4] Meeting Details - The meeting will take place at the conference room on the 25th floor of the AUX Central Building, located at 757 Rili Middle Road, Yinzhou District, Ningbo [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][2] - Shareholders must register to attend the meeting, with specific requirements for both individual and corporate shareholders [6][7] Voting Procedures - Shareholders holding multiple accounts can exercise voting rights based on the total shares held across all accounts [4] - The company will provide a reminder service for small and medium investors to ensure they can participate in the meeting and vote [5] - Voting can be conducted through the trading system or the internet voting platform, with specific instructions provided for first-time users [5][6]

证券代码：688310 证券简称：迈得医疗 公告编号：2025-027 关于实际控制人之一致行动人增持股份结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 已披露增持计划情况：迈得医疗工业设备股份有限公司（以下简称"公司"） 于 2025 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）披露了《迈得医 疗工业设备股份有限公司关于实际控制人之一致行动人增持公司股份计划的公 告》 在本次增持计划公告披露之前 12 个月内，上述增持主体未披露过增持计划。 迈得医疗工业设备股份有限公司 二、增持计划的实施结果 （一）增持计划的实施结果 增持主体名称 王瑜玲 增持计划首次披露日 2025 年 4 月 11 日 增持计划拟实施期间 2025 年 4 月 11 日～2025 年 10 月 10 日 增持计划拟增持金额 500 万元～1,000 万元 增持计划拟增持数量 未设置增持数量 增持计划拟增持比例 未设置增持比例 增持股份实施期间 2025 年 5 月 15 日～2025 ...

CT（计算机断层扫描）设备均价已从3000万元降至1000万元，其服务费用是否应该下调？电子胶片已 经逐步取代实体胶片，胶片打印费却一直和检查费绑定收取，合理吗？床旁DR（数字化X射线摄影设 备）服务一次对多个部位进行摄影，应该按摄影部位累计收费吗？ 这些直接关系到患者医疗负担的问题，在国家医保局组织印发的放射检查、超声检查、放射治疗等医疗 服务价格项目立项指南（以下简称"指南"）中均作出明确规定。 "指南明确，床旁X射线摄影在进行同一次检查时，无论多少个部位，收费仅可收取一次。"在近日召开 的立项指南解读会议上，国家医保局医药价格和招标采购指导中心技术专班负责人唐菲表示，指南通过 推动合理制定收费价格，助力患者享受高质量、可负担的医疗服务。 打破检查收费"大锅饭" "原来，对心脏进行磁共振检查和对其他部位的检查，收费标准是相同的。"安徽医科大学第一附属医院 副院长李小虎表示，但是心脏检查技术难度高，耗时近一个小时，以同样标准收费忽略了检查间不同的 技术难度和劳动时间。 "过去，我国高端医疗设备的自主保障水平处于低位，直接或者间接推高了设备采购和维护成本。"联影 医疗中国业务总裁缪宏表示，经过近10年的高速发 ...

周思聪 梁福睿 从长期来看，2025年或成为中国创新药板块估值系统性提升的起点，商业保险的推进是核心变量。2024 年底全国医疗保障工作会议明确提出探索创新药多元支付机制，我国医疗保障从"单一保基本"向"多层 次精准覆盖"转型，中国创新药也从"医保依赖"转向"商保+医保双轮驱动"。随着支付端的显著改善，创 新药企业的估值会经历一个慢慢抬升的过程。 我认为，2025年是创新药3年以上投资周期的元年，当下是创新药投资的最好窗口，看好创新药行业长 周期、大级别的投资机会。 金笑非 ◎记者 赵明超 今年以来创新药板块表现抢眼，截至5月23日，多只相关主题基金年内回报超过40%，长城医药产业精 选基金净值涨幅更是超过60%。哪些因素推动创新药板块大涨？创新药板块接下来将如何演绎？上海证 券报记者邀请了三位聚焦创新药领域投资的基金经理——平安医疗健康基金经理周思聪、长城医药产业 精选基金经理梁福睿、鹏华医药科技股票基金经理金笑非，请他们谈谈如何把握创新药板块的投资机 会。 在三位基金经理看来，中国创新药板块过去几年蓄势生长，犹如潜龙在渊，今年开始则迎来收获期，在 医保相关利好政策的推动下，盈利逐步兑现，市场估值迎来抬升， ...