2Q/1H26 Preview: Recovery Visibility Remains Uneven; Prefer Names with Globalization Optionality

研报英文原文证据摘录

2Q/1H26 Preview: Recovery Visibility Remains Uneven; Prefer Names with Globalization Optionality

Equity Research

27 July 2026 | 4:43PM HKT

CHINA HEALTHCARE: MEDICAL DEVICE & SERVICES

2Q/1H26 Preview: Recovery Visibility Remains Uneven; Prefer Names

with Globalization Optionality

We remain broadly neutral on China Medical Device & Healthcare Services into Chris Pan, CFA

+852-2978-7993 | chris.pan@gs.com

2Q/1H 26 results, as visibility on domestic demand recovery continues to be uneven, Goldman Sachs (Asia) L.L.C.

while maintaining a more constructive view on companies with visible Ziyi Chen

globalization potential. Domestic fundamentals remain constrained by +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

policy-related headwinds, including the normalization of consumables VBP, ongoing

reimbursement and cost-control measures under DRG/DIP, and the upcoming rollout

of equipment VBP in 2H26 (see our previous note). While pricing pressure is

gradually stabilizing on an easy base, we continue to monitor the impact of the latest

anti-corruption measures introduced since May, which could weigh on hospital

procurement activity and clinical volumes in the near term.

China MedTech & Services has remained one of the weaker segments within

healthcare, with stock prices declining 21% on avg. over the past six months.

Although the sub-sector rebounded 4.5% over the past month, it continues to lag

the broader healthcare coverage universe (+8.9%). Investor interest remains

highly selective, largely focused on companies demonstrating either clear operating

recovery or with a proven track record of overseas expansion. Notably, Angelalign

(+16.8% in 1M) has outperformed likely driven by improving confidence in its

international growth trajectory.