医疗设备行业10月更新：招采金额环 比同比均恢复增长态势 长江证券研究所医药研究小组 2025-11-23 %% %% %% %% research.95579.com 1 分析师 彭英骐 分析师 徐晓欣 SAC执业证书编号：S0490524030005 SAC执业证书编号：S0490522120001 SFC执业证书编号：BUZ392 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 设备招采：持续恢复，看好业绩释放 02 集采：县域市场集采占比较低，降幅缓和 03 风险提示 目 录 %% research.95579.com 3 01 设备招采：持续恢复，看好业绩释放 医疗设备行业月度数据跟踪 %% %% %% %% research.95579.com 4 2025年医疗设备招采恢复正增长 医疗设备行业历经2023-2024年连续两年下滑后，于2025年迎来拐点，行业回归正增长，主要是由于设备更新政策带动的 医院设备采购的需求增加，未来行业有望回归稳健增长。 图1：2019-2025H1设备招采总金额情况 图2： ...

中国深圳，在大沙河即将汇入深圳湾处，水面倒映着南山粤海街道的天际线。河畔，迈瑞医疗总部大厦 静静伫立，如同一位沉稳的水手，见证着"中国制造"向"中国智造"转型升级的磅礴浪潮。如今，迈瑞医 疗奔向更广阔的水域——11月10日晚间，迈瑞医疗发布公告称，公司已于当日向香港联交所递交了发行 境外上市外资股（H股）并在香港联交所主板挂牌上市的申请。 在李西廷看来，与之前两次上市不同，迈瑞医疗此次赴港上市有着深刻的战略考量。回顾过往：2006 年，迈瑞成功赴美上市，募资2.7亿美元，成为中国首家在美股上市的医疗器械企业，初步拓展了全球 渠道；2018年回归A股，募资约60亿元，创下当时创业板最大IPO纪录。 李西廷称，此次选择赴香港上市，是多重因素综合考量的结果：首先，香港作为国际金融中心，其资本 市场更加国际化，有利于提升公司在国际市场的品牌形象和信任度；其次，国际资本加持将为公司全球 化布局提供更便捷的融资平台；此外，香港市场的灵活激励机制有助于吸引国际顶尖人才。 "要在国际市场发展，没有国际资本的加持，国际化是不完整的。"李西廷认为，特别是在当前全球环境 下，香港资本市场展现出更强韧性。近期，国际资金持续流入香港市 ...

江苏以丰硕的开放成果，赢得与会嘉宾的广泛认同。数据显示，2021—2024年江苏实际使用外资累计达 1037.4亿美元，2024年实际使用外资占全国比重16.4%，今年前三季度占比提升至18.1%，规模继续保持 全国首位。全省拥有4.3万家外资企业，世界500强企业中有408家在江苏布局。 开放的成色，不仅见之于数字，更体现在制度创新与改革作为上。今年8月,《中国(江苏)自由贸易试验 区生物医药全产业链开放创新发展方案》获得国务院批复，江苏成为全国首个获批生物医药领域试点的 省份。"我们开展的这项改革，包括18项政策举措、77条具体任务，就是要为'一粒药'的研发、制造、 流通、使用打造一条'高速公路'，从实验室到市场全程绿灯、畅行无阻。"省商务厅厅长、省自贸办主 任司勇在论坛上郑重推介，这条"高速公路"具备三大特征： 准入更宽——分段生产试点为企业节省约30%固定资产投入，允许使用本土人源性材料降低研发成本； 通关更快——源自研发用物品进口"白名单"扩围至全省主要城市，通关时长缩短近50%；保障更全—— 依托数据出境负面清单与"苏数通"平台将评估时间压缩30%—50%，设立产业基金、知识产权质押融资 平台等构 ...

Core Insights - The forum held on November 18 in Wuxi focused on international cooperation in supply chains, attracting over 700 attendees, including executives from more than 30 Fortune 500 companies [1] - Key discussions revolved around the collaborative development of supply chains in critical industries such as renewable energy and biomedicine, leading to the signing of 21 high-level R&D projects [1][6] - Jiangsu province has achieved significant foreign investment, with actual foreign capital usage reaching $103.74 billion from 2021 to 2024, accounting for 16.4% of the national total in 2024 [2] Industry Developments - The establishment of the "Jiangsu Province Biomedicine Full Industry Chain Open Innovation Alliance" and the "Jiangsu Province New Energy Industry Chain Hub Platform" aims to enhance global resource connectivity and build a new industrial ecosystem [1][6] - The "Jiangsu Free Trade Zone Biomedicine Full Industry Chain Open Innovation Development Plan" has been approved, making Jiangsu the first province in China to pilot in the biomedicine sector, featuring 18 policy measures to streamline the R&D process [3] Company Engagements - GE Healthcare's Wuxi base has become the largest ultrasound equipment center globally, supporting over 460 upstream and downstream suppliers, showcasing the strength of the industrial cluster [2] - Pfizer announced the launch of the "Pfizer-Jiangsu Full Industry Chain Innovation Empowerment Plan" to deepen its involvement in Jiangsu's biomedicine sector, emphasizing local production and global market integration [5][7] - Apple’s core suppliers, over 80% of whom have factories in China, with half located in Jiangsu, highlight the region's mature industrial chain and advancements in smart manufacturing and green transformation [4]

