细分领域分析与展望（2025H1） - （一）骨科耗材

Summary of the Orthopedic Consumables Industry Conference Call Industry Overview - The orthopedic consumables industry is undergoing rapid reshuffling post-collective procurement, with companies shifting strategies towards volume-based pricing [1][4] - Joint surgery volumes are expected to maintain a stable growth rate of 10%-15% in the long term, while spinal surgeries benefit from aging populations and domestic replacements [1][5] - The industry is focusing on international expansion, particularly in regions such as the Middle East, Africa, Latin America, Southeast Asia, and Europe, with strong demand in Belt and Road Initiative countries [1][6] Key Points and Arguments - Performance Metrics: In the first half of 2025, the orthopedic consumables sector saw a 16% year-on-year increase in revenue, with a notable 23% growth in Q2. Gross margins improved by approximately 2 percentage points due to cost control and inventory clearance [3][10] - Market Dynamics: Post-collective procurement, the industry has seen a focus on cost management and sales of non-procurement products to enhance market share and customer coverage [4][13] - Company Strategies: Major players like Dabo and Weigao are investing heavily in logistics and supply chain improvements to enhance product turnover efficiency [1][7] - Joint Segment Recovery: The joint segment is recovering the fastest, with over 1 million surgeries performed, and is expected to maintain a growth rate of 10%-15% [8][9] Company-Specific Insights - Dabo Medical: Reported a 77% revenue growth in H1 2025, marking a significant recovery across all product lines [17] - Aikang Medical: Experienced a 6% revenue growth, with hip joint revenue increasing by 14%, while knee joint revenue remained flat due to price declines [18][19] - Chunli Medical: Achieved over 40% of revenue from overseas markets, reflecting a strategic shift towards international product promotion [20] - Weigao Medical: Faced a 21% decline in joint revenue but improved shipment volumes and market share [10][21] - Sanyou Medical: Despite a 17% decline in overall revenue, the company is focusing on innovative products like surgical robots and ultrasonic bone knives [22] Additional Important Insights - The industry is expected to see a rise in domestic market share and opportunities in non-procurement products, while international expansion is viewed as a second growth curve [14][15] - Companies are adopting various strategies for internationalization, including mergers and acquisitions, and focusing on high-end markets in Europe and the U.S. [12][16] - The overall performance of the orthopedic consumables sector remains constrained by national procurement policies and healthcare regulations, impacting growth rates [10][14]