Despite the significant uncertainty brought about by the current tariff issues, the industry still hopes to see more merger and acquisition transactions in fields such as orthopedics and interventional cardiology; major merger targets are expected to gradually shift towards publicly listed companies. Recently, the ranking of the top 100 global medical device companies was released. Based on the 2024 annual revenue, Medtronic ranked first with a revenue of $33 billion; Johnson & Johnson ranked second with a revenue of $30.4 billion; Abbott and Danaher followed closely with revenues of $27.9 billion and $24 billion, respectively. Other medical device companies in the top ten include Stryker, Siemens Healthineers, BD Medical, GE Healthcare, and Philips, all with revenues around $20 billion. In recent years, mergers and acquisitions in the medical device sector have driven the trend of "the strong getting stronger" among giant companies, benefiting from the ample cash flow of large enterprises. By acquiring and integrating a significant number of innovative technologies, medical device giants have further solidified their positions in certain specific fields. In 2024, Johnson & Johnson announced two major acquisitions, purchasing cardiovascular medical device company Shockwave for $13.1 billion and atrial shunt manufacturer V-Wave for $1.7 billion. Medtronic acquired Fortimedix Surgical, an innovative medical device company in the endoscopy field. BD Medical acquired the entire line of critical care products from Edwards Lifesciences for $4.2 billion in cash. Since 2025, the enthusiasm for mergers and acquisitions among major medical device companies has not waned. In January of this year, orthopedic giant Stryker announced its acquisition of venous thromboembolism (VTE) medical device company Inari Medical for a total cash consideration of $4.9 billion; Siemens Healthineers completed the acquisition of industrial simulation and analytics software provider Altair for $10 billion; Medtronic acquired part of the intellectual property used for the development of the next-generation PEEK intervertebral fusion devices from Nanovis, a nano-surface technology supplier; Medtronic also increased its investment in Contego Medical, a provider of blood revascularization therapy solutions. Despite the current tariff issues bringing significant uncertainty to the industry, there is still anticipation for more mergers and acquisitions. As the U.S. IPO market warms up, the motivation for private companies to be acquired may decrease, and the share prices of listed companies are far from reaching their peak. It is expected that major M&A targets will gradually shift towards listed companies in the future. Regarding the popular acquisition targets in the medical device industry, analysts believe that as more large medical device companies bet on the peripheral vascular market, leading companies in this field are worth paying attention to; surgical robots remain a hot sector that requires significant investment in research and development, and private companies urgently need the resources of large companies to survive; in addition, fields such as orthopedics and interventional cardiology will continue to be "strategic tracks." Johnson & Johnson expects to continue expanding its interventional cardiology product portfolio. Tim Schmid, the global chairman of Johnson & Johnson MedTech, stated last year that the company would triple its market size through acquisitions. Johnson & Johnson CEO Joaquin Duato has invested over $30 billion in mergers and acquisitions for the company's medical technology business within less than two years of taking office. In addition to the acquisition of Shockwave, Johnson & Johnson has also acquired artificial heart manufacturer Abiomed and heart implant developer Laminar in the past two years. Du Anqing previously stated that the company will continue to maintain its momentum in mergers and acquisitions, including small acquisitions and large deals, in order to achieve long-term growth. This is related to Johnson & Johnson's strong cash flow and balance sheet. Although the company mentioned in its recent quarterly financial report that its medical technology business might face a profit loss of $400 million in the fiscal year 2026 due to tariffs, industry insiders believe that Johnson & Johnson still has considerable flexibility to consider various types of transactions. "A company's abundant cash flow is the foundation for carrying out M&A transactions," Shen Yi, Danaher's Global Vice President and Head of Strategic Investment and M&A for the Asia-Pacific region, told the First Financial Daily. He also mentioned that Danaher's cash flow has exceeded the company's profits almost every quarter over the past decade. "In over 400 M&A transactions in its past history, Danaher has made all acquisitions except for one mega deal valued at $200 billion in cash, with 85% of its cash being used for acquisitions," said Shen Yi. Medtronic CEO Geoff Martha has indicated that the company will adopt a "top-down" precision strategy, focusing on small-scale acquisitions. Martha did not disclose specific targets, but he emphasized the importance of small acquisitions and portfolio management. Boston Scientific Corporation has also been quite active in mergers and acquisitions over the past year, benefiting from its relatively strong profit margins in recent years. Analysts predict that the company's PFA pulsed field ablation product, Farapulse, will drive continued profit growth in 2025. In 2024, Farapulse's annual revenue exceeded $1 billion.

Recently, Abbott released its Q1 2025 earnings report, with total revenue of $10.36 billion, a year-on-year increase of 4.0%. However, behind this seemingly steady report lie hidden concerns. The company's CEO, Robert Ford, warned investors during the earnings call that the U.S. government's additional tariffs on China would result in a loss of "hundreds of millions of dollars" for the company throughout the year, with the medical device business being the hardest hit. This statement confirms Barclays Bank's previous analysis - although Abbott is relatively less affected among top medical device companies, the field of medical devices still faces dual pressures of supply chain restructuring and rising costs.   01 leads the way, translates to "leads the way" or "takes the lead" in this context. Diagnostic services lag behind Abbott delivered a report card of "steady growth + improved profitability" in the first quarter of 2025. Total revenue: $10.36 billion, an increase of 4.0% year-over-year; excluding the COVID-19 testing business, organic growth was as high as 8.3%. Core Business Performance: Medical Devices: Revenue of $4.895 billion (accounting for 47% of total revenue), a year-over-year increase of 9.9%, with organic growth of 12.6%. Notable contributions from sub-segments such as Diabetes Management (+21.6%) and Structural Heart Disease. Nutrition business: Revenue of $2.146 billion, global organic growth driven by adult nutrition products Ensure® and Glucerna® by 8.7%. Diagnostic business: Revenue was $2.054 billion, a year-over-year decrease of 7.2%. Excluding COVID-19 testing revenue (which amounted to only $84 million), the core laboratory business barely achieved a 0.5% growth. Significant regional differentiation: The U.S. market grew by 8.4%, far exceeding the 1.2% growth of international markets. Particularly in the medical device sector, the growth rate in the U.S. (such as +27.1% for diabetes care business) was significantly higher than the global average. Profitability Optimization: Gross margin increased to 52.8%, and adjusted net profit grew by 10.9% year-over-year to reach $1.919 billion. This performance was driven by effective cost management and strong sales of high-margin products, such as the FreeStyle Libre® continuous glucose monitoring system.   02 Tariff Impact: Medical devices become a "disaster zone." Although Abbott's financial report performance is impressive, the "approaching tariff threat" it faces cannot be ignored, and Ford clearly outlined the specific impact pathway of this challenge. In the Sino-US tariff game, latest developments show that the Trump administration is planning to impose a 245% tariff on China, with medical devices not being exempted. Given that Abbott's revenues are about 45% reliant on the medical device sector, this means that its supply chain and export costs in the Chinese market will face significant pressure. At the same time, import restrictions implemented by Canada and Mexico, along with tariffs on steel and aluminum policies internationally that have created regional retaliatory tariffs, have further driven up the cost of raw materials. Due to the long production cycle of medical equipment and the fact that contract prices are often locked in, companies cannot resolve impacts in the short term by raising prices or transferring costs. From a potential risk perspective, if the tariff costs are entirely borne by the company, Abbott's medical device business, which currently has a gross margin of about 60%, may face the risk of decline; emerging markets such as Asia and Latin America, which rely on low-price strategies to open up markets, may also lose competitiveness due to rising costs.   03 5 Invest $500 million to build a factory in the U.S., what's the goal? To withstand the impact of the tariff storm, Abbott has unveiled two core strategies. Firstly, the construction of a distributed production network is carried out with 90 production bases to create an "anti-risk moat". CEO Ford uses FreeStyle Libre® as an example to explain the layout logic, stating that 2 factories in the United States serve domestic demand, and 4 other bases cover the global market. If all production capacity were concentrated in Southeast Asia or Europe, the risk would be uncontrollable. The strategy reduces reliance on a single supply chain through localized production, such as specializing in glucose monitoring sensors at the Irish factory and focusing on regional demand at the Chinese facility. Simultaneously, it implements redundancy by backing up critical components across multiple regions to ensure stable supply amid sudden tariffs or geopolitical conflicts. Secondly, to promote the expansion of production in the United States, Abbott announced two key investments, investing $500 million in the expansion of factories in Illinois and Texas, adding 300 new jobs, focusing on enhancing the research and development and production capacity of blood transfusion equipment. The main goal is to reduce dependence on imports through local production and strive for policy preferences brought by the "Made in USA" label. In the short term, this plan can reduce reliance on imported components and directly avoid cost pressures brought by Sino - US tariffs; in the long term, it focuses on the research and development and production of high - value - added products such as cardiovascular devices, consolidating its technological barriers and industry leadership in the high - end medical device field. However, the production cost in the United States is significantly higher than that in Asian regions, which may weaken the price competitiveness of products. Moreover, the construction cycle of the factory is relatively long, and it will not be put into operation until the end of 2025. In the short term, tariff pressure still needs to be borne. In terms of short-term buffer measures, Abbott opted to increase inventory of key raw materials, but Ford also warned that "hoarding is not a sustainable solution," while jointly lobbying with industry group AdvaMed to seek tariff exemptions for medical devices, despite slim chances of success.   04 No one was spared. Leading companies collectively under pressure Amid the ongoing impact of the tariff storm, leading companies in the global medical equipment sector are all affected, collectively bearing immense pressure. Johnson & Johnson (JNJ.US) warned in its financial report that by 2026, its tariff losses will reach $400 million, with the medical device division being hit the hardest. The main issues Johnson & Johnson faces are twofold: first, it is difficult to adjust the supply chain, as medical equipment transportation contracts have already locked in prices, making it hard to flexibly adjust costs in response to tariff changes in the short term; second, geopolitical risks are compounded, with Sino-American tariff conflicts being the primary source of losses, while retaliatory tariffs from Mexico and Canada add further pressure. In terms of strategy, Johnson & Johnson and Abbott show clear differences: Johnson & Johnson relies more on “acquisition + restructuring” to optimize its business (for example, by acquiring Abiomed to strengthen its cardiovascular sector), but it has relatively fewer proactive measures in response to tariff impacts; Abbott, on the other hand, places greater emphasis on enhancing the flexibility of its production network, reducing risks by diversifying its capacity layout. From an industry-wide perspective, this phenomenon conveys two important signals: for companies that struggle to pass on tariff costs to downstream entities, long-term profit margins may continue to erode; meanwhile, possessing a globalized supply chain layout and flexible adjustment capabilities is increasingly becoming a critical survival skill for leading enterprises to navigate geopolitical risks. In response to tariff shocks, Abbott has built a distributed network with 90 production bases, such as the decentralized production of FreeStyle Libre across 6 locations to reduce risks. At the same time, it has invested $500 million to expand its domestic U.S. factories, attempting to hedge tariffs through local production. However, high domestic costs and long construction cycles still put pressure on it in the short term. Within the industry, Chinese companies like Mindray are capturing market share with their local supply chains, accelerating the restructuring of the global medical device supply chain. As Ford said, tariffs are driving the medical industry towards Globalization 2.0, and companies need to find a new balance between technological barriers and cost control.

