As listed companies progressively release their 2025 annual financial reports, a detailed analysis of full-dimensional operational data from 2024-2025 for firms such as Huitech Medical, Haohai Biological Technology, and Wandong Medical has been conducted. By April 1st, 17 medical device listed companies had disclosed their annual report data. This analysis comprehensively examines the industry's development landscape across five core dimensions: company scale, R&D investment, profitability, operational efficiency, and talent incentives, identifying top and bottom performers in each metric to provide data support for industry development and investment analysis.

**Company Scale: Medical Consumables Dominate, Shandong Pharmaceutical Glass and Cofoe Medical Lead the Pack** Total employee count serves as a key indicator of production capacity and market reach. Among the 17 companies, medical consumables firms represent a high proportion, with significant disparities in the size of leading companies and notable differences in scale across various segments. The industry's scale structure remained largely stable from 2024 to 2025, with only minor personnel adjustments at some firms. In 2025, the largest companies by scale were all from the medical consumables sector. Shandong Pharmaceutical Glass led the industry with 6,775 employees. Although this represented a slight decrease of 4.79% from 7,116 employees in 2024, it remained the only company with a workforce exceeding 6,000, establishing a significant industry barrier through its scale advantage in pharmaceutical glass consumables production. Cofoe Medical followed with 5,081 employees, an increase of 3.86% from 4,892 employees in 2024, driven by personnel expansion from its omni-channel layout in home medical consumables. Opthalmology ranked third with 3,580 employees, up 4.68% from 3,420 in 2024, with its leading position in the orthokeratology lens segment supporting its scale advantage. The combined workforce of these three leading companies, each exceeding 3,500 employees, accounted for 42.3% of the total employees across the 17 firms. The scale of Shandong Pharmaceutical Glass was 17 times that of the smallest company, highlighting a significant leading-firm effect. The smallest companies by scale were concentrated in niche segments of medical consumables. Aide Technology, Puang Medical, and Haisheng Medical all had fewer than 500 employees. Aide Technology, a small orthopedic consumables company, had the smallest scale due to limitations in its specialized product market. Puang Medical and Haisheng Medical maintained lean staffing as they focus on specific consumable categories, requiring neither large-scale production nor extensive sales teams. From a segment perspective, the average employee count for medical consumables companies was 2,396, which is 1.7 times that of medical equipment companies. In vitro diagnostics companies had the smallest average scale. This reflects the differing personnel requirements based on business attributes: medical consumables require staffing for the entire chain from production and channels to end-users, leading to higher demand, whereas medical equipment emphasizes R&D and technical services, resulting in relatively leaner personnel structures.

**R&D Investment: Sinomedical and Wandong Medical Lead in R&D Intensity, Cofoe Medical and Opthalmology Lag Behind** The ratio of R&D expenses to revenue is a core measure of innovation capability in the medical device industry, directly determining a company's technological barriers in high-end consumables and precision equipment. In 2025, industry R&D investment displayed a divergent pattern, with medical equipment companies showing higher average intensity, leading firms exceeding 20%, and some companies demonstrating insufficient investment. Top R&D investors spanned both the medical consumables and equipment sectors. Sinomedical (medical consumables) ranked first with an R&D expense ratio of 23.33%, an increase of 1.77 percentage points from 21.56% in 2024, driven by increased R&D investment for technological iteration in high-end interventional consumables like coronary stents. Wandong Medical (medical equipment) followed with 19.54%, up 1.33 percentage points from 18.21% in 2024, with R&D innovation driven by demand for domestic substitution in medical imaging equipment. Huitech Medical (medical consumables) ranked third at 14.12%, essentially unchanged from 14.06% in 2024, with R&D investment supported by technological upgrades in vascular interventional consumables. Companies with the lowest R&D investment were concentrated in the medical consumables sector. The R&D expense ratios for Opthalmology, Cofoe Medical, and Shandong Pharmaceutical Glass were all below 4%. As a leader in orthokeratology lenses, Opthalmology's R&D investment is relatively low due to the high maturity of its product technology. Cofoe Medical's focus on basic home consumables, which have low technological barriers, results in limited R&D needs. Shandong Pharmaceutical Glass, with its mature production processes for pharmaceutical glass, concentrates R&D investment on capacity optimization rather than technological innovation. By segment, the average R&D expense ratio for medical equipment companies was 1.6 times that of medical consumables companies. In vitro diagnostics companies were at a medium level. This reflects that the high technical complexity and rapid update cycles of medical equipment create a significantly higher demand for R&D investment compared to medical consumables.

