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： ...

Core Insights - The China International Import Expo (CIIE) is showcasing cutting-edge medical innovations, with a focus on new product launches in the medical device and healthcare sector [1][9]. Group 1: Medical Device Innovations - A globally launched CT device capable of completing a heart examination in one heartbeat is highlighted as the fastest CT machine [1]. - A new surgical robot featuring advanced AI algorithms has been introduced, allowing for easy switching between five surgical modes, enhancing accuracy and reducing operation time [5][3]. Group 2: Pharmaceutical Developments - Several innovative drugs, including antibiotics and treatments for rare diseases, have transitioned from presentation to market approval, marking their debut at the expo [9]. - Merck plans to introduce 40 innovative products and indications in China over the next five years, establishing a collaboration center in Beijing to enhance clinical translation of breakthroughs [11]. Group 3: Industry Perspectives - Bayer's CFO emphasizes the positive impact of China's drug priority review policy, which accelerates the approval process for new medications, boosting confidence in continued investment [13]. - Sanofi's regional manager notes that the expo facilitates open communication with government and domestic enterprises, reinforcing their commitment to growth in China [15].

Group 1: Real Estate Industry - The real estate industry is expected to face continued pressure in 2025, with new home sales declining by 13% year-on-year in Q3 2025, reaching a historical low comparable to Q3 2019 [9][10] - The report emphasizes the importance of income confidence for the mid-term price trends in real estate, indicating that an income confidence index above 50 is necessary for stable housing prices [9] - Investment strategies suggest waiting for market stabilization and focusing on structural opportunities, recommending companies with low historical burdens and conservative price-to-book ratios [10] Group 2: Semiconductor Industry - The semiconductor industry has shown significant growth, with a 25.1% year-on-year increase in global sales in Q3 2025, marking the eighth consecutive quarter of growth [25] - The report highlights that the profitability of semiconductor companies continues to improve, with a net profit growth of 80.4% year-on-year in Q3 2025 [24] - Investment recommendations focus on storage and self-controlled industrial chains, with specific companies like Jiangbolong and Zhaoyi Innovation suggested for their potential in the rising market [26] Group 3: Food and Beverage Industry - The food and beverage sector has experienced a mixed performance, with the A-share food and beverage index down by 0.29% but outperforming the broader market [19] - The report identifies a divergence in performance among categories, with liquor facing challenges while dairy and beverage segments show signs of recovery [18] - Investment recommendations include focusing on companies with strong growth potential in the beverage sector, such as Nongfu Spring and Eastroc Beverage [19] Group 4: Social Services Industry - The social services sector has underperformed the market, with a year-to-date increase of only 4.95% compared to the broader index [20] - The report notes a significant reduction in fund holdings within the sector, reaching historical lows, indicating a cautious outlook [20] - Investment strategies suggest focusing on sectors showing signs of recovery, such as tourism and education, with specific companies recommended for their growth potential [22] Group 5: AI and Cloud Computing - The AI and cloud computing sectors are experiencing rapid growth, with major cloud providers significantly increasing their capital expenditures to support AI infrastructure [11][12] - The report indicates that cloud service providers contribute approximately 50% of Nvidia's data center revenue, with expectations for substantial growth in global data center investments [12] - Investment recommendations include leading AI cloud platform companies like Microsoft, Google, and Alibaba, as well as chip suppliers like Nvidia [14]

Core Insights - Shanghai United Imaging Healthcare Co., Ltd. reported significant growth in its Q3 2025 financial results, with a revenue of 8.859 billion yuan, a year-on-year increase of 27.39%, and a net profit of 1.122 billion yuan, reflecting a 66.91% increase [1] - The company's performance is attributed to the accelerated implementation of domestic industry policies and steady growth in overseas markets [1] - United Imaging maintains the top market share in China for PET/CT for ten consecutive years, leading the second competitor by over 30 percentage points for two consecutive quarters [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 88.59 billion yuan, with a net profit of 11.20 billion yuan and a non-recurring net profit of 10.53 billion yuan, marking increases of 27.39%, 66.91%, and 126.94% respectively [1] - In Q3 alone, the company reported a revenue of 28.43 billion yuan, a 75.41% year-on-year increase, with a net profit of 1.22 billion yuan and a non-recurring net profit of 0.88 billion yuan [1] Market Position and Innovations - United Imaging's 3.0T and above ultra-high field equipment has consistently ranked first in its market segment, with over 10,000 CT devices installed globally [1] - The company has seen significant market share increases in various segments, including over a 10 percentage point rise in breast DR market share and nearly 3 percentage points and 15 percentage points increases in DSA and RT market shares respectively [1] - The company has launched several innovative products in 2025, including the world's first carbon-silicon MRI and a series of groundbreaking interventional diagnostic technologies [2]