In April 2025, two of the world's leading medical device giants, Johnson & Johnson and Abbott, announced their financial reports for the first quarter. Although both companies revealed the impact of tariffs on their finances in the reports, they still maintained growth and demonstrated different coping strategies. The performance of these companies not only reflects the complexity of the global medical device industry but also shows the adaptability of multinational companies in the face of external pressures such as the China-U.S. trade war.   01 Johnson & Johnson: Steady Growth Tariff pressure resulted in a loss of 400 million dollars. Johnson & Johnson's Q1 2025 earnings report shows the company's total revenue reached $21.9 billion, a year-over-year increase of 2.4%. The performance of the medical technology division was particularly impressive, with revenue reaching $8.02 billion, a year-over-year increase of 2.5%. Among this, the cardiovascular business stood out, with sales reaching $2.1 billion, a year-over-year increase of 16.5%. However, despite the strong performance, Johnson & Johnson still faces significant tariff challenges and is expected to suffer a financial loss of $400 million in 2025 as a result.   Joseph Wolk, Chief Financial Officer of Johnson & Johnson, stated that this loss was mainly due to the high tariffs imposed by the U.S. on Chinese medical device exports and China's retaliatory tariffs on American products. Johnson & Johnson is mitigating this impact through price adjustments and cost pass-throughs, but the adjustment space is limited due to existing medical device contracts. Nevertheless, Johnson & Johnson has maintained its financial outlook for 2025 and plans to reduce future tariff impacts by restructuring its operations and optimizing production bases.   02 Abbott: Global Layout and Short-term Response Strategies Similar to Johnson & Johnson, Abbott also announced impressive financial results in the first quarter of 2025. The company's overall revenue was $10.36 billion, a year-on-year increase of 4%. Medical device sales were $4.9 billion, a year-on-year increase of 9.9%. Nevertheless, Abbott's CEO, Robert Ford, clearly stated in the earnings call that he expects tariffs to have a "hundreds of millions of dollars" negative impact on the company, mainly in the U.S. and Chinese markets. Ford further pointed out that Abbott's estimated tariff costs are about $300 million, close to Johnson & Johnson's estimated $400 million. Unlike Johnson & Johnson, Abbott has adopted a more proactive regional production layout and short-term relief plans. The company announced it will invest $500 million in Illinois and Texas to expand its manufacturing and R&D base for blood and plasma screening equipment. This investment not only helps Abbott diversify risks and mitigate the impact of tariffs on production, but also demonstrates the company's balanced approach between globalization and localization.   03 Tariff Impact: Global Medical Devices Challenges and Opportunities in the Industry As Sino-US trade friction intensifies, the global medical device industry is facing unprecedented challenges. The tariffs imposed by the United States on Chinese medical devices, particularly in high-end equipment such as CT and MRI imaging devices, have led to a significant increase in procurement costs. Additionally, tariffs on key components such as CT tubes and superconducting magnets have put considerable pressure on companies with high import reliance. For Chinese medical device companies that rely on the US market, tariffs have exacerbated their market challenges. Meanwhile, domestic medical device companies see an opportunity to catch up. Companies like Mindray and United Imaging have increased their R&D investments, driving technological innovation, and have gradually replaced some of the high-end equipment market share. For international giants, maintaining competitiveness, reducing costs, will be the core tasks in the coming years amid this global trade war.   04 Coping Strategy: Dual Layout of Globalization and Localization Facing tariff pressure, Johnson & Johnson and Abbott have adopted different but complementary strategies. Johnson & Johnson focuses on mitigating the rise in costs through price adjustments, optimizing production bases, and business restructuring, maintaining competitiveness in the global market. Abbott, on the other hand, has strengthened the global supply chain's risk resistance through a distributed production network and regional layout. The company has not only increased investment in the United States but also actively promoted the expansion of global production bases to cope with long-term tariff policy changes. Moreover, both Johnson & Johnson and Abbott are actively cooperating with industry organizations to seek tariff exemptions, but they remain cautious about the likelihood of success. Both companies have stated that once tariffs are implemented, they are difficult to retract. This historical experience has prompted them to place greater emphasis on adjusting their long-term strategies.   05 Conclusion: Globalization Challenges and Opportunities for Multinational Enterprises Overall, Johnson & Johnson and Abbott achieved steady growth in their Q1 financial reports despite the impact of tariffs. Through different coping strategies, the two giants demonstrated how they adjusted their strategies in the complex environment of globalization and localization to mitigate the negative effects of tariffs. Although tariff pressure poses challenges for global medical device companies in the short term, it also creates new opportunities for localized production, technological innovation, and supply chain optimization. As the China-US trade friction continues to develop, multinational companies will have to constantly adjust their strategies to maintain a competitive edge in the global market. For domestic companies, this is a good opportunity to accelerate innovation and promote domestic alternatives.

On April 16, 2025, Illumina announced through an internal email a global workforce reduction of approximately 3.5% to advance its $100 million cost-cutting target. Based on the employee count of 8,970 at the end of 2024, this layoff affects over 300 people. Illumina's layoffs are not an isolated incident, but part of a series of adjustments made in recent years. Since 2022, the company has implemented several layoff plans. In 2022, Inmune announced a large-scale layoff, reducing approximately 500 employees globally, accounting for 5% of its total workforce. This layoff is seen as an important measure for Inmune to cope with cost pressures and changes in the industry. 2023 Multiple rounds of layoffs: Due to continued optimization of personnel structure at Meina, the specific number of layoffs has not been disclosed, but it involves multiple departments and regions. In 2024, California Layoffs: Illumina terminated the positions of approximately 50 employees in California, signaling further adjustments in its U.S. domestic market. In February 2025, 96 employees were laid off, mainly at the headquarters in San Diego, indicating that Illumina is still continuously optimizing its internal resource allocation. This round of layoffs is Illumina's second layoff action after the major layoffs in February this year, but details such as specific layoff regions have not been disclosed yet. It remains unclear whether the layoffs are related to the business reduction caused by being included in the unreliable entity list by China's Ministry of Commerce. On April 15, Jacob Thaysen, CEO of Illumina, stated during an interview at the 2025 Abu Dhabi Global Health Week that China remains a very significant market force, and they are exploring ways to bring gene sequencers back to China. Jacob Thaysen emphasized in the above interview, "Our products are currently on the unreliable list, which means we cannot sell instruments to China. However, we will continue to provide consumables support to all our Chinese customers, especially Chinese patients who need high-quality sequencing to receive the right treatment." Due to its long-term monopoly in the global gene sequencing market, Illumina is also known as the "Google" of the genetic technology industry. Public information shows that Illumina was founded in 1998 and is headquartered in the United States. As a leading company in the global gene sequencing field, its business covers oncology, genetics and infectious diseases, reproductive health, and other areas, with core products including high-throughput gene sequencers and gene chips. Since entering the Chinese market in 2005, Illumina has held a significant position in China's gene sequencing instrument market. According to financial report data, in 2024, Illumina's revenue in China reached 2.2 billion yuan, with instrument revenue accounting for 20%-30% of the total. On February 4, China's Ministry of Commerce announced in a statement that Illumina was included in the "Unreliable Entities List" due to its violation of normal market transaction principles, interruption of normal transactions with Chinese enterprises, and discriminatory measures against Chinese enterprises, which severely harmed the legitimate rights and interests of Chinese enterprises. It was also revealed by industry insiders that Meina suddenly interrupted cooperation with several Chinese biopharmaceutical companies under the pretext of "supply chain security review," even seizing already paid orders, which caused dozens of domestic cancer early screening and genetic disease research projects to be forced to halt. The day after being included in the list, Illumina issued a statement saying that the company was "conducting a detailed assessment of the impact of the relevant matters and actively seeking solutions," while emphasizing that it "always adheres to market-oriented and rule-of-law principles in its global operations." On March 4, the Chinese Ministry of Commerce announced the inclusion of the American company Illumina on the unreliable entity list and prohibited it from exporting gene sequencing instruments to China. This decision takes effect immediately upon announcement. On March 11, Illumina responded to the aforementioned announcement, stating that it fully respects the decision of China's Ministry of Commerce and will continue to operate globally in accordance with market-oriented and legal principles, strictly complying with the laws and regulations of all countries or regions where it operates, including China. In addition, Ankur Dhingra, the Chief Financial Officer of Mena, stated, "Our new guidance for fiscal year 2025 indicates that revenue contributions from China will be relatively limited, and we expect the current macro trends to persist." In addition, Inmune has revealed that the company is developing an incremental cost reduction plan of about $100 million for the fiscal year 2025. These savings will help mitigate the impact of various potential scenarios related to the decline in revenue and associated operating income from its Greater China business. On April 8, the 91st China International Medical Equipment Fair (CMEF) grandly opened at the National Exhibition and Convention Center (Shanghai), but Illumina did not attend the exhibition. It is widely believed that Illumina's absence may be related to its inclusion on the "Unreliable Entity List." On the other hand, the industry generally believes that the ban on Illumina's export of gene sequencers to China is expected to accelerate the domestication process of China's gene sequencer market. A pharmaceutical researcher told the media in an interview that leading domestic companies such as MGI Tech and Genemind Biotech will benefit from this. For BGI Genomics, the ban on high-end products imported from the United States makes it easier for domestic equipment to enter the market, boosting performance recovery, while also buying time for the research and development of a new generation of high-throughput sequencing devices. According to media reports, in fact, some customers of Illumina have begun to switch to choose domestic options. Peking Union Medical College Hospital announced in April 2025 that it would suspend its collaboration with Illumina on a rare disease genomic program and instead adopt the BGI Genomics DNBSEQ-T20 sequencing platform. The contraction of Illumina's business in the Chinese market had already become evident in previous years. According to financial reports, Illumina's market share in China's gene sequencing instrument and consumables market, calculated by annual revenue, has declined from 64.50% in 2021 to 54.2% in 2023. Additionally, according to data from CIC, in 2023, MGI's market share in China has reached 47.3%, breaking Illumina's domestic monopoly.

01 Abbott CEO: Tariff shock could reach hundreds of millions of dollars. Yesterday (April 16, 2025), global medical device giant Abbott revealed in a earnings call that the company expects the tariff policies this year to impact the company by “hundreds of millions of dollars.” Although Abbott did not provide a breakdown of the tariff costs, according to Vijay Kumar, an analyst at the well-known global investment bank Evercore ISI, it is estimated that tariffs will have a negative impact of approximately $300 million (equivalent to about 2.2 billion yuan) on Abbott this year. Among them, the U.S. and Chinese markets will be the main pressure points. Reuters reported that China is the primary source of raw materials for the pharmaceutical and medical device industries. It is worth noting that just one day before Abbott disclosed this information, a senior executive at Johnson & Johnson also publicly stated that the increase in global tariffs would exacerbate the company's financial losses by $400 million (approximately 3 billion RMB), with 70% of the tariff costs stemming from medical device exports to China.   02 "Tackle challenges with a two-pronged approach" 3.65 billion yuan to enhance distributed network layout Faced with this situation, Abbott has initiated a short-term contingency plan and is leveraging its global network of 90 production bases to seek buffer space. Abbott also announced an investment of $500 million (approximately RMB 3.65 billion) in manufacturing and research projects in Illinois and Texas to produce equipment for screening blood and plasma donations. These projects are expected to be operational by the end of this year and will help Abbott mitigate the potential impact of the high tariffs imposed by President Donald Trump on China. Abbott CEO Robert Ford emphasized in the meeting that the company has established a "distributed production network" to mitigate risks through global supply chain optimization. Although Abbott is actively lobbying alongside the medical device industry association AdvaMed, he admitted to having "low expectations" for obtaining tariff exemptions. Citing the China tariff policies during Trump's first term, he noted, "Historical experience shows that once tariffs are imposed, they are difficult to roll back." Financial report data show that, excluding the impact of exchange rate fluctuations and the decline in COVID-19 testing business, Abbott's global sales in the first quarter of 2025 increased by 8.3% year-on-year to 10.36 billion US dollars. The company reiterated its full-year financial targets: revenue growth of 7.5%-8.5%, and adjusted earnings per share of $5.05-$5.25. Ford stated, "Before the tariffs were implemented, we had considered raising our earnings forecast. However, under the current circumstances, maintaining the original guidance already reflects the company's confidence." On that day, Abbott's stock price rose by 6% in early trading. Abbott's response strategy this time is a portrayal of how multinational medical device companies adapt to the squeeze between the waves of globalization and localized demands. As the China-U.S. trade friction continues, multinational companies are seeking a balance between political risks and market efficiency through measures such as regionalized production capacity layout and diversified supply chain construction.

Yesterday (April 15, 2025), executives at Johnson & Johnson stated in the company’s first-quarter earnings report that they expect the anticipated increase in global tariffs to result in a $400 million (approximately RMB 3 billion) financial hit for the company, with as much as 70% of this tariff impact coming from medical devices the company exports from the U.S. to China. Image source: Yahoo Finance In terms of revenue performance, Johnson & Johnson reported revenue of $21.9 billion in the first quarter, exceeding Wall Street's expectations by 1.4%. Adjusted earnings per share were $2.69, surpassing Wall Street's expectations by 6.7%. Amid mixed sentiments, Johnson & Johnson's stock fell less than 1% on the day. 01 Johnson & Johnson: Expected to incur a loss of 3 billion. 70% of medical device products exported from the United States to China Johnson & Johnson CFO Joseph Wolk said that based on the tariffs on goods and raw materials formally announced by the Trump administration so far and the retaliatory measures taken by the international community, the company's medical technology sector will bear the brunt of the burden. "I don't want to be cavalier about the $400 million," Wolk said on the investor call. "It's a program that phases in, and as that comes in, most of that will be capitalized into the cost of the goods," he added. "So that will come onto the balance sheet as inventory and come through the P&L over future periods." Wolk stated that this estimated figure takes into account the impact of import tariffs on products manufactured in Canada and Mexico that are not covered by the North American trade agreement, as well as the impact of international steel and aluminum tariffs— the latter having "a very small degree of influence." He said, "This includes tariffs on China and China's retaliatory tariffs. In terms of that $400 million, it might be the highest amount among all the tariffs. Therefore, what needs to be clarified to everyone is that this refers to American-origin products shipped to China - this could be the most severe punitive factor." CEO Joaquin Duato said that if the Trump administration's goal is to increase domestic production, imposing tariffs on medical products is not the right approach, and warned that these tariffs could "cause supply chain disruptions, leading to shortages." Duato stated, "If you want to establish manufacturing capabilities in the medical technology and pharmaceutical sectors in the United States, the most effective answer is not tariffs, but tax policies." "In fact, since President Trump's tax reform in 2017, investment in medical technology and pharmaceuticals has increased significantly," he added, citing Johnson & Johnson’s plan announced last month to increase its U.S. investment by 25%, equivalent to over $55 billion in investments over four years, including building a new biologics factory in North Carolina. " As for the future development direction, Wolk said that due to the fact that the contract for the transportation of medical equipment has been signed, the company's ability to mitigate the impact of tariffs by adjusting prices and passing on costs is "very limited". "We know that these tariffs are very unstable," said Wolk. "Our responsible action now is to quantify the impact we anticipate for 2026, and then see if it aids in negotiations with other countries, as well as what actual changes will occur by the second half of 2025." Following its recent financial guidance, the company's acquisition of Intra-Cellular Therapies and its Caplyta therapy for treating schizophrenia and bipolar disorder for $14.6 billion slightly raised its projected operational sales from $913 billion to $920 billion in January. 02 Continue to streamline and focus strategically, The orthopedic department is about to conclude its two-year restructuring plan. In the first quarter of this year, Johnson & Johnson's total sales reached $21.9 billion, reflecting a 4.2% growth compared to the beginning of 2024 after accounting for international currency fluctuations. This includes $8 billion in global medical technology revenue, with an adjusted growth rate of 4.1%. Duato attributed part of these gains to its acquisitions of Abiomed and Shockwave in the cardiovascular disease field, as well as its surgical vision and wound closure businesses. Moreover, after Johnson & Johnson paused the launch of its Varipulse pulsed field ablation system in the U.S., the company has now completed 5,500 procedures globally as cases resumed in February, he said. However, this performance was somewhat offset by one-time costs in its orthopedic division, which is nearing the end of a two-year restructuring plan aimed at exiting lower-margin areas. Meanwhile, Wolk stated that the company is implementing a similar plan to narrow the focus of its surgical business. "We are focusing on portfolio refresh, with plans to exit certain non-strategic product lines on a global basis and optimize selected sites across our network," Wolk said. "We anticipate minor short-term fluctuations in surgical revenue over the next two years, totaling approximately $250 million, but these initiatives will strengthen our ability to accelerate growth and enhance profitability. The project is expected to be completed by 2027, with an estimated cost of approximately $900 million."

