China Medical Devices 1H26 preview: domestic procurement under pressure, overseas business continues to be the main driver

研报英文原文证据摘录

China Medical Devices 1H26 preview: domestic procurement under pressure, overseas business continues to be the main driver

10 July 2026

Equity Research Report

China Medical Devices EquitiesHealth Care Equipment &

Supplies

1H26 preview: domestic procurement under pressure,

overseas business continues to be the main driver China

◆ Domestic medical devices procurement amount shows a low- Linda Shu*, PhD (Reg. No. S1700522120001)

teens decline y-o-y in 5M26 HeadHSBCofQianhaiChina SecuritiesHealthcareLimitedResearch

linda.y.l.shu@hsbcqh.com.cn

◆ Overseas business growth and market share gain in +86 755 88983246

domestic market are main drivers for the sector Oliver Wang* (Reg. No. S1700523100003)

Analyst, China Healthcare Research

HSBC Qianhai Securities Limited

◆ Maintain Buy ratings for Mindray, Snibe, United Imaging, and oliver.h.y.wang@hsbcqh.com.cn

APT Medical; lower TPs +86 21 5066 2058

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Domestic procurement under pressure in 1H26: The domestic medical device not registered/ qualified pursuant to FINRA regulations

procurement amount recorded a c12% decline y-o-y for 5M26 per Joinchain data, due to

(1) a relatively high base in 5M25 with delayed procurement in 2024 and (2) a new round

of anti-corruption probe into hospitals. We slightly lower our estimates for our covered

companies in 2026-28e, and forecast 2.5%, 5.9%, 17.0% y-o-y revenue growth for

Mindray, Snibe and UIH, respectively, in 1H26, with the main driver being overseas

business growth and market share gains in the domestic market despite the industry

contraction. For APT, we forecast 26.2% y-o-y revenue growth in 1H26, driven mainly by

the resilient surgery volume growth and continued market share gains through VBP. The