中国医疗器械与服务_2025 年下半年第四季度业绩预览_-CDMO订单势头为核心关注点；医疗器械与服务业务静待明确复苏-China Healthcare_ Medical Device & Services_ 4Q_2H25 preview_ CDMO Order Momentum in Focus; Devices & Services Await Clear Recovery

18 March 2026 | 8:14PM HKT Equity Research China Healthcare: Medical Device & Services: 4Q/2H25 preview: CDMO Order Momentum in Focus; Devices & Services Await Clear Recovery In this note, we present our 4Q25 preview for our China Medical Device & Services coverage. There are no changes to our estimates, TPs, investment theses and ratings. CDMO: Focus shifting to backlog, FY26 guidance and durability of the cycle n With most major CDMO names having already reported preliminary results (see our note), invest ...