中国医疗保健：2025年5月中国医院设备招标情况：同比持续增长，而带量采购影响超声价格

We continue to track the procurement value of main medical devices in China. As we expected, the May data showed continued strong YoY growth (+91%), but a MoM decline (-13%). Taking into account that May 2024 was a low base caused by delays in trade-in program, comparing the May 2025 data to May 2023 still reveals a 33% increase. In our view, this indicates that hospital procurement activity in China has clearly recovered. Looking ahead to June, we continue to expect YoY growth to remain at a high level, and we believe MoM growth may return to positive as the May procurement was partially affected by the Labor Day holiday. Exhibit 1: Total bidding value of 9 main medical devices in China In Rmb, mn - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25Mar-25May-25Patient monitorUltrasoundEndoscopeCTMRIPET-CTDRLINACDSA (IGT)Discount loan policy implementedThe end