最新统计数据显示，1—8月，全市高技术制造业投资同比增长9.6%。其中，航空、航天器及设备 制造业，医疗仪器设备及仪器仪表制造业投资同比分别增长35.7%、27.3%。 瞄准高科技，追求高效能，迈向高质量。记者在走访中发现，随着真金白银持续投入，南京高技术 制造业不仅实现投资"摸高"，更逐步从单点突破向全产业链延伸，从产业环节向上攀登至生态圈构建， 实现全方位"摸高"。 在产业链上"摸高"，突破关键环节 塔吊林立，钢筋纵横。走进先导医疗产业园项目建设现场，建设激情扑面而来。先导科技集团战略 投资部总监金维召告诉记者，目前项目土建已全面进入地上施工阶段，最快一层已建起。"我们全力冲 刺，希望年底全部厂房封顶！" 真金白银的投入，彰显投资信心与发展决心。该项目总投资50亿元，其中高端设备投入占比近18 亿元。"设备预付款和进度款已支付约5亿元，加上工程款和土地款，已投入大量资金。"金维召表示， 这是迈向高端医疗装备自主制造、服务更广阔市场的必然选择。 据了解，该集团此前数十年深耕于高端医疗设备的核心——新材料与探测器领域，是产业链上游 的"隐形冠军"。2023年，通过对奥泰医疗的战略并购，企业成功实现从"部件供应 ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The adjustment of the 14D OMO reverse - repurchase tender method can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than before, and the first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025 [2]. - Attention should be paid to real - time DR and CD interest rates rather than privately inquired winning bid rates of 14D OMO, as the latter contains limited monetary policy information and is often lagging [3]. - Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation, and currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate [3][4]. 3) Summary by Relevant Catalogs Event - On September 19, 2025, the People's Bank of China announced that, starting from that day, the 14 - day reverse - repurchase operation in the open market would be adjusted to fixed - quantity, interest - rate tender, and multi - price winning bids [1]. Comment - The 7D OMO interest rate is the main policy interest rate in China. The new combination of 7D OMO (fixed - interest, quantity tender) and 14D OMO (fixed - quantity, interest - rate tender, multi - price winning bids) can better stabilize the short - end fluctuations of the yield curve and maintain the abundance of bank system liquidity [2]. - It is expected that 14D OMO operations will be more frequent than in previous years, not limited to before the Spring Festival and National Day. The first 14D OMO operation after the change of the tender method may be carried out on September 22, 2025. In the future, some investors may be interested in privately inquiring about the winning bid rate of 14D OMO, but these rates contain limited monetary policy information, and attention should be paid to real - time DR and CD interest rates [2][3]. - 7D and 14D OMO are the "new partners" for maintaining liquidity abundance, and the interest rate corridor is the "old assistant" for suppressing short - end fluctuations. Moderately narrowing the interest rate corridor can reduce DR fluctuations and improve the efficiency of interest rate regulation. There are two ways to narrow the interest rate corridor: the natural compression when the 7D OMO interest rate and SLF decline together, and the reduction of the spread of the SLF interest rate above the OMO interest rate [3]. - Currently, there are basic conditions to narrow the interest rate corridor by moderately reducing the SLF interest rate. From May to August 2025, the SLF operation volume was much smaller than the inter - bank pledged repurchase trading volume. The minimum value and 10% quantile of the spread between the 7D SLF and DR007 from early 2024 to September 19, 2025, were at a moderate and relatively large level [4].