On April 8th, at the 91st China International Medical Equipment (Spring) Expo (CMEF), the international independent third-party testing, inspection, and certification organization TÜV Rheinland Greater China (referred to as "TÜV Rheinland") awarded Yinkang Life's Haier Biomedical medical low-temperature preservation box and blood refrigerator two types of products with the notified body certificate based on the EU Medical Device Regulation (Regulation(EU)2017/745, referred to as MDR). This is also the global first medical low-temperature storage equipment product MDR notified body certificate issued by TÜV Rheinland. Haier Biomedical General Manager Liu Zhanjie, TÜV Rheinland Greater China Medical Device Service Vice President Geng Wen and other representatives from both sides attended the certificate awarding event. Haier Biomedical has been awarded the world's first EU MDR certificate for medical low-temperature storage equipment. The acquisition of the EU MDR certificate signifies that Haier Biomedical's medical refrigeration storage equipment-related products have met international standards in terms of safety, efficacy, and lifecycle management. This not only fulfills the latest entry requirements for the EU market but will also expedite the registration process in regions such as Southeast Asia, the Middle East, and Africa. Currently, Haier Biomedical has accelerated its advancement into a new stage of its international strategy, setting a new benchmark for high-quality overseas expansion in the medical device industry. Obtained EU MDR certification, quality and technical standards in line with international standards Medical low-temperature storage equipment is specialized equipment used for storing tissues, cells, vaccines, blood, and blood products. In recent years, with the development of life sciences and biotechnology, there has been an increasing demand for precise and professional storage equipment, driving continuous growth in the medical low-temperature storage market. MDR compliance certification is a requirement for medical device products to enter the EU market, imposing higher requirements on product performance safety, pre-market clinical evaluation, clinical data collection, and post-market market surveillance, vigilance systems, and regulation. As the industry leader, Haier Biomedical has ( scientific and technological independent innovation) since its inception. As early as 2006, it independently broke through the key core technologies in the field of biological medical low-temperature refrigeration, achieving the localization of such equipment, and was awarded the Second Prize of National Science and Technology Progress in 2013. At the same time, to enhance industrial standard levels, Haier Biomedical took the lead in formulating China's first national standard for low-temperature storage boxes and is currently taking the lead in advancing the first IEC international standard project for medical low-temperature storage boxes, thus forging a path from technological breakthroughs to standard leadership. TÜV Rheinland Group is an internationally renowned third-party inspection, testing, and certification institution with strong professional testing capabilities and rich international certification experience in the medical device sector. Products that pass TÜV Rheinland certification represent high quality and reliability. Note: There was a segment in Chinese characters that did not translate seamlessly into English due to a potential typo or formatting issue. The direct translation of "" is included in parentheses for clarity. In this case, where there were no precedents for domestic medical refrigeration equipment receiving EU MDR certification, Haier Biomedical completed all necessary preparations including product testing, software assessment, cybersecurity testing and review, usability review, clinical evaluation, and MDR quality system construction. They successfully passed the EU MDR audit. It is understood that medical devices with EU MDR certification can simplify registration processes in other overseas markets such as Southeast Asia, the Middle East, and Africa due to their international recognition, reducing duplicate tests and documentation, thereby significantly accelerating relevant registration processes and helping companies quickly enter emerging markets. Liu Zhuanjie, General Manager of Haier Biomedical, stated that the EU MDR certificate is a significant manifestation of Haier Biomedical's commitment to technological innovation and quality-first principles. It plays a crucial role in accelerating the high-quality globalization of their "product + solution." Taking this opportunity, Haier Biomedical will provide high-quality solutions to medical institutions and research units in more countries, promoting the high-quality development of domestic medical devices in the international market, and contributing Chinese wisdom and strength to the construction of a global health community. Geng Wen, Vice President of TÜV Rheinland Greater China Medical Device Services, stated that the two products, medical low-temperature preservation boxes and blood refrigeration boxes, have passed the EU MDR certification. This not only highlights the technical strength of Haier Biomedical but also signifies a crucial step for Chinese intelligent manufacturing in the field of high-end medical equipment. Looking ahead, TÜV Rheinland will continue to coordinate global professional resources to promote China's outstanding medical device products and related technologies to go global and enter the EU market in a fast and compliant manner. At the same time, TÜV Rheinland is willing to work together with Haier Biomedical to create a better future for the medical device industry! Promoting internationalization through localization, creating a new paradigm of "product + solution" for overseas markets. Receiving the world's first medical low-temperature storage equipment EU MDR certificate is just a microcosm of Haier Biomedical's international innovation layout. In the wave of globalization, product certification is a crucial step in ensuring product quality and compliance, and it's also the "key" to entering the international market. Facing various product certification requirements from different countries and regions, Haier Biomedical strictly follows the relevant laws and regulations while adhering to independent innovation, committed to accelerating the pace of "product + solution" through high technology and high standards. With leading technical strength and excellent product performance, by the end of 2024, Haier Biomedical has accumulated more than 400 model products that have obtained overseas certification, including more than 200 EU CE certifications, more than 70 US FDA certifications, more than 140 US UL certifications, and 12 US AABB certifications. In the journey of going global, a stable and deep approach requires not only the "hard support" of technological innovation but also the continuous enhancement of the "soft power" of international operations by enterprises. With an international perspective, Haier Biomedical is continuously building a global market system that directly faces users, improving the interaction, customization, and delivery capabilities of scenario solutions. By promoting localized strategies of "one country, one policy," Haier Biomedical actively enhances regional delivery capabilities and establishes a local service response mechanism. By constructing localized operation centers that cover local products, marketing, logistics, and after-sales, the company achieves rapid insight and response to local user needs, upgrading the overseas model from "product output" to "ecosystem co-building." Currently, Hai'er Biomedical has established long-term cooperative relationships with nearly 80 international organizations such as the World Health Organization (WHO) and the United Nations Children's Fund (UNICEF). Its products and solutions have been applied in more than 150 countries and regions worldwide, contributing to the construction of a global community of health and wellness. At CMEF, Haier Biomedical was awarded the world's first MDR certificate for medical low-temperature storage equipment, which is just one of the dazzling footnotes in the journey of Chinese medical device companies going global. Currently, going global has become a new engine for Chinese medical device companies to create a second growth curve and is also a necessary path for leading brands to internationalize and globalize. Looking to the future, Haier Biomedical will continue to focus on user needs, further strengthen technological innovation capabilities, and adhere to the concurrent implementation of localization and internationalization strategies, making high-quality going global more stable and broader, injecting strong vitality into the progress and development of global life science and medical services, promoting global medical inclusiveness, and making life better!

