**Overview of A-Share Medical Device Company Market Capitalizations**

**Top 10 Companies in Rankings**

According to iFinD data, as of September 9th, the top 10 A-share listed medical device companies by total market capitalization are: Mindray Medical, United Imaging Healthcare, Wantai BioPharm, New Industries Biomedical Engineering, Huatai Medical, Yuwell, Lepu Medical Technology, MGI Tech, Autobio Diagnostics, and Intco Medical.

**Latest Performance Highlights of Device Companies**

**Mindray Medical: Maintains Top Position Despite Growth Challenges**

Mindray Medical's main business encompasses three major segments: in vitro diagnostics, medical imaging, and life information & support, while also developing seed businesses such as veterinary medicine and minimally invasive surgery.

In the first half of 2025, Mindray Medical achieved revenue of 16.743 billion yuan, down 18.45% year-over-year; net profit attributable to shareholders was 5.069 billion yuan, down 32.96% year-over-year. This marks the first time since its listing that the company experienced a decline in both revenue and net profit.

Domestic business declined by over 30% year-over-year in the first half. Mindray noted that monthly tender data for medical equipment has continued to improve since December last year, but intensified competition has significantly extended the cycle from public tenders to revenue recognition.

International business grew 5.39% year-over-year, with international revenue now accounting for approximately 50% of total revenue.

By business segment: IVD product line revenue was 6.424 billion yuan, down 16.11% year-over-year; medical imaging product line achieved revenue of 3.312 billion yuan, down 22.51% year-over-year; life information & support product line achieved revenue of 5.479 billion yuan, down 31.59% year-over-year.

Despite poor overall performance across the three major segments, Mindray's revenue and net profit remained first in the medical device industry in the first half. According to the company's preliminary calculations, Q3 overall revenue growth will turn positive year-over-year, while continuing to maintain a trend of sequential quarterly revenue improvement.

**United Imaging Healthcare: Overseas Revenue Share Increases, Photon Counting CT Approved**

United Imaging Healthcare's main business involves medical imaging, interventional therapy, and radiation therapy.

In the first half of 2025, revenue was 6.016 billion yuan, up 12.79% year-over-year; net profit attributable to shareholders was 998 million yuan, up 5.03% year-over-year. As of the reporting period end, the company's overall gross margin was 47.93%.

Domestic revenue and overseas market revenue grew 10.74% and 22.48% respectively; overseas revenue currently accounts for 18.99%.

By product line: United Imaging's MR equipment revenue was 1.968 billion yuan in the first half, up 16.81% year-over-year; CT equipment revenue was 1.515 billion yuan; molecular imaging product revenue achieved 841 million yuan, up 13.15% year-over-year; RT business revenue was 242 million yuan; XR revenue achieved 324 million yuan, up 26.36% year-over-year.

In August this year, United Imaging's photon counting CT received approval, marking its latest breakthrough in the CT field. Neusoft Medical's photon counting CT was also approved simultaneously, signaling that China's high-end medical equipment has entered a new stage.

**Wantai BioPharm: Net Profit Turns to Loss Due to Vaccine Business Impact**

Wantai BioPharm's main business involves two major areas: in vitro diagnostics and vaccines.

In the first half of 2025, revenue was 844 million yuan, down 38.25% year-over-year; net profit attributable to shareholders was a loss of 144 million yuan, mainly affected by the vaccine business.

In the IVD field, the company has essentially completed instrument layout covering high, medium, and low throughput in the immunoassay direction, including four fully automated chemiluminescence immunoassay analyzers (Wan600, Caris200, Wan200+, Wan100) and 124 matching reagents.

**New Industries: Domestic IVD Under Pressure, Overseas Reagents Show Rapid Growth**

New Industries is primarily engaged in R&D, production, sales, and customer service of IVD products.

In the first half of 2025, New Industries achieved revenue of 2.185 billion yuan, down 1.18% from the same period last year; net profit attributable to shareholders was 771 million yuan, down 14.62% from the same period last year.

Domestically, affected by the implementation of Anhui reagent centralized procurement and VAT rate adjustments, reagent prices declined, creating significant pressure on revenue.

In the first half, New Industries' domestic market main business revenue was 1.229 billion yuan, down 13% year-over-year, with reagent revenue down 19% year-over-year and instrument revenue up 18% year-over-year.

The overseas market continued strong performance with main business revenue of 952 million yuan, up 20% year-over-year, with reagent business revenue up 37% year-over-year while instrument growth slowed.

Regarding overseas strategy, New Industries disclosed that it is actively focusing resources on market breakthroughs for medium and large instruments and laboratory automation lines, accelerating market share capture in large laboratories through strengthened promotion and penetration of high-end products.

The company believes this will help optimize overseas customer structure and lay a solid foundation for sustained growth in reagent business from 2026 onward, thereby ensuring stability and sustainability of long-term overseas business growth.

**Huatai Medical: Star Track Continues Growth Momentum, Revenue and Net Profit Both Up Over 20%**

Huatai Medical specializes in electrophysiology and interventional medical devices.

In the first half of 2025, Huatai Medical achieved revenue of 1.214 billion yuan, up 21.26% year-over-year; net profit was 425 million yuan, up 24.11% year-over-year.

In electrophysiology, according to latest disclosures, Huatai Medical has completed over 800 PFA pulse ablation procedures cumulatively, and domestic electrophysiology traditional 3D non-atrial fibrillation procedures are also accelerating, with nearly 8,000 procedures completed in the first half.

Additionally, a series of products in radiofrequency ablation were launched in the first half, completing Huatai's full product line 3D layout.

In vascular intervention, the number of hospitals entered by coronary products increased over 18% compared to the same period last year; the number of hospitals entered by peripheral products increased over 20% compared to the same period last year.

International business showed strong growth momentum, up 34.56% compared to the same period last year. Key markets accelerated volume growth, with Europe, Russia-CIS, and Latin America showing outstanding performance.