Summary of WanDong Medical Conference Call Company Overview - **Company**: WanDong Medical - **Parent Company**: Midea Group - **Industry**: High-end medical equipment, focusing on CT, MR, and DSA technologies Key Points and Arguments Strategic Shift and Market Positioning - Since joining Midea Group in 2021, WanDong Medical has shifted its strategic focus towards the high-end medical equipment market, particularly in CT, MR, and DSA sectors, aiming to transition from traditional low to mid-end markets to high-end clients [2][5] - The company is actively expanding its overseas market presence, aligning with the "Belt and Road" initiative, which supports its internationalization strategy [2][5] Response to Market Challenges - The centralized procurement policy has provided WanDong Medical with opportunities to enter mainstream public hospital markets, despite facing pressure on gross margins [2][5] - The company is overcoming challenges by offering high cost-performance products and a flexible product matrix, launching new products like the 64-slice 128-layer cardiac CT and high-end 3T MRI [2][5] Internationalization and Collaboration - Midea Group's acquisition of Reiko International aims to enhance international business, with both companies complementing each other in product positioning and market reach [2][7] - Future capital operations may be implemented to avoid competition between WanDong and Reiko, ensuring optimal resource utilization [2][7] Innovation and R&D Focus - WanDong Medical is increasing its R&D investments, particularly in high-end medical imaging equipment, establishing a technology reserve system to enhance future product competitiveness [3][11] - The company is developing innovative products, including a helium-free MRI, which is expected to lead the market trend towards more sustainable technologies [12][18] Financial Performance and Market Strategy - Despite short-term profit pressures due to increased R&D and marketing expenses, the company is focused on long-term growth and value creation for shareholders [4][13] - WanDong Medical anticipates significant market share growth in mid to low-end CT and MRI markets, aiming for a top-three position in its segments by 2025 [15] AI and Smart Technology Integration - The company is investing in AI technologies for smart scanning, imaging, and management, aiming to transform imaging devices into intelligent systems [16][17] - Current projects include the development of smart DR systems and integrated diagnostic solutions for specific conditions like adolescent scoliosis [16][17] Future Outlook - WanDong Medical expects to maintain a strong growth trajectory, with a focus on high-end and innovative products, while expanding its international market share to 40-45% of total revenue by 2026 [15][19] - The company is committed to enhancing its operational efficiency and cost structure to improve overall profitability [11][14] Additional Important Insights - The company is strategically positioning itself to adapt to the ongoing changes in the medical equipment market, particularly with the implementation of centralized procurement policies [9][11] - WanDong Medical's approach to product differentiation and innovation is crucial for maintaining competitiveness against established players in the industry [12][19]

与此同时，公司持续加大研发投入，同时积极拓展海外市场并强化国内高等级医院的营销力度，助力公 司向大放、向高端、向海外的战略转型，但也导致净利润承压。 面对行业结构性升级挑战，公司引进专业研发技术人员，深化高端医学影像设备的全面布局，尤其是大 放品类的CT、MR和DSA。公司聚焦核心零部件及高性能设备研发，构建"研究一代、储备一代、开发 一代"的技术储备格局。同时，公司加速海外市场的覆盖和深耕，持续完善海外营销组织架构和职能体 系，通过实施海外驻点扩容、构建地域性服务中心等举措，有助提升医疗可及性。 近日，万东医疗（600055）发布公告称，预计2025年度实现归母净利润约亏损1.99亿元至2.57亿元，预 计扣除非经常性损益后的归母净利润约亏损2.13亿元至2.71亿元。 2025年度，公司为适应市场变化，适时优化了营销策略，通过更具竞争力的价格方案成功中标影像设备 项目，价格调整对毛利率产生了一定影响，导致净利润空间有所压缩。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为-19,873万元到-25,683万元， 与上年同期相比，将出现亏损。 预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-21,323万元到-27,133万元， 与上年同期相比，将出现亏损。 （三）本期业绩预告数据未经会计师事务所审计。 二、上年同期经营业绩和财务状况 （一）公司2024年度利润总额为16,686万元，归属于母公司所有者的净利润为15,735万元，归属于母公 司所有者的扣除非经常性损益的净利润为14,242万元。 ● 业绩预告的具体适用情形：净利润为负值。 ● 北京万东医疗科技股份有限公司（以下简称"公司"）预计2025年度实现归属于母公司所有者的净利润 为-19,873万元到-25,683万元。预计2025年度实现归属于母公司所有者的扣除非经常性损益 ...