Recently, the Center for Medical Device Evaluation of the National Medical Products Administration released the review result announcement of the special review application for innovative medical devices (No. 3, 2025), proposing to agree14 modelsMedical devices enter the innovation channel.Image source: CMDE官网Translation:Image source: CMDE website1. Human Chromosome 3 and 10 Abnormal Cell Detection Kit (Fluorescence In Situ Hybridization Method): Zhuhai Santé Biotechnology Co., Ltd.Fluorescence in situ hybridization (FISH) is an advanced techniqueNucleic acid molecular hybridization methodIt utilizes known fluorescently labeled single-stranded nucleic acids as probes, which, based on the principle of base complementarity, undergo processes such as denaturation, annealing, and renaturation to specifically bind to unknown single-stranded nucleic acids in the sample, forming detectable hybrid double-stranded nucleic acids. The chromosome abnormality cell detection kit from Shengmei Biotech canLiquid biopsy technologyCapturing circulating abnormal cells from blood achieves over 90% sensitivity in early lung cancer screening, breaking the limitations of traditional biopsy.In March 2016, Saint Medical was jointly invested and established by US Cynvenio Biosystems and Zhuhai Livzon Reagent Co., Ltd., a subsidiary of Livzon Pharmaceutical. After years of development, Saint Medical has mastered the world's advanced tumor liquid biopsy technology. Currently, Saint Medical owns two core technologies: LiquidBiopsy rare cell enrichment and separation, and MDA TEST for benign-malignant pulmonary nodule auxiliary diagnosis. LiquidBiopsy is a circulating tumor cell enrichment and separation platform that can directly connect to downstream molecular testing, while MDA TEST technology is a leading technology for early lung cancer screening using Circulating Abnormal Cells (CAC).2. Biological Hernia Repair Mesh: Zhuo Ruan Medical Technology (Suzhou) Co., Ltd.Biological hernia repair patches are medical materials made using biotechnology, primarily used for treating hernias. These biological hernia repair patches are mainly made from animal tissues (such as from pigs or cows) and undergo special treatments, such as decellularization and cryogenic freeze-drying techniques, to enhance their biocompatibility and applicability.It is reported that this product is a naturally derived bio-regenerative material that can be completely degraded after implantation in the body. Its structural design is tailored to..."Submucosal layer + basement membrane" biomimetic structureThe material exhibits good histocompatibility, with interconnected pores throughout, facilitating the ingrowth of surrounding tissue cells and promoting the flow of tissue fluid.Zhurong Medical was founded in 2016 and is an innovative high-tech RD and production enterprise dedicated to surgical tissue reconstruction and regenerative medicine for tissue repair. It is worth noting that in 2021, Zhurong MedicalThe first in the countryThe innovative medical device Antisheng® biological hernia repair mesh based on "basement membrane biomaterials" has been approved for Class III certification and market launch.3. Single-use intracardiac ultrasound imaging catheter: Shanghai MicroPort Electrophysiology Medical Technologies Co., Ltd.Microsurgery Electrophysiology was established on August 31, 2010, and was listed on the Shanghai Stock Exchange's Star Market on August 31, 2022. It is a high-tech enterprise focused on the research, development, production, and sales of innovative medical devices in the field of electrophysiological interventional diagnosis and ablation therapy. The company comprehensively covers the product layout for cardiac electrophysiology procedures and is the first domestic manufacturer to provide a complete solution of three-dimensional cardiac electrophysiology equipment and consumables.Implemented the two mainstream ablation energy products of "radiofrequency + cryo".Collaborative layout.It is reported that the intracardiac ultrasound catheter that entered the innovative channel this time is a disposable type.Equipped with three-dimensional ultrasound positioning functionWhen used in conjunction with ultrasound imaging equipment and the Columbus® three-dimensional cardiac electrophysiological mapping system during cardiac interventional procedures, it enables the acquisition of high-definition intracardiac structures and images of other instruments while simultaneously obtaining corresponding three-dimensional positions. This facilitates precise visualization of the procedure, assisting surgeons in more accurately assessing treatment outcomes and enhancing surgical safety.According to the information retrieved from YaoZhi Patent Pass, MicroPort Electro-Physiology holds 221 authorized patents. Among them, a new patent was granted on March 21st of this year titled "Intracardiac Ultrasound Catheter and Intracardiac Ultrasound Imaging Device." This patent involves an intracardiac ultrasound catheter and intracardiac ultrasound imaging device.4. Magnetic Control Non-Invasive Extendable Prosthesis System: Beijing AK Medical Co., Ltd.Aikang Yicheng was established in 2003 and is a core subsidiary of Aikang Medical. Aikang Medical is one of the earliest companies globally to commercialize additive manufacturing technology (3D printing technology) and apply it to implants for joint replacement, spine, and trauma repair. The company possesses the 3D Printing Precise Construction Technology Platform, the Supravit Vacuum Plasma Spraying Technology Platform, the Navigation/Robotic Intelligent Technology Platform (VTS/IBot), and the Medical-Engineering Interactive Customization Platform (Innovative Custom Orthopedic Solution).Currently, AK Medical is a leading enterprise in the field of artificial joints in China, ranking first in market share in China and among the top ten in the global hip joint market.The magnetic-controlled non-invasive prosthesis system that entered the innovation channel this time, isUtilizing 3D printing technologyCustom bone scaffolds allow patients to adjust the length of the prosthesis without the need for a second surgery, bringing new hope for bone tumor treatment.5、Cerebral Protection Device against Embolization: Shanghai Shenqi Medical Technology Co., Ltd.Shenqi Medical is an innovative medical device enterprise integrating RD, production, and sales, with product portfolios covering cardiovascular intervention, structural heart disease, peripheral vascular intervention, and neurovascular intervention fields. Shenqi Medical also holds an affiliated company, HeartCare, which is China's first RD and production enterprise for heart failure ultrafiltration treatment devices.Currently, Shenqi Medical has 2 marketed products and 33 products in the pipeline, all of which are independently developed with comprehensive independent intellectual property rights. The anti-embolism cerebral protection device entering the innovation channel is used in neurointerventional surgery.Real-time interception of blood clots reduces the risk of stroke by 70%.In addition, in March 2025, Shenqi Medical's independently developed QiChuan® SQ-Surgipath® transjugular intrahepatic puncture device was officially approved for market launch by the NMPA. This product is suitable for transjugular intrahepatic portosystemic shunt procedures to reduce portal vein pressure.6. Glaucoma drainage tube: Mingche Biotechnology (Suzhou) Co., Ltd.Mingche Biotechnology is a high-tech enterprise focusing on the research, development, production, and sales of ophthalmic medical devices, guided by technology development. Currently, Mingche Biotechnology has formed a multi-product line layout centered around minimally invasive glaucoma drainage tubes, along with sensor platforms, microneedle drug delivery platforms, and magnetic control surgical robot platforms for ophthalmic micro-devices.The Gaira® glaucoma drainage tube entering the innovation channel this time is based on advanced structural design.实现了高效引流和防止低眼压的融合优势Achieved the integrated advantages of efficient drainage and prevention of low intraocular pressure, and on this basisInnovatively developed light-curing hydrogel materials.It can effectively overcome the problems of traditional drainage tubes being prone to breakage and easy to fracture after long-term implantation.Based on the concept of integrated diagnosis and treatment, a minimally invasive injectable intraocular pressure sensor has been developed, enabling 24/7 home-based real-time monitoring of intraocular pressure.The minimum detection accuracy can reach 0.1mmHg.7. Mycobacterium leprae Nucleic Acid Detection Kit (Fluorescence PCR Method): Suzhou Fangke Biotechnology Co., Ltd.Fangke Biology was established in 2018 and joined Baiyang Pharmaceutical Group in 2020. It focuses on the innovative product transformation for major disease screening and is a high-tech enterprise that integrates high-throughput gene sequencing, immune microenvironment analysis, advanced biochemical detection of proteins, and clinical big data analysis technologies.Leprosy is a chronic infectious disease caused by infection with *Mycobacterium leprae* (ML). The source of transmission is untreated leprosy patients, and the main routes of transmission include prolonged close skin contact and respiratory inhalation of droplets. Currently, leprosy is classified as a Category C legally notifiable infectious disease in China and has long been one of the major infectious diseases targeted for elimination by the national government.The leprosy Mycobacterium nucleic acid detection kit developed by Fangke Biotechnology.Early detection and rapid diagnosis can be performed for this group of leprosy patients who have not yet developed disabilities or are suspected to have leprosy., enabling timely treatment and effectively preventing the spread of the disease and disability. The reagent kit is based on multiplex fluorescence PCR technology, selecting Folp1, RpoB, and GyrA genes of Mycobacterium leprae as amplification targets, designing specific primers and fluorescent probes for detecting Mycobacterium leprae DNA in samples, providing important guidance for the early diagnosis of leprosy.8. Proton Therapy System: Varian Medical Systems Particle Therapy, LLCVarian Medical Systems was founded in 1948 and is a global leader in providing diagnostic and treatment solutions for cancer and other major diseases. Since the 1990s, Varian Medical Systems has been involved in the development and research of proton therapy technology. In 2009, it officially entered the proton therapy system market comprehensively, quickly establishing a proton therapy business with advanced technology platforms such as superconducting cyclotrons and pencil beam scanning technology.In 2021, the company was acquired by Siemens Healthineers.In November 2023, Varian Medical's proton therapy system was approved for market release by the NMPA. This product isFirst unitThe approved proton therapy system using superconducting cyclotron technology and 360-degree rotating gantry provides proton beams for radiotherapy, applicable for treating solid malignant tumors and certain benign diseases throughout the body. The system consists of an accelerator subsystem and a treatment subsystem.9. Renal artery ultrasound ablation device: Shanghai Hantong Medical Technology Co., Ltd.Hantong Medical is an innovative medical technology enterprise focusing on interventional ultrasound technology. Its core technology is a fully self-developed ultrasound energy platform, and its first product is the renal artery ultrasound ablation system (uRDN), mainly used for the treatment of hypertension.According to the different energy sources used for ablation, RDN pathways can be categorized into radiofrequency ablation, ultrasound ablation, cryoablation, and chemical (alcohol) ablation.Han Tong Medical has chosen a challenging path in the field of ultrasound ablation.It is reported that the renal artery ultrasound ablation system (uRDN) independently developed by Hantong Medical optimizes the sound field output range, providing more stable ablation effects. It is also a product capable of performing 360° uniform energy field ablation in both the main renal artery and its branches. In addition, Hantong Medical is developing the next-generation ultrasound energy platform, which integrates ablation therapy with ultrasonic diagnosis, offering clinical advantages such as targeted ablation and real-time monitoring of ablation effects.10. Implantable Neurostimulation System: Borui Kang Medical Technology (Shanghai) Co., Ltd.As the population ages, the prevalence of neurodegenerative diseases (such as Parkinson's disease, epilepsy, etc.) is increasing, driving up the demand for implantable neurostimulation systems.An implantable neurostimulation system is aMedical devices that treat various diseases by electrically stimulating the nervous systemIt typically consists of electrodes, a pulse generator, and a battery, capable of regulating neural activity through precise electrical signals, thereby improving or restoring function. This device usually requires implantation into the patient's body during surgery, utilizing either implantable or non-invasive techniques. It works by stimulating, inhibiting, or modulating specific neurons and neural networks through electrical, chemical, optical, magnetic, or ultrasonic means, helping patients improve their quality of life or enhance bodily functions.Neuracle Medical was founded on June 9, 2021. Its parent company, Neuracle Group, is one of the leading enterprises in China's brain science field. Its core products include video EEG machines, high-frequency high-channel EEG machines, brain function monitors, event-related potential devices, and transcranial electrical stimulation devices.11. Coronary Intervention Surgery Control System: Beijing Zhongke Hongtai Medical Technology Co., Ltd.Coronary heart disease is a common cardiovascular disease worldwide, with a high incidence and mortality rate. With the aging population and changes in lifestyle, the number of patients with coronary heart disease continues to grow. However, traditional coronary intervention surgery requires doctors to manually operate instruments such as guidewires and catheters under X-ray fluoroscopy. The precision of manual operation is limited, making it difficult to manage complex lesions, resulting in longer surgery times and relatively higher risks of complications for patients.With the increasing demand for treatment, the need for related equipment such as coronary intervention surgery control systems will continue to rise. Zhongke Hongtai's Coronary Intervention Surgery Control System will provide a new option for such patients.Zhongke Hongtai was incubated and established by the Institute of Automation, Chinese Academy of Sciences, led by internationally renowned experts in the fields of medical robotics and artificial intelligence, including researcher Hou Zengguang from the Institute of Automation. It is worth mentioning that it has independently developed...The world's firstMulti-channel pan-vascular interventional surgical robot, compatible with mainstream interventional devices and complex interventional procedures, equipped with self-developed specialized consumables, dedicated to creating a comprehensive intelligent catheter lab solution for multiple departments, diverse procedures, and integrated diagnosis and treatment workflows.12. Newborn TREC/KREC Gene Detection Kit (Fluorescence PCR Method): Shanghai Jieyi Biotechnology Co., Ltd.JYBIO is a high-tech enterprise dedicated to the clinical testing and translational research of genetic diseases. Starting from the entire chain of "screening-diagnosis-translational research-treatment," JYBIO comprehensively addresses the challenges in the prevention, diagnosis, and treatment development of hereditary rare diseases.Currently, Jiyi Biotech possesses a variety of technical platforms, including second-generation sequencing, peripheral blood chromosome karyotyping, flight nucleic acid mass spectrometry, tandem mass spectrometry/gas chromatography-mass spectrometry, and molecular platforms (MLPA/qPCR/first-generation sequencing), all of which contribute to the precise diagnosis of rare diseases. Additionally, it has two Nobel Prize-level technology platforms, iPSC and CRISPR/Cas9, combined with the NGS platform, enabling further functional studies on rare disease-related gene loci, rare disease drug screening, and new drug development.The newborn TREC/KREC gene detection reagent kit that entered the innovation channel performed excellently in previous clinical trials. According to the data, when compared with foreign SCID screening data, the screening positivity rate of this reagent kit is at the median level among the reported large-scale screening study detection positivity rates, and actual data supports SCID screening. Beyond a single rare disease, can benefit other non-SCID children.13. Colorectal Cancer Digital Pathology Image Microsatellite Instability Analysis Software: Suzhou K帮扶 Gene Technology Co., Ltd. Note: It seems there is a typo in the company name as "K帮扶" doesn't make sense in this context. It might be intended to be "Kbang" or another romanization of the Chinese characters. Please verify the correct spelling of the company name.Kebang Gene is a company specializing in molecular diagnostic products for precision oncology, focusing on high-throughput gene expression profiling and AI big data analytics. It is dedicated to the research, development, production, and sales of molecular diagnostic products for precision oncology, and provides related scientific research and testing services.Currently, it is deeply involved in tumor mRNA detection and artificial intelligence领域，with proprietary intellectual property rights for tumor marker products, and its core product isTumor Tissue Origin Gene Detection SystemIn addition, according to the patent map query on the pharmaceutical intelligence platform, KeyBang Gene currently owns 6 authorized patents, including methods and devices for pathological image analysis.The colorectal cancer digital pathology image microsatellite instability analysis software developed by Kebang Gene, based on advanced and leading RNA molecular diagnostic technology, provides a new solution for precise tumor diagnosis. It uses digital image recognition for microsatellite instability, completes diagnosis in 10 minutes, and improves accuracy by 30% compared to manual analysis.14. Degradable Magnesium Alloy Bone Screw: Huaron Kechuang Biotechnology (Tianjin) Co., Ltd.Biodegradable magnesium alloy materials exhibit extraordinary superiority in multiple dimensions such as degradability, mechanical properties, and biocompatibility compared to widely used biodegradable polymers like polylactic acid in clinical applications. Their emergence also ingeniously addresses long-standing challenges faced by traditional implants. Huarong Sci-Tech's biodegradable magnesium alloy bone screws have shown, compared to traditional material screws,Significant advantages and clinical value：Completely biodegradable, no need for secondary surgery to remove it.The ingredients are safe and non-toxic, and can promote bone growth.To avoid stress shielding effect and facilitate bone tissue healing;The degradation curve is slow at first and then accelerates, which is consistent with the human skeletal growth cycle.Imaging examination can be visualized without interference from artifacts.As the product progresses, it also symbolizes a significant breakthrough in China's degradable material technology, foreshadowing the broad prospects and infinite possibilities of degradable materials in medical applications.

According to foreign media reports, Stryker, a global orthopedic giant, announced yesterday (April 1) that it has completed the sale of its U.S. spinal implants business to Viscogliosi Brothers, LLC, a family investment company focused on the neuromusculoskeletal field.It is worth noting that,The transaction facilitated the establishment of a new company named VB Spine, LLC (VB Spine)., marking the official implementation of the business restructuring plan announced by Stryker in January. Previously, Stryker had stated that, apart from the US market, its international spinal implants business would also be gradually divested.From Stryker's 2024 financial report, it can be seen that its spinal implant business is no longer contributing to the company's revenue. The report shows that in 2024, its spinal implant business revenue was $707 million (a year-over-year decrease of 0.7%).The U.S. spinal implant business declined by 2.1% year-over-year.The specific financial terms of this transaction were not disclosed. In a statement at the beginning of the year, Stryker pointed out that this divestiture "will enable both parties to focus more on meeting the needs of customers and patients, and is expected to accelerate business growth and create greater value for all stakeholders."According to the agreement, after the transaction is completed,VB Spine will be Stryker's strategic partner.Obtained exclusive rights to use the Mako Spine system and its Copilot system for VB Spine's implants in spinal surgeries.Kevin Lobo, Chairman and CEO of Stryker, stated, "Through our interventional spine product line, neuromodulation technology platform, and enabling technology business, as well as the strategic collaboration with VB Spine, we will continue to be deeply engaged in the spine care field. We sincerely appreciate the historical contributions of the spine business team and believe they will continue to create value on the new platform." It is worth noting that this transaction comes at a time when competition in orthopedic robotics technology is intensifying. Stryker's retained Mako robotic technology already covers the joint replacement field, and the authorization granted to VB Spine to use its spinal version technology may become an important strategic move to seize the commanding heights of a niche market.

