"BD（业务发展）是个大热点，我们最近的一次线上会起码有一半时间，分析师都在问相关话题。"近 期，一位国内医疗器械行业人士向智通财经记者发出了这样的感慨。 对于医疗器械的BD，归创通桥（02190.HK）董事长赵中在接受智通财经记者采访时表示，医疗器械高 度依赖使用场景与术者经验，不适合简单的 license-out （对外授权）模式。该模式往往意味着将后续临 床试验、注册及海外销售等关键环节完全交由第三方主导，企业难以维持必要的管理与控制权，亦不利 于长期价值实现。当前也有国产医疗器械公司在海外拿证，但当地销售能力能否支撑持续放量仍待验 证。 "我们更希望在海外建立自己的能力，通过在目标市场引入并整合专业能力与网络，包括医疗机构与学 术合作网络、渠道与销售体系等，并将公司的自有产品有序嫁接其中，凭借优秀的产品提升我们的海外 口碑，更高效地拓展海外业务。"赵中进一步指出，这种能力不仅仅是商业化能力，而是包括产品研 发、注册、临床等综合能力，这与简单将产品BD出去的模式有很大区别。 虽然医疗器械不太适合当前创新药的BD模式，但从广义来说，医疗器械行业也一直有BD交易，如2023 年2月，国药集团国药控股旗下中国 ...

开具检验单、B超或CT检查单……在中医治疗中，医师会使用现代医疗技术和医学检查手段，是为了更 为细致准确的诊疗，为患者提供更多治疗选择。现代科学技术不能替代中医的整体辨证。在临床中，要 把检查数据作为参考，以患者整体状态为中心，最终还是落到辨证施治上。 在人们的传统认知里，中医大夫看诊通常是一根银针、一把草药。有些患者发现，如今到中医院就诊， 医师有时会开具检验单、B超或CT等检查单，融合了现代医疗技术。中医治疗为什么要使用现代技术和 医学检查手段？它们如何与中医传统诊疗方法相结合，达到更好的治疗效果？对此，记者进行了采访。 医学检查手段是中医"望诊"的延伸 近日，42岁的张女士因反复咳嗽近2个月，伴体重骤减10斤，到重庆市中医院就诊。重庆市中医院副院 长、中西医结合主任医师任毅通过"望闻问切"四诊合参，初步判断为"阴虚燥咳"。出乎张女士意料的 是，医生并未直接开药，而是建议她进行肺部CT检查。结果发现左上肺有个混合性结节，最终转至胸 外科确诊为早期肺癌，及时手术避免了病情恶化。 中医为何也需要借助CT检查？任毅解释，CT、B超等检查是现代科学技术的成果，并不是西医的专 属，中医也可以使用。中医传统诊疗技术能 ...

转自：北京日报客户端 作为GE医疗在中国的第一个国产制造基地，也是其在全球最大的影像设备制造基地，GE医疗北京基地 是GE医疗"全面国产"的策源地，以及其国产高端医械制造30多年发展的缩影和创新高地。2024年，基 地被世界经济论坛评为中国医疗设备行业首座"灯塔工厂"。 厂内部。 GE医疗/供图 GE医疗工 "全市每三家先进级智能工厂中，就有一家是北京亦庄企业！"近日，北京经济技术开发区科技和产业促 进局有关负责人透露，根据不久前发布的2025年北京市先进级智能工厂第一批和第二批名单，全市目前 共有149家先进级智能工厂，其中，北京经济技术开发区（北京亦庄）共有47家，数量稳居全市第一。 更引人瞩目的是，全市9家卓越级智能工厂中，北京亦庄贡献了3家，占比达全市三分之一。 从"先进"到"卓越"，从"单点示范"到"全域集群"，北京亦庄正用一张张"智造名片"，诠释首都高质量发 展开路先锋和高精尖产业主阵地的担当。 GE医疗北京基地 打造医疗设备行业"灯塔"标杆 当汽车与智能制造在亦庄上演速度与精度交织的"蝶变"，高端医疗装备的国产化故事也正在北京市先进 级智能工厂——航卫通用电气医疗系统有限公司（GE医疗北京基地） ...

