在医疗装备国产化浪潮下，MRI（医用磁共振成像）设备核心部件的自主可控，已成为突破行业瓶颈的 关键一环。在这一细分赛道上，健信超导不仅实现了超导磁体、永磁体等核心部件的技术突破与规模化 制造，也成长为国内最早规模化生产高场强超导磁体的厂商，以及全球规模最大的MRI设备永磁体供应 商。 "硬科技创业既是技术战，也是持久战。唯有以初心为舵、以坚韧为帆、以格局为岸，才能穿越行业周 期，实现技术报国的梦想。"近日，健信超导董事长许建益在接受上海证券报记者专访时坦言。 许建益 深耕MRI核心技术 破解民生痛点 "进入MRI领域并非偶然。"许建益回忆道，20世纪80年代末，国内MRI设备国产化率较低且价格高昂， 基层医院"买不起，用不起"、民众"看病贵，检查难"的民生痛点日益突出。 洞察到行业痛点，许建益及其团队将突破方向锁定在核心技术攻坚上。"超导磁体、永磁体和梯度线圈 等MRI设备核心部件，约占核心部件总成本的50%。"许建益表示，一旦攻克关键技术难题，不仅能大 幅降低医院磁共振检查的收费标准，也能推动国内MRI设备国产化率与普及率的双重提升。 "我们希望通过攻克核心技术，让磁共振成为人们用得起的日常诊查手段。"许建 ...

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline, driven by increased demand for hospital equipment due to equipment renewal policies [9]. - The procurement amount for medical devices in October 2025 showed a year-on-year increase of 13.84% and a month-on-month increase of 0.28%, indicating a continuous recovery trend [16]. - The domestic production rate of medical devices has increased significantly from 19% in 2019 to 48% in October 2025, with varying rates across different categories [20]. Summary by Sections Equipment Procurement - The medical device procurement market is expected to reach between 187.6 billion to 241.1 billion yuan in 2025, with a strong recovery anticipated in the second half of the year [13]. - The procurement scale for October 2025 was 16.254 billion yuan, with a cumulative total of 144.665 billion yuan from January to October, reflecting a 39.63% year-on-year increase [16]. - The ultrasound procurement in October 2025 was 1.556 billion yuan, showing a 54.04% year-on-year increase, while CT procurement reached 1.996 billion yuan, up 44.06% year-on-year [25][26]. Collective Procurement - The collective procurement market in county-level areas has remained low, with a market share of 6-9% based on procurement sales from 2019 to 2024 [42]. - The overall domestic production rate in the collective procurement market reached 80% as of August 2025, indicating a significant increase driven by procurement policies [46]. - The price reduction in the county-level collective procurement market has shown a moderate trend, with the largest drop observed in monitoring devices at 57% [50].

Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, positioning itself as the world's largest independent supplier of superconducting magnets for MRI equipment [1][2] Group 1: Company Overview - Jianxin Superconductor's IPO application was approved on October 21, with its review status updated to "submitted for registration" [1] - The company ranks fifth globally and second domestically in terms of market share for superconducting magnets used in MRI equipment, based on installed capacity [1] Group 2: Market Position and Technology - The company has closed a 20-year technology gap with international giants in the field of zero-evaporation superconducting technology, enhancing product performance and cost competitiveness through design and process innovation [2] - Jianxin Superconductor is one of the earliest manufacturers in China to scale up the production of high-field superconducting magnets, breaking the long-standing monopoly of European and Japanese manufacturers since 2015 [2] Group 3: Financial Performance - The company's revenue for the years 2022 to 2024 and the first half of 2025 is as follows: - 2022: 35.89 million yuan - 2023: 45.06 million yuan - 2024: 42.55 million yuan - 2025 (first half): 25.21 million yuan [2] - Net profit figures for the same periods are: - 2022: 3.46 million yuan - 2023: 4.87 million yuan - 2024: 5.58 million yuan - 2025 (first half): 3.19 million yuan [2] Group 4: Partnerships and Industry Impact - The company has established close partnerships with well-known MRI equipment manufacturers, including Fujifilm, GE Healthcare, and United Imaging Healthcare, contributing to the domestic MRI industry's core component supply [2]

Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Ningbo Jianxin Superconducting Technology Co., Ltd., confirming that the company meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Ningbo Jianxin Superconducting Technology Co., Ltd. is undergoing its IPO process, with the review meeting held on October 21, 2025 [1] - The company is required to explain the stability of its independent supplier business model compared to self-produced magnets, considering the MRI equipment and superconducting magnet market space [1] Group 2: Industry Context - The listing committee emphasized the need for the company to address the market space, competitive landscape, and future development trends of the MRI equipment and superconducting magnet industry [1] - The company must also discuss its product and technology research and development in relation to the industry [1]