On April 1, 2025, Peijia Medical held a strategic innovation cooperation signing ceremony and press conference at its global headquarters, announcing a collaboration with the biomedical division of DSM-Firmenich, an innovator in nutrition, health, and beauty. The partnership will leverage ultra-high molecular weight polyethylene (UHMWPE) and thermoplastic polyurethane (TPU The high-polymer heart valve developed by RD has achieved results. The signing of the memorandum of strategic innovation partnership between the two parties will further focus on the RD and innovation of high-polymer valve materials, which is expected to lead a revolutionary change in the global high-end medical device materials field.Dr. Yi Zhang, Chairman and CEO of Peijia Medical, signed a strategic innovation cooperation agreement with Paul Spencer, President of the DSM-Firmenich Biomedical Business Unit.Peijia Medical is a leading company in China's structural heart disease and cerebrovascular介入高端医疗器械领域，拥有覆盖主要瓣膜疾病和下一代核心技术的结构性心脏病产品管线组合和产品开发团队，以及面向出血及缺血性脑卒中市场的完备商业化产品和创新术式组合。2024年沛嘉医疗销售收入6.15亿元人民币，同比增长约40%。Peijia Medical is a leading company in China's structural heart disease and cerebrovascular intervention high-end medical device sector. It has a comprehensive product pipeline and development team covering major valvular diseases and next-generation core technologies for structural heart disease, as well as a complete suite of commercialized products and innovative procedures targeting hemorrhagic and ischemic stroke markets. In 2024, Peijia Medical's sales revenue was 615 million RMB, representing a year-over-year growth of approximately 40%.Michelle Ortiz, Vice President of Research and Innovation for DSM-Firmenig Biomedical, introduces her company's biomaterial properties and applications.The DSM-Firmenich Biomedical business unit is headquartered in Pennsylvania, USA, and has an office and innovation application research center in Shanghai, China. As part of the DSM-Firmenich Group, the biomedical division possesses unparalleled expertise in the field of biomaterials and their applications, helping partners like TAE Medical create breakthrough innovations for patients worldwide.In this collaboration, Peijia Medical and DSM-Firmenich's biomedical business unit have joined forces to achieve new breakthroughs in the research and development of ultra-high molecular weight polyethylene and thermoplastic polyurethane (TPU) valve materials. According to the memorandum, both parties will establish a long-term, stable, and mutually beneficial strategic innovation partnership. Utilizing DSM-Firmenich's biomaterials, the RD teams from both sides will collaborate on the design and development of new high-end medical device products, performance optimization of key raw materials based on ultra-high molecular weight polyethylene materials, new material development, as well as the development and application of advanced manufacturing processes and technologies.National Health Commission expert group industry expert Jiang Tianjiao presented a report titled "Cardiac Valve Industry: Evolution of Technical Pathways and Future Trend Outlook."Ultra-high molecular weight polyethylene fiber is a lightweight and high-strength polymer material, with a strength 15 times that of steel structures of the same size. Using ultrafine fibers and employing unique weaving and multi-layer fusion technology, a polymer valve material is produced that can perfectly replace existing animal-derived heart valve materials. This product offers significant potential for improvement in flexibility and biocompatibility, promising a revolutionary upgrade in valve materials.Polymer valve materials are non-biological, inorganic materials with significant advantages in physical and biochemical properties, as well as lifespan, making them suitable for younger patients. Compared to traditional animal-derived valve materials, polymer valve materials have two major advantages: on one hand, they enhance product lifespan and expand indications; on the other hand, they reduce costs and are suitable for mass production. This is of great significance for the development of the heart valve market, benefiting a larger patient population.Peijia Medical's Chief Operating Officer Pan Kongrong introduced the progress of the Peijia polymer valve project and animal experiment data.The polymer valve independently developed by Peijia Medical is a new type of polymer valve that uses a five-layer bionic polymer fiber woven material as the valve material, simulating the functions of the corresponding layers of materials in the human autologous valve leaflets, making it closer to the functions of human autologous valves. This product has maintained stable hemodynamics after 400 million accelerated fatigue tests, demonstrating outstanding durability, with an expected lifespan far exceeding that of current biological valve materials. The development of this product has successfully been included in Suzhou's key core technology tackling project aimed at global challenges. Currently, the product has completed animal experiments and is preparing to enter clinical trials.Peijia Medical's Chief Operating Officer, Kanger Pan, stated that based on years of collaboration with DSM-Resins Functional Materials, the two parties will now enter into a deeper level of synergy. The development of high molecular weight valve material, as a core platform technology for Peijia Medical, will, once developed, be applied across various product lines to enhance their performance and open up applications of ultra-high molecular weight polyethylene in the field of structural heart disease.Paul Spencer, President of DSM-Firmenich's Biomedical Division, stated, "At DSM-Firmenich, we are committed to advancing the development of vascular applications through innovative biomaterial solutions, supporting the goals of achieving better clinical outcomes, reducing healthcare costs, and improving the lives of patients worldwide. We are very pleased to officially collaborate with Peijia to jointly promote this vision in China."

The export of medical devices, centralized procurement, and AI healthcare are becoming significant development trends in the medical device industry. What is the future direction? Mindray has made its latest judgment.01The international market will experience rapid growth Developing countries account for two-thirdsRecently, Mindray Medical released its latest investor relations activity record form, responding to the latest layout plans for this year regarding Mindray International, the domestic market, and AI applications.From a regional perspective, Mindray's international market is expected to continue its rapid growth trend this year, with developing countries, which account for two-thirds of international revenue, leading the growth.Looking at the strategies of global top-tier medical device companies, international expansion and innovation are the two core elements for overseas leaders. Going global has become an inevitable choice for leading domestic enterprises. Overseas niche markets offer substantial incremental growth potential, with relatively stable product pricing, and domestic devices have a clear cost-performance advantage. To expand their market reach, domestic companies must inevitably focus on international markets.According to Southwest Securities' statistics, when comparing domestic companies vertically, the internationalization rate is mostly close to 30%. Among these, low-value consumables and IVD (in vitro diagnostic) products have made faster progress in overseas expansion, while high-end imaging and high-value medical devices are still in the exploratory stage.Low-value consumables rely on the ODM/OEM model to quickly expand into overseas markets at low cost, and currently, China has become the global hub for large-scale manufacturing. However, by comparison, high-value consumables face greater challenges, constrained by factors such as raw materials, core components, and breakthroughs with premium clients. There is still significant room for improvement in clinical advantages and channel expansion.Developing countries have become high-growth regions for medical equipment exports. Along with China's "Belt and Road" initiative, the export of medical devices has been steadily increasing. These countries have significant demand for healthcare infrastructure development, providing a vast market space for Chinese medical equipment enterprises. According to relevant statistics, in the first three quarters of 2024, China's medical device exports to Belt and Road partner countries reached a cumulative total of $13.44 billion, marking a year-on-year increase of 5.1%.Mindray indicates that even after excluding high-potential seed businesses, the average market share of the company's three major product lines in developing countries is currently only in the high single digits, far below the market share levels in domestic markets. Additionally, the market in developing countries still has significant growth potential. To seize this historical opportunity in the风口 market (trend market), the company continues to allocate resources and increase investments across all aspects. It is expected that for a considerable period in the future, developing countries will remain one of the main drivers of the company's growth. Last year, the company's international revenue ratio saw a noticeable increase, and it is anticipated that the international revenue ratio will likely continue to rise over the next few years.02The medical equipment business continues to recover.Overall profit margin is controllable under centralized procurement.This year, the procurement orders for medical equipment have shown a significant increase, with trade-in and centralized procurement at the local level proceeding simultaneously. The centralized procurement of equipment has entered a mature stage.Mindray analyzes that the factors that hindered growth in the domestic market last year, such as the regulatory adjustments in the medical industry, local special bonds, and insufficient fiscal funds, are expected to reach a turning point this year. The regulatory adjustments in the medical industry have basically entered a normalized stage, and a more compliant and transparent procurement environment will also help the company further improve its bid winning rate.In the recent centralized procurement project for 200 ultrasound machines launched by the Hainan Provincial Health Commission, Mindray took the lead in the number of bids won, securing a total of 160 units.According to the latest disclosure from Mindray, data from Enterprise Early Warning shows that the issuance of local government special bonds, especially medical special bonds used to support hospital renovations, expansions, and equipment procurement, has continued to accelerate this year. The state has also explicitly proposed a one-time increase in a substantial debt quota to replace local governments' existing implicit debt, intensifying efforts to support local debt risk resolution. Data from Zhongcheng Medical Devices indicates a trend of continuous recovery in monthly bidding for different categories of medical equipment. Although there is a time lag from bidding to revenue recognition, this is of significant importance for the recovery of Mindray's domestic business this year.At the same time, the provinces for centralized procurement of large medical equipment are also expanding. In addition to Anhui, a major province for equipment procurement, Guangxi has recently issued a medical equipment procurement document, requiring that all medical and health institutions funded by the government or state-owned enterprises (including state-controlled enterprises) that purchase Class B large medical equipment and medical equipment costing more than 10 million yuan per unit (set) using fiscal funds must implement centralized volume-based procurement uniformly through the Autonomous Region Public Resource Trading Center starting March 1, 2025. In principle, centralized volume-based procurement of medical equipment will be organized annually starting in May, with no less than one procurement session each year.It is noteworthy that Guangxi has imposed requirements on the procurement of imported brands: those that have not obtained a medical equipment configuration license, have not received approval for the procurement of imported medical equipment when required, cannot complete the procurement process within the validity period of the approval, or have not passed the filing process are strictly prohibited from being procured.According to Guotai Junan Securities, as of early 2025, equipment centralized procurement has been promoted in Yibin, Sichuan; Anyang, Henan; Suzhou, Jiangsu; Anhui and other places, with the terminal prices decreasing by 9%-50% compared to the budget.Mindray stated that, looking at the global medical device procurement market, the centralization of procurement activities has become one of the important signs of many mature markets. Consolidating large-scale demand for unified procurement helps to form economies of scale, save procurement costs, and reduce unfair competition.The purpose of centralized procurement of medical devices is to further guide procurement behavior towards compliance, professionalism, and transparency, while also reducing unreasonable markup space in the circulation links. At the same time, it ensures reasonable profits for manufacturers and strongly encourages and supports the demand for digital and intelligent medical devices, alleviating the burden on patients and medical staff and improving service quality.In terms of profitability, Mindray believes that the profitability of equipment products is influenced by multiple factors, including component prices and the competitive market environment. The impact of centralized procurement projects on profit margins remains within a controllable range. Thanks to sustained high RD investment, insights into clinical needs, and integrated innovation capabilities, Mindray has achieved high-end breakthroughs in the vast majority of accessible equipment products.03Comprehensive layout of AI medical imagingHave joined hands with DeepSeekAI has become one of the core elements in the competition among medical imaging companies. Currently, leading equipment companies both domestically and internationally have made varying degrees of progress in the intelligent application of medical imaging models, with medical imaging being the most profound field for AI imaging.Among domestic companies, Mindray was one of the earliest to explore intelligent solutions and has now established a comprehensive intelligent ecosystem. The company recently disclosed that it has fully integrated AI applications in medical imaging, spanning from POC applications, cardiovascular applications, and obstetric applications to the Ruiying ecosystem. Mindray's medical imaging approach is not limited to standalone intelligent features for localized workflow optimization but aims to create a full-stack, panoramic intelligent ultrasound solution.After the emergence of DeepSeek, medical device companies have quickly integrated it to enhance product performance, and Mindray is no exception. Mindray stated that "Ruiying Cloud++" has partnered with DeepSeek to officially launch the "Ruiying·AI+" solution, focusing on improving and popularizing medical professional capabilities, providing healthcare workers with professional and intelligent learning and development solutions.Apart from Mindray, other medical equipment companies such as United Imaging Healthcare and Neusoft Medical have also stated that they have completed or are actively working on integrating their businesses with DeepSeek.From Mindray's assessment of the three major aspects, the medical equipment industry is expected to expand more incremental business in areas such as overseas expansion, centralized procurement, and AI development this year.

On the morning of March 28, the joint opening ceremony of Zhejiang Nuvalve Medical Technology Co., Ltd. and Zhejiang Huancheng Medical Technology Co., Ltd., two leading scientific and technological innovation enterprises in the field of domestic cardiovascular interventional treatment and artificial heart, was held at Haining Juanhu International Sci-Tech City.NewMed Medical is a Chinese heart valve device company developing interventional products for the treatment of structural heart diseases. It has established a comprehensive product portfolio, including one core product and eight other valve-related products under development. These encompass transcatheter replacement and repair products for human heart valves, as well as seven auxiliary devices for interventional cardiac surgery.NewMed Medical's self-developed Prizvalve Transcatheter Aortic Valve System (hereinafter referred to as "Prizvalve") has been approved for market launch by the National Medical Products Administration (NMPA) of China, becoming the country's first domestically developed balloon-expandable transcatheter aortic valve product.With the successful launch of Prizvalve, NouMed has made a solid step in the cardiac valve treatment field. This not only represents a historic leap for China's cardiac valve sector but also signifies another victory in the journey of domestic substitution. Currently, NouMed has applied for 476 patents covering key areas such as cardiac valves and heart failure treatment devices. The company has also established joint laboratories with several prestigious universities and hospitals across China, promoting innovation at the intersection of medicine and engineering.HuanQing Medical was founded in 2022, focusing on the development of artificial heart systems. It has broken through global technological barriers such as implantable hollow cup motors and intelligent feedback control, accumulating over 100 patents. Its products have been used in more than 50 cases across more than 10 top-tier hospitals nationwide, receiving excellent clinical feedback. The company is dedicated to the research, development, and industrialization of advanced cardiovascular circulation support products and related auxiliary devices internationally. It aims to restore cardiac function, stabilize cardiovascular hemodynamics, and treat cardiac pumping dysfunction by providing circulatory support. This endeavor fills the gap in domestic products of this kind and meets the huge market demand.Huanqing Medical's self-developed percutaneous ventricular assist device (pVAD) is an innovative medical device that treats acute heart failure through minimally invasive intervention. It is primarily used for intraoperative support during high-risk percutaneous coronary intervention (PCI) procedures, as well as for the treatment of cardiogenic shock caused by conditions such as acute myocardial infarction and fulminant myocarditis.The product can maintain hemodynamic stability by sustaining mean arterial pressure in a short period, extract blood from the left ventricle, and pump it back to the aorta, thereby reducing the load on the left ventricle, actively increasing cardiac output, and greatly improving patient survival rates.

