报告导读： 医疗设备招投标规模延续较好增长，伴随设备更新政策持续落地，有望长周期 拉动医疗设备采购水平，推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 政策拉动国内市场有效复苏，医疗设备招采保持快速增长；报告日期：2025.12.10 报告作 者： 江珅（分析师），登记编号：S0880525090001 赵峻峰（分析师），登记编号：S0880519080017 余文心（分析师），登记编号：S0880525040111 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 投资建议：维持"增持"评级。 推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 医疗设备招投标规模保持增长， 25 年新一轮医疗设备更新 ...

11 December 2025 | 7:23AM CST Equity Research China Healthcare: Nov 2025 China hospital equipment bidding: Higher-than-expected yoy growth; lifting base case assumption We note that, while we have made a modest upward revision to our industry outlook, we maintain our earnings forecasts for our two covered companies, Mindray and United Imaging. Our existing estimates already incorporate the assumption that both companies will outperform the industry, and this latest industry-level adjustment does not alter o ...

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

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 ...

张英 医疗反腐风暴渐渐平息，医疗设备经销商却未能放松，他们面临更大的考验——集采。 11月，多位医疗设备经销商找到张震，想聊聊转型的可能。几年前，当安徽、福建率先开展医疗设备省 级集采时，张震就决定陆续放弃医疗设备经销业务，现在已转型到投资行业。 医疗设备集采最初于2020年开始在安徽、福建施行，不过此后几年跟进的省份较少，直至近一年来情况 出现变化——据经济观察报统计，全国至少已有14个省份开展医疗设备集采。 医疗设备包括常见的超声、CT、数字X线（DR）、呼吸机，也包括一般人不太了解的磁共振（MR）、 血管造影系统、手术机器人、放疗设备等。 与药品和耗材直接用于治疗患者不同，医疗设备多是医生诊断的辅助工具，相当于医生的眼睛。 患者对医疗设备的价格感知较弱，它的价格直接影响到的是医疗机构的采购成本，进而常以间接的方式 影响患者的检查等费用。 在2023年开始的医疗反腐风暴中，医疗设备采购中存在的贪腐受到高度关注。多位受访者认为，这是近 一年来多省陆续开展医疗设备集采的重要背景，未来医疗设备集采会持续扩围。 这场集采浪潮正重塑医疗设备万亿市场，那些曾价值上百万元、千万元的大块头设备在这场集采中不断 刷新最低价 ...

Core Insights - The medical equipment bidding scale has shown significant growth, indicating a new round of equipment updates is expected to emerge in 2025 [1][3] Group 1: Medical Equipment Bidding Growth - In October 2025, the new equipment bidding scale showed substantial year-on-year growth: MR increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [1] - For October 2025 alone, the month-on-month growth rates were: MR at 2.9%, CT at 49.4%, DR at 54.4%, ultrasound at 59.9%, endoscopes at 11.6%, and surgical robots at 108.9% [1] Group 2: Company Performance - In October 2025, company-specific performance showed varied results: - United Imaging's MR decreased by 5.9%, while CT increased by 74.7% - Mindray's ultrasound grew by 61.8% - Kaili's ultrasound and endoscope grew by 54.5% and 96.6% respectively - Aohua's endoscope increased by 4.8% [2] - Cumulatively for the year, United Imaging's MR grew by 46.6%, CT by 59.4%, Mindray's ultrasound by 74.1%, Kaili's ultrasound by 98.1%, Kaili's endoscope by 96.5%, and Aohua's endoscope by 19.7% [2] Group 3: Policy Impact on Market - The implementation of equipment update policies is expected to drive long-term procurement levels in the medical equipment sector [3] - A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability [3] - The domestic market is showing signs of recovery, with increased procurement demand from medical institutions due to supportive macroeconomic policies [4] - United Imaging reported a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, reflecting a year-on-year growth of 23.7% [4]