2025年度，公司持续加大研发投入，同时积极拓展海外市场并强化国内高等级医院的营销力度，助力公 司向大放、向高端、向海外的战略转型，但也导致净利润承压。面对行业结构性升级挑战，公司引进专 业研发技术人员，深化高端医学影像设备的全面布局，尤其是大放品类的CT、MR和DSA。公司聚焦核 心零部件及高性能设备研发，构建"研究一代、储备一代、开发一代"的技术储备格局。同时，公司加速 海外市场的覆盖和深耕，持续完善海外营销组织架构和职能体系，通过实施海外驻点扩容、构建地域性 服务中心等举措，有助提升"一带一路"国家和地区的医疗可及性。 证券之星消息，万东医疗发布业绩预告，预计2025年全年归属净利润亏损1.99亿元至2.57亿元。 公告中解释本次业绩变动的原因为： 2025年度，公司深度参与医疗设备集中采购，为适应市场变化，适时优化了营销策略，通过更具竞争力 的价格方案成功中标影像设备项目，价格调整对毛利率产生了一定影响，导致净利润空间有所压缩。 万东医疗2025年三季报显示，前三季度公司主营收入11.89亿元，同比上升8.73%；归母净利润-2720.98 万元，同比下降123.51%；扣非净利润-4457.54万元 ...

Investment Rating - The report indicates a positive outlook for the medical equipment industry, with an expected year-on-year growth of 25% for the year 2025 [22]. Core Insights - The medical equipment industry is experiencing a slight decline in December data year-on-year, attributed to a high base effect from the previous year. However, there is a significant month-on-month increase of 38% due to accelerated budget spending at year-end [3]. - The report highlights that the current round of medical equipment upgrades is nearing its end, with expectations for a new round of equipment replacement in 2025, which is projected to be no less than the previous round [4]. - The report emphasizes the importance of government policies, including the issuance of long-term special bonds to support large-scale equipment upgrades and consumer replacement programs [15]. Summary by Relevant Sections Medical Imaging - December figures for medical imaging reached 9.8 billion yuan, a decrease of 11%, while the forecast for 2025 is 69.3 billion yuan, reflecting a growth of 37% [5]. Life Information and Support - In December, life information and support equipment generated 2.6 billion yuan, an increase of 8%, with a projected total of 16.7 billion yuan for 2025, marking a 28% growth [5]. Endoscopes - Soft endoscopes reported 1.1 billion yuan in December, down 9%, while hard endoscopes reached 1.2 billion yuan, down 7%. The 2025 projections for both are 7.8 billion yuan for soft endoscopes (+12%) and 7.8 billion yuan for hard endoscopes (+3%) [5]. Radiation Therapy - December figures for radiation therapy stood at 1.6 billion yuan, a slight increase of 1%, with a forecast of 9.6 billion yuan for 2025, indicating a growth of 32% [48]. Surgical Robots - Surgical robots saw a significant decline in December, with figures at 600 million yuan, down 24%, but are expected to reach 5.2 billion yuan in 2025, reflecting a robust growth of 54% [51]. Key Companies - Major companies in the sector include Mindray, which reported 1.9 billion yuan in December (+20%) and is projected to reach 11.2 billion yuan in 2025 (+35%), and United Imaging, with December figures of 2.2 billion yuan (0% change) and a forecast of 12.6 billion yuan (+37%) for 2025 [55][58].

