According to the Zhitong Finance APP, Guotai Junan released a research report stating that the scale of medical equipment bidding and procurement maintained good growth in the first half of 2025. With the continuous implementation of equipment renewal policies, it is expected to drive the procurement level of medical equipment in the long term. The report maintains an &#34;overweight&#34; rating and recommends medical equipment companies that are likely to benefit from the implementation of equipment renewal policies and achieve performance recovery: Mindray (300760.SZ), United Imaging Healthcare (688271.SH), SONOSCAPE (300633.SZ), and AOHUA ENDOSCOPY (688212.SH).
<h2>Guotai Junan's main points are as follows:</h2>
The scale of medical equipment bidding and procurement maintained good growth in the first half of 2025
According to statistics from Zhixieyun, the overall scale of new equipment bidding and procurement in the domestic market showed good growth in the first half of 2025. In June 2025, the procurement scale increased by 25% year-on-year, still maintaining a strong level, with a cumulative procurement scale in the first half of 2025 increasing by 41% year-on-year. By product, in June alone, the procurement scale for CT increased by 20% year-on-year, MR by 32%, DR by 47%, and ultrasound decreased by 4%. The cumulative procurement scale in the first half of 2025 saw CT increase by 48% year-on-year, MR by 43%, DR by 77%, and ultrasound by 28%.
The continuous implementation of equipment renewal policies is expected to drive the procurement level of medical equipment in the long term
In 2024, four ministries jointly issued the &#34;Notice on Promoting the Implementation Plan for Equipment Renewal in the Medical and Health Field,&#34; which clearly proposed a target of increasing the investment scale in the medical and health field by more than 25% compared to 2023 by 2027, enhancing the configuration of high-end equipment to the level of middle and high-income countries. At the same time, in 2024, various provinces and cities across the country released large-scale procurement plans for domestic medical equipment renewal projects. However, until the end of 2024, the proportion of approved projects that ultimately land through bidding is not high, with the remaining portion gradually landing in 2025. Coupled with new renewal projects approved in 2025, this will bring considerable incremental growth to the medical equipment market.
The financial pressure on hospitals is easing, which is expected to gradually drive the performance recovery of equipment companies
In the short term, due to previous financial constraints at the local level, domestic hospitals faced significant pressure in equipment procurement, but signs of improvement have begun to emerge. For example, the issuance scale of local special bonds, especially those used to support the new construction, renovation, and expansion of hospitals and equipment procurement, has seen rapid year-on-year growth since the first quarter of 2025. The state has also clearly proposed to increase the debt limit in a one-time manner, replace local governments' existing hidden debts, and strengthen support for local debt risk resolution. On May 20, 2025, the National Development and Reform Commission mentioned at a press conference that it would improve the efficiency of fund utilization, establish a mechanism for the rapid enjoyment of ultra-long-term special government bond funds, and promptly implement policies for interest subsidies on equipment renewal loans to reduce the financing costs for various operating entities in equipment renewal.
Risk Warning: The recovery of equipment procurement may be less than expected, the implementation of policies may fall short of expectations, and there are risks of product price fluctuations, etc

300633

688212

300760

688271

CITIC Securities released a research report indicating that the scale of medical equipment bidding and procurement will continue to grow in the first half of 2025, benefiting from the implementation of equipment renewal policies, which is expected to drive a long-term increase in medical equipment procurement levels. The industry rating is maintained at "Overweight," recommending companies such as Mindray, United Imaging Healthcare, SONOSCAPE, and AOHUA ENDOSCOPY. The notice issued by four ministries in 2024 aims for a growth of over 25% in equipment investment scale by 2027, which is expected to alleviate the financial pressure on hospitals and promote the recovery of equipment companies' performance

Zhitong

SONOSCAPE

AOHUA ENDOSCOPY

Mindray

United Imaging Healthcare

Cathay Haitong: The medical equipment renewal policy continues to be implemented, and the procurement scale in 25H1 maintains rapid growth