文章来源： 医影像 转载要求：可以直接转载，请在文首注明来源 2026年3月25日， 北京万东医疗科技股份有限公司发布2025年年度报告。 从年报披露来看，公司在报告期内围绕影像设备主业推进产品迭代与技术升级，同时在AI影像、基层市场及海外 市场方面持续布局。 # 业绩表现：收入有所下滑，费用端明显上升 2025年，公司实现营业收入13.47亿元，上年同期为15.24亿元，整体规模有所下降。 成本端方面，全年营业总成本为16.34亿元。费用结构中： | 主要会计数据 | 2025年 | 2024年 | 本期比 上年同 | 2023年 | | --- | --- | --- | --- | --- | | | | | 期增减 | | | | | | (%) | | | 营业收入 | 1, 346, 993, 071. 19 | 1,524,354,161.43 | -11.64 | 1, 236, 669, 630. 89 | | 扣除与主营业务无关的业 | | | | | | 务收入和不具备商业实质 | 1, 215, 067, 024. 87 | 1, 428, 080, 775. 77 | -14.92 ...

万东医疗 20260326 增加的费用，也共同影响了当期利润和经营性现金流。 摘要 2025 年业绩受结构性转型承压，净利润-2.28 亿元，主因私立医院需求 下滑 55%及集采导致毛利率下降约 11-12 个百分点。 公立医院渗透显著提升，中标量增 200%，市场份额超 20%；CT 份额 从<7%升至 24%，1.5T MRI 升至 23%，业务重心由私立转向公立。 收入确认存在显著滞后，截至 2025 年末在手未确认订单约 4.8 亿元， 主因公立医院及集采项目装机验收周期较长，预计 2026 年上半年集中 体现。 海外市场成核心增长极，外销收入增超 50%，亚太区增近 300%；目标 通过自建体系与美的集团并购协同，三年内实现海外设备销售超 10 亿 元。 产品向高端化转型，无液氦 MRI 收入翻倍，3.0T 项目获国家支持； 2026 年策略将收缩低毛利集采业务，聚焦高毛利 ToB 及差异化创新产 品。 资产整合提速，转让苏州万影至美的影像以获取研发资金支持；美的医 疗事业部引入资深高管，强化万东作为集团唯一医疗资本平台的战略地 位。 Q&A 请详细说明 2025 年度公司的整体经营状况，包括财务数 ...

摘要： 3月份有1079份新标准的全面实施，科学仪器在食品、医药、化工及金属地矿等关键行业的应用 深度与广度再次被推向了新的高度。 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。 在当今全球工业竞争与质量升级的大背景下，科学仪器已不再仅仅是实验室里的精密工具，而 是被誉为工业生产的"眼睛"和"心脏"。随着2026年3月起1079份新标准的全面实施，科学仪 器在食品、医药、化工及金属地矿等关键行业的应用深度与广度再次被推向了新的高度。这些 标准不仅规范了检测流程，更凸显了高精密分析设备在保障民生安全、提升生产效率及推动产 业绿色转型中的不可替代作用 。 一、食品 等 行业的精细化监测 ，保障舌尖安全 食品安全是民生之本。科学仪器在这一领域的应用已从简单的感官检测进化到分子层面的精准 识别。 理 化 与 微 生 物 分 析 ： 根 据 新 实 施 的 实 验 室 质 量 控 制 规 范 ， 食 品 理 化 检 测 （ GB/T 27404 ）与 微生物检测 （GB/T 27405 ）对仪器的灵敏度提出了更高要求，确保从农田到餐桌的 每一道关卡 ...

Core Insights - The article highlights the dedication and efforts of healthcare professionals during the Chinese New Year, showcasing their commitment to providing medical care despite the holiday season [1][10][15] Group 1: Healthcare System Response - The healthcare system has established a "life protection network" that operates continuously across urban and rural areas, ensuring timely medical assistance during the festive period [1][10] - Hospitals and clinics have reported increased patient volumes during the holiday, with some facilities experiencing a 33% rise in daily consultations compared to normal times [10] - Emergency response teams have been actively engaged, with rapid interventions for critical cases, demonstrating the effectiveness of the healthcare network [8][10] Group 2: Individual Stories of Care - Personal accounts from patients and their families illustrate the impact of accessible healthcare, with timely treatments leading to successful recoveries [1][6] - Healthcare professionals, such as Du Siyuan, exemplify the commitment to patient care, often prioritizing their duties over personal celebrations [6][12] - The article emphasizes the emotional connection healthcare workers have with their communities, highlighting their sense of fulfillment in helping others [6][12] Group 3: Challenges Faced - The article notes the increase in severe cases during the holiday, including traffic accidents and health emergencies, which put additional pressure on healthcare facilities [10][15] - The need for multi-disciplinary collaboration is evident, as complex cases often require the expertise of various specialists to ensure patient safety [19][20] - The healthcare system's ability to adapt and respond to emergencies, such as the use of ECMO for critical patients, showcases its preparedness for high-stakes situations [19][20]