Summary of Conference Call Notes Industry Overview - **Industry**: Healthcare Equipment in China - **Key Insights**: The bidding value for hospital equipment in October 2025 showed a higher-than-expected year-on-year (YoY) growth of 16%, attributed to ongoing trade-in programs. However, there was a month-on-month (MoM) decline of 1% compared to September due to the National Day holiday. The outlook for November remains cautious due to a high comparison base from the previous year and lower trade-in program values in 2025 compared to 2024. [1][1][1] Company-Specific Insights United Imaging - **Performance**: United Imaging reported a strong performance in Q3 2025, with domestic revenue growing 73% YoY and overseas revenue increasing by 81% YoY. Service revenue also grew steadily at 22% YoY. [11][11][11] - **Future Expectations**: The company anticipates challenges in fully utilizing the trade-in budget for 2025, similar to 2024, but expects the total scale of the 2026 trade-in program to match or exceed 2025 levels. [13][13][13] - **Valuation**: Currently trading near its median P/E multiple since listing, with significant long-term growth potential expected due to revenue, gross profit margin (GPM), and net profit margin (NPM) growth. [13][13][13] Mindray - **Performance**: Mindray's core businesses showed mixed results in Q3 2025, with PMLS growing by 2.6%, MI by 1%, and IVD declining by 2.8%. Domestic PMLS revenue decline narrowed to -25% from -57% in the first half of 2025, while overseas sales grew by 14%. [14][14][14] - **Future Outlook**: The company expects a recovery in revenue in 2026, driven by emerging markets and high-potential products. The IVD industry is expected to continue contracting but at a smaller magnitude than in 2025. [14][14][14] - **Investment Thesis**: Mindray is positioned for long-term double-digit growth supported by recurring business in China and market share gains in emerging markets. The company is rated as a Buy with a target price of Rmb285. [69][69][69] Key Risks - **Mindray**: Risks include further impacts from Value-Based Procurement (VBP), lower-than-expected penetration into top-tier hospitals, challenges in entering North American and European markets, patent-related lawsuits, and unexpected changes in trade policies. [75][75][75] - **United Imaging**: Risks include chip supply chain issues, raw material risks, macroeconomic downturns in China, and potential VBP risks. [76][76][76] Additional Insights - **Bidding Trends**: The bidding value for various medical devices showed fluctuations, with notable increases in ultrasound (+54% YoY) and CT scanners (+44% YoY) in October 2025, while MRI and PET-CT showed declines of -2% and -64% YoY, respectively. [27][36][38] - **Market Dynamics**: The healthcare equipment market in China is experiencing a rebound due to increased government funding and a growing market share for domestic manufacturers. [70][70][70] This summary encapsulates the key points from the conference call, highlighting the performance and outlook of the healthcare equipment industry in China, particularly focusing on United Imaging and Mindray.

Core Viewpoint - The medical equipment bidding scale continues to grow, driven by the implementation of equipment renewal policies, which is expected to boost procurement levels over a long period. Companies benefiting from these policies are recommended for investment [1][4]. Summary by Sections Medical Equipment Bidding Scale - The bidding scale for new medical equipment has shown significant growth. In October 2025, the year-on-year growth rates for various equipment types were as follows: MR increased by 2.9%, CT by 49.4%, DR by 54.4%, ultrasound by 59.9%, endoscopes by 11.6%, and surgical robots by 108.9%. Cumulatively, from January to October 2025, MR grew by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [3]. Equipment Renewal Policies - The implementation of equipment renewal policies is expected to drive procurement levels in the medical equipment sector. A notice issued by four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023. This policy is anticipated to enhance the configuration of high-end equipment to levels comparable to middle-income countries. In 2024, significant procurement plans have been announced across various provinces, indicating a robust demand for innovative diagnostic and therapeutic equipment [4]. Market Recovery and Company Performance - The domestic market is showing signs of recovery, supported by macroeconomic policies that favor public welfare and technological innovation. The medical equipment renewal policies are gradually being implemented, leading to increased procurement demand from medical institutions. For instance, in the first three quarters of 2025, the domestic revenue of United Imaging Healthcare reached 6.866 billion yuan, reflecting a year-on-year growth of 23.7%, indicating a recovery and structural upgrade in the medical equipment industry [4].

