Which device sectors generated the highest profits in H1 2025?

**132 Medical Device Companies Report Profits, 9 Companies Achieve Over 20% Revenue Growth**

As of September 2nd, 132 A-share medical device companies have disclosed their H1 2025 performance results.

The top five companies by H1 2025 revenue are: Mindray Medical (16.743 billion yuan), United Imaging Healthcare (6.016 billion yuan), Intco Medical (4.913 billion yuan), Shinva Medical Instrument (4.790 billion yuan), and Yuwell (4.659 billion yuan).

This year, industry leader Mindray Medical experienced its most challenging period since going public, with both revenue and net profit failing to maintain growth. However, its market volume still significantly exceeds other medical device companies. Mindray stated that based on preliminary calculations, overall operating revenue growth will turn positive year-over-year in Q3.

In H1, companies maintaining high growth were limited. Hwatai Medical, Dabo Medical, Sansure Biotech, Wandong Medical, ResMed, Chunli Medical, Shanwaishan, Hotcare Biotech, and BioRegen maintained revenue growth exceeding 20%.

The top five companies by net profit are: Mindray Medical (5.069 billion yuan), Yuwell (1.203 billion yuan), United Imaging Healthcare (998 million yuan), Andon Health (920 million yuan), and New Industries Biomedical Engineering (771 million yuan).

Companies achieving net profit growth exceeding 20% include Andon Health, Intco Medical, Hwatai Medical, Dabo Medical, Airdna Biotechnology, Edan Instruments, Wego Orthopaedic, ResMed, Chunli Medical, BioRegen, Worthing Medical, Shanwaishan, Tianchen Medical, MedPrin Biotech, ST Kelly, iHealth, SY Medical, MicroPort EP MedTech, and Cotran Medical.

**H1 2025: These Device Sectors Showed Strong Performance**

**Orthopedics: Emerging from Dark Times, Net Profits Show Across-the-Board Positive Growth**

After a period of challenges, the orthopedic market is returning to a growth trajectory. In H1 this year, orthopedic companies delivered impressive performance.

Dabo Medical (+76.69%), Wego Orthopaedic (+52.43%), Chunli Medical (+44.85%), SY Medical (+2083.64%), and ST Kelly (+44.88%) all achieved positive net profit growth. Dabo Medical led the orthopedic sector with 1.21 billion yuan in revenue and 244 million yuan in attributable net profit.

Previously, as the orthopedic market had become quite mature, volume-based procurement intensity was also greater. After centralized procurement, price premiums in the orthopedic market were eliminated, and significant changes occurred in production, distribution, and service segments.

Over the past two to three years, orthopedic companies have employed various strategies, including expanding new markets and business segments, strengthening cost and expense management, to enhance profitability. Orthopedic companies appear to have successfully navigated the growth crisis brought by centralized procurement price reductions.

**Electrophysiology: Double-Digit Growth in Surgery Volume, Rising Atrial Fibrillation Proportion**

The electrophysiology market, still in its growth phase, continued to maintain strong growth in H1. According to company disclosures, electrophysiology industry surgery volumes have improved compared to Q1 since Q2 this year.

Overall electrophysiology industry surgery volume growth was double-digit, with high growth in atrial fibrillation procedures, which further increased their proportion across all hospital levels. Non-atrial fibrillation (supraventricular tachycardia) growth was slower, expected to be single-digit.

Hwatai Medical achieved revenue of 1.214 billion yuan, up 21.26% year-over-year; attributable net profit of 425 million yuan, up 24.11% year-over-year. Hwatai expects the company's full-year 3D surgery volume to exceed 20,000 procedures. With pulsed field ablation product approvals, electrophysiology equipment promotion is also accelerating, expected to reach 450 units by year-end.

MicroPort EP MedTech achieved revenue of 224 million yuan, up 12.80% year-over-year; attributable net profit of 32.67 million yuan, up 92.02% year-over-year. The company's 3D electrophysiology surgeries cover over 1,000 hospitals, with cumulative procedures exceeding 80,000 cases, ranking first among domestic manufacturers.

In electrophysiology, revolutionary PFA has been rapidly and widely adopted in overseas markets. While domestic clinical application speed lags behind overseas markets, it remains promising. Currently, newly approved pulsed products may face challenges with medical insurance integration and procedure billing.

Whether PFA will reshape the domestic electrophysiology market remains to be observed.

**Structural Heart Disease: Significant Market Potential, Clear Growth Expectations**

In H1 2025, China's structural heart disease industry continued to achieve significant progress in technological innovation, product registration, and commercialization advancement. The industry is also experiencing intensified competition and pricing adjustment challenges. (Note: Many related companies are listed in Hong Kong and are not included in the above performance summary)

In H1, Cardionovum Medical achieved revenue of 330 million yuan, up 32.4% year-over-year; attributable net profit of 182 million yuan, up 29.8% year-over-year. Currently, Cardionovum Medical's portfolio includes congenital heart disease occluder products, patent foramen ovale and left atrial appendage occluder products, aortic and peripheral occlusion devices, cardiac valve products under development, mechanical circulatory support products, and access products.

BioRegen achieved revenue of 248 million yuan, up 30.1% year-over-year; attributable net profit of 71.4 million yuan, up 102.9% year-over-year. Among these, artificial biological heart valve product sales increased 88.96% year-over-year, with market share improvement.

Venus Medtech's H1 attributable losses decreased 34.7% year-over-year. H1 domestic valve implantation volume totaled approximately 1,950 procedures, with overseas business revenue led by VenusP-Valve reaching 40.7 million yuan, up 35.3% year-over-year.

Peijia Medical posted a net loss of 2.2 million yuan, significantly narrowed from last year's same period (loss of 57.8 million yuan). Currently, global commercialization of VitaFlow Liberty® and Alwide® Plus is progressing, and domestic commercialization of AnchorMan® left atrial appendage occlusion system and AnchorMan® left atrial appendage delivery system is also advancing.

Overall, structural heart disease still has significant unmet clinical needs, with substantial market potential and clear industry growth expectations.