First Read China Medtech Q226 read-across: China results in line for majority but risks ahead might be overlooked

研报英文原文证据摘录

First Read China Medtech Q226 read-across: China results in line for majority but risks ahead might be overlooked

Global Research

31 July 2026ab

First Read

EquitiesChina Medtech

Q226 read-across: China results in line for China

majority but risks ahead might be overlooked Healthcare

Jun Deng

Analyst

jun.deng@ubs.com

China results came in largely as expected; some might overlook risks ahead +852-3712 2103

Top global firms generally reported in-line China results, although a few saw negative Patrick Wood

surprises. In Q226, procedures such as electrophysiology (EP) and robot-assisted Analyst

surgeries extended stable volume growth. For diagnostics, while major companies still patrick.wood@ubs.com

recorded YoY sales declines, the magnitude narrowed for several of them. Capital +1-212-713 3018

equipment is the area where we saw quite mixed results. Beyond the results, our Graham Doyle

impressions from the earnings calls are that not many global firms are as concerned Analyst

about China risks ahead eg. anti-corruption, capital equipment VBP and IVD test price graham.doyle@ubs.com

reform, as we expected. We await local firms' earnings (preview) to understand their +44-20-7568 2587

perspectives. Matthew Weston, PhD

Equipment: a mixed picture; SHL/ISRG (system placement) a negative surprise matthew.weston@ubs.com

Siemens Healthineers saw its China revenue down 10% YoY in Apr-Jun 2026, with +44-20-7567 4055

HSD/MSD declines from tough comps for Imaging/ Precision Therapy, and a sharp Priya Sachdeva

decline for Dx given the market's structural change. On the recent proposal for capital Analyst

equipment VBP, it thinks that the centralised procurement is different from VBP and the priya.sachdeva@ubs.com

proposal is not a surprise.