According to a research report from Guotai Haitong Securities Co., Ltd., the ongoing implementation of equipment renewal policies is expected to provide long-term support for medical equipment procurement levels. The firm recommends medical equipment companies poised to benefit from these policies, which should drive an earnings recovery. The report states that as fee policies for surgical robots continue to be rolled out nationwide, the cost-performance advantages of domestic surgical robot manufacturers are becoming more pronounced, which bodes well for increased adoption of domestic products. The firm maintains an "Overweight" rating.

Key Observations from the Report

Procurement for Major Medical Equipment Shows Marginal Improvement

Based on data from Zhongcheng Shuke, on a year-over-year monthly basis, the scale of new equipment tenders in May 2026 showed growth for MR systems by 23.4% and for CT systems by 8.9%. However, declines were observed for DR systems (down 24.8%), ultrasound (down 21.2%), endoscopes (down 25.7%), and surgical robots (down 38.4%). On a cumulative year-to-date basis for the first five months of 2026, the tender scale for new equipment saw declines across categories: MR systems down 17.8%, CT systems down 20.1%, DR systems down 12.0%, ultrasound down 32.7%, endoscopes down 20.8%, and surgical robots down 33.1%.

Equipment Renewal Policies Provide Sustained Support for Procurement

In 2024, four government ministries jointly issued the "Implementation Plan for Promoting Equipment Renewal in the Healthcare Sector," which clearly sets a target of achieving over 25% growth in healthcare equipment investment by 2027 compared to 2023, aiming to elevate high-end equipment configurations to levels seen in upper-middle-income countries. Throughout 2024, numerous provinces and cities across China announced substantial procurement plans for domestic medical equipment renewal projects. Since 2025, the state-promoted large-scale equipment renewal initiative has gradually become normalized and specialized, significantly boosting procurement enthusiasm among medical institutions at all levels and rapidly unleashing demand for renewing innovative diagnostic and treatment equipment such as imaging and radiotherapy systems.

Widespread Implementation of Surgical Robot Fee Policies Highlights Domestic Advantages

Since the National Healthcare Security Administration issued the "Guidelines for Establishing Price Items for Surgical and Therapeutic Auxiliary Operation Medical Services (Trial)" on January 20, 2026, regions including Hunan, Guangdong, Guizhou, Hubei, Xinjiang, and Tianjin have followed suit by implementing their own surgical robot fee policies. Among these, Hunan, Guangdong, Guizhou, Hubei, and Tianjin have adopted a charging model that "links to the primary surgery price + adds a percentage-based surcharge." This model requires the fee standard to be linked to the price item of the primary surgery. Specific surcharges are applied as follows: a 50% surcharge for surgical robotic arm-assisted navigation operations, a 150% surcharge for surgical robotic arm-assisted participation in execution, a 300% surcharge for surgical robotic arm-assisted precision execution, and a 500% surcharge for remote surgical assistance. In Xinjiang, fees for precision execution and remote surgical assistance are subject to market-adjusted pricing.

The report concludes that the ongoing implementation of surgical robot fee policies accentuates the cost-performance benefits of domestic manufacturers, which is favorable for further scaling up the adoption of domestic products.

Potential Risks Outlined

Risks highlighted include a potential slower-than-expected recovery in equipment procurement, delays in policy implementation, and product price volatility.