**Profitability: Guanhao Biotech and Furei Medical Lead in Gross Margin, Wandong Medical and Zhongke Meiling Face Pressure** Sales gross margin and the ratio of operating cash flow to revenue together form the profitability evaluation system. The former reflects product value-add and pricing power, while the latter indicates profit quality and cash realization capability. In 2025, industry profitability showed that medical consumables generally outperformed medical equipment, leading companies achieved gross margins over 70%, and some firms experienced cash flow constraints. Guanhao Biotech led with a gross margin of 77.13%, an increase of 1.92 percentage points from 75.21% in 2024, supported by the high technological barriers of its biological regeneration materials. Furei Medical followed with 74.97%, up 1.12 percentage points from 73.85% in 2024, benefiting from high pricing power due to the scarcity of its liver diagnostic equipment. Huitech Medical ranked third at 72.88%, an increase of 1.32 percentage points from 71.56% in 2024, with its gross margin uplift driven by technological advantages in vascular interventional consumables. All three companies boasted gross margins exceeding 72%, far above the industry average. In contrast, Wandong Medical had the industry's lowest gross margin at 26.56%, a decrease of 1.56 percentage points from 28.12% in 2024, as fierce competition in the medical imaging equipment market increased pricing pressure. Shandong Pharmaceutical Glass followed with 33.31%, down 1.21 percentage points from 34.52% in 2024, with its profit margin compressed due to severe product homogenization in pharmaceutical glass. Zhongke Meiling ranked third from the bottom at 36.12%, a decline of 1.73 percentage points from 37.85% in 2024, primarily due to rising costs for low-temperature storage equipment dragging down its gross margin. Top performers in cash flow were concentrated in the medical consumables sector. Opthalmology led with a cash flow to revenue ratio of 39.23%, an increase of 1.67 percentage points from 37.56% in 2024, with rapid cash collection facilitated by the prepayment model for orthokeratology lenses. Huitech Medical followed at 37.45%, up 1.63 percentage points from 35.82% in 2024, benefiting from high collection efficiency from medical institution clients. Haisheng Medical ranked third at 34.20%, an increase of 2.05 percentage points from 32.15% in 2024, achieving stable cash flow through its precise positioning in niche consumables. Companies with the weakest cash flow performance were primarily in medical equipment. Wandong Medical's cash flow to revenue ratio was negative, worsening from -15.32% in 2024, due to accounts receivable buildup from long payment terms on equipment sales. The ratios for Zhongke Meiling and Haier Bio were below 12%, decreasing by 2.15 and 1.82 percentage points respectively from 2024, as the large procurement model for medical equipment impacts cash realization efficiency.

**Operational Efficiency: Zhongke Meiling and Haisheng Medical Have Fastest Turnover, Weigao Orthopedics and Guanhao Biotech Are Less Efficient** The operating cycle reflects capital turnover efficiency. A shorter cycle indicates stronger inventory management and accounts receivable collection capabilities, which is crucial for the cash-flow-dependent medical device industry. In 2025, industry operational efficiency showed divergence, with medical equipment companies having shorter average cycles, leading firms under 70 days, and some companies exceeding 490 days. Zhongke Meiling led with the shortest operating cycle of 66.53 days, a reduction of 5.62 days from 72.15 days in 2024, driven by improved turnover efficiency from standardized production and rapid delivery models for low-temperature storage equipment. Haisheng Medical followed at 152.80 days, shortened by 12.52 days from 165.32 days in 2024, reducing capital occupation through precise inventory management for niche consumables. Haier Bio ranked third at 158.48 days, shortened by 10.27 days from 168.75 days in 2024, optimizing turnover efficiency through its build-to-order production model for vaccine storage equipment. The least efficient companies were concentrated in the medical consumables sector. Weigao Orthopedics had the longest operating cycle at 494.68 days, extended by 16.43 days from 478.25 days in 2024, due to long production cycles for orthopedic implant consumables and slow post-operative follow-up payments leading to high capital occupation. Guanhao Biotech followed at 369.00 days, extended by 16.85 days from 352.15 days in 2024, affected by lengthy quality testing cycles for biological regeneration materials. Aide Technology ranked third from the bottom at 321.77 days, extended by 13.25 days from 308.52 days in 2024, with efficiency hampered by insufficient supply chain management capabilities typical of smaller companies. By segment, the average operating cycle for medical equipment companies was 182.54 days, which is 28.9% shorter than the 255.70 days for medical consumables companies. This indicates that the build-to-order production model of medical equipment is more conducive to improving turnover efficiency compared to the large-scale inventory model common in medical consumables.

**Talent Incentives: Furei Medical and Wandong Medical Lead in Compensation, Cofoe Medical and Shandong Pharmaceutical Glass Offer Lower Pay** Average salary per employee reflects a company's attractiveness to talent, which is crucial for the R&D and technical service-dependent medical device industry. In 2025, industry talent incentives showed a divergent pattern, with medical equipment companies offering higher average salaries, leading firms exceeding 420,000 RMB, and some companies below 120,000 RMB. Most companies achieved salary growth from 2024 to 2025. The highest-paying companies were all from the medical equipment sector. Furei Medical led with an average salary of 613,800 RMB per employee, an increase of 2.15% from 600,900 RMB in 2024, driven by the demand for high-end technical talent in liver diagnostic equipment. Wandong Medical followed with 425,900 RMB, a significant increase of 6.16% from 401,200 RMB in 2024, reflecting strong salary competitiveness for its R&D teams in medical imaging equipment. Haohai Biological Technology ranked third with 322,900 RMB, essentially unchanged from 323,800 RMB in 2024, offering favorable compensation for specialized technical talent in ophthalmic consumables. The lowest-paying companies were concentrated in the medical consumables sector. Cofoe Medical had the lowest average salary at 117,100 RMB, an increase of 4.09% from 112,500 RMB in 2024, with limited salary levels due to a high proportion of production personnel focused on home consumables. Shandong Pharmaceutical Glass followed with 118,800 RMB, a slight increase of 1.02% from 117,600 RMB in 2024, with weak salary competitiveness for its production workers. Opthalmology ranked third from the bottom at 122,300 RMB, an increase of 2.09% from 119,800 RMB in 2024; although a segment leader, its high proportion of sales personnel pulled down the average salary. By segment, the average salary per employee for medical equipment companies was 360,200 RMB, which is 1.88 times the 191,900 RMB average for medical consumables companies. This reflects that the high technical complexity of medical equipment creates a more urgent demand for high-end talent, resulting in significantly higher salary competitiveness compared to the medical consumables sector.