Core Viewpoint - The recent notice from Hubei Province addresses the issue of "abnormally low bidding" in government procurement, particularly targeting bids as low as "1 yuan" or "0.01 yuan" [1][19]. Group 1: Government Procurement Issues - The focus on abnormally low bids is not new, with previous regulations implemented in regions like Jiangxi, Guangxi, and Jiangsu, emphasizing scrutiny on bids below 50% of the average price or 45% of the maximum limit [2][10]. - A notable case involved a hospital with a budget of 3 million yuan for medical equipment, which was awarded to a bid of only 1,000 yuan, leading to increased costs for consumables later on [2][19]. Group 2: Market Dynamics and Company Performance - Companies like Wandong Medical have seen high bidding rates in 2025, with CT, MR, and DR equipment winning bids at rates of 47%, 56%, and 50% respectively, but this has come at the cost of profitability [3][20]. - Wandong Medical forecasts a net loss of 199 million to 257 million yuan for 2025, marking the worst annual performance since its listing, while Mindray's gross margin has dropped by 4.59 percentage points to 61.21% [3][15][28]. Group 3: Competitive Strategies and Industry Trends - The intense competition in the in-vitro diagnostics (IVD) sector has led to a significant reduction in the number of companies, from 2,320 to 1,530 between 2023 and 2025, with many resorting to extreme pricing strategies to capture market share [5][23]. - Companies often employ a bundling strategy, offering low-priced equipment while charging high prices for consumables, leading to increased overall costs for hospitals [6][24]. Group 4: Regulatory Responses - The national government has begun to take serious measures against low-cost bidding practices, with new regulations set to take effect in 2026 that will enforce scrutiny on bids significantly below average prices [9][25]. - Hubei Province has established specific thresholds for triggering reviews of abnormally low bids, which may be adjusted based on actual circumstances [11][27]. Group 5: Future Directions for the Medical Equipment Market - Companies are increasingly focusing on international markets and developing differentiated products to navigate the pressures of price competition [16][29]. - The need for innovation is emphasized as the industry shifts from a manufacturing to a creative approach, highlighting the importance of driving growth through new product development [30][31].

Group 1: Monetary Policy and Interest Rates - The recent decline in the minimum bid rate for 3-month reverse repos to 1.4% is led by major banks, which may influence the OMO interest rate in the future [2] - The adjustment in bidding methods for liquidity tools since mid-2024 has diminished the policy rate's influence, with the central bank retaining control over pricing [3] - The likelihood of an OMO rate cut in the first quarter remains low, as the current conditions do not provide sufficient motivation for the central bank to lower rates ahead of schedule [4] Group 2: Bond Market Dynamics - The narrowing spread between 1-year government bonds and certificates of deposit (CDs) since early 2026 indicates a unique pricing situation in the short end of the bond market [5] - The decline in 1-year government bonds has been more pronounced than that of government development bonds, influenced by the central bank's actions [6] Group 3: Medical Equipment Market - The medical equipment procurement scale has seen a significant decline, with MRI and CT equipment down by 22.6% and 25.6% respectively in January 2026 [9] - The implementation of a national pricing guideline for surgical robots is expected to enhance their adoption and application in clinical settings, marking a critical step in the commercialization of innovative medical equipment [10]

Core Insights - The article emphasizes the potential long-term boost in medical equipment procurement driven by the implementation of equipment renewal policies, recommending companies that are likely to benefit from this trend [1][3]. Group 1: Investment Recommendations - The investment rating is maintained at "Overweight," focusing on medical equipment companies that are expected to benefit from the rollout of equipment renewal policies [2]. - Monthly procurement data for January 2026 shows a decline in new equipment bidding, with MRI down 22.6%, CT down 25.6%, DR down 18.2%, and ultrasound down 10.1%, while endoscopes grew by 1.1% and surgical robots decreased by 20.1% [2]. Group 2: Policy Impact - The joint issuance of the "Implementation Plan for Promoting Equipment Renewal in the Medical and Health Sector" by four ministries aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability to levels seen in middle-income countries [3]. - Significant procurement plans for medical equipment have been announced across various provinces and cities in 2024, indicating a strong push for equipment renewal [3]. Group 3: Surgical Robot Market - The National Medical Insurance Administration released guidelines for pricing surgical robot services, which will standardize pricing and promote the widespread adoption of robotic surgery technologies [4]. - The guidelines focus on the clinical value and participation of robots in surgeries, encouraging companies to develop high-value technologies that enhance clinical outcomes [4]. - A new pricing project for "remote surgical assistance" has been established, providing a regulatory foundation for improving remote surgical capabilities and resource allocation [4].

