Core Viewpoint - The centralized procurement of high-value medical consumables, including drug-coated balloons and urological intervention materials, is expected to standardize procurement and usage behaviors, improve industry ecology, and lead to short-term price declines impacting profit margins for some companies, while benefiting leading domestic enterprises that can gain more market share through successful bids [1] Group 1: Procurement Announcement - The National Organization for High-Value Medical Consumables announced the centralized procurement document for drug-coated balloons and urological intervention materials, with submission of application materials and information disclosure scheduled for January 13, 2026 [1] - The procurement cycle will run from the actual execution date of the selected results until December 31, 2028 [1] Group 2: Demand Data - Annual demand for drug-coated balloons includes 614,778 for coronary drug-coated balloons, 6,884 for peripheral drug-coated balloons (for arteriovenous fistula dialysis access), 61,434 for peripheral drug-coated balloons (above the knee), and 7,002 for peripheral drug-coated balloons (below the knee) [2] - Annual demand for urological intervention materials includes 1,372,386 for ureteral intervention guidewires, 500,833 for ureteral intervention sheaths (without physiological pressure measurement), 49,279 for ureteral intervention sheaths (with physiological pressure measurement), 15,881 for ureteral balloon dilation catheters, 284,665 for stone retrieval baskets, 326,518 for disposable ureteral soft endoscopes (without physiological pressure measurement), 18,442 for disposable ureteral soft endoscopes (with physiological pressure measurement), and 188,317 for kidney kits [2] Group 3: Market Share and Domestic Production - The bidding results indicate that leading domestic companies have a high market share, with Lepu Medical (300003) at 16% and Shandong Jiwei (subsidiary of Blue Sail Medical, 002382) at 8% for coronary drug-coated balloons, while other companies like MicroPort and Sientra have relatively lower shares [3] - For peripheral drug-coated balloons, the top three domestic companies (Sientra, Guichuang Tongqiao, and Xinmai Medical) hold 71% of the market share, indicating that the bidding situation for leading domestic enterprises meets expectations [3] Group 4: Bidding Rules - The procurement process will classify products into A and B bidding units based on the demand from medical institutions, with the top 85% of cumulative demand entering the A unit, while others will enter the B unit [4] - The selection rules will involve multiple rounds of bidding to enhance the selection rate of enterprises, with the first rule focusing on selecting companies with the lowest bid prices [5] - If companies do not qualify under the first rule, they can re-bid under the second rule, which has specific price conditions to ensure competitiveness [6]

此次集采周期自联盟各地区中选结果实际执行日起至2028年12月31日，采购周期内医疗机构完成当年协 议采购量后，超出协议采购量的部分，中选企业仍需按中选价格供应，直至采购周期届满。 其中，药物涂层球囊类耗材主要是冠状动脉药物涂层球囊、用于动静脉瘘透析通路的外周血管药物涂层 球囊、用于膝上部位和膝下部位的外周血管药物涂层球囊；泌尿介入类医用耗材主要是输尿管介入导 丝、输尿管介入鞘、输尿管球囊扩张导管、泌尿取石网篮、一次性输尿管软镜导管、肾造瘘套件。 （来源：衢州日报） 转自：衢州日报 新华社北京12月22日电（记者 彭韵佳）据国家组织高值医用耗材联采办最新消息，新一批国家组织高 值医用耗材集采正式启动，将对药物涂层球囊类、泌尿介入类医用耗材进行集采，于2026年1月13日开 标。 ...

| | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净齿比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-22 | 15.12 -0.26% | | 791.12万 | 13.59% | -18.39万 | -0.32% | -772.72万 | -13.28% | | 2025-12-19 | 15.16 | 2.57% | ● 131.26万 | 3.58% | -320.22万 | -8.73% | 188.96万 | 5.15% | | 2025-12-18 | | 14.78 0.48% | - 19.46万 | 0.46% | -66.43万 | -1.57% | 46.97万 | 1.11% | | 2025-12-17 | 14.71 | 1.03% | 561.11万 | 15.32% | -125.53万 | -3.43% | -435.59万 | -11.89% | | 2025-12-16 | | 14.56 -0.55% | 245.55 ...