Core Viewpoint - By 2025, centralized procurement (集采) will become the new norm in the medical device sector, significantly impacting the entire industry chain [1] Summary by Sections Centralized Procurement Impact - In the first half of the year, the sales volume of medical devices like XP, CT, and MR in centralized procurement significantly lagged behind their sales revenue, indicating a pronounced effect of price-volume exchange [2] - The bidding rules, dominated by price, have led to continuously refreshed price floors, with examples such as 1.5T MRI machines dropping to 2 million and 64-slice CTs to over 1 million, including maintenance for 2-5 years [2] - Some devices, like DR, have seen price reductions exceeding 70%, with budget utilization in some provinces for ultrasound procurement being only in the low teens percentage-wise [2] Quality Concerns - Despite the price advantages of centralized procurement devices, hospitals express concerns about the overall service quality not keeping pace [4] - There are worries about the performance and after-sales service of low-priced devices, with industry observers noting that the price war in centralized procurement could set a price "anchor" for the retail market [5] County-Level Medical Institutions - County-level medical institutions are significant demanders in this round of equipment procurement, supported by policies aimed at improving medical device standards and quality [5] - The need for high-quality equipment and services is emphasized, as county hospitals aim to retain patients and provide comprehensive care [6][7] Equipment Lifecycle and Decision-Making - Medical devices typically have a usage cycle of 8-10 years, making the introduction of key equipment crucial for a hospital's capabilities over the next decade [9] - The total lifecycle cost of medical devices, including stability, failure rates, and after-sales service, is critical in procurement decisions [10] Training and Support - The lack of experience among medical staff in using new equipment can hinder the effective utilization of these devices, highlighting the need for training and support from manufacturers [12] - Manufacturers are encouraged to provide comprehensive services beyond just selling equipment, including training and ongoing support to enhance diagnostic capabilities [12] Regulatory and Policy Recommendations - Experts call for improved centralized procurement rules, emphasizing the need for a quality-based approach rather than solely price competition [13][15] - Recommendations include establishing a quality tracking mechanism and enhancing the evaluation criteria to include product quality, technical level, and service quality [18][17]

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。 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较好增长。 根据众成数科数据，单月同比来看， 25 年 8 月新设备招投标规模 MR 增长 36.7% ， CT 增长 77.5% ， DR 增长 50.2% ，超声增长 35.2% ，内窥镜下滑 2.7% ，手术机器人下滑 51.9% 。当年累计同比来看， 25 年前 8 月新设备招投标规模 MR 增长 83.9% ， CT 增长 93.6% ， DR 增长 85.9% ，超声增长 64.2% ，内窥镜增长 31.6% ，手术机器人增长 46.5% 。分公司当月同比情况来看， 25 年 8 月联影 MR 增 长 9.0% ，联影 CT 增长 69.5% ，迈瑞超声增长 48.4% ，开立超声增长 22.2% ，开立内窥镜增长 121.1% ，澳华内窥镜下滑 18.5% 。分公司当年累计 同比来看， 25 年前 8 月联影 MR 增长 51. ...

Core Insights - The medical equipment bidding scale shows significant growth, with MRI increasing by 36.7%, CT by 77.5%, DR by 50.2%, and ultrasound by 35.2% in August 2025, while endoscopy and surgical robots declined by 2.7% and 51.9% respectively [1][2] - Cumulatively, from January to August 2025, MRI grew by 83.9%, CT by 93.6%, DR by 85.9%, ultrasound by 64.2%, endoscopy by 31.6%, and surgical robots by 46.5% [2] - The government aims for a 25% increase in medical equipment investment by 2027 compared to 2023, with large procurement plans announced across provinces in 2024 [3] Medical Equipment Procurement Trends - The procurement of medical equipment is becoming more market-oriented, with an increasing proportion of self-purchases by medical institutions to meet the demand for high-end medical imaging and radiation therapy [4] - The funding structure for equipment updates is diversifying, including central government special funds, local government funds, and self-raised funds from medical institutions [4] - Since 2025, county-level medical equipment updates have become a highly active market segment, with significant contributions from county medical community construction [4]