Summary of Conference Call Records Industry Overview - The medical imaging equipment market has shown significant recovery in 2025, with MRI equipment market growing by 70% year-on-year and procurement amounts increasing by 67% [1][10] - The ultrasound equipment procurement amount increased by 61% year-on-year, with procurement volume rising by 75% [1] Key Companies and Market Performance - **United Imaging**: - Achieved a 20% market share in sales and 25%-30% in volume for CT equipment, with high-end models like UCT 960 and 860 seeing increased sales [1][6] - In the PET CT segment, United Imaging maintained a 51% market share in the first seven months of 2025 [12] - The company’s average selling price for high-end products reached 18.04 million yuan [9] - **Mindray**: - Reported a year-on-year growth rate of 40% in procurement amounts from January to September 2025 [2] - Maintained a leading position in the ultrasound equipment market with a sales volume share of 38% [18] - **Neusoft**: - Rapidly increased market share through competitive pricing strategies [1][7] Market Trends and Dynamics - The domestic market share of Chinese-made radiological imaging equipment rose from 12% in 2019 to 37% by July 2025, driven by supportive procurement policies [1][3] - The CT equipment market experienced a decline in 2024 due to policy impacts but showed recovery towards the end of the year, with a 31% year-on-year sales increase in the first seven months of 2025 [1][6] - The procurement situation for medical devices in 2025 showed significant growth, with overall procurement amounts increasing by 54% year-on-year [2] Pricing and Competition - The average price of domestic products is lower than that of imported ones, which affects total sales despite high volume [8] - High-end products are expected to gain more market recognition, which is crucial for improving competitiveness against imported brands [8] Specific Equipment Insights - **MRI Equipment**: - The market share of United Imaging in MRI sales reached 27% in 2024, surpassing GE [10][11] - The domestic sales localization rate for MRI equipment was 40% in terms of sales value [11] - **Molecular Imaging Equipment**: - The market size reached 2.2 billion yuan in the first seven months of 2025, with United Imaging holding a 59% market share in PET CT sales in 2024 [12] - **Radiotherapy Equipment**: - United Imaging's integrated CT-guided linear accelerator achieved a 15% sales market share by July 2025 [16] - The overall sales amount for radiotherapy equipment in the first seven months of 2025 was 4 billion yuan, reflecting a year-on-year growth of 14.74% [15] Future Outlook - The high-end medical imaging sector is expected to see increased investment in photon technology CT and high-performance tubes, with United Imaging leading in innovation [19][21] - Despite challenges from international policies affecting exports, companies like United Imaging continue to perform well in both emerging and developed markets [22]

Core Insights - The company achieved total revenue of 6.016 billion yuan in H1 2025, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% year-on-year [1] - In Q2 2025, the company reported total revenue of 3.538 billion yuan, a year-on-year increase of 18.60%, and a net profit of 628 million yuan, reflecting a growth of 6.99% year-on-year [1] - The gross profit margin declined by 1.28 percentage points year-on-year in H1 2025 and by 2.41 percentage points in Q2 2025 [1] Revenue Growth - Domestic revenue in H1 2025 reached 4.873 billion yuan, growing 10.74% year-on-year, while overseas revenue was 1.142 billion yuan, up 22.48% year-on-year, accounting for 18.99% of total revenue [1] - The company’s overseas business has become a crucial engine for sustained growth despite geopolitical and tariff policy challenges [1] Profitability and Efficiency - The sales expense ratio for H1 2025 was 15.60%, while the R&D expense ratio was 12.74%, and the management expense ratio was 4.28%, indicating improved governance and operational efficiency [2] - Revenue from MR equipment reached 1.968 billion yuan, a year-on-year increase of 16.81%, with a steady rise in market share [2] - Molecular imaging products generated revenue of 841 million yuan, up 13.15% year-on-year, and CT business maintained stable growth with revenue of 1.515 billion yuan [2] Innovation and R&D - R&D investment in H1 2025 totaled 1.14 billion yuan, with the number of R&D personnel increasing to 3,391, representing over 40% of the workforce [2] - The company is focusing on next-generation platform technologies and key product breakthroughs, ensuring autonomous control and continuous innovation capabilities [2] Future Projections - Revenue projections for 2025-2027 are 11.782 billion, 14.059 billion, and 16.845 billion yuan, with year-on-year growth rates of 14.4%, 19.3%, and 19.8% respectively [2] - Net profit attributable to shareholders is expected to be 1.898 billion, 2.325 billion, and 2.843 billion yuan for the same period, with growth rates of 50.4%, 22.5%, and 22.3% respectively [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a total revenue of 6.016 billion yuan in H1 2025, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% year-on-year [1][2] - The company's domestic revenue reached 4.873 billion yuan in H1 2025, growing by 10.74% year-on-year, while overseas revenue was 1.142 billion yuan, marking a significant increase of 22.48% year-on-year, accounting for 18.99% of total revenue [1][2] - The company is focusing on next-generation platform technology and key product breakthroughs, with R&D expenses amounting to 1.14 billion yuan in H1 2025, and the R&D personnel count exceeding 3,391, representing over 40% of the workforce [2] Financial Performance Summary - In H1 2025, the company's sales expense ratio was 15.60%, R&D expense ratio was 12.74%, and management expense ratio was 4.28%, indicating improved governance and operational efficiency [2] - The MR equipment revenue was 1.968 billion yuan, growing by 16.81% year-on-year, while molecular imaging products generated 841 million yuan, up 13.15% year-on-year [2] - The projected revenues for 2025-2027 are 11.782 billion yuan, 14.059 billion yuan, and 16.845 billion yuan, with year-on-year growth rates of 14.4%, 19.3%, and 19.8% respectively [2]

