Impact of Orthopedic Collection Policies on Key Enterprises and Response Strategies

Based on search results, I will provide a detailed analysis of the differential impacts of orthopedic collection policies on various enterprises and the effectiveness of their response strategies.

Orthopedic consumables collection policies have achieved full coverage, including major categories such as joints, spine, trauma, and sports medicine. The collection has led to significant price drops for products:

• Joint Products
  : Average price drop of 80-84%, with only a further 6% drop in subsequent bidding rounds, indicating a milder trend
• Spinal Products
  : Average price drop of 84%
• Trauma Products
  : Average price drop of 88.65%
• Sports Medicine Products
  : Average price drop of 74%

: Both revenue and profit declined, but the magnitude was relatively mild

• 2024 H1 revenue: 751 million yuan (-6.8%), net profit attributable to parent company: 93 million yuan (-16.7%)
• 2025 first three quarters revenue: 1.106 billion yuan (+2.12%), net profit attributable to parent company: 207 million yuan (+26.24%)

:

• Product Line Expansion
  : Added sports medicine, tissue repair, and other categories through acquisitions; other products account for 24%
• Technological Innovation
  : PRP product sales reached 164 million yuan (+24%) in the first three quarters
• Overseas Layout
  : 2025 H1 overseas revenue: 43.21 million yuan (+19%), focusing on developing markets like Indonesia and Brazil
• Effectiveness Rating
  : ★★★☆☆ - Base advantage remains, but growth has slowed and profit margins are under pressure

: Least affected, with the best performance

• 2024 H1 revenue: 964 million yuan (+28.6%), net profit attributable to parent company: 138 million yuan (+47.8%)
• 2024 Q3 revenue growth rate: 35.88%, non-net profit growth rate: 862.68%

:

• Category Diversification
  : Trauma: 370 million yuan (+46%), minimally invasive surgery:170 million yuan (+37%), neurosurgery:50 million yuan (+58%)
• Export Advantage
  : Products sold to over 60 countries, export volume ranks among the top in the industry
• High-margin Business
  : Dental:40 million yuan (+85%), surgical instruments:20 million yuan (+73%)
• Effectiveness Rating
  : ★★★★★ - Extremely effective strategy, becoming an industry benchmark

: Severe short-term impact, but rapid recovery

• 2024 H1 revenue:380 million yuan (-29.7%), net profit attributable to parent company:79 million yuan (-37.3%)
• 2024 Q2 single-quarter revenue decreased by 28.7% quarter-on-quarter, net profit attributable to parent company decreased by56.8% quarter-on-quarter

:

• Export-driven
  :2024 H1 export revenue:155 million yuan, accounting for40.7%
• Product Innovation
  : Joint replacement bidding results were ideal, knee joint products re-won bids
• Accelerated Internationalization
  : Hip, knee, and spine product lines all passed CE certification;2025 first three quarters overseas revenue grew by over40%
• Effectiveness Rating
  :★★★★☆ - Short-term pressure but strong resilience; significant results in internationalization

###4.

: Relatively stable operation
-2024 H1 net profit attributable to parent company increased by5%, accelerating domestic mid-to-high-end market share
-Overseas revenue:123 million yuan (+8.7%), accounting for18.8%

:

• Double Brand Strategy
  : JRI+AK dual brands in parallel; ICOS personalized customization service
• Market Expansion
  : Successfully entered new markets like Malaysia, Japan, Spain
• High-end Positioning
  : Focus on mid-to-high-end market, maintain good profit margin level
• Effectiveness Rating
  :★★★★☆ - Stable operation; smooth progress in internationalization

###5.

