特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 6月20日，欧盟官网发布，依据《国际采购工具》（IPI），欧盟委员会决定 限制中国企业参 与价值超500万欧元的医疗器械招标 。 同日，中国外交部发言人就此事作出回应时表示， 欧盟以公平竞争之名行不公平竞争之实，是 典型的双重标准 。中方将坚决维护中国企业的正当合法权益。 近 年 来 ， " 出 海 " 已 经 成 为 医 疗 仪 器 产 业 的 大 势 。 据 中 国 医 药 保 健 品 进 出 口 商 会 数 据 ， 2024 年，中国对欧盟27国的医疗器械出口额为90亿美元，同比增长12%，占中国医疗器械出口总 额的18.5%。 欧盟为何突然对中国医疗器械 限制 ？影响又会有多大？ 起因 此次欧盟禁止中企参与500万欧元以上招标，源于IPI法案。 详情咱们之前讲过 ，就不再赘述 了。 公开信息显示，IPI早在2012年便首次提出，于2022年6月颁布实施。通过这一法律框架，欧 盟可以排除相关国家企业参与欧盟的大型公共招标，或对其投标报价做惩罚性调整，比如上调 10%-20%，使其处在劣 ...

Core Viewpoint - Yingkang Life announced the acquisition of 51% equity in Changsha Kexin Oncology Hospital for 357 million yuan, with an overall valuation of approximately 700 million yuan, resulting in a premium rate of 1429.99%, significantly exceeding the average merger premium in the healthcare industry [1][2] Group 1: Acquisition Details - The acquisition price of 357 million yuan corresponds to Changsha Kexin's net assets of 46.14 million yuan as of September 2024, indicating a high premium rate [1] - The acquisition will create approximately 280 million yuan in goodwill, accounting for 78% of the purchase price [2] Group 2: Financial Performance and Risks - Changsha Kexin has committed to net profits of 57 million, 58 million, and 60 million yuan for the years 2025 to 2027, respectively, but has only achieved a net profit of 33.42 million yuan in the first three quarters of 2024, indicating challenges in meeting these targets [2] - The realization of these profit commitments is dependent on uncontrollable factors such as local medical insurance policies and competition from public hospitals, which adds uncertainty to the performance outlook [2] Group 3: Historical Context and Concerns - Yingkang Life has previously faced issues with high premium acquisitions, such as the 2015 acquisition of Maxip, which resulted in 947 million yuan in goodwill and 804 million yuan in impairments by 2021 [3] - High premium acquisitions lead to increased goodwill on the balance sheet, which is essentially a prepayment for the future profitability of the acquired entity; if performance does not meet expectations, goodwill impairment will directly impact the company's profits [3] Group 4: Strategic and Operational Challenges - The strategic synergy of the acquisition is questionable, as Yingkang Life's core competencies lie in medical device R&D and oncology treatment technology, while Changsha Kexin operates as a regional hospital reliant on localized medical services [4] - The acquisition may dilute core business resources, as the high cash outflow could affect the development of key projects like high-end imaging equipment and AI diagnostic algorithms, leading to a diversion of management focus [4] - The regional oncology market is highly competitive, with public hospitals attracting patients away from private facilities, making it difficult for Changsha Kexin to maintain its market position [5]