万东医疗最新股价为18.05元，较前一交易日上涨0.84%。公司今日开盘价为17.89元，最高触及18.14 元，最低下探17.86元，成交量为98145手，成交金额达1.77亿元。 从资金流向来看，万东医疗今日主力资金净流入1107.11万元，近五日主力资金累计净流入830.37万元。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 来源：金融界 万东医疗主营业务为医学影像设备的研发、生产和销售，产品涵盖CT、MRI、DR等医疗影像设备。公 司持续聚焦高端医学影像装备技术的突破与市场拓展，在技术创新方面取得重要进展，包括全球首台无 液氦超导磁共振的临床验证和多项AI技术的应用。 公司最新披露的2025年半年报显示，上半年实现营业收入8.43亿元，同比增长20.46%；但归母净利润 5129.86万元，同比下降39.46%。其中第二季度营业收入4.7亿元，同比增长20.0%；归母净利润1625万 元，同比下降68.4%。报告期内公司研发投入同比增长59.16%，研发投入强度达15%。 ...

Core Viewpoint - China XD Electric (601179.SH) continues to operate steadily, benefiting from increased product sales, with a reported revenue of 11.301 billion yuan and a net profit of 598 million yuan for the first half of 2025, reflecting year-on-year growth of 9.23% and 30.08% respectively [1][2][3] Financial Performance - In the first half of 2025, the company achieved a revenue of 11.301 billion yuan, a 9.23% increase year-on-year, and a net profit of 598 million yuan, marking a 30.08% increase [1][2] - The company plans to distribute a cash dividend of 241 million yuan, accounting for 40.27% of its net profit, bringing total dividends since its listing to 4.467 billion yuan [1][3] - As of June 30, 2025, the company's asset-liability ratio stood at 46.47%, with cash reserves of 10.355 billion yuan, providing a strong backing for operational development [1][6] Market Position and Growth - China XD Electric specializes in the research, design, manufacturing, and sales of power transmission and distribution equipment, with a comprehensive product range including high-voltage switches, transformers, and reactors [2][4] - The company has seen a continuous increase in its gross profit margin, rising from 16.42% in 2022 to 21.61% in the first half of 2025 [3] - The company has secured significant contracts, including three major projects with the State Grid totaling approximately 4.474 billion yuan, which represents about 20.2% of its 2024 revenue [3] Research and Development - China XD Electric has invested a total of 1.967 billion yuan in R&D over the past two and a half years, with R&D expenses increasing by 21.23%, 11.25%, and 16.59% year-on-year for 2023, 2024, and the first half of 2025 respectively [5] - The company has established a strong R&D and manufacturing capability, covering the entire industrial chain of power transmission and distribution equipment [5] Regional Performance - In the first half of 2025, domestic revenue accounted for 80.79% of total revenue, while international revenue made up 19.21%, with respective gross profit margins of 23.22% and 14.84% [6]