: Bottomed out in2024, strong rebound in 2025
-2024 H1 revenue:212 million yuan (-24.9%), net profit attributable to parent company:2 million yuan (-97.3%)
-2025 first three quarters revenue:391 million yuan (+17.7%), net profit attributable to parent company:61.98 million yuan (+623.2%)

:

• Technological Innovation
  : Ultrasonic bone scalpel made breakthroughs in European, American, and Latin American markets
• Product Upgrade
  : Pouch, Adena double-headed screw, Zina II series new products performed excellently
• Overseas Breakthrough
  : Zeus spinal internal fixation system successfully launched in France; expanded to US, UK, Italy, Germany markets
• Merger and Integration
  : Acquired minority shareholder rights of Shuimu Tianpeng to strengthen active device business
• Effectiveness Rating
  :★★★★★ - Most successful transformation case; ultrasonic bone scalpel becomes new growth driver

###1.

• Orthopedic consumables shifted from high gross margin to medium gross margin
• After collection, terminal price drops are generally between74-89%
• However, enterprises with relatively higher winning bids have greater advantages in channels and sales

###2.

• Import substitution accelerated significantly
• Small enterprises with backward technology and lack of innovation capabilities are gradually eliminated
• Market share and concentration of leading enterprises continue to rise

###3.

• Collection risks in the orthopedic industry are basically cleared
• The possibility of significant price drops in subsequent rounds is low
  -2024 Q3 sub-sector revenue grew by19.06%, non-net profit grew by124.73%

Enterprise	Main Strategy	Effectiveness Rating	Key Success Factors
Dabo Medical	Category Diversification + Export	★★★★★	Multi-category synergy, early international layout
Sanyou Medical	Technological Innovation + Overseas Breakthrough	★★★★★	Leading ultrasonic bone scalpel technology, high-end market breakthrough
Aikang Medical	Double Brand + High-end Positioning	★★★★☆	Mid-to-high-end market positioning, stable internationalization
Chunli Medical	Export-driven + Product Innovation	★★★★☆	High export ratio, strong resilience
Weigao Orthopedics	Acquisition Expansion + Scale Advantage	★★★☆☆	Large scale but slow growth, profit margin pressure

1. Collection Impact Basically Cleared
   : The industry entered a new normal from2024; risk of significant price drops reduced

2. Differentiated Strategy Effect显著
   : Dabo Medical’s category diversification and Sanyou Medical’s technological innovation are the most successful

3. Internationalization Becomes a Must
   : Export business has become an important growth engine for enterprises; internationalization level directly affects performance

4. Technological Innovation is Core Competitiveness
   : Innovative products like ultrasonic bone scalpel are key for enterprises to break through

5. Industry Structure Reshaping Completed
   : Leading enterprises’ advantages consolidated; small enterprises exit accelerated; market concentration continues to rise

Overall, although orthopedic collection policies have caused short-term impacts on enterprises, they have promoted the industry to develop in a healthier and more sustainable direction. Successful enterprises have found differentiated development paths that suit their own characteristics; internationalization, technological innovation, and category diversification have become effective strategies to cope with collection impacts.

[1] East Money - “24H1 Industry Overall Performance Under Pressure, Prosperity Expected to Recover Quarter by Quarter” (https://pdf.dfcfw.com/pdf/H3_AP202409131639875247_1.pdf)
[2] Medical Device Innovation Network - “Profit Surges 623%, Orthopedic Market Spring is Back” (https://www.innomd.org/article/2cc3135779db662d1226956066b55bb4.html)
[3] SPDB International - “Chunli Medical (688236.CH/1858.HK): Annual Performance Under Pressure, 2025 May…” (https://pdf.dfcfw.com/pdf/H3_AP202410191640372742_1.pdf)
[4] Guoyuan Securities - “Orthopedic Collection Impact Cleared, Ultrasonic Bone Scalpel Business Booming” (http://pdf.dfcfw.com/pdf/H3_AP202412181641347817_1.pdf)
[5] Southwest Securities - “Orthopedic High-value Consumables — After Full Collection” (https://pdf.dfcfw.com/pdf/H3_AP202401241617985093_1.pdf)