目前，神经介入类（弹簧圈、颅内支架、血流导向密网支架）均已纳入集采。总体来看，单品价格较 高、技术门槛较高、竞争格局较好的产品降价幅度在10%~25%之间，弹簧圈的中选价格则从此前的1.2 万元降到最低3277元。 集采已成为医药行业发展的关键分水岭。部分没有中标的头部企业，原有市场份额持续被竞争对手挤 压、瓜分，另一部分企业则主动把握集采及集中谈判机遇，成功突破原先市占率较低的区域或品类市 场。 每经记者｜金喆 每经编辑｜陈俊杰 2021年开始，神经介入领域被纳入集采，4年来行业格局已发生巨大变化。在集采政策的持续推动下， 国产化率较低的器械领域成为了投资热点。今年以来，微创脑科学、归创通桥、沛嘉医疗-B涨幅分别达 到72.77%、103.72%、113.32%。 市场最关注的，莫过于国产厂商的集采表现。归创通桥半年报显示，公司实现收入4.82亿元，同比增长 31.7%，净利润1.21亿元，同比增长76%。近日，归创通桥管理层在业绩交流会上表示，从政策层面来 看，医药集采规则呈现温和趋势，药监局对创新器械也有支持政策。公司过往对集采很重视，2020年12 月开始第一个产品参加集采到现在，总体表现还是不错。在 ...

Core Viewpoint - The medical health industry faces significant uncertainties in 2024, yet outstanding companies like Guichuang Tongqiao have emerged successfully, achieving over 100 million yuan in net profit and turning profitable for the first time, demonstrating resilience in a challenging environment [1][24]. Company Performance - Guichuang Tongqiao reported a revenue of 782 million yuan in 2024, a substantial increase of 48.3% year-on-year, with a compound annual growth rate (CAGR) of 64% from 2021 to 2024 [9][12]. - The company achieved a net profit of 100.3 million yuan in 2024, marking its first annual profit, with a significant year-on-year growth of 1,663% when adjusted for non-IFRS measures [12][13]. - The revenue from neurovascular intervention products reached 529 million yuan, accounting for 67.7% of total revenue, with a year-on-year growth of 38.4% [9][12]. - The revenue from peripheral vascular intervention products surged by 74.5% to 252 million yuan, representing 32.3% of total revenue [9][12]. Market Dynamics - The high-value medical consumables market in China has grown from 104.6 billion yuan in 2018 to 156.1 billion yuan in 2023, with vascular intervention being the largest segment at 55.9 billion yuan in 2023, showing a year-on-year growth of 13.77% [4][5]. - The penetration rate of vascular intervention products in China remains low compared to developed countries, indicating significant growth potential in this segment [7][20]. Competitive Landscape - Guichuang Tongqiao has successfully navigated the challenges posed by centralized procurement policies, achieving rapid growth through effective product quality and sales capabilities [15][20]. - The company has participated in multiple rounds of centralized procurement, with 36 out of 47 approved products successfully selected [15][16]. - The competitive landscape is shifting towards a focus on innovation and operational efficiency, with leading players needing to excel in procurement, operational excellence, and continuous innovation [7][24]. International Expansion - Guichuang Tongqiao has expanded its overseas business, generating 22.58 million yuan in 2024, a year-on-year increase of 58.2%, with a CAGR of 87% over the past four years [20][21]. - The company plans to introduce 14 new products in 2025, targeting 11 countries and regions, with expectations of doubling overseas revenue by 2025 [21][22]. Future Outlook - The company is positioned for sustainable growth with a robust product pipeline, having received approvals for over 40 products since 2021, and plans for 17 additional products to be launched between 2025 and 2027 [22][23]. - Guichuang Tongqiao's valuation is expected to recover significantly, with potential inclusion in major stock indices, which could attract substantial capital inflows [25][26].