Investment Rating - The report maintains an "Overweight" rating for the medical device industry [2][6]. Core Insights - The medical device procurement scale is experiencing a partial decline due to high base effects, but there are opportunities in the surgical robot market [2]. - The report emphasizes that the ongoing implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, recommending companies that are likely to benefit from these policies [4]. - The report highlights that the four ministries jointly issued a notice in 2024 aiming for a more than 25% increase in medical equipment investment by 2027 compared to 2023, which is expected to enhance the configuration of high-end equipment to levels comparable to middle-income countries [6]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating and recommends companies likely to benefit from the equipment upgrade policies, including Mindray Medical, United Imaging, Kaili Medical, Aohua Endoscopy, and Jingfeng Medical-B. It also suggests paying attention to MicroPort Scientific-B [6]. Monthly Procurement Data - In January 2026, the procurement scale for new devices showed a year-on-year decline: MR down 22.6%, CT down 25.6%, DR down 18.2%, ultrasound down 10.1%, while endoscopy grew by 1.1%, and surgical robots declined by 20.1%. Company-specific performance showed United Imaging MR down 36.5%, United Imaging CT up 8.5%, Mindray ultrasound up 10.9%, Kaili ultrasound down 14.8%, Kaili endoscopy up 55.4%, and Aohua endoscopy down 11.7% [6]. Policy Impact - The report discusses the release of a guideline by the National Healthcare Security Administration on January 20, 2026, which establishes a unified pricing project for surgical robots, expected to accelerate the penetration and application of robotic surgery technology [6].

21世纪经济报道记者韩利明 为整治政府采购领域"内卷式"竞争，财政部日前印发《关于推动解决政府采购异常低价问题的通知》（下称"《通知》"），明 确将耗材使用量大的实验、医疗等仪器设备采购项目纳入重点管理范畴，从采购需求、审查范围、履约流程等维度划定监管红 线。 事实上，早在2024年12月，财政部便已印发试点通知，在北京、天津、上海、福建、广东自由贸易试验区和海南自由贸易港开 展异常低价问题试点工作；江西省也在2025年12月出台专项工作通知，推动政府采购从"低价导向"向"优质优价"转变。 在业内看来，医疗设备市场因政府采购占比高，近两年伴随行业竞争加剧，细分领域价格内卷现象愈发突出。此次《通知》的 落地实施，将进一步完善政府采购监管机制，引导行业从"价格战"转向理性竞价、良性竞争的轨道。 北京中医药大学卫生健康法学教授、博士生导师邓勇向21世纪经济报道记者指出，新规通过价格红线、全流程审查和履约监 管，从根源上遏制医疗设备领域的异常低价竞争。 "企业需从价格战转向技术+服务+合规的综合竞争，医院需建立全生命周期成本理念，监管部门需压实各方责任，共同推动行业 向优质优价转型。"邓勇教授表示，"行业洗牌不可避免 ...

Core Viewpoint - The medical equipment procurement scale is expected to grow rapidly year-on-year due to the implementation of the 2025 equipment renewal policy, with a significant increase in demand for high-end medical devices [1][2][3] Group 1: Equipment Procurement Trends - In December 2025, the procurement scale for new medical devices showed a decline in MR by 11.8%, CT by 7.3%, DR by 3.9%, and ultrasound by 1.3%, while endoscopes increased by 1.4% and surgical robots decreased by 23.9% [1][2] - Cumulatively for the year 2025, the procurement scale for MR increased by 31.4%, CT by 53.2%, DR by 53.2%, ultrasound by 42.3%, endoscopes by 16.3%, and surgical robots by 21.9% [2] Group 2: Company Performance - In December 2025, the performance of specific companies showed that Union Medical's MR declined by 17.4%, while its CT increased by 17.4%. Mindray's ultrasound grew by 13.8%, and KAILI's ultrasound decreased by 13.5%. KAILI's endoscope increased by 61.1%, and Aohua's endoscope grew by 9.4% [2] - For the entire year of 2025, Union Medical's MR grew by 15.6%, CT by 47.7%, Mindray's ultrasound by 56.3%, KAILI's ultrasound by 69.7%, KAILI's endoscope by 85.0%, and Aohua's endoscope by 24.4% [2] Group 3: Policy Impact - The 2024 policy aims to increase medical equipment investment by over 25% compared to 2023 by 2027, enhancing the configuration of high-end equipment to levels seen in middle-income countries [3] - The implementation of the equipment renewal policy is expected to significantly boost procurement levels across various medical institutions, leading to a recovery in the domestic market and a turning point for equipment companies [3]