Core Viewpoint - The orthopedic consumables industry in China has shown signs of recovery after three years of collective procurement, with leading domestic companies reporting significant revenue and profit growth in Q3 2025, particularly driven by overseas market expansion [1][2]. Group 1: Company Performance - Major domestic orthopedic companies have reported strong financial results for Q3 2025, with many achieving both revenue and net profit growth, indicating a positive trend in the industry [1]. - Companies like Chuangli Medical, Dabo Medical, and Weigao Orthopedics have seen substantial stock price increases, with Chuangli Medical's stock rising over 90% year-to-date as of November 25 [1]. - Aikang Medical, despite being one of the first to recover from the procurement downturn, has lagged behind with a year-to-date stock increase of only 17.23% and faces risks of being removed from the Hong Kong Stock Connect list [1]. Group 2: Market Trends - The orthopedic consumables market is expected to grow significantly, with projections indicating a rise to $62.22 billion in 2024 and over $94 billion by 2032, reflecting a stable annual growth rate of 5.3% [3]. - Companies are increasingly focusing on overseas market expansion as a critical growth strategy, especially as the domestic market becomes saturated due to collective procurement [3][4]. Group 3: Stock Performance Analysis - Aikang Medical's stock experienced a steady rise in the first half of the year, reaching a peak of 7.24 HKD on July 30, with a cumulative increase of 53.72% [2]. - However, following the release of its mid-year performance, Aikang's stock fell sharply, indicating market volatility and investor sentiment not aligning with its revenue growth [2][3]. - The stock has been in a low volatility phase since mid-year, with a minimal price increase of 0.36% from August 29 to November 25, despite significant price fluctuations [7]. Group 4: Investment Considerations - Aikang Medical's average market capitalization during the review period is 6.349 billion HKD, slightly above the threshold for inclusion in the Hong Kong Stock Connect, necessitating stable market performance to avoid exclusion [11]. - The stock's current PE ratio has dropped to 19.51, below the industry average, suggesting potential for investment as the orthopedic consumables market continues to recover [14].

Investment Rating - The report gives a "Buy" rating for Sanyou Medical (688085.SH) [1] Core Views - Sanyou Medical is a leading enterprise in the orthopedic field, focusing on innovation to drive growth. The company has established a strong market position in spinal implant consumables and is expanding its product offerings and international presence [6][7][11]. - The orthopedic implant consumables industry is expected to return to a stable growth phase post-volume-based procurement, driven by increasing demand due to an aging population and rising healthcare awareness [27][30]. - The company is actively pursuing internationalization and has made strategic acquisitions to enhance its product portfolio and market reach [7][41]. Summary by Sections 1. Leading Enterprise in Orthopedics, Driven by Innovation - Sanyou Medical has been dedicated to the orthopedic industry since its establishment in 2005, focusing on the research, production, and sales of orthopedic implant consumables. The company has built a strong brand reputation and market position in spinal implants [6][11]. - The company has faced challenges due to volume-based procurement but has leveraged its innovation and quality to maintain and grow its market share [11][23]. 2. Post-Procurement Era, Orthopedic Industry Expected to Maintain Steady Growth - The orthopedic implant consumables market is projected to rebound to stable growth, with a market size expected to reach 269 billion yuan in 2024, reflecting a year-on-year increase of 13.5% [30][33]. - The demand for orthopedic products is anticipated to rise due to the aging population and increased healthcare spending [30][32]. 3. Continuous Innovation to Open Growth Opportunities - Sanyou Medical is committed to therapy innovation, enhancing its product offerings, and expanding into new market segments, including ultrasound bone knives and orthopedic robots [6][41]. - The company has made significant investments in R&D, resulting in the successful launch of new products that address clinical needs and improve surgical outcomes [17][44]. 4. Commitment to Internationalization and Market Expansion - The company has acquired the French orthopedic company Implanet to strengthen its international presence and leverage existing sales channels in Europe and the U.S. [7][41]. - Sanyou Medical aims to build a robust overseas marketing network, focusing on high-end markets with innovative product offerings [7][41]. 5. Profit Forecast and Valuation - The report forecasts Sanyou Medical's net profit to reach 87 million yuan in 2025, 160 million yuan in 2026, and 257 million yuan in 2027, indicating strong growth potential [5][7].