Core Viewpoint - The company is transitioning from being a core component supplier for MRI to a full MRI system supplier, aiming to enhance its market presence and clinical value in the medical imaging industry [1] Group 1: Strategic Transition - The company is strategically transforming into an MRI system supplier, moving beyond just core component supply [1] - The company will debut as an MRI manufacturer at the China International Medical Equipment Fair (CMEF) in April 2025, showcasing the Farol 1.5T superconducting MRI system and other advanced imaging technologies [1] Group 2: Product Development and Market Entry - The company has received medical device registration for its DR equipment and is in the market promotion phase, participating in centralized procurement bids in several provinces [1] - The company did not win bids in Henan and Jiangsu provinces, while the project in Anhui has not yet been opened for bidding [1] - The CT equipment has completed prototype production and is currently undergoing registration review, with plans to advance to market in the first half of 2026 [1]

Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 6.02 billion yuan (+12.8%) and a net profit of 1 billion yuan (+5.0%) [1] - High-end product lines and service business showed strong growth, with medical imaging equipment revenue reaching 4.89 billion yuan (+7.6%) and service revenue increasing by 32.2% to 820 million yuan [1][2] Business Performance - Medical imaging equipment revenue breakdown: - MR equipment: 1.97 billion yuan (+16.8%), with over 40 units of the uMR Jupiter 5T installed, and a market share increase of over 20% in the 3T and above MRI segment [1] - CT equipment: 1.52 billion yuan, with over 700 units of high-end and ultra-high-end models installed [1] - MI equipment: 840 million yuan, XR equipment: 320 million yuan, IXR revenue increased by 190% [1] - RT equipment: 240 million yuan, indicating a solid market position for core product lines [1] Service Business - Service revenue reached 820 million yuan (+32.2%), driven by increased global installation volumes and enhanced customer loyalty [1] International Expansion - The company has expanded its overseas market presence, covering over 15,300 medical institutions in 90 countries and regions [2] - Overseas revenue in H1 2025 was 1.14 billion yuan (+22.5%), accounting for 19.0% of total revenue [2] - The U.S. market coverage exceeds 70% of state-level administrative regions, with over 150 PET/CT installations in North America [2] Stock Incentive Plan - In June 2025, the company launched a new stock incentive plan for 1,368 participants, granting 5 million restricted shares, representing 0.6% of total shares [2] - The target for revenue growth from 2024 as a base is set at a compound annual growth rate of 20% for 2025-2027, with a trigger value of 16% [2] Revenue Forecast - Projected revenues for 2025-2027 are 12.5 billion yuan, 15.1 billion yuan, and 18.2 billion yuan, with year-on-year growth rates of +21.8%, +20.3%, and +20.5% respectively [2]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [7] Core Insights - The continuous deepening of equipment update policies and fiscal support is driving the recovery of the medical equipment procurement market [4][12] - In the first half of 2025, the number of disclosed budget projects for medical equipment updates reached 212, with a total budget amount of 15.34 billion yuan [14] - The procurement scale and amount of medical devices are growing across regions, with a notable increase in the central and western regions [5][26] Summary by Sections 1. Equipment Update Policies and Market Recovery - The release of the equipment update policy in March 2024 and subsequent implementation plans by various government departments have accelerated the procurement process [4][12] - In the first half of 2025, the number of project approvals and procurement intentions reached 212 and 334, with total amounts of 15.34 billion yuan and 14.23 billion yuan respectively [14][18] 2. Regional Distribution and Procurement Trends - The procurement of large medical imaging equipment remains a focus, with a trend of "volume in the west, value in the east" observed [5][19] - The central and western regions are seeing significant growth in procurement, with the central region's procurement scale exceeding 53% [26][28] 3. County Medical Community and Hospital Equipment Updates - The county medical community's bidding process is accelerating, with a significant portion of procurement occurring in tertiary hospitals, which account for 61.11% of the procurement scale [35][32] - In the first half of 2025, the procurement scale for county medical communities reached 4.3 billion yuan, while urban hospitals accounted for 4.5 billion yuan [34][33] 4. Market Performance and Subsector Trends - In the first week of August 2025, the pharmaceutical and biotechnology sector rose by 2.95%, outperforming the CSI 300 index by 4.7 percentage points [38] - The chemical preparation sector showed the largest increase at 5.48%, while the medical equipment sector experienced the largest decline at 1.43% [42][43]