On March 27, Xi'an Eyedeal Medical Technology Co., Ltd. (referred to as Eyedeal Medical) signed a cooperation agreement with the U.S.-based Pantheon Vision to jointly advance the production and commercialization of bioengineered corneas, aiming to provide a revolutionary treatment solution for the 13 million corneal disease patients worldwide.Guo Guangxu, founder, chairman, and CEO of Yandele Company, stated: 'Pantheon Vision has assembled a world-class ophthalmic design team, whose groundbreaking thinking has driven the revolutionary development of an integrated polymer artificial cornea, aimed at restoring patients' vision. Once commercialized, this innovative technology will fundamentally eliminate the reliance on corneal donations, bringing new hope to patients worldwide in need of corneal transplants.'Globally, more than 13 million patients are affected by corneal blindness. The current standard treatment involves replacing the damaged or diseased cornea of patients with human donor corneas. However, due to a shortage of donor tissue, the complexity of the surgery, and persistently high failure rates, the accessibility of this therapy is severely limited.Dr. John Sheets, President and CEO of Pantheon Vision, recently visited Xi'an EyeDeal.Pantheon Vision President and CEO Dr. John Sheets Jr. stated, "This collaboration is a key step in advancing our mission—to treat and restore vision globally through bioengineered corneal solutions. We are grateful for our partnership with Eyedeal Medical and believe that the innovative solutions we will create together will bring meaningful benefit to patients suffering from corneal blindness."Guo Guangxu concluded, "We are honored to collaborate with Pantheon Vision to achieve this medical breakthrough, leveraging our proprietary materials and technology. Both parties will fully utilize their complementary strengths to refine this artificial cornea solution, aiming to bring this transformative medical device to clinical use as soon as possible, restoring vision for corneal disease patients worldwide."Related ReadingIntroduction to Biological Cornea and Artificial Cornea (Keratoprosthesis)Biological corneaBiological cornea refers to naturally sourced corneal cells/tissues, such as those isolated and cultured from pig corneas, fish scales, human skin, amniotic membrane (mainly obtained from discarded human placentas, unrelated to sheep), etc., used in corneal repair. The reason I don't refer to it directly as corneal transplantation is that cells from different sources play different roles in the corneal repair process. For example, pig corneal cells, as one might expect, serve as substitutes for the cornea and are transplanted into the eye. Meanwhile, amniotic membrane cells sometimes act as scaffolds or promote the proliferation of corneal limbal stem cells, rather than directly serving as corneal substitutes.Artificial Cornea (Keratoprosthesis)Artificial cornea refers to the cornea made of synthetic materials, including PMMA, PHEMA, titanium alloy, etc. Some artificial corneas also require cell materials. Foreign approved products highly favor the use of such polymer materials, and domestic products also follow this technical route. For example, the products of Beijing Mihe Medical belong to pure artificial cornea.Artificial corneas can usually be divided into several types as well.1) Boston Type I Keratoprosthesis (also known as: Boston Type I Artificial Cornea)The Boston Type I artificial cornea has a "button-fastened" design (see the figure below), and is mainly made of PMMA, a transparent carbon-containing high molecular organic compound often used as a material for artificial lenses. It has a light transmittance of 92%, a refractive index of 1.491, is lightweight, highly moldable, shatterproof, acid and alkali resistant, and non-biodegradable. It consists of three parts: the front plate, the back plate, and the fixing titanium ring.2) AlphaCor type Similar to implanting contact lenses into the patient's cornea, there are many postoperative complications, and the implantation process is complex and needs to be performed in two stages. There is basically no application in China.3) Osteo-odonto keratoprosthesis (OOKP)Similar to AlphaCor, the difference lies in replacing the supporting material with autologous materials such as the tooth root-alveolar bone complex and cartilage to reduce immunogenicity. Currently, this type of surgery is also not widely performed.

The consecutive closure of factories and withdrawal by giants have gradually made the "tax haven" a thing of the past.01Cardinal Health lays off 300 employees. 43-year-old factory to be closed downRecently, according to the Irish Independent, global medical device giant Cardinal Health (hereinafter referred to as Cardinal Health) is gradually cutting 315 jobs in County Offaly, Ireland, as the manufacturing operations at the plant are being relocated to Mexico and Costa Rica.Source: Irish IndependentAs a result, the Tullamore facility will be phased out gradually. The first group of employees will leave in April 2025, and the second group will depart in April or May 2026.The report pointed out that in Canfor’s latest submitted performance, despite the revenue decreasing by 16% to 39.9 million euros in the 12 months up to the end of June last year, the pre-tax profit surged 20% to 6 million euros compared to 5 million euros in the previous fiscal year.Irish Republican Party MP Barry Cowen described the closure of the facility as "a significant blow to the local economy" and "a dark day."He said, "The closure of the Cardinal Health factory will have a profound impact on our local workforce. For nearly half a century, the factory has hosted several medical device companies, and some employees have even worked there for more than 20 years."Cardinal Health, the fifth international medical device group to operate the Tullamore plant, is the 14th largest revenue-generating company in the United States, ranking 27th in the 2024 Fortune Global 500, just behind Microsoft and ahead of Samsung Group.2024 Fortune Global 500 Source: Fortune official websiteLooking back over the past decades of major upheavals in the medical equipment industry, the Tullamore factory has changed hands multiple times, serving as a key witness to the shifting landscape of today's leading medical equipment enterprises.The factory was established in 1982 by Sherwood Medical, an American disposable medical products manufacturer. In 1998, the factory was acquired along with the company by Tyco Healthcare, which is the predecessor of the renowned Medtronic Covidien.In 2007, Tyco Healthcare spun off its healthcare business to form Covidien. By the end of 2014, Covidien's business spanned more than 150 countries worldwide, with over 39,000 employees.In January 2015, Covidien was acquired by Medtronic for $49.9 billion (47 billion euros), and the Tullamore factory also came under the purview of Medtronic.In 2017, Medtronic sold 17 company facilities to Cardinal Health for a value of $6.1 billion (approximately 43.4 billion yuan), with the Tullamore factory being one of them.Cardinal Health stated, "The decision to close the facility is part of our regular evaluation of global business, manufacturing, and supply chain operations, aimed at ensuring we can meet the evolving needs of our customers, industry, and business."From being at the forefront of the industry and being highly sought after by major giants to its current state of closure and decline, the "life" of the Tullamore factory also reflects the rise and fall of an era in the machinery industry.02Major companies接连关闭工厂并退出市场。"Tax havens" have gradually become history.Looking far and wide, as a strategic hub for global top-tier companies, Ireland gathers many leading firms in the medical device industry.Boston Scientific has been continuously deepening its presence in the Irish market since its initial layout in 1994, Abbott has been rooted in Ireland for over 70 years, and Medtronic, through its strategic acquisition of Covidien in 2015, relocated its global headquarters to Dublin, forming a comprehensive industrial ecosystem in Ireland that spans over four decades.However, compared to previous years, the enthusiasm of medical device giants for Ireland seems to be cooling in the past two years.Last July (2024), following the layoffs of 60 people at BD Medical's Drogheda plant in Ireland in 2023, the company announced further layoffs of 200 people and the closure of the factory.As the oldest of BD Medical's four bases in Ireland, the Drogheda plant has just celebrated its 60th anniversary.From a functional perspective, this factory mainly supports BD's largest business segment—the medical sector—covering everything from diabetes care to drug delivery solutions. In view of this, over the past few years, BD has made several substantial investments in this long-established factory.According to the statement, nearly $160 million (approximately 945 million yuan) has been invested in the past decade. In 2021, BD also announced an investment of 62 million euros (approximately 480 million yuan) in the area to expand the production of PosiFlush syringes.BD announced that after reviewing its manufacturing and supply chain network, it has decided to close the factory. Reports indicate that the phased closure includes layoffs of about 110 positions scheduled to begin in March 2025. The remaining layoffs will take place between March and September 2026.Going further back, in February 2024, Thermo Fisher considered closing a factory in Ireland, which would affect 60 employees.In April 2023, Medtronic also announced layoffs at its Galway, Ireland facility, citing factors such as inflation, a strong U.S. dollar, and supply chain issues that have impacted its "profit margins and profitability.""The Irish Independent" wrote pessimistically in January this year that the employment boom in Ireland's multinational sector has stalled, with no increase in employment numbers expected in the next two years.Source: Irish IndependentThis is the first time that the industry has failed to achieve a net increase in jobs for several consecutive years since 2010, while in the previous eight years, multinational companies increased an average of 15,000 jobs annually in Ireland.Hays, which claims to be "the world's largest professional recruitment company," has reported that its net fees in the UK and Ireland fell by 14% in total, with fees earned from permanent job placements dropping by 19%.It is worth mentioning that in recent years, strengthening tax regulation has become a consensus among governments around the world. Governments, led by the United States, have long struggled against the habitual tax avoidance methods known as "Irish sandwich."U.S. President Trump has repeatedly expressed dissatisfaction with this, stating that Ireland has attracted a large number of American pharmaceutical companies through its tax policies. He criticized the significant trade imbalance between the U.S. and Ireland, claiming that Ireland and the EU have been "taking advantage of the U.S." for a long time.Image source: The GuardianIn this regard, experts have pointed out that after Trump accused Ireland of "stealing" U.S. taxes and jobs, U.S. medical companies headquartered in Ireland are likely to repatriate their profits back to the United States.Looking back at the 1980s, Ireland introduced tax incentives to attract investments from tech giants like Microsoft and Apple in response to its financial crisis and high unemployment rates, and assisted in designing multinational tax avoidance structures.This model has made Ireland a 'tax haven': a 2015 OECD report showed that 73% of Fortune 500 companies used tax havens to transfer profits; in 2017, over $700 billion of multinational profits were hidden in low-tax jurisdictions.As international consensus on anti-tax avoidance has strengthened, in 2021, the OECD promoted a historic tax agreement among 136 countries, establishing a global minimum corporate tax rate of 15%.After the implementation of the new rules, if Ireland maintains its 12.5% tax rate, companies will still need to pay an additional 2.5% tax to their home countries. This "tax differential top-up" mechanism significantly reduces the incentive for profit shifting, marking a shift in the international tax system from a race to the bottom to collaborative governance. The space for tech giants to avoid tax burdens through tax planning has been notably compressed.However, in stark contrast to the layoffs and job losses in Ireland, medical device companies such as Medtronic, GE Healthcare, Philips, Omron, and Mindray are rapidly expanding in markets like India and Mexico.When the last machine ceases its operation, the mechanical roar of the Tullamore factory will finally dissipate in the wind across the Irish plains.This factory, which has undergone four cross-border mergers and acquisitions and witnessed the golden age of the global medical device industry, ultimately becomes a footnote of the era in the wave of restructuring the international tax system.