Core Viewpoint - Zimmer Biomet demonstrates robust growth and improved profitability in its Q2 2025 financial results, with a net sales increase of 7.0% year-over-year, reaching $2.077 billion, and a Non-GAAP EPS of $2.07, exceeding market expectations [2][4]. Financial Performance - The company reported net sales of $2.077 billion in Q2 2025, up from $1.942 billion in Q2 2024, reflecting a 7.0% increase [3]. - Operating profit decreased to $300 million from $351.3 million year-over-year, while net earnings fell to $152.8 million from $242.8 million [3][4]. - The adjusted EPS guidance for the full year was raised from $7.90–8.10 to $8.10–8.30, indicating management's confidence in the second half of 2025 [2]. Growth Drivers - The S.E.T. (Sports Medicine, Extremities, Trauma) segment showed significant growth, with revenues reaching $550.6 million, a 17.3% increase year-over-year, driven by rapid integration and product iteration in the ankle business [5][7]. - The company launched new products in the hip joint sector, such as the Z1 Hip Stem, which have gained initial success in the North American market [7]. Digital Transformation - Zimmer Biomet is accelerating its digital transformation with the ZBEdge platform, which integrates hardware, software, and data [8]. - The ROSA surgical robot system has been updated to enhance intraoperative verification and imaging fusion capabilities [10]. - The acquisition of Monogram Technologies aims to improve personalized preoperative planning and intraoperative execution capabilities [12]. Management Outlook - The CEO emphasized a shift from being a "device giant" to a "technology platform company," focusing on digital orthopedics, surgical robotics, and remote rehabilitation management [13]. - The management anticipates that orthopedic business revenue will decline to below 50% of total revenue by 2025, with digital and high-value consumables becoming new growth engines [13]. Challenges and Strategic Transition - Despite strong performance, the company faces short-term integration costs and external variables such as tariffs and logistics costs [14]. - The transition from "procedure replacement" to "full-process empowerment" is underway, with new product cycles and multi-platform interactions laying the foundation for the next decade of growth [14]. Company Overview - Zimmer Biomet is a leading medical technology company focused on innovative products and digital solutions in orthopedics, neuroscience, spine, and cranio-maxillofacial reconstruction [15]. - The company is headquartered in Warsaw, Indiana, and operates in over 100 countries, aiming to enhance the quality of life for patients through technology and surgical advancements [15].

Core Viewpoint - Enovis Corporation has launched the Manafuse® bone growth stimulator, a portable device utilizing low-intensity pulsed ultrasound (LIPUS) technology for non-invasive treatment of fresh fractures and non-union fractures, aiming to accelerate healing processes [1][3][4]. Product Overview - Manafuse® stimulates the body's natural healing process by emitting LIPUS signals, designed for specific fresh fractures and non-union fractures, excluding cranial and vertebral bones [3][4]. - The device is portable, battery-operated, and requires only 20 minutes of daily use, with a maximum usage period of 343 days, making it suitable for home use [4]. - LIPUS technology has 30 years of clinical evidence supporting its effectiveness in improving fracture healing [4][7]. Clinical Data - A prospective, randomized, double-blind, placebo-controlled study indicated that LIPUS treatment can accelerate healing by 38%, with a difference of over 8 weeks [9]. - Clinical studies report a success rate of up to 86% for Manafuse in treating non-union fractures [9]. Market Overview - The global bone growth stimulator market is projected to grow from $1.4 billion in 2022 to $1.8 billion by 2027, with a compound annual growth rate (CAGR) of 5.9% [13]. - Key growth drivers include an increasing target patient population, rising sports and orthopedic-related injuries, and an aging population [13]. - Major competitors in the market include Orthofix Medical Inc., ZimVie, Bioventus LLC, Medtronic, Stryker, and DePuy Synthes [13]. Financial Performance - Enovis reported a loss of $703.3 million, with a net loss attributed to a non-cash goodwill impairment charge of $645 million related to its Recon and P&R business segments [22]. - Despite a 23.3% increase in sales to approximately $561 million, the company faced significant net losses [22]. - Adjusted earnings per share are expected to be between $3.10 and $3.25 for 2025, with sales projected between $2.19 billion and $2.22 billion [22].