Group 1: Company Overview - Ningbo Jianxin Superconducting Technology Co., Ltd. (referred to as "Jianxin Superconducting") is preparing for its IPO review on the Sci-Tech Innovation Board, focusing on the R&D, production, and sales of core components for MRI equipment [1] - The company is one of the earliest manufacturers in China to scale the production of high-field superconducting magnets, breaking the long-standing monopoly of foreign manufacturers in the 1.5T superconducting magnet sector since 2015 [1][4] - Jianxin Superconducting has established itself as the largest independent supplier of superconducting magnets globally, with a projected global market share ranking of fifth and second among domestic companies in 2024 [1][6] Group 2: Market Dynamics - The global MRI equipment market is expected to grow from $11.1 billion in 2024 to $14.89 billion by 2030, with a compound annual growth rate (CAGR) of approximately 5.0% [2] - The Chinese MRI equipment market has seen growth from 10.45 billion yuan in 2015 to 16.6 billion yuan in 2024, with an anticipated CAGR of 5.3%, further projected to reach 22.76 billion yuan by 2030 [2] - Superconducting MRI devices are the mainstream type in the domestic market, expected to account for over 90% of the total installed capacity in 2024 [2] Group 3: Policy and Technological Support - Recent national policies have supported the development of medical equipment, particularly encouraging innovation in domestic medical devices and focusing on core components as key areas for advancement [3] - The MRI equipment market is experiencing a favorable development phase driven by demand growth, policy encouragement, and technological innovation [3] Group 4: Technological Advancements - Jianxin Superconducting has developed a comprehensive core technology system, including electromagnetic field design, cryogenic technology, finite element analysis, structural design, intelligent control technology, and manufacturing processes [4] - The company has achieved significant advancements in superconducting technology, including the development of a fully helium-free superconducting magnet, recognized as the "first of its kind" in 2021 [5] Group 5: Financial Performance and Growth - Jianxin Superconducting has established strong partnerships with notable MRI equipment manufacturers, contributing to stable product demand and a robust sales channel [7] - The company's revenue has shown a consistent upward trend from 359 million yuan in 2022 to 425 million yuan in the first half of 2025, with net profits also increasing during the same period [7] - The company aims to raise funds through its IPO to enhance R&D and product innovation, focusing on projects such as the annual production of 600 helium-free superconducting magnets [8]

Core Insights - The article highlights the success story of Xue Min, a returnee PhD who founded United Imaging Healthcare, breaking the foreign monopoly in China's high-end medical equipment market [2][10] - United Imaging Healthcare has achieved significant growth, with its market value exceeding 100 billion yuan and a rapid increase in revenue and net profit [2][11] Company Overview - Founded in 2011 by Xue Min, United Imaging Healthcare focuses on independent research and development, with over 90% of its core components self-developed [2][9] - The company has established a complete industrial chain with three R&D centers in Shanghai, Wuhan, and Houston, covering key components like magnets and detectors [8][9] Financial Performance - In 2020, the company reported revenue of 5.761 billion yuan and a net profit of 903 million yuan, with both figures doubling by 2023 compared to 2019 [2][9] - The company’s R&D investment has steadily increased, reaching 2.261 billion yuan in 2024, accounting for 21.95% of its revenue [9] Market Position - By 2022, United Imaging Healthcare surpassed major foreign competitors in market share for high-end medical imaging equipment, achieving 28% in CT and 25% in MRI [11] - The company has expanded its global presence, signing contracts for nearly 300 high-end machines in over 40 countries by 2024 [11] Employee Wealth Creation - The company has established five employee stock ownership platforms, allowing around 800 employees to benefit financially, with an estimated average cash-out of over 3 million yuan per person from recent share reductions [13][14] - The stock reduction by employee platforms is not expected to significantly impact the company's stock price, which was reported at 130.70 yuan per share as of August 8, 2024 [14] Innovation and Strategy - Xue Min emphasizes innovation as the core strategy for the company, aiming to transition from "Made in China" to "Created in China" [14] - The company plans to further its global strategy by not only exporting equipment but also establishing localized operations abroad [12]

Core Viewpoint - GE Healthcare has signed a strategic cooperation agreement with the Egyptian Ministry of Health and Population and the Unified Procurement Authority to establish the first manufacturing plant for ultrasound systems and MRI equipment in the Middle East and Africa, located in 6th of October City, Egypt, with operations expected to start in June 2025 [1][5] Group 1: Cooperation Details and Factory Planning - The partnership includes capital cooperation with local company Al Safi Group, which will provide local investment support, while the Unified Procurement Authority will facilitate equipment procurement and supply chain coordination [2] - The first locally produced ultrasound devices are expected to roll off the production line in July 2025, followed by MRI equipment production [2] - The factory will incorporate GE Healthcare's advancements in artificial intelligence imaging technology, with plans to integrate AI-assisted imaging processing systems into some models to enhance diagnostic accuracy and efficiency [2] Group 2: Reasons for Choosing Egypt - Egypt is strategically located as an economic and population center in North Africa and the Middle East, with a well-developed infrastructure and industrial parks [5] - The Egyptian medical device market has heavily relied on imports, with annual import expenditures reaching approximately $3 billion, making local production beneficial for cost reduction and supply stability [5] - The Egyptian government's "Vision 2030" strategy aims to enhance local production capabilities in various sectors, aligning with GE Healthcare's investment goals [5][6] Group 3: Regional Strategic Significance - The new factory will serve as a production and export center for North Africa, Sub-Saharan Africa, and the Middle East, addressing the growing demand for cost-effective imaging equipment in these regions [5][6] - Local production is expected to significantly shorten product delivery times and reduce transportation and tariff costs, making it a more flexible and controllable option [6] - GE Healthcare may consider introducing more high-end product lines to Egypt in the future to enhance competitiveness in the regional market [6] Group 4: Conclusion - The establishment of the ultrasound and MRI equipment factory in Egypt aligns with both GE Healthcare's global strategy and Egypt's local production goals [7] - The successful launch of this factory is anticipated to provide a more stable supply of high-end medical equipment to Egypt and surrounding markets, potentially reducing reliance on production bases in Europe and Asia [7] - The simultaneous investment by Chinese medical device manufacturer Mindray in a similar facility in Egypt highlights the increasing strategic attention on Egypt in the global medical manufacturing landscape [7]