【2025W14-Vol.51】The Trump administration plans to cut tens of thousands of employees from the Department of Health and Human Services.On March 27, Robert F. Kennedy, the newly appointed U.S. Secretary of Health and Human Services (HHS), announced that the Trump administration plans to cut 10,000 full-time positions within HHS and its subordinate agencies. This layoff initiative is part of a broader federal workforce reduction plan led by the "Department of Government Efficiency" (DOGE), which is headed by Elon Musk.The institutions facing layoffs include the Food and Drug Administration (FDA), the Centers for Disease Control and Prevention (CDC), the National Institutes of Health (NIH), and the Centers for Medicare Medicaid Services (CMS). Among them, FDA will cut 3,500 employees, approximately 19% of its total workforce; CDC will cut 2,400 employees, accounting for 18%; NIH will cut 1,200 employees, accounting for 6%; CMS will cut 300 employees, accounting for 4%.In addition, the HHS also plans to merge the department's 28 bureaus into 15 and reduce its 10 regional offices to 5.2. FDA Approves First Automated Endoscope Cleaning SystemOn March 20, the U.S. FDA officially approved the first automated endoscope cleaning system using Nanosonics CORIS technology. Developed by the Australian medical technology company Nanosonics, the system focuses on deep cleaning of the complex internal channels of flexible endoscopes such as gastroscopes and colonoscopes.Traditional manual cleaning methods have difficulty reaching the narrow, complex internal channels, often leading to the accumulation of biofilm residues, which increases the risk of hospital-acquired infections. The CORIS system utilizes a unique automated cleaning mechanism that can penetrate the narrowest parts of endoscopes, effectively removing tough biofilms.The FDA has previously urged the use of disposable components or systems to reduce infection risks, but disposable systems are costly and have many limitations. The emergence of the CORIS system provides medical institutions with an economical and efficient solution.3. Bausch + Lomb recalls some intraocular lens productsOn March 27, Bausch + Lomb announced a voluntary recall of certain intraocular lenses from the enVista platform, including enVista Aspire, enVista Envy, and certain enVista monofocal lenses.This recall is due to an unexplained increase in cases of toxic anterior segment syndrome following the implantation of these lenses. This condition is an inflammatory reaction in the eye that can occur 12 to 48 hours after cataract surgery, caused by various factors including bacterial contamination or toxic substances during the procedure.Supira Medical Completes $120 Million Series E Financing to Advance Clinical ProgramsOn March 26, vascular interventional developer and manufacturer Supira Medical announced the successful completion of an oversubscribed Series E financing round, raising a total of $120 million. The funds will be used to advance clinical programs for the next-generation percutaneous ventricular assist device (pVAD) in high-risk percutaneous coronary interventions and cardiogenic shock, including supporting the U.S. pivotal SUPPORT II study for FDA premarket approval (PMA).The company has recently completed the enrollment for the U.S. SUPPORT I Early Feasibility Study (EFS), recruiting a total of 15 patients across four clinical centers to evaluate the safety and feasibility of the company's innovative pVAD in high-risk coronary intervention patients.5. The U.S. Senate confirms the appointment of a new FDA commissioner.On March 26th, the U.S. Senate confirmed Dr. Martin Makary as the Commissioner of the U.S. Food and Drug Administration (FDA) with a vote of 56-44.Dr. Makary is a surgical oncologist and gastrointestinal laparoscopic surgeon at Johns Hopkins Hospital, who has long advocated for innovative technologies in the medical device industry. He has also drawn attention for his skepticism toward public health measures during the pandemic, as while he supports vaccination, he holds reservations about childhood vaccinations and long-term lockdown measures.Dr. Makari stated at the confirmation hearing that he believes in the importance of collaborating with the medical device and pharmaceutical industries, advocating for more independent scientific reviews to promote more localized treatment solutions. He also mentioned that he hopes to put more medical technologies into the hands of consumers, such as promoting over-the-counter drugs and continuous glucose monitoring devices.Medtronic's Affera ablation mapping system makes its first clinical application in SwedenOn March 26, Medtronic announced that the Affera Mapping and Ablation System was introduced into clinical practice for the first time in Sweden. The system includes the Sphere-9 catheter and the Affera Prism-1 mapping software, designed to provide real-time feedback through intuitive mapping and navigation software, thereby more effectively treating arrhythmias such as atrial fibrillation (AFib).The system received FDA approval in October 2024, making Medtronic the only company with two pulse field ablation technologies for atrial fibrillation. Medtronic plans to expand the system to more Nordic countries.Solventum and SprintRay Form Strategic Partnership to Advance Dental 3D Printing TechnologyOn March 26, Solventum announced a strategic partnership with SprintRay, aiming to provide innovative solutions for dental clinics through 3D printing technology.This collaboration will focus on the development and commercialization of high-quality, durable, and permanent same-day repair solutions, including dental crowns, inlays, and veneers. The goal of the partnership is to launch the first permanent chairside 3D printed dental crown on the market.Solventum has several products that are widely used in dental restorations. SprintRay, on the other hand, is renowned for its innovative chairside 3D printing ecosystem, capable of providing a one-stop solution for dental restorations.Evident Vascular Completes Series B Financing to Advance AI-Driven Intravascular Ultrasound PlatformOn March 25, Evident Vascular announced the completion of its Series B financing. Although the company did not disclose the specific amount of the financing, the funds will be used to accelerate the development of its AI-driven intravascular ultrasound (IVUS) platform to obtain FDA approval and prepare for launch in the U.S. market.Evident Vascular's next-generation IVUS platform combines artificial intelligence technology to optimize vascular imaging for peripheral and coronary interventional treatments. The company plans to expand the clinical applications of IVUS through innovation, enhancing its practicality and accessibility.Terryford announced that the UroLift system for prostate elevation is superior to the Rezūm water vapor therapy.From March 21 to 24, at the 40th European Association of Urology Congress held in Madrid, Teleflex (NYSE: TFX) announced new data from the CLEAR study, showing that the UroLift System outperformed the Rezūm therapy in the clinical treatment of benign prostatic hyperplasia.This study is the first head-to-head randomized controlled trial (RCT) comparing the UroLift Prostatic Urethral Lift System (PUL) and Rezūm Water Vapor Thermal Therapy (WVTT) for the treatment of benign prostatic hyperplasia (BPH). The results show that the UroLift system performs better in early patient satisfaction and sexual function.Abbott's IVL System Receives FDA IDE Approval to Initiate Clinical TrialsOn March 24, Abbott announced that the Coronary Intravascular Lithotripsy (IVL) System had received a Investigational Device Exemption (IDE) approval from the U.S. FDA. The system is designed to treat severe calcification in coronary arteries using high-energy acoustic pressure waves, preparing the way for subsequent stent implantation. Abbott plans to conduct a clinical trial called TECTONIC, which will recruit up to 335 participants at 47 sites across the United States.11. Newronika's AlphaDBS system receives CE approval for Parkinson's treatment.On March 24, neurotechnology company Newronika announced that its AlphaDBS device has received CE mark approval for the treatment of Parkinson's disease.AlphaDBS is a next-generation closed-loop deep brain stimulation (DBS) system capable of dynamically adjusting stimulation based on real-time brain signals. The system optimizes symptom control, reduces side effects, and minimizes the need for frequent programming adjustments by neurologists by monitoring the patient's brain activity.Newronika plans to launch the system in certain European markets by 2025 and has obtained the FDA Investigational Device Exemption (IDE) to initiate a pivotal clinical trial.12. Imperative Care's Symphony 16 Fr 82cm Catheter Receives FDA Approval for Venous Thrombosis TreatmentOn March 24, Imperative Care announced that the Symphony 16Fr 82cm catheter received 510(k) clearance from the U.S. FDA for the treatment of venous thrombosis.The catheter is part of the Symphony Thrombectomy System, which also includes 16Fr 117cm and 24Fr 85cm catheters. The system achieves efficient thrombus removal through a large-bore suction catheter and powerful deep vacuum technology, while minimizing blood loss.Additionally, Inari Medical filed a patent infringement lawsuit in May 2024 against Imperative Care and its subsidiary Truvic Medical, alleging that their Symphony thrombectomy system infringed on Inari's patents. Imperative Care denied the infringement claims and filed a counterclaim. The lawsuit is still ongoing.

Meeting at the 91st CMEFSee how Kunlun™ worksGuarding Medical SafetyApril 8-10, 2025 National Exhibition and Convention Center, Shanghai The global medical technology feast, CMEF grandly opens.The 91st China International Medical Equipment Fair (CMEF) will be grandly held from April 8 to 11, 2025, at the National Exhibition and Convention Center in Shanghai! As the largest and most influential industry event in the global medical and health field, this CMEF will focus on the theme of "Innovative Technology, Leading the Future," bringing together nearly 5,000 top enterprises from over 30 countries and covering an exhibition area of 320,000 square meters for comprehensive exchanges on cutting-edge technologies and solutions in the industry.Qingyun New Materials™ as an innovator in the field of medical packaging materials, will make a significant appearance at this CMEF with its independently developed Kunlun™ material, injecting new momentum into medical safety and innovation!Kunlun™: The Hexagonal Warrior of the Medical Packaging World The KunLun™ Hypak™ specialty fiber material independently developed by Qingyun New Materials™ is made from 100% high-density polyethylene (HDPE), featuring a nano-level fibrous network structure. It combines properties such as waterproof breathability, lightweight strength, and strong chemical stability, providing a robust sterile barrier for high-end medical devices and safeguarding medical safety. Additionally, its special multi-layer fiber structure offers excellent breathability while blocking microorganisms, making it compatible with almost all sterilization methods and meeting the needs of most medical device packaging, making it an ideal choice for medical packaging materials.Highlights of the Exhibition PreviewKunlun™ Medical Packaging SolutionsAt this expo, Qingyun New Materials™ will comprehensively showcase the multiple applications of its KunLun™ material in the medical packaging field, including three-side seal bags, top-head bags, breathable bags, and blister box lid materials. These products, with their superior performance and outstanding results, can precisely meet the packaging needs of different medical devices, providing customers with more efficient and safer solutions.Excellent microbial barrier performanceKunlun™'s unique nanoscale fiber mesh structure efficiently blocks bacteria, viruses, spores, and other microorganisms, ensuring the sterility barrier integrity of medical devices during extended shelf life.Strong mechanical strengthThe material possesses ultra-high tear resistance and puncture resistance, withstands harsh transportation environments, and ensures the integrity of the packaging throughout the entire process from production to clinical use.Complete sterilization method compatibilityAdapted to moist heat sterilization at 123±2°C for 30 minutes, compatible with mainstream sterilization processes such as ethylene oxide, gamma radiation, and electron beam. After sterilization, the material's microbial barrier performance and mechanical properties remain stable.Clean剥离Achieve clean peeling of medical packaging through exceptional mechanical properties, effectively reducing fiber shedding, and safeguarding the cleanliness of instruments and patient safety.Soft structured protective clothing: Redefining healthcare safetyAt this exhibition, medical protective suits made from KunLun™ soft structural material will also be showcased. These suits integrate wear resistance, puncture resistance, waterproof breathability, lightweight comfort, and skin-friendliness, providing healthcare workers with an all-weather safety barrier. They ensure operational efficiency and comfort in high-risk environments.Qing Yun New Materials™: Pioneering the Future with InnovationAs a leader in high-end medical packaging materials in China, Qingyun New Materials™ continues to突破技术壁垒 (break through technical barriers), achieving large-scale production of new material Kunlun™, thus breaking the import monopoly. In the future, we will deepen our RD investment to empower the global medical industry with more优质的 solutions (quality solutions), promoting the integration and upgrading of aseptic barrier technology and intelligent manufacturing, and injecting "Chinese innovation" into human health endeavors.April 8-11, Shanghai National Exhibition and Convention Center, Booth 8.1Z28, "Technology as the Shield, Innovation as the Spear" – Qingyun New Materials™ joins you in building a safer future for healthcare!Scan the QR code below to make an appointment.About Kunlun™It is a type of special fiber material independently developed by Qingyun New Materials™, with a natural white color. It comes in two different structural forms: a hard structure material like paper, and a soft structure material like fabric.Suitable for various processing techniques, with strong formability, widely used in the highest-end applications of non-woven fabrics and special papers across the upstream and downstream sectors. It can be applied in nearly a hundred industries and scenarios.

