中国的创新耗材国际化到什么阶段了？

Summary of Key Points from Conference Call Records Industry Overview - The high-value consumables market in China has reached a bottom, with international markets showing growth potential. Companies with internationalization capabilities in high-value consumables are seen as having investment potential, especially under the influence of centralized procurement policies accelerating domestic substitution [1][2]. - The commercial model of high-value consumables is advantageous, with stable pricing that is not easily iterated. After the completion of centralized procurement in the Chinese market, combined with overseas R&D progress, the high-value consumables sector is expected to present investment opportunities. The market capitalization of innovative consumables companies in Hong Kong is currently low, with expectations for improved profitability post-2026 [1][2]. Core Insights and Arguments - By 2025, the domestic high-value consumables industry is expected to mature with stable pricing due to centralized procurement. Some products are undergoing clinical trials in Europe and the U.S., indicating potential for overseas market entry or partnerships [2]. - The valuation of the global medical consumables market is high, particularly for leading companies. The pricing of high-value consumables in the U.S. is approximately double that in China, indicating lower elasticity compared to innovative drugs [2]. - The total market capitalization of 15 leading innovative consumables companies in Hong Kong is estimated at around 70-80 billion HKD, which is considered low. It is anticipated that by 2026, around 60% of consumables will be included in centralized procurement [2][8]. Internationalization Progress - Several domestic high-value consumables companies have made significant strides in internationalization. For instance, products from companies like Times Angel and MicroPort are seeing rapid sales growth overseas, particularly in non-European and American markets [3]. - To enter the European and American markets, clinical trials and local approvals are necessary. Collaborations, such as that between Edwards and Jianxi Medical, highlight the growing recognition of Chinese companies' R&D capabilities [3]. Advantages and Catalysts in High-Value Consumables - The domestic high-value consumables sector benefits from low clinical costs and high surgical volumes, which facilitate product improvements. Chinese companies can conduct R&D and production at lower costs, enhancing competitiveness [4]. - Key catalysts to watch include: 1. MicroPort's Firehawk heart stent, expected to receive FDA approval in 2026. 2. Jianxi Technology's tricuspid valve treatment device, anticipated to gain European approval in 2026 while seeking global business development partners [4]. Financial Performance and Industry Impact - The innovative device sector reported positive profits in the first half of 2025, with MicroPort playing a crucial role. It is expected that MicroPort will achieve profitability by 2026 through operational and debt control, positively impacting the entire sector [6]. - The FDA breakthrough certifications for domestic medical devices have become significant barriers for international collaboration, attracting more investment and attention [5]. Impact of Centralized Procurement Policies - Centralized procurement policies have led to an import substitution effect, increasing the market share of domestic products. By 2026, it is projected that about 60% of consumables will fall under centralized procurement, with orthopedic products already reaching 90% [8]. - Companies in the neuro-interventional field, such as Guichuang Tongqiao, are expected to benefit significantly from these policies [8]. Comparison with Innovative Drugs - The development paths of domestic innovative drugs and high-value consumables differ, with both sectors actively exploring international markets. Future focus areas include neuro-interventional, valve, and PFA high-value consumables [9]. Investment Selection Criteria - When selecting investment targets, factors such as surgical volume growth, foreign capital share, centralized procurement expectations, and internationalization potential should be considered. Companies like Guichuang Tongqiao and Peijia in the neuro-interventional field are highlighted as worthy of attention [10]. Insights from U.S. NGS Industry - The U.S. NGS (Next-Generation Sequencing) industry is experiencing strong growth, with companies like Grell and Garden exceeding sales expectations. This sector's development may provide valuable insights for the domestic market [11].