Core Viewpoint - The announcement by the National Organization for High-Value Medical Consumables Joint Procurement Office initiates a centralized bulk procurement process for drug-coated balloons and urological intervention medical consumables, aiming to standardize and institutionalize the procurement process across the country [1] Group 1: Procurement Process - The centralized bulk procurement is guided by the National Healthcare Security Administration and eight other departments, emphasizing the need for a systematic and regular approach to medical consumables procurement [1] - Representatives from various provinces will form a joint procurement office to represent public medical institutions and participating social medical institutions in the procurement process [1] Group 2: Implementation - The Tianjin Medical Procurement Center is designated to handle the daily operations and specific implementation of the procurement process [1]

国家医保局今天发布《国家组织药物涂层球囊类、泌尿介入类医用耗材集中带量采购文件》，请符合要 求的企业申报参与。 全国各省份委派代表组成国家组织高值医用耗材联合采购办公室，代表各地区公立医疗机构（含军队医 疗机构）及积极参加的医保定点社会办医疗机构等开展国家组织药物涂层球囊类、泌尿介入类医用耗材 集中带量采购，由天津市医药采购中心承担日常工作并负责具体实施。 （文章来源：央视新闻） ...

来源：北京日报客户端 采购采用"带量联动"和"带量谈判"两种方式。已有其他省份采购记录的产品，价格不高于全国省级最低 价；对于创新产品，则通过专家谈判单独确定价格。本市所有公立医疗机构均需参与采购。采购周期为 两年，期间中选产品价格还将动态联动全国省级最低价。 值得注意的是，此次集采在降低患者负担的同时，还规定耗材降价后第一年内，医院节约的费用可按规 定获得奖励。 此次采购由宣武医院、天坛医院、安贞医院、阜外医院、积水潭医院和北医三院6家医院牵头制定规 则、谈判组织，依托专业优势确保中选品种"价降质不降"，提升临床匹配度。医保部门将密切监测采购 执行情况，确保临床供应稳定。 转自：北京日报客户端 北京市电生理类、神经介入类医用耗材医院集团集中带量采购近日公布拟中选结果。采购由宣武医院等 6家三甲医院牵头，通过"以量换价"方式，旨在降低心脏病、颅内动脉瘤等患者医疗费用。 此次采购涵盖心脏电生理和神经介入两大类高值耗材。前者包括诊断导管、消融导管等全流程产品，其 中脉冲消融导管等创新产品获得政策支持，被单独设置谈判单元。后者则聚焦于弹簧圈、颅内支架、血 流导向密网支架等脑血管疾病治疗的核心耗材。这些耗材主要用于心 ...

Core Viewpoint - The recent medical consumables procurement policies from the Beijing-Tianjin-Hebei "3+N" alliance and Yichun, Jiangxi, signify a strategic shift towards systematic and demand-driven procurement, focusing on both high-frequency and high-value items to optimize costs and promote domestic alternatives [2][3]. Group 1: Policy Implementation - The Beijing-Tianjin-Hebei alliance issued four notifications within three days, covering essential consumables such as indwelling needles and hard brain (spinal) membrane patches, while Jiangxi Yichun announced its first batch of volume-based price linkage procurement [1]. - The procurement strategy emphasizes a layered approach based on clinical needs, aligning with the 2025 policy direction of "one product, one policy" for precise procurement [2]. Group 2: Market Dynamics - The procurement policies are reshaping the market landscape, with domestic companies gaining a competitive edge in low-value consumables, achieving over 85% localization, while high-end products like hard brain (spinal) membrane patches are expected to see a market penetration increase to over 50% due to these initiatives [7]. - The shift from a "price war" to a "value war" is evident, as the focus moves towards quality and cost-effectiveness rather than merely low pricing [3][4]. Group 3: Quality Control and Innovation - Enhanced quality control measures are being implemented, with requirements for quality inspection reports and a focus on clinical applicability and safety in the evaluation process [5]. - The procurement strategies are also fostering innovation, as the sixth national procurement batch reserves market space for innovative products, encouraging a balance between basic and innovative offerings [8]. Group 4: Economic Impact - The price linkage mechanism is projected to save over 2 billion yuan annually for the medical insurance fund, with the potential for further savings through regional collaboration [9]. - Hospitals benefit directly from cost reductions and improved cash flow due to stable order volumes and expedited reimbursement processes, allowing for reinvestment in clinical services [9].