Core Viewpoint - The case of Mr. Chai highlights the critical nature of timely medical intervention in urological emergencies, specifically renal tumor rupture, which, while rare, can be life-threatening if not addressed promptly [1][3]. Group 1: Patient Case Summary - Mr. Chai, aged 42, was hospitalized for evaluation of a left kidney mass and experienced a spontaneous rupture leading to hemorrhagic shock [1]. - Symptoms included sudden left flank pain, hematuria with blood clots, dizziness, and tachycardia, which were not initially reported to medical staff [1]. - The medical team, led by Dr. Xu Yufeng, quickly identified the signs of early hemorrhagic shock and activated an emergency response, resulting in a multidisciplinary team intervention [1]. Group 2: Medical Intervention and Outcome - The interventional team successfully controlled the active bleeding through precise embolization of the renal artery [1]. - Post-surgery, the pathology confirmed a diagnosis of renal clear cell carcinoma with no residual tumor at the margins and no lymph node metastasis [2]. - Mr. Chai was able to mobilize the day after surgery and was discharged three weeks later, indicating a successful recovery [2]. Group 3: Recommendations for Patients - Symptoms such as sudden abdominal pain, hematuria, dizziness, and tachycardia should prompt immediate medical attention [3]. - Patients with tumors should avoid strenuous activities and impacts to prevent rupture [3]. - Regular follow-ups with imaging studies like ultrasound or CT scans are essential, especially if there are changes in tumor characteristics [3]. - Choosing a hospital with comprehensive capabilities and a robust emergency response system is crucial for improving treatment outcomes [3].

Summary of Medical Imaging Equipment Demand Update Industry Overview - The medical imaging equipment market is experiencing varied growth across different segments, with specific focus on CT, MRI, DSA, DR, and PET-CT devices. [1][3][10] Key Points Market Size and Growth Projections - The MRI equipment market is expected to remain stable in 2025, with a market size projected at 102-103 (based on 2024 as 100) and no significant growth anticipated through 2026 [1][4] - The CT equipment market is projected to see a slight decline in sales, estimated at 97-98 units in 2025, with a similar trend expected in 2026 [1][5] - The DR market is forecasted to shrink, with expectations of a decrease to 85-90 in 2025 and further down to 80-85 in 2026 [1][6] - The DSA market is expected to grow slightly, reaching 107-108 in 2025 and potentially 108-110 in 2026, driven by the expansion of interventional surgery and new product launches from domestic brands [1][7] - The PET-CT market is anticipated to grow by 7%-8% in 2025, reaching 107-108, and further to around 110 in 2026, while the PET-MR market is expected to decline to 80-90 units in 2025 and 60-70 in 2026 [1][9] Demand Drivers - Demand for high-end products is primarily coming from large hospitals (level 1 and above), while grassroots hospitals contribute minimally to overall growth [1][11] - The overall growth rate for medical equipment is projected at approximately 3% for 2025, with a slight increase of 1%-2% expected in the following years [1][10] Procurement Policies - A national centralized procurement policy is being implemented, with about one-third of provinces having completed the first round of procurement, accounting for 15%-20% of total procurement value, expected to rise to 30%-35% by the end of next year [1][12] - Average price reductions post-procurement are reported at 20%-30%, with factory prices dropping by 15%-20% [2][14] Competitive Landscape - The leading domestic company, Lianying, is currently the most profitable among local manufacturers due to centralized procurement, but faces long-term challenges from both international giants and domestic competitors [4][20][21] - Lianying's product development and sales capabilities are strong, with a comprehensive product line and rapid innovation, positioning it as one of the strongest companies in the domestic market [4][22] Future Trends - Photon CT is gaining traction, with current installations at around 30-40 units and expected to increase by 60-70 units. Prices are projected to drop from approximately 50 million to 25-30 million yuan as domestic brands enter the market [4][17] - The MRI sector is also evolving, with advancements in high-field MRI systems (5T and 7T) expected to gain market acceptance due to their clinical applicability [4][18] Additional Insights - The centralized procurement process is expected to standardize pricing and reduce costs across the board, impacting both high-end and low-end product segments [12][15] - Support policies for upgrading equipment are still in place but are less effective than initially anticipated, focusing more on mid to low-end products for grassroots hospitals [16] This summary encapsulates the key insights from the medical imaging equipment demand update, highlighting market trends, growth projections, and competitive dynamics within the industry.

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].

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 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]