Summary of the Conference Call for 联影医疗 Company Overview - 联影医疗 specializes in a wide range of medical imaging equipment including MRI, CT, X-ray, PET-CT, PET-MRI, and radiation therapy devices, with a growing market share and active expansion into overseas markets such as Japan, Europe, and the United States [2][3] Core Insights and Arguments - **R&D Investment**: The company places a high emphasis on R&D, focusing on the self-development of core components like MRI magnets and CT tubes to reduce costs and enhance product competitiveness, achieving full-process coverage from core parts to complete machines [2][4][5] - **Market Growth**: Since 2018, the company has maintained rapid growth, with a significant boost in 2020 due to increased demand for CT during the pandemic. Although there was a decline in 2022 and 2023, profitability is expected to rise again by 2025 [2][6] - **Chinese Medical Equipment Market**: The market size reached 53.7 billion yuan in 2020, growing at approximately 10% annually. Factors such as aging population and equipment renewal policies are expected to drive market expansion [2][7] - **Domestic Market Performance**: The company holds about 11.8% market share in China, benefiting from increasing localization rates and supportive equipment renewal policies [10] Industry Trends - **Localization Rate**: The localization rate in China's medical equipment sector is currently low but on the rise. For instance, the localization rate in X-ray is relatively high, while high-end CT components are nearing commercialization. The market share of domestic brands in MRI has reached 20% [8] - **Funding Sources**: Most funding for medical equipment procurement comes from government bonds, alleviating financial pressure on hospitals and promoting short-term purchasing demand [7] International Expansion Strategy - **Global Presence**: The company has entered over 70 countries and established multiple subsidiaries and R&D centers, employing a "one core, multiple wings" strategy to tailor product lines for different markets [11][12] - **North America and Europe**: In North America, the company has achieved coverage in over 50% of state-level administrative regions since its entry in 2013. In Europe, it aims for significant growth from 2025 to 2026, following the establishment of a subsidiary in Poland [12][15] Challenges and Innovations - **Emerging Markets**: The company collaborates with local distributors in emerging markets to enhance its presence, achieving notable success in India with a leading market share in PET CT [13] - **Industry-Academia Collaboration**: The company emphasizes collaboration with universities for scientific research, which helps in product innovation and understanding clinical needs [14] Future Outlook - **Growth Prospects**: In the short to medium term, the company is expected to continue benefiting from domestic equipment renewal demands while enhancing localization. The international strategy will focus on local market adaptation, particularly in Europe, where significant growth is anticipated [15]

非药行业研究框架培训 20250815 摘要 DRG 支付方式对医疗器械使用有何影响？ DRG 支付方式会影响到医院使用的一些产品，因为它采用总包打包付费模式。 这意味着某些产品，如普通 X 射线设备、超声设备等，其使用年限一般为 3 到 4 年，而大型设备如核磁共振和 CT 则通常超过 10 年。过去几年，由于医疗新 基建扩建医院需要大量采购设备，2021 至 2022 年达到高峰，但随后在 2023 至 2024 年出现下滑。预计今年（2025 年）下半年将开始看到报表业绩体现。 体外诊断市场有哪些特点？ 医疗器械国产化率提升显著，尤其在 2018-2020 年，但电生理设备等 领域仍有提升空间。集采政策虽未影响出厂价，但压缩中间商利润，导 致终端价格下降，行业经历量价双杀后，目前接近尾声。 DRG 支付方式影响医院对普通 X 射线、超声设备（3-4 年）及大型设备 如核磁共振、CT（超 10 年）的使用年限。2021-2022 年医疗新基建 高峰后，2023-2024 年采购下滑，预计 2025 年下半年报表业绩将有所 体现。 体外诊断市场设备和试剂并重，集采主要针对试剂。生化分子基本实现 国产替代，但 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [4] Core Viewpoints - The total bid amount for medical devices in July 2025 reached 12.643 billion yuan, representing a year-on-year increase of 20% and a cumulative total of 96.785 billion yuan from January to July, with an overall year-on-year growth of 57% [5][11] - Domestic device bidding amounts are recovering, with categories like endoscopes showing high year-on-year growth rates [6] - Imported brands experienced a slight decline in bidding amounts, but categories such as CT and DSA showed significant year-on-year growth [7] Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in July 2025 was 12.643 billion yuan, a 20% increase year-on-year, but a 6% decrease month-on-month [11] - From January to July 2025, the total bidding amount was 96.785 billion yuan, reflecting a 57% year-on-year increase [11] Domestic Brands - Mindray Medical's total bidding amount in July was 1.017 billion yuan, up 84% year-on-year, with a cumulative total of 5.854 billion yuan from January to July, also up 57% [15] - Aohua Endoscopy's total bidding amount in July was 68.22 million yuan, a 23% increase year-on-year, with a cumulative total of 303.27 million yuan from January to July, reflecting a 48% increase [21] - Kailing Medical's total bidding amount in July was 101 million yuan, a 67% increase year-on-year, with a cumulative total of 740 million yuan from January to July, showing a 106% increase [24] - Shanfeng's total bidding amount in July was 49 million yuan, a staggering 392% increase year-on-year, with a cumulative total of 236 million yuan from January to July, reflecting a 239% increase [27] - Wandong Medical's total bidding amount in July was 66.17 million yuan, a 19% increase year-on-year, with a cumulative total of 794.41 million yuan from January to July, showing a 95% increase [30] Imported Brands - Philips' total bidding amount in July was 467.37 million yuan, a 41% decrease year-on-year, with a cumulative total of 5.045 billion yuan from January to July, reflecting a 39% increase [33] - Siemens' total bidding amount in July was 554 million yuan, an 11% decrease year-on-year, with a cumulative total of 6.620 billion yuan from January to July, showing a 49% increase [36] - GE's total bidding amount in July was 701.17 million yuan, a 17% decrease year-on-year, with a cumulative total of 7.414 billion yuan from January to July, reflecting a 44% increase [39]