Core Points - The article discusses the recent adjustments to the medical insurance policy for cochlear implants in Jiangsu Province, which will significantly reduce the financial burden on families with hearing-impaired individuals [1][2] - Starting from December 1, 2025, cochlear implants (including the implant and sound processor) will be included in the medical insurance coverage, with a unified payment standard across the province [1][2] Group 1 - Cochlear implants are medical devices designed to assist individuals with severe to profound hearing loss in regaining hearing and speech communication abilities [1] - The high costs of cochlear implants have historically deterred many families from pursuing this treatment [1] - The new policy will expand the beneficiary group to include individuals of all ages, building on previous policies that only covered children under 14 years old [1] Group 2 - The implementation of the new policy is expected to provide dual benefits of price reduction through centralized procurement and medical insurance reimbursement for patients undergoing cochlear implant surgery in designated medical institutions [2] - This initiative aims to help more hearing-impaired patients reintegrate into society and enjoy the benefits of sound [2]

Core Insights - Zhonghong Medical's subsidiary, Kelong Medical, has successfully participated in bulk procurement projects across multiple provinces, enhancing its market presence in the medical consumables sector [1][2]. Group 1: Procurement Success - Kelong Medical has won bids for essential medical consumables such as vacuum blood collection tubes, nebulizers, intravenous catheters, and infusion sets in various provinces including Fujian, Beijing, and Yunnan [2]. - The selected products are recognized as clinical necessities, indicating stable market demand and a strong competitive edge [2][3]. Group 2: Product Strength and Market Performance - The products selected for procurement have established a solid reputation and customer base, demonstrating their market competitiveness through consistent performance [3]. - Kelong Medical's core products have maintained robust market performance, supported by precise understanding of clinical needs and ongoing product optimization [3]. Group 3: Market Expansion and Long-term Development - The bulk procurement initiative is a significant opportunity for Kelong Medical, promising stable market orders and expanded market space [4]. - The procurement rules ensure that medical institutions prioritize Kelong Medical's selected products, which will enhance market share and brand influence [4]. - This breakthrough in procurement is a critical advancement for Zhonghong Medical in the medical consumables sector, allowing for better alignment with industry trends and improved supply chain efficiency [4]. Group 4: Future Growth Prospects - The successful procurement is a testament to Kelong Medical's long-term focus on product quality and market strategy [5]. - With the anticipated signing and execution of procurement contracts, Kelong Medical is expected to further increase market coverage and share, driving sustainable growth for Zhonghong Medical [5]. - This achievement opens new development avenues and positions the company to lead in the high-quality development wave of the medical consumables industry [5].

Core Viewpoint - The impact of the sixth round of national medical supplies procurement on the company is currently uncertain, as the official procurement plan has not yet been released [1] Group 1: Company Response - The company has established a dedicated department for procurement affairs management to study procurement policies and actively participate in each round of procurement [1] - The company aims to enhance the market coverage and share of its urology products in China through potential successful bids in this procurement round [1] - The company plans to implement cost reduction and efficiency improvement measures through production automation upgrades and technological advancements to enhance product profitability [1]