中国医疗保健 - 2025 年 7 月中国医院设备招标 - 同比增长保持正，国内企业表现优于跨国公司-China Healthcare_ Jul 2025 China hospital equipment bidding_ yoy growth remains positive, domestic outperforms MNC

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.