为加强全球骨科医疗器械行业的交流合作，促进中国骨科医疗技术的创新发展，推动最新 科技在骨科领域的应用， 首届全球骨科大会（Global Orthopedics Conference 2025 ） 将 于 2025年4月24日在北京中关村展示中心 隆重举办 。 25+行业大咖将围绕骨科前沿展开巅峰对话 500+业内人士出席 尚有少量展位，欢迎联系微信号：suribot22 会议报名 ：复制以下链接到 IE 浏览器或点击文末 "阅读原文" 进行填写 https://hdxu.cn/125no 或扫描下方二维码进行填写 Global Orthopedics Conference 2025 一、活动时间： 2025年4月24日 星期四 二、活动地点： 北京市中关村自主创新示范区展示中心（海淀桥西北角） 三、举办单位： 骨未来｜智汇骨 | 思宇MedTech；中关村联新生物医药产业联盟、北京中关村科学城创新发展有限公司、北京中关村创业大街科技服务有限公司、 启迪之星 四、会议规模： 现场参会嘉宾500人 五、大会议程 9:00 - 9:10 致辞环节 9:10 - 9:15 《 2025全球骨科创新年度白皮书》发布 9 ...

为给予更多优秀骨科技术公司、医疗机构、骨科器械制造商及其他相关单位充分的时间准备和完善申报材料，主办方 骨未来 、 思宇 MedTech 现决定将 奖项评选报名截止时间延期至 2025年3月17日24:00 。 此次延期旨在为有意参选的各方提供更充裕的时间窗口，以便大家能够更全面、深入地 展示自身在骨科医疗器械领域的创新成果与卓越 贡献，分享前沿经验，推动骨科医疗技术的持续进步 。 请有意参选的单位务必在新的截止日期前，通过以下链接提交完整的申报资料 ： https://docs.qq.com/form/page/DUGJueWNLeXVQVExX 评奖通知： 奖项亮点： 成立8年的专业媒体"思宇MedTech"旗下"骨未来"+学术媒体"智汇骨"组织 ， 兼具权威性+影响力 全球宣传，美通社、美联社、路透社等同步报道； 国内主流传统媒体同步报道（覆盖科技日报、中国青年报、新华网、 健康报、北京日报等）； 获奖结果常驻骨未来文章底栏，每天曝光、长达一年；一对一推送骨未来&思宇MedTech覆盖的投资机构、合作医院、政 府机构等。 中关村展示中心会议中心 一、颁奖日期 如有任何疑问或需进一步协助，可随时联系骨未来 ...

奖项亮点： 成立8年的专业媒体"思宇MedTech"旗下"骨未来"+学术媒体"智汇骨"组织 ， 兼具权威性+影响力 中关村展示中心会议中心 一、颁奖日期 2025年4月24日（星期四）大会现场颁奖 全球宣传，美通社、美联社、路透社等同步报道； 国内主流传统媒体同步报道（覆盖科技日报、中国青年报、新华网、 健康报、北京日报等）； 获奖结果常驻骨未来文章底栏，每天曝光、长达一年；一对一推送骨未来&思宇MedTech覆盖的投资机构、合作医院、政 府机构等。 二、评选机构 2025年4月， 首届全球骨科大会（Global Orthopedic Forum 2025，简称GOF 2025） ）暨创新颁奖典礼 即将举行，现公布奖项 评选方式 ，欢迎企业报名参选！ 大会亮点 ： 北京中关村展示中心、500人规模、重磅级嘉宾；政府+医院+企业+投资机构等高知人士，探讨医工交叉、前沿创 新。 2024.6.28 思宇组织的全球医疗科技大会颁奖现场 智汇骨、骨未来、思宇MedTech 中关村联新生物医药产业联盟 牵头组织的评奖委员会 三、奖项名称及评选规则 （实际颁发奖项类型，可能会根据企业报名情况适当调整） 2025全球骨科技 ...