Core Viewpoint - The stock price of United Imaging Healthcare has declined, and the company is facing significant employee share reductions alongside a drop in revenue and profit for 2024 [1] Company Overview - United Imaging Healthcare is a leading domestic enterprise in the high-end medical imaging equipment sector, focusing on the independent research and production of CT, MRI, and PET-CT devices [1] - The company was founded by Xue Min, an alumnus of Fudan University, with the aim of breaking the technological monopoly of international giants in the high-end medical equipment field [1] Stock Performance - As of August 4, 2025, the stock price is reported at 131.29 yuan, down by 2.02 yuan, representing a decline of 1.52% from the previous trading day [1] - The trading volume for the day was 41,194 hands, with a transaction amount of 537 million yuan [1] Employee Shareholding and Financial Performance - On August 3, the company announced that five employee shareholding platforms plan to reduce their holdings by up to 13.3766 million shares, valued at approximately 1.78 billion yuan at current stock prices [1] - This follows a previous reduction in 2024, where employee shareholding platforms sold shares worth 894 million yuan [1] - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decrease of 9.73%, and a net profit of 1.262 billion yuan, down 36.08% year-on-year [1] Capital Flow - On August 4, 2025, the net inflow of main funds into United Imaging Healthcare was 4.5668 million yuan, accounting for 0.01% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 150.8785 million yuan, representing 0.19% of the circulating market value [1]

Group 1: Company Developments - United Imaging announced a plan to reduce holdings by up to 13,376,600 shares, corresponding to a market value of approximately 1.78 billion yuan, marking the second large-scale reduction following a cash-out of 894 million yuan in July 2024 [1][2] - The share reduction involves five employee stockholding platforms, with the shares being original stocks granted before the company's IPO, which became tradable on August 22, 2023 [2] - Despite a decline in revenue and net profit for 2024, United Imaging maintains its position as a leader in the domestic medical imaging sector, with a market share of 35% for PET-CT and over 20% for MRI equipment [3][4] Group 2: Financial Performance - United Imaging's revenue for 2024 was 10.3 billion yuan, a year-on-year decrease of 9.73%, while net profit dropped by 36.08% to 1.262 billion yuan [3] - The decline in performance is attributed to the impact of domestic equipment update policies and the lengthy market introduction period for new high-end products [3] Group 3: Competitive Landscape - In contrast to United Imaging's challenges, Mindray Medical is accelerating its global expansion, with the opening of a new base in Wuhan, representing a significant investment of 4.5 billion yuan [5][6] - Mindray has established a robust domestic network with 36 subsidiaries and over 30 branches, while also expanding its international presence with 63 overseas subsidiaries in about 40 countries [6][8] - The company is focusing on localized operations, with over 90% of its overseas team being local hires, and is customizing products to meet regional market needs [8] Group 4: Strategic Initiatives - Mindray's global strategy includes significant R&D investments, with 4.008 billion yuan allocated in 2025, accounting for 10.91% of its revenue [7] - The Wuhan base will focus on minimally invasive surgery and orthopedic fields, enhancing Mindray's production capabilities [6][7] - There are ongoing discussions about a potential second listing in Hong Kong, which could raise at least 1 billion USD to support global expansion efforts [8]