Summary of China Healthcare Conference Call Industry Overview - The conference call focused on the **China hospital equipment industry**, highlighting the bidding data for medical devices in August 2025, which showed better-than-expected growth. Key Points 1. **Bidding Growth**: - August 2025 saw a month-over-month (MoM) growth of **+12%** and a year-over-year (YoY) growth of **+32%**, marking the tenth consecutive month of positive growth [2][8][32]. - This growth is attributed to the implementation of this year's trade-in funding, which has begun to stimulate bidding values [2][22]. 2. **Trade-in Program**: - The trade-in program's impact was confirmed as the rolled-over funding from the previous year was largely utilized by July, indicating that new funding has started to take effect [2][22]. 3. **Device Performance**: - Among nine tracked medical devices, seven showed positive YoY growth in August, with notable increases in PET-CT (+173%), CT scanners (+81%), and DR (+54%) [32][51][53]. - The ultrasound segment also saw a significant increase of **+35%** YoY in August, up from **+23%** in July [18][23]. 4. **Market Dynamics**: - Domestic companies have shown resilience, with all domestic players recording positive growth, while multinational corporations (MNCs) had previously shown negative growth, which has now largely disappeared [12][20]. - Ongoing regional Value-Based Procurement (VBP) remains a concern, particularly affecting pricing in the ultrasound and CT scanner segments [16][22]. 5. **Company-Specific Insights**: - **United Imaging**: - Reported a **+22%** YoY revenue growth in Q2 2025, with expectations of **+45%** and **+15%** growth for Q3 and Q4 2025, respectively [22][84]. - The company is optimistic about the trade-in program's scale and pace in 2025, expecting smoother operations compared to 2024 [22][84]. - **Mindray**: - Experienced a decline in patient monitor sales (-25% YoY in August) but saw strong growth in ultrasound (+35% YoY) [23][83]. - The company is managing inventory risks and expects to return to positive growth levels in Q3 2025 [23][24]. 6. **Investment Outlook**: - Both United Imaging and Mindray are rated as "Buy" by analysts, with significant long-term growth potential anticipated due to increasing government support and market share growth [84][83]. - Key catalysts for growth include procurement recovery, updates on the trade-in program, and new product launches [83][84]. Additional Insights - The conference highlighted the importance of monitoring ongoing VBP developments and their impact on pricing strategies within the medical device sector [16][22]. - Analysts emphasized the need for investors to consider potential risks, including supply chain issues and regulatory changes that could affect market dynamics [86][87]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future outlook of the China hospital equipment industry.

Core Viewpoint - The company is experiencing revenue growth of 20% but is facing a significant decline in profits, indicating a strategic choice to prioritize long-term technological advancements over short-term financial performance [3][19][22]. Financial Analysis - Revenue for the first half of the year reached 843.3 million, a year-on-year increase of 20.46%, primarily driven by sales growth in DR and CT products and market expansion due to domestic procurement policies [6][7]. - The net profit attributable to shareholders was 51.3 million, a decrease of 39.46%, while the net profit after deducting non-recurring gains fell by 56.07%, highlighting the pressure on core business profitability [6][7]. - Operating cash flow turned negative at -335 million, indicating cash flow pressure and issues with receivables [6][7]. - The increase in operating costs was notable, with total operating costs rising by 27.19%, outpacing revenue growth and compressing gross margins [6][7]. Business Progress - Domestic market growth is primarily driven by policy support and channel expansion, but ongoing price pressures from centralized procurement are limiting profitability [11][12]. - The international market is growing rapidly, but this comes with increased upfront costs and localization expenses, which exert short-term pressure on profits [12][13]. - The company maintains a leading market share in DR products and has made significant inroads in CT market share, with a 20% share in the less than 64-slice CT segment [13]. R&D and Investment - Despite declining profits, the company has increased R&D spending to 107 million, a 35.83% year-on-year increase, reflecting a commitment to long-term competitiveness [14][20]. - Key technological advancements include the development of a helium-free superconducting MR system and quantum-level imaging technology, which could significantly enhance operational efficiency and clinical applications [21][22]. Observations and Future Outlook - The financial report indicates a clear trend of "increasing revenue without increasing profit," suggesting that the company is trading short-term profitability for future growth potential [19][22]. - The dual strategy of domestic procurement and international localization is crucial for the company's transformation from a domestic player to a global competitor [22].