The "medical aesthetics leader" with a market cap of hundreds of billions, IMEIK Technology (300896.SZ, hereinafter referred to as "the company"), does it also have its own anxieties?Recently, the company released its annual report, dividend plan, and acquisition proposal. While continuing to maintain growth, the market has noticed a slowdown in the company's growth rate, leading to related discussions.In fact, the medical beauty industry has just recently moved past the phase of domestic substitution. The essence of the industry is something that each company is contemplating and acting upon. The answer that the company has taken the lead in providing is to continuously work on product strength, aiming to strengthen its competitive advantage through external acquisitions and research and development innovation. What is the essence of medical aesthetics?Around 2003, Jian Jun, far across the ocean, encountered a "small matter" that changed his fate. In a foreign land, he accidentally witnessed a girl receiving a hyaluronic acid injection, and the deep and shallow wrinkles on her face gradually faded, restoring her radiant appearance. In that instant, Jian Jun's business instincts were ignited, as if he could see a blue ocean eagerly awaiting development.The subsequent story is about Jian Jun returning to China to start her entrepreneurial venture, Aimeike. In a modest old pharmaceutical factory in Changping District, Beijing, the company began developing facial fillers. At that time, European, American, and Korean companies firmly controlled the technology and products of hyaluronic acid. The breakthrough came in 2009 when the company successfully developed the composite hyaluronic acid product "Yimei," breaking the import monopoly in one fell swoop.The starting point for any medical aesthetics enterprise is built on the product strength of domestic alternatives. This product strength encompasses both individual products whose efficacy rivals that of imported ones and the defensive moat formed by a combination matrix. From 2012 to the present, the company has successively launched products such as "Bonita," "Hyaluronic Acid," "Jinlian," and "Rou Tian Shi," covering varieties like hyaluronic acid injectable fillers and facial thread lifts.These domestic medical beauty products not only "hard control" consumers to drive the company's rapid performance growth but also maximize sentiment in the capital market. In 2020, the company successfully listed on the Shenzhen Stock Exchange, with its market value once exceeding 100 billion yuan, earning the title of "the Maotai of medical beauty."Being crowned with the title "Mao" is enough to demonstrate its value, but whether the company can navigate through industry cycles is currently under market speculation. In 2024, the company's operating revenue and net profit attributable to the parent company were 3.026 billion yuan and 1.958 billion yuan, respectively, with year-on-year growth rates of 5.45% and 5.33%. This marks the first time in the company's five years of being listed that its growth rate has dropped to a single digit. The slowdown in growth has led the market to ponder two thoughts. First, even core flagship products have their cycles. Second, the essence of the medical aesthetics industry is whether it is a long-term thick snow slope or a short-term small wave.So far, solution products represented by "HiT" and gel products represented by "RuBaiAngel" have consistently accounted for over 98% of the company's revenue. In 2024, the revenues from injection products such as solutions and gels were 1.744 billion yuan and 1.216 billion yuan respectively, representing year-over-year growths of 4.4% and 5.01%.Among them, the highlight moment of "Hi Body" may mark a pause. In 2024, the sales volume, production volume, and inventory volume of the company's solution products are 6.3463 million units, 6.8792 million units, and 856,500 units, respectively, with year-on-year growth of 23.44%, 39.67%, and 91.4%. Can high-end layout forge a new moat?Is the medical aesthetics industry a long slope with thick snow, and does it ultimately come down to the product?In 2021, "Ru White Angel" was officially launched. From 2022 to 2024, the revenue of the company's gel products was 638 million yuan, 1.158 billion yuan, and 1.216 billion yuan, with sales reaching 739,600 units, 1,006,800 units, and 893,600 units respectively. Compared to the continuous explosive growth of "Hi Body" in the years following its launch, the growth performance of "Ru White Angel" has led the market and the company to reconsider a question: Do medical beauty products have the ability to transcend cycles?In fact, since its launch, "Ru White Angel" has entered into exceptionally fierce competition. Similar products on the market include St. Boma's Ai Wei Lan, Huadong Medicine's Yi Yan Shi, and Jiangsu Wuzhong's Ai Su Fei, the latter two of which were introduced from overseas. For a long time, "Hi Body" enjoyed the market all to itself.In other words, the company's high growth in the past was based on the scarcity of its products. However, to capture consumers' minds, it is necessary to adapt to trends and continuously provide new value, in order to create amazing products that inspire desire and achieve sustainable survival through economic cycles. Comparing the products, the RUBISk Angel, YSL, and Aesthetic Fi maintenance periods for one vial are 18-24 months, 18-24 months, and 24 months respectively, with corresponding prices of 12,800-14,800 yuan/vial, 16,800-19,800 yuan/vial, and 19,800 yuan/vial respectively.After undergoing competition, the company's understanding of medical beauty products is gradually deepening, realizing the need to solidify its competitive edge in the high-end sector. In March of this year, the company announced its intention to acquire a controlling stake in South Korea's REGEN for $190 million (approximately 1.38 billion yuan). The core product of this target is the Ai Su Fei, which Jiangsu Wuzhong exclusively代理 in China. In the first three quarters of 2024, the sales revenue of this product reached 195 million yuan.In response, Aimeikang told the Investors Network: "The company plans to acquire a controlling stake in South Korea's REGEN, aiming to further strengthen its global layout in the regenerative medical aesthetics field by integrating leading international technical resources. The transaction has not been completed yet, and relevant matters need to comply with the laws and regulations of various countries as well as transaction procedures."Jiangsu Wu Zhong publicly responded that the exclusive agency rights for Aesthe菲 in China is valid until August 28, 2032, and there have been no changes to the agency rights as of now. (Note: The company name "艾塑菲" is partially obscured, so it's represented here as "Aesthe菲". If you can provide the full name, it would be better for an accurate translation.)At the same time, Aimeike emphasized to The Investor Network: "As a gel-type regenerative injectable, Rube Angel is different from Aisufei in lyophilized form (which needs to be reconstituted into a suspension) in terms of dosage form, ingredients, and application scenarios. This acquisition aims to strengthen the company's layout in the field of regenerative products and is expected to become a global leader in regenerative medical aesthetics; combined with many products under Aimeike, it can provide seekers of beauty with more diverse and better-effect solutions, meeting their needs for treatment on the face, body and other parts." Expand products to build a new engineAfter five years of entering the capital market, Aimeike has gradually established its growth logic on the external expansion of products, thereby supporting its longer-term development goals.In 2022, the company increased its capital by 20 million yuan to acquire a 40% stake in Ai Mei Chuang, which specializes in products such as hydrabrasion devices and sterile injection needles. In 2023, the company invested 350 million yuan to acquire the entire equity of Pei Qi Long Biopharmaceutical, entering the field of animal collagen. At the same time, the company signed a distribution agreement with South Korea's Jeisys Medical, securing the exclusive distribution rights for radiofrequency and ultrasound devices in mainland China. In 2024, the company continued to increase its investment in Ai Mei Chuang, gaining controlling ownership of the latter.The consecutive acquisitions reflect the company's strategic efforts to deepen its international presence. At the same time, the company is also focused on strengthening RD innovation. In 2024, the company's RD expenses reached 304 million yuan, a year-on-year increase of 21.41%, accounting for over 10% of its revenue. Since its listing, the company has implemented five rounds of cash dividends, totaling 2.38 billion yuan. After the execution of the 1.145 billion yuan cash dividend plan announced in this annual report, the company's cumulative dividend payments will exceed the funds raised through its IPO.As of 2024, the company's monetary funds amounted to 1.515 billion yuan, a year-on-year decrease of 17.36%, primarily due to the purchase of wealth management products. During the reporting period, the company's cash outflows for investments reached 12.867 billion yuan, a year-on-year increase of 135.8%, with holdings in multiple enterprises. Among these, the company's investment in Boan Biotech has been listed on the Hong Kong Stock Exchange, and a fair value of 45 million yuan was recognized for the equity during the reporting period.In response, Allergan stated to Investors.com: "The company has ample cash flow and stable financial resources, and improves the efficiency of fund utilization through diversified financial management. All investments undergo rigorous risk assessments and comply with the company's internal control systems and regulatory requirements." (Produced by SW Finance).

Robust Medical (300888.SZ, hereinafter referred to as "the company") has just gone through a storm.In March, the company responded to the attention letter from the Shenzhen Stock Exchange. The incident was triggered by a CCTV program, involving the company's brand "Purcotton." Currently, the company is transitioning from a specialized medical enterprise to a consumer goods company, with its business structure and market valuation undergoing reconstruction.The Test of the "Post-Golden Age"CCTV's 315 Gala exposed that some manufacturers purchase unqualified products that should be destroyed by legitimate companies at prices ranging from A single stone can stir up a thousand waves. On that day, the Shenzhen Stock Exchange required the company to conduct a self-examination and provide an explanation. The company also promptly formed a special team and reported the matter to the public security authorities. On March 20, the company publicly responded to the inquiry letter.According to the announcement, the company has established comprehensive management systems for raw material procurement through self-examination and strictly implements them, ensuring effective operation of internal controls. Additionally, the company has launched the PureCotton Joy hygiene product anti-counterfeiting traceability code project, achieving one-to-one coding with non-replicable features. Consumers can scan the code to trace product information, factory production, raw materials, and relevant inspection reports.Moreover, the company will immediately upgrade the handling level of defective materials of hygiene products, strengthen the control over defective materials, and truly cut off the chain of secondary illegal use of defective materials.The sudden public crisis is a test for the company as it enters the "post-golden era."In the 1990s, Li Jianquan, who worked for a foreign trade enterprise in his hometown of Hubei, moved south to Zhuhai. At that time, the south was experiencing a wave of market economy. In a field that was in great need of development, he founded a company and focused on the medical dressing sector. However, the medical field demands high technology, high barriers to entry, and high standards. In order to break into the market and claim a share, Li Jianquan led his team to "grind" on technology and eventually independently developed the cotton water-jet non-woven fabric process.The advent of this technology laid the groundwork for the company's subsequent cross-sector expansion. As medical scenarios demand extremely high product quality, the technology was capable of being extended to the consumer market. In 2009, the brand "PurCotton" was launched, marking the company's transition from medical to household applications.In 2020, the company迎来了自己的高光时刻。一方面，伴随新冠疫情爆发，医用口罩、防护服等产品销量激增，进而拉动公司业绩高速增长。另一方面，公司登陆创业板，市值一度超900亿元。A strong wind rises, and everyone supports it. At that time, various institutions were optimistic about the company's prospects, focusing on the rapid growth of its medical consumables business. The company was even dubbed the "first stock of masks," as its medical mask products contributed significantly to its performance. However, later, the market environment changed drastically, and everything seemed to be set for a re-evaluation.Valuation revaluation switching logicIf we extend the timeline, companies in the medical device sector have gone through two phases: the first was becoming "pigs on the wind" by entering the capital market; now, as the tide of dividends recedes, they are accelerating cross-border transformation in the new cycle.As of now, the company has established three major brands—"Winner稳健医疗," "Purcotton全棉时代," and "PureH2B津梁生活"—covering both the medical and consumer sectors. Additionally, the company has ventured into the medical aesthetics market with products such as scar treatments, facial masks, acne patches, and saline cleansing solutions.In the first three quarters of 2024, the company's consumer goods business revenue reached 3.36 billion yuan, a year-on-year increase of 13.7%, accounting for 55.4% of total revenue. The All Cotton Era has four core categories: soft towels, sanitary napkins, intimate clothing, and newborn products. Among them, the sales of cotton soft towels reached 1.01 billion yuan, a year-on-year increase of 31.3%. The reason for achieving this growth rate, as emphasized in a research report by Guojin Securities, is the All Cotton Era brand's ability to break through in consumers' minds.Capturing consumers' minds is not an overnight achievement; instead, it requires brands to meticulously refine both product quality and marketing strategies. On the market, most cotton wipes still use synthetic fibers, while PurCotton insists on 100% pure cotton. Since consumers currently struggle to accurately identify material differences and are even less aware of the advantages of pure cotton, the company has chosen a challenging path.This road is "tough but right," and time will provide the answer. However, the company is also making changes. In the past, PG Full Cotton would emphasize the story of its brand in terms of medical genetics. But in February of this year, Phoenix Satellite TV and Li Jianquan delved into the brand's origins, starting with the exploration of a single cotton flower, aiming to revisit and uncover new connotations within the supply chain.As of the third quarter of 2024, the membership scale of Purcotton has shown significant growth, with the total number of members exceeding 58 million, a year-on-year increase of 11.4%. Among them, registered members on the private domain platform surpassed 30 million, nearly 15 million from physical stores, and over 15 million from the official website and mini-programs. During the same period, the company operated a total of 477 offline stores, with 79 new stores opened.For the capital market, cross-border activities are not just a simple second growth curve, but also a test and tempering of valuation re-evaluation. In the past, investment institutions placed more importance on the company's technological moat to determine value. Now, the valuation has shifted to consumer goods logic, with the essence being rebuilt on brand power.The old business has resumed acquisitions.Although Winner Medical is racing ahead in the consumer goods sector, its core and foundation remain rooted in professional medical products.In the first three quarters of 2024, the company's medical consumables business revenue was 2.66 billion yuan, a year-on-year decrease of 11.5%, accounting for 43.7% of total revenue. Among them, there was a rebound in the third quarter, with revenue growing by 13.1%.In fact, the post-pandemic era leaves medical device companies with more reflection. Cross-sector布局 is a breakthrough, but how to maintain the fundamentals is the foundation; only with a solid base can one strive for higher development. (Note: The term "布局" could be interpreted in different contexts. In this translation, I've kept it as "Cross-sector layout" to maintain the original meaning as closely as possible. However, depending on the exact context, it might also be translated as "cross-sector planning," "cross-sector strategy," or similar terms.) For a more natural English flow, we might adjust it slightly:"In fact, the post-pandemic era leaves medical device companies with more reflection. Cross-sector expansion is a breakthrough, but maintaining core competencies is fundamental; only with a solid base can one strive for higher development."In this regard, the company has chosen to "expand" overseas. In September 2024, the company announced the acquisition of a 75.2% stake in Global Resources International for a consideration of $120 million. The target company is headquartered in the United States and its main products include surgical packs, drapes, sheets, and containers, with a revenue exceeding $150 million and a net profit of $8.9376 million in 2023. The U.S. market accounts for approximately 70%.The company has its own considerations for choosing this time to make an acquisition. Previously, the company had expanded production of masks and protective clothing, which led to a significant focus on inventory reduction in 2023, and impairment provisions were made for防疫产品. As of the first half of 2024, the company's inventory balance was 960 million yuan, a decrease of 22 million yuan year-on-year, mainly due to accelerated clearance of infection protection products.Before this round of overseas acquisitions, the company stated at the earnings briefing that the majority of inventory and legacy issues related to epidemic prevention products had been resolved. In fact, in 2022, the company acquired three enterprises,布局穿刺、乳胶制品、高端伤口敷料等品类. In response, the company publicly stated that it "has gained some successful experiences and also learned some lessons."As of the third quarter of 2024, the company's goodwill amounted to 1.515 billion yuan, representing a year-on-year increase of 75.29% due to the acquisition of a U.S. target.

March 31讯, an investor asked Rongsheng Petrochemical (002493): As the largest producer of propylene oxide in China, how much of your product can be used for medical and medical device purposes, and can it be exported to the EU?The company responded, "Hello! Thank you for your attention to our company. As an integrated domestic producer of propylene oxide-polyether polyols, we currently have an annual production capacity of 270,000 tons of propylene oxide and 380,000 tons of polyether polyols. Propylene oxide, as a raw material, can be processed into downstream products such as polyether polyols, which are widely used in the healthcare sector. For example, certain polyether polyols can be used to manufacture medical polyurethane materials. Rongsheng Petrochemical is committed to serving the global market with high-quality products and has established business connections with partners in some EU regions. Moving forward, the company will continue to optimize its product portfolio, enhance product competitiveness, and expand high-end applications in the healthcare field."

On March 31, 2025, Financial界 reported that the National Intellectual Property Administration's information shows that Demode (Suzhou) Mechanical Technology Co., Ltd. has obtained a patent titled "A Plastic Capillary Tube," with authorization announcement number CN 222687614 U, and the application date is July 2024.The patent abstract shows that the utility model belongs to the technical field of capillary tubes, specifically a plastic capillary tube, comprising capillary tube bodies in the upper and lower parts and a connecting head in the middle part. The connecting head consists of a shell, two sets of sealing plugs, two sets of tightening tubes, and two sets of sliding positioning tubes. The sealing component can seal the joint between the capillary tube body and the sealing plug, and the tightening component clamps the capillary tube body to prevent it from falling off, achieving a sealed connection between the two capillary tube bodies. It avoids the need for special tools and custom-made ferrules, with simple installation steps, low operation difficulty, and high installation efficiency.According to data from Tianyancha, Dedemode (Suzhou) Mechanical Technology Co., Ltd., established in 2013 and located in Suzhou, is a company primarily engaged in the specialized equipment manufacturing industry. The company has a registered capital of 5 million RMB, with the paid-in capital also being 5 million RMB. Through Tianyancha's big data analysis, Dedemode (Suzhou) Mechanical Technology Co., Ltd. has 4 trademark records and 91 patent records in terms of asset information. Additionally, the company holds 4 administrative licenses.