2025年4月， 首届全球骨科大会（Global Orthopedic Forum 2025，简称GOF 2025） ）暨创新颁奖典礼 即将举行，现公布奖项 评选方式 ，欢迎企业报名参选！ 大会亮点 ： 北京中关村展示中心、500人规模、重磅级嘉宾；政府+医院+企业+投资机构等高知人士，探讨医工交叉、前沿创 新。 奖项亮点： 成立8年的专业媒体"思宇MedTech"旗下"骨未来"+学术媒体"智汇骨"组织 ， 兼具权威性+影响力 中关村展示中心会议中心 一、颁奖日期 2025年4月24日（星期四）大会现场颁奖 全球宣传，美通社、美联社、路透社等同步报道； 国内主流传统媒体同步报道（覆盖科技日报、中国青年报、新华网、 健康报、北京日报等）； 获奖结果常驻骨未来文章底栏，每天曝光、长达一年；一对一推送骨未来&思宇MedTech覆盖的投资机构、合作医院、政 府机构等。 二、评选机构 2024.6.28 思宇组织的全球医疗科技大会颁奖现场 智汇骨、骨未来、思宇MedTech 中关村联新生物医药产业联盟 牵头组织的评奖委员会 三、奖项名称及评选规则 （实际颁发奖项类型，可能会根据企业报名情况适当调整） 2025全球骨科技 ...

2025年4月， 首届全球骨科大会（Global Orthopedic Forum 2025，简称GOF 2025） ）暨创新颁奖典礼 即将举行，现公布奖项 评选方式 ，欢迎企业报名参选！ 大会亮点 ： 北京中关村展示中心、500人规模、重磅级嘉宾；政府+医院+企业+投资机构等高知人士，探讨医工交叉、前沿创 新。 奖项亮点： 成立8年的专业媒体"思宇MedTech"旗下"骨未来"+学术媒体"智汇骨"组织 ， 兼具权威性+影响力 中关村展示中心会议中心 一、颁奖日期 2025年4月24日（星期四）大会现场颁奖 全球宣传，美通社、美联社、路透社等同步报道； 国内主流传统媒体同步报道（覆盖科技日报、中国青年报、新华网、 健康报、北京日报等）； 获奖结果常驻骨未来文章底栏，每天曝光、长达一年；一对一推送骨未来&思宇MedTech覆盖的投资机构、合作医院、政 府机构等。 二、评选机构 2024.6.28 思宇组织的全球医疗科技大会颁奖现场 智汇骨、骨未来、思宇MedTech 中关村联新生物医药产业联盟 牵头组织的评奖委员会 三、奖项名称及评选规则 （实际颁发奖项类型，可能会根据企业报名情况适当调整） 2025全球骨科技 ...

为加强全球骨科医疗器械行业的交流合作，促进中国骨科医疗技术的创新发展，推动最新科技在骨科领域的应用， "首届全球骨科 大会（Global Orthopedic Forum 2025，简称GOF 2025）" 拟定于 2025年4月24日在北京中关村展示中心 隆重举办。 诚挚邀请骨科医疗领域的同仁们共同探索骨科医疗的未来趋势和技术创新，欢迎 骨科医疗器械公司、创新技术开发团队、有意向分 享的骨科医生和专家们 积极参与， 请直接与"骨未来"联系 （联系方式附后） 。 一、活动信息 活动日期： 2025年4月24日 星期四 活动地点： 北京市中关村自主创新示范区展示中心（海淀桥西北角） 主办单位： 骨未来、智汇骨、 中 关村联新生物医药产业联盟 二、大会亮点 1. 骨科创新主题演讲与圆桌论坛 涉及骨科器械多领域话题，集中展现企业家、研发团队、临床专家与投资人的专业洞见与创新风采。 2. 隆重的颁奖典礼 表彰在骨科医疗器械领域做出杰出贡献的企业和团队，激励行业创新。 3. 白皮书发布 覆盖最新行业前沿的《2025全球骨科医疗器械创白皮书》。 4. 创新产品展览 三、大会议程（暂定） 开幕环节 开幕致辞 《2025全球 ...