Tianyi Yan +86(21)2401-8609 | tianyi.yan@goldmansachs.cn Goldman Sachs (China) Securities Company Limited 20 October 2025 | 6:17PM CST Equity Research United Imaging (688271.SS): Quantify China PCCT market potential; TP up to Rmb175; Buy CT scanner is the largest category by bidding value among medical imaging equipment in China. Recently, with the NMPA approval of domestic Photon-Counting CT (PCCT) from United Imaging and Neusoft on the same day (Aug 26, 2025), as well as the strong sales performance of Si ...

Core Insights - The Chinese high-end medical equipment industry has achieved a historic milestone by entering the global forefront in ultra-high-end medical equipment, specifically with the approval of photon-counting spectral CTs by the National Medical Products Administration (NMPA) [1][2] - The approval of the first domestically developed photon-counting spectral CTs by United Imaging Healthcare and Neusoft Medical marks a significant leap from "catching up" to "leading" in next-generation CT technology [2][6] Industry Overview - Photon-counting spectral CT is recognized as a revolutionary direction in CT technology, offering advantages such as higher spatial resolution imaging, direct multi-energy spectrum imaging, and lower radiation doses compared to traditional CT [1][2] - The global market for photon-counting CT is projected to reach approximately $2 billion by 2025, with the simultaneous approval of these two domestic products creating a "dual leader" market structure [2][5] Technological Advancements - Photon-counting CT technology is likened to a leap from "black and white photos" to "color photos," enabling precise identification of energy information from individual X-ray photons, thus providing clearer diagnostic images [3][4] - The new technology can reduce radiation doses by 60% to 70%, and in some cases, up to 80% to 90%, enhancing patient safety during CT scans [4][5] Market Dynamics - Siemens and GE are the only foreign companies that have previously commercialized clinical-grade photon-counting CTs, but their configurations are limited compared to the new domestic offerings [2][4] - The price of Siemens' photon-counting CT is around 50 million RMB, which is 3 to 5 times higher than traditional high-end CTs, indicating a significant market opportunity for domestic manufacturers [5] Clinical Applications - Clinical trials for the new photon-counting CTs have begun in top hospitals, with potential applications in early detection of various diseases, including brain vascular diseases, Alzheimer's, and small tumors in the liver and pancreas [5][6] - Neusoft Medical is collaborating with leading hospitals to explore the clinical applications of its photon-counting CT, further solidifying the position of domestic companies in the medical imaging field [6]