Core Viewpoint - The company reported a decline in net profit for Q3 2025, despite a steady revenue growth in the first three quarters, indicating pressure on profitability due to increased expenses and price reductions from centralized procurement [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.189 billion yuan, representing a year-on-year growth of 8.73%, but reported a net loss of 27 million yuan, a decline of 123.51% [1]. - In Q3 2025, the company generated a revenue of 345 million yuan, down 12.17% year-on-year, with a net loss of 79 million yuan, a significant drop of 353.32% [1]. - The gross margin decreased to 32.6%, down 5.1 percentage points, due to the impact of centralized procurement price reductions [1]. Group 2: Market Strategy and Growth - The company is focusing on high-end markets and county-level markets, with domestic revenue reaching 750 million yuan, a growth of 6%, despite a temporary decline in Q3 due to reduced private procurement demand [2]. - The company has established a K3 team to target tertiary public hospitals, contributing 12.4% to domestic revenue with a year-on-year growth of 25% [2]. - The company maintains a leading market share in various product segments, including over 30% in DR, over 20% in CT and MR, and 12% in DSA among domestic brands [2]. Group 3: International Expansion - The company reported international revenue of 180 million yuan, a growth of 50%, with significant increases in Europe (157%), Asia-Pacific (148%), and the Middle East and Africa (90%) [2]. - The company is enhancing its global service capabilities by establishing regional service centers and local offices, aiming for sustained high growth over the next three years [2]. Group 4: Profit Forecast - Revenue projections for 2025-2027 are 1.948 billion, 2.491 billion, and 3.363 billion yuan, with year-on-year growth rates of 27.77%, 27.89%, and 35.02% respectively [3]. - Expected net profits for the same period are 22 million, 76 million, and 111 million yuan, with growth rates of -86.30%, 251.71%, and 45.78% respectively [3].

Summary of Key Points from the Expert Call on China's Medical Imaging Equipment Market Industry Overview - The expert call focused on China's medical imaging equipment market, discussing procurement trends, market outlook for 2025 and beyond, competitive landscape, and geopolitical impacts [1][6] - The market size reached Rmb18.54 billion in Q325, reflecting a 55.02% year-over-year (YoY) increase and approximately 10% quarter-over-quarter (QoQ) growth [2][8] Market Growth and Trends - The YoY growth rate for the medical imaging equipment market decreased from 100.36% in the first five months of 2025 to 55.02% in Q325, but remained above the overall medical equipment market growth of 29.8% [2][7] - The expert anticipates a 10-15% YoY growth for the medical imaging equipment market in 2025 and 2026, driven by equipment renewal programs supported by Central government treasury bonds [2][18] Procurement Insights - Procurement in Q325 showed a significant drop compared to previous periods, with CT, MRI, ultrasound, DSA, and DR procurement values at Rmb4.84 billion, Rmb4.79 billion, Rmb4.33 billion, Rmb2.51 billion, and Rmb0.9 billion respectively [2][8] - The expert noted that county-level medical consortium volume-based procurement (VBP) accounted for a significant portion of procurement, particularly in CT [8][10] Competitive Landscape - Domestic brands held market shares of 39.76%, 39.41%, 43%, 12.9%, and 80.41% in CT, MRI, ultrasound, DSA, and DR respectively in Q325 [3][10] - Foreign companies regained market shares in several categories due to proactive participation in VBP, with GE Healthcare and Siemens Healthineers actively engaging in price competition [3][17] - The expert believes that the competitive landscape will not be significantly reshaped by geopolitical tensions in the short term, as top global companies will adapt their supply chains to meet local requirements [4][19] Geopolitical and Policy Impacts - The expert predicts that it may take 8-10 years for preferential policies for domestic products in government procurement to be fully implemented, allowing global companies time to adjust [4][11] - The impact of geopolitical events, such as the Section 232 investigation and EU's IPI restrictions, is expected to be limited for domestic manufacturers [4][19] Future Outlook and Risks - The expert expects the VBP market size for medical imaging equipment to remain below 20% this year, potentially reaching 20-30% in the next two years [15][18] - Risks identified for the medtech industry include larger-than-expected price reductions, weaker demand from equipment renewal programs, and geopolitical risks affecting supply chains [21][23] Conclusion - The expert call provided valuable insights into the current state and future outlook of China's medical imaging equipment market, highlighting growth opportunities and competitive dynamics while acknowledging potential risks and challenges [1][6][21]