步入"十五五"时期，技术突破、监管强化与全球竞争格局变化，将进一步重塑行业发展逻辑。而"让好 技术用得起、用得上"始终是贯穿行业发展的核心命题。 在这一浪潮中，作为现代医学四大影像技术之一的超声，因其无辐射、实时扫查、操作便捷、安全性 高、检出快速及性价比突出等优势，占据着临床应用的核心地位。据中国医学装备协会统计，截至2019 年，我国超声约占医学影像设备总保有量的74.44%。面对庞大的市场，产业端的竞争也在持续加速。 日前，在联影医疗uSONIQUE系列超声产品发布会上，联影集团董事长薛敏表示，"超声是联影必须布 局的关键领域，在当下，以人工智能为主的新一轮科技革命驱动下，超声正处在前所未有的技术变革窗 口期，有机会实现颠覆性的创新突破。" 据悉，这是联影继在PET/CT、CT、MR、XR等领域改变行业格局后，补齐其在医学影像领域的最后一 块拼图。这也意味着，此前竞争格局相对稳定的国内超声市场将迎来新一轮激烈竞争。如何通过技术创 新让优质超声技术惠及更多医疗机构和患者，将成为行业未来发展的核心看点。 突破高端壁垒 技术层面，海外巨头在超声领域深耕多年，掌握着超声探头等核心技术和芯片等上游核心零部件，长期 ...

Core Viewpoint - The company, Mindray Medical, has submitted its application for a Hong Kong IPO, aiming to enhance its global presence and innovation capabilities through the raised funds [1][4]. Group 1: IPO and Fund Utilization - The IPO will combine public offerings in Hong Kong with international placements, with the specific scale to be determined based on market conditions [1]. - The funds raised will primarily be used for increasing global R&D investment, exploring potential global mergers and acquisitions, and enhancing the global sales network and supply chain capabilities [1][4]. Group 2: Business Development and Market Position - Mindray Medical is a leading global medical device company, covering multiple product lines and holding a significant market share in various segments [2]. - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024 [2]. Group 3: R&D and M&A Strategy - As of June 30, 2025, the company plans to invest approximately 12.8 billion yuan in R&D, with over 5,200 specialized R&D personnel and a significant number of patents filed [3]. - Mindray has actively pursued acquisitions since its A-share listing, including notable purchases of companies in Finland, Germany, and China to enhance its product offerings and supply chain [3]. Group 4: Globalization and Market Opportunities - The global medical device market is expected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1% [5]. - Mindray has established a comprehensive global network, with localized production in 11 countries and a significant international workforce, enhancing its operational resilience and market responsiveness [6]. Group 5: Competitive Position and Future Outlook - Mindray's international revenue reached 16.4 billion yuan in 2024, with over 50% of its revenue coming from international markets as of Q3 2025 [6]. - The company has improved its global ranking in the medical device industry, moving from 36th in 2020 to 23rd in 2023, indicating a positive trajectory in market competitiveness [7].

Core Viewpoint - Siemens AG announced a direct spinoff of approximately 30% of its shares in Siemens Healthineers AG to existing shareholders, reducing its ownership from about 67% to 37%, marking a significant step towards the independent operation of the healthcare technology giant after its IPO eight years ago [1] Company Overview - Siemens Healthineers AG is a leading global medical technology company, covering various sectors including medical imaging, in vitro diagnostics, radiation therapy, and interventional treatment [3] - The company was established from Siemens Group's internal medical technology department, with a history dating back to the late 19th century when it manufactured Germany's first X-ray machine [3] Historical Development and Financial Performance - Siemens Healthineers was independently listed in 2018, marking a key step in the group's internal "technology and industry separation" strategy. The company has since maintained rapid growth, including a significant acquisition of Varian for €13.9 billion in 2020 [5] - As of Q1 2025, Siemens Healthineers reported revenues of approximately €5.5 billion, a year-on-year increase of 5.7%. However, total debt stood at approximately €13.9 billion, with €9.4 billion sourced from internal loans [8] Implications of the Spinoff - The spinoff is expected to enhance Siemens Healthineers' capital efficiency and allow for independent financing, with the free float of shares increasing from about 30% to over 60%, aligning with international investors' liquidity requirements [15] - Strategically, the independence will enable the company to respond more swiftly to market changes, particularly in local markets like China, where it is accelerating domestic production and AI-driven innovations [16] - The global medical technology landscape is shifting towards specialization, with the separation of major industrial players indicating a move away from group resources to a focus on specialized technology and clinical integration [17] Conclusion - The spinoff represents not just a strategic adjustment for Siemens Group but also a pivotal moment in the development of the medical technology industry, signaling a transition towards capitalization, specialization, and global competition [19]

