United Imaging Healthcare waits for the "renewal trend"

In the first half of 2025, United Imaging Healthcare (688271.SH) achieved revenue and net profit attributable to shareholders of 6.016 billion yuan and 999.8 million yuan, respectively, representing year-on-year growth of 12.79% and 4.59%.

Last year, due to the slowdown in procurement rhythm caused by the implementation of the old-for-new policy, United Imaging Healthcare experienced its first revenue decline since its listing, but it has now returned to a growth trajectory.

From the category perspective, MR (Magnetic Resonance) has shown significant growth as the "mainstay" of United Imaging Healthcare's revenue, generating 1.968 billion yuan in the first half of 2025, a year-on-year increase of 16.81%.

Sources close to United Imaging Healthcare indicated that this is the result of multiple high-end models such as 3.0T and 5.0T working together.

In contrast to the rapid progress of MR, CT may be troubled by low-price competition in the market, with revenue slightly declining to 1.515 billion yuan in the first half of 2025, a year-on-year decrease of over 6%.

However, United Imaging Healthcare is focusing on high-end CT.

In August of this year, United Imaging Healthcare's "uCT Ultima" was approved for listing by the drug regulatory authority, making it the first photon-counting spectral CT in China.

Compared to traditional CT, photon-counting spectral CT is equipped with semiconductor detectors, offering advantages such as higher spatial resolution imaging and direct multi-energy spectral imaging, which is expected to help United Imaging Healthcare gain more market share in the high-end sector.

As the scale of equipment installation continues to expand, United Imaging Healthcare's service revenue, including maintenance, reached 816 million yuan, a year-on-year increase of nearly 30%, accounting for just over 10% of total revenue.

In comparison to the maintenance business share of the "GPS three giants" (GE Healthcare, Philips Healthcare, Siemens Healthcare), United Imaging Healthcare still has room for improvement. For example, from 2022 to 2024, GE Healthcare's service revenue share has been over 30%.

In the first half of 2025, United Imaging Healthcare's overall gross margin was 47.93%, while the gross margin for service-related businesses exceeded 60%.

This indicates that as the revenue share of this business increases in the future, it is expected to contribute more to profits.

International business is also an important highlight of United Imaging Healthcare's performance, with overseas business revenue reaching 1.142 billion yuan in the first half of 2025, a year-on-year increase of 22.48%, accounting for 19% of total revenue, an increase of 1.5 percentage points year-on-year.

Key buyers of high-end medical devices come from overseas markets, and whether United Imaging Healthcare can "recreate a United Imaging" overseas is under scrutiny.

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