医疗影像设备需求更新 20251208 摘要 2025 年核磁共振设备市场规模预计与 2024 年持平，增长停滞在 102- 103（以 2024 年为基数 100），而 CT 设备销量略有下降，预计在 97- 98 左右，需求主要集中在二级和三级医院。 DR 市场呈现萎缩趋势，预计 2025 年下降至 85-90，2026 年进一步降 至 80-85（以 2024 年为基数 100）；DSA 市场略有增长，预计 2025 年达到 107-108，2026 年可能达到 108-110，主要受益于介入手术范 围扩大和国产品牌新品推出。 PET-MR 市场规模较小，预计 2025 年 80-90 台，2026 年降至 60-70 台（以 2020 年为基数 100）；PET-CT 市场相对较好，预计 2025 年 增长 7%-8%至 107-108，2026 年达到 110。 2025 年医疗大设备整体增速约为 3%，未来两年预计小幅增长 1%- 2%，主要增量来自市一级以上的大型医院对高端产品的需求，基层医院 贡献较小，此趋势预计到 2026 年底不会发生显著变化。 集采政策在全国推广，目前约三分之一省份已进行 ...

Summary of Medical Equipment Industry Conference Call Industry Overview - The medical equipment industry experienced a revenue decline of 7.3% year-on-year in the first half of 2025, with Q2 revenue dropping by 9% [2] - The overall gross margin for the sector was 50.5%, with a slight decrease in Q2 compared to the previous year [2] - Domestic tender procurement is gradually recovering, with a 51% year-on-year increase from January to August [2][3] - The competitive landscape has led to extended revenue recognition cycles, resulting in a significant drop in actual revenue corresponding to last year's tenders [2] Company Performance Mindray Medical - Domestic revenue decreased by 30%, while overseas revenue grew by 5.39% [4] - The life information and support product line saw a 32% decline in revenue [5] - The company is expected to see recovery in Q3 due to increased market share in consumables and IVD products [6][8] United Imaging - Overseas revenue increased by 22.5%, accounting for nearly 20% of total revenue [4] - Domestic market growth was 11%, with several new products approved [5] - MRI equipment revenue grew by 16.81%, while CT equipment sales declined due to high procurement during the pandemic [3][14] KAILI Medical - Overall revenue faced pressure, with a 9% decline in domestic revenue and a 10% drop in gross margin [19] - Soft endoscope revenue grew over 20%, primarily due to breakthroughs in distribution channels [4][19] - The company is focusing on R&D in ultrasound and minimally invasive surgery [20] BGI Genomics - Revenue decreased by 8%, with a net loss reported [21] - Domestic sequencing business saw a double-digit decline, but sales volume of sequencing instruments increased [21] - The inclusion of Illumina on the unreliable entity list by the Chinese Ministry of Commerce is expected to boost BGI's market share [21] Wandong Medical - Achieved a 20% overall revenue growth, benefiting from increased sales of DRCT products and procurement expansion [4][22] - The company is pursuing a dual-driven strategy in domestic and overseas markets, with good growth prospects in Southeast Asia, South America, and Africa [22] Market Trends and Future Outlook - The medical imaging equipment tendering process is recovering, with a 51% year-on-year increase from January to August [5] - The overall trend for international expansion is positive, although short-term demand fluctuations are expected due to complex international conditions [6] - The second half of 2025 is anticipated to show significant improvement due to industry restructuring and the initiation of equipment upgrade projects [7] - Increased investment in consumables is expected to optimize business structures and improve revenue proportions [7] Key Insights - The medical equipment sector is facing challenges due to competitive pressures and extended revenue recognition cycles, but recovery is anticipated in the latter half of 2025 [2][7] - Companies are adapting by focusing on international markets and enhancing product offerings to mitigate domestic market pressures [6][8] - New technologies, such as AI and advanced imaging solutions, are becoming focal points for R&D and market competitiveness [18][20]