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare, specifically focusing on hospital equipment and medical devices - **Key Trends**: - July 2025 bidding value data showed a -11% month-over-month (MoM) decline, marking the third consecutive month of decrease, but a +23% year-over-year (YoY) increase was noted, indicating actual demand growth in hospitals [1][2] - The trade-in stimulus, deferred from 2024 to 2025, is expected to have a less pronounced effect compared to previous years [2] Company-Specific Insights United Imaging - **Management Outlook**: Optimistic about the new trade-in program in 2025, expecting a smoother process compared to 2024. However, revenue recognition cycles have lengthened due to changes in hospital bidding processes [19] - **Revenue Growth Projections**: Estimated growth rates for China revenue are +10% for 2Q25, +45% for 3Q25, and +26.8% for 4Q25. The DSA (imaging-guided therapy) product is identified as a near-term growth driver [21] - **Market Position**: Currently trading near median P/E multiple since listing, with significant long-term growth potential anticipated [21][88] Mindray - **Market Performance**: Slower YoY growth observed in patient monitors (+21% in July vs. +50% in June) and ultrasound (+24% in July vs. +48% in June) due to ASP pressure from VBP [26] - **Inventory Management**: Expected to normalize inventory turnover by 2Q25 across all segments [26] - **Investment Thesis**: Strong healthcare infrastructure and domestic substitution trends are expected to support growth. Trading below 5-year average forward P/E due to policy risks, but maintaining market leadership is anticipated [87] Key Data Points - **Bidding Value Trends**: - Positive YoY growth for nine consecutive months, with domestic brands outperforming MNCs [10] - Significant price declines in ultrasound and CT segments due to VBP, with ultrasound prices expected to remain under pressure [14] - **Procurement Value Changes**: - Ultrasound procurement value increased by +24% YoY in July, while CT scanners saw a +44% increase [45][47] - LINAC procurement value increased by +46% YoY in July, down from +161% in June [65] Risks and Challenges - **Market Risks**: - Ongoing regional VBPs are a key concern, with potential impacts on pricing and procurement processes [14] - Risks associated with chip supply chains, raw material availability, and macroeconomic downturns in China [92] Conclusion - The healthcare equipment industry in China is experiencing a complex landscape with both growth opportunities and challenges. Domestic companies like United Imaging and Mindray are positioned to benefit from favorable trends, although they must navigate pricing pressures and changing procurement dynamics.

Group 1 - The core viewpoint is that the procurement scale of medical equipment in China is expected to see significant growth in the first half of 2025 due to the implementation of national and local government policies for equipment updates [1] - In June 2025, the domestic medical equipment procurement scale is projected to increase by 25% year-on-year, with a cumulative growth of 41% in the first half of the year [1] - High-end equipment categories such as CT, MR, and DR are experiencing particularly notable procurement growth, with June figures showing CT up by 20%, MR by 32%, and DR by 47% year-on-year [1] Group 2 - The implementation of equipment update policies is expected to be a long-term driving force for medical equipment procurement [1] - A target has been set for medical and health equipment investment to grow by over 25% by 2027 compared to 2023, as outlined in a notice from four ministries [1] - Although large-scale procurement plans have been announced for 2024, the actual tendering rate remains low, with many projects expected to be realized in 2025, contributing to significant market growth [1]

Group 1: Medical Devices - The procurement scale of medical devices in the first half of 2025 shows strong growth, with a 25% year-on-year increase in June and a cumulative 41% increase for the first half of the year [2] - The implementation of equipment update policies is expected to drive long-term growth in medical device procurement, with a target of over 25% increase in investment by 2027 compared to 2023 [2] - Hospital funding pressures are easing, which is likely to lead to a gradual recovery in the performance of medical device companies, supported by increased issuance of special bonds for hospital equipment procurement [3] Group 2: Forklift Industry - The rise of autonomous forklifts is anticipated, driven by advancements in AI technology and a mature supply chain, making them economically viable [6] - Traditional forklift companies are expected to benefit from the shift towards automation, leveraging their established sales networks and operational quality [7] - Different leading domestic forklift companies are focusing on various aspects of autonomous forklift development, with partnerships and technology integration playing a crucial role in their strategies [8]