Core Viewpoint - Mindray Medical (300760), a leading domestic medical device company, has submitted its application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, with joint sponsors being Huatai International and JPMorgan [1] Group 1: IPO and Fundraising - The IPO will combine public offerings in Hong Kong with international placements, with the specific issuance scale to be determined based on market conditions [1] - The funds raised will primarily be used to enhance global R&D investment, innovate products and digital solutions, explore potential global mergers and collaborations, and improve global sales networks and supply chain capabilities [1] Group 2: Business Performance and Market Position - Mindray Medical is the only Chinese company among the top 30 global medical device firms, with a comprehensive product line that includes monitoring devices, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound equipment, all ranking in the top three globally [1] - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024, and a net profit CAGR exceeding 24% [2] Group 3: Competitive Advantages - In the in-vitro diagnostics sector, Mindray is the largest provider in China and the second largest globally for blood cell diagnostics, as well as the largest domestic provider of chemical luminescence immunoassays [3] - The company holds significant market shares in various categories, including being the largest provider of monitoring devices in China and the second largest globally [3] Group 4: R&D and Innovation - Mindray has invested approximately 12.8 billion yuan in R&D, employing 5,200 specialized R&D personnel across 12 global centers, and has filed over 12,240 patents [4] - The company emphasizes its commitment to independent innovation, continuously increasing R&D investment to meet international standards [4] Group 5: Strategic Directions - Mindray is transitioning towards a sustainable growth model centered on recurring revenue from consumables and digital services, while maintaining its leadership in equipment sales [5] - The company plans to enhance its presence in minimally invasive surgery and intervention fields, aiming to shift from one-time equipment sales to a sustainable, repeat-purchase revenue model [5] Group 6: Future Growth and Market Expansion - By the first half of 2025, recurring revenue from consumables is expected to account for about 40% of total revenue, with significant growth potential in the domestic market [6] - The IPO is seen as a strategic move to bolster investments in digitalization, recurring revenue, and internationalization, which are critical for future growth [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][22]. Core Views - The company reported strong profit performance in Q3 2025, with a net profit of 0.24 billion yuan, representing a year-on-year increase of 41.95% [1]. - The revenue for the first three quarters of 2025 was 3.43 billion yuan, down 5.27% year-on-year, primarily due to delayed revenue recognition [1]. - The company is focusing on AI technology in its ultrasound product line, with significant investments in innovation and development [2]. - The company received a grant of 2.1 million USD from the Gates Foundation to support the development of innovative obstetric and breast ultrasound screening devices [2]. - The revenue forecast for 2025-2027 has been adjusted downwards due to overseas order fluctuations, with expected revenues of 5.0 billion, 5.7 billion, and 6.6 billion yuan respectively [2]. Financial Performance Summary - For Q3 2025, the company achieved a single-quarter revenue of 1.07 billion yuan, down 6.68%, while the net profit increased by 41.95% [1]. - The gross margin for the first three quarters of 2025 was 59.82%, up 0.67 percentage points, attributed to a higher proportion of high-margin small devices [1]. - The company’s R&D expense ratio remained stable at 16.48%, indicating effective cost control despite slight increases in sales expenses [1]. - The projected earnings per share (EPS) for 2025 is 1.38 yuan, with a net profit growth forecast of 10.2% [3][20].

Core Viewpoint - The Ministry of Finance has issued a notice to address the issue of abnormally low bids in government procurement, marking a significant shift from a focus on low prices to an emphasis on quality and effectiveness in the medical equipment market [4][7]. Group 1: Government Procurement Reforms - The new regulations aim to combat the persistent issue of low-price bidding in the medical equipment sector, which has been detrimental to product quality and patient safety [9][10]. - The notice introduces a closed-loop system focusing on "source control, process review, and post-responsibility," addressing previous challenges in identifying and managing low-price bids [10][12]. Group 2: Impact on Medical Equipment Market - The introduction of a full lifecycle cost concept in procurement will require consideration of ongoing maintenance and consumable costs, thereby preventing the common practice of low initial bids followed by high consumable prices [12][13]. - The new rules will enhance scrutiny of low-price bids, with specific criteria established to identify and reject bids that are excessively low compared to market averages [12][13]. Group 3: Industry Dynamics and Competition - The reforms are expected to shift the competitive landscape, pushing domestic companies to transition from a price-based strategy to one focused on value [14]. - Foreign brands may benefit from the new emphasis on quality and service, as their technological advantages can be better recognized under the new evaluation criteria [14][15]. Group 4: Innovation and Market Growth - The reduction of low-price competition is anticipated to lead to increased investment in research and development, fostering innovation within the industry [15]. - With a projected budget of 19.6 billion for medical equipment updates, the new policies are expected to direct funds towards high-quality products and services, enhancing the efficiency of public healthcare resource allocation [15].