up to date!GPS2022 semi -annual report was released.

The global medical imaging manufacturer pattern has long been oligoral monopoly, and the "GPS"+Japanese manufacturers have deeply accumulated technology. In the terminal market, China's development potential is huge. 100 million yuan, the importance is becoming more prominent.

The competition of global top imaging companies has entered the second stage. In addition to global products, technology competition, it has come to the local supply chain and innovative products upgrade, and deeper horizontal and vertical clinical value connection. And the high -end new products listed in China are displayed more to see the source of financial reports from a richer dimension.

From the financial report, in the first half of 2022, Siemens Medical continued to consolidate the position of TOP 1, because the watan was further enlarged with the second. After the negative effects of recall, supply chain, etc., further efforts.

Specifically

Siemens Medical: In the first half of the fiscal year (limited affected by the Shanghai epidemic), the first fiscal year after being included in Varian, coupled with the significant driving of antigen detection to IVD, multiple profits made Siemens's medical revenue increased by +34 %.

China's revenue of 1.203 billion euros (+9%) is still the second largest market in Siemens Medical.

GE Medical: GE Group has determined that the medical business will use the new name Ge Healthcare. At present, the medical board has been established and will be listed on the Nasdaq. In the first half of 2022, the revenue was affected by the supply chain by 1%, and it was expected to solve the supply chain problem in the second half of 2022.

Philips: The influence of ventilator recall is still continuing (expected to be replaced in early 2023), superimposed the impact of the supply chain, and the revenue in the first half of 2022 is flat.

This financial report is the first time in the Chinese market revenue data in recent years; 2022 H1 Philips China revenue is 1.017 billion euros, which is the second largest market in Philips.

▲ GPS 2022 fiscal year H1 data total view

① According to the real -time exchange rate, $ 1 = 0.9853 euros, GE Group's total revenue was US $ 35.686 billion, and medical business revenue was US $ 8.88 billion.

② Philips' medical revenue only considers Diagnosis & Treatment and Connected Care. The health care sector is not among the medical revenue statistics.

③ The fiscal year of Siemens is from October 1, 2021-March 31, 2022

01

Global business competition: Siemens's medical status is further stable

Siemens Medical: Magnetic resonance, molecular imaging business to become the main driving force, IVD revenue increases by 33%

*** Siemens Medical 2022 In the first half of fiscal year: October 1, 2021 to March 31, 2022.

2022 The latest product highlights of the first half of the fiscal year:

On July 7, Siemens Medical's smallest and lightest new magnetic resonance Magnetom Free.star was officially approved by the FDA in the United States.

Siemens Medical CIOS SPIN mobile cone beam CT imaging (CBCT) and Intuitive (intuitive) robot auxiliary bronchial mirror inspection technologies combined with the internal system of the cavity system are approved by FDA, which is expected to increase the diagnosis rate of lung biopsy by about 10%.

... ...

2022 The first half of the fiscal year performance analysis:

H1 in fiscal year in 2022, Siemens's total medical revenue was 10.528 billion euros (+34%). All businesses have contributed positive growth, of which the diagnostic business has grown the highest.

▲ 2022 fiscal year H1 Ximenzi medical revenue

The adjustment of the post -interest tax before the adjustment: 1.879 billion euros (+33.8%), and the profit margin of 17.8%(the same period as the same period last year), higher procurement and logistics costs and currency effects on profit margins have some negative impacts;

R & D expenditure: 852 million euros (+29%), the increase in R & D expenses included $ 152 million from Varian;

Sales management expenditure: 1.629 billion euros (+45.7 %), the main reason for the significant increase in expenditure is the addition of Varian business.

Medical business revenue:

Image business: revenue of 5.146 billion euros (+10%);

Before interest tax, profit of 1.035 billion euros (-0.6%);

Mainly from the United States and European market magnetic resonance fault scan (MRI), and the Chinese market nuclear medical molecular imaging (PET) business continues to recover, growth exceeds expectations;

At the same time, computer fault scanning (CT) and X -ray business revenue decreased exceeding expectations.

Diagnostic business: revenue of 3.214 billion euros (+33%), and it is still impossible to predict the impact of the spread of viruses of the new crown.

Before interest taxation profit of 586 million euros (+118.7%);

The high growth of the diagnostic business is mainly driven by developed markets such as Europe and the United States for the rapid detection of high demand for new crown antigen;

Varian business: revenue of 1.456 billion euros;

Before interest taxation profit of 212 million euros;

About half of the revenue comes from the Americas.

Clinical treatment business: revenue 8.93 (+9%);

Before the interest tax, the profit of 117 million euros (-13.97%);

Part of the growth of the European and American markets was offset by the decline in the Asia -Pacific market.

Regional revenue:

Europe, the Middle East and Africa (EMEA): revenue of 3.783 billion euros (+29%);

It is mainly due to the rapid growth of diagnosis and clinical treatment business;

German headquarters revenue of 893 million euros (+37%);

American region: revenue of 4.047 billion euros (+51%);

Mainly driven by fast antigen detection and imaging business in the strong growth of the United States;

US revenue of 3506 billion euros (+54%);

Asia -Pacific region: revenue of 2.698 billion euros (+22%);

The decline in the decline of the video and clinical treatment business was offset by the growth of the diagnostic business;

China's revenue of 1.203 billion euros (+9%), comparable revenue decreased by 9%, is still the second largest market in Siemens Medical.

In the first half of 2022, due to the new crown of the Chinese market and the interruption of the supply chain, it has a slight negative effect on the overall revenue, mainly including:

China's imaging business is mainly CT and X -rays, compared with the peak period of the new crown testing;

China's clinical treatment business revenue declines;

However, China's diagnostic business revenue has increased slightly.

In addition, cash and cash equivalent in the first half of the year decreased by about 246 million euros, and some of them were used for physical investment in the Chinese market.

GE Medical: Focus on the six major areas of "medical image, ultrasound, life care, PDX, corporate digital solution, service" after separation of independence

2022 The latest product highlights in the first half of the year:

Launched the latest ultrasonic product Voluson Expert 22, drive the ultrasound of artificial intelligence to release new imaging and processing capabilities;

Cooperate with Metro to achieve personalized care on the precision monitoring platform of Carescape;

The new partnership with Alivecor integrates remote ECG into GE medical products;

... ...

2022 performance analysis in the first half of the year:

In fiscal year in fiscal year, GE's total revenue was 35.686 billion US dollars (+1%). Aviation and medical business contributed positive growth.

Medical business revenue is US $ 8.882 billion (+1%).

R & D expenditure: $ 1.337 billion (+14.76%);

Sales management expenditure: $ 6.371 billion (+10.65 %).

Demolition process:

On July 18, GE released a new brand logo of the three global investment -level listed companies that plans to be formed by splitting.

GE medical business will use the new name Ge HealthCare;

GE energy business, including renewable energy, power generation, digital business and energy financial services, will merge and use the new name Ge Vernova;

The brand name of GE aviation business is GE Aerospace.

Ge HealthCare split the key milestone:

The private letter ruling requested by the National Taxation Agency was submitted to the negotiation with the European Labor Council. The plan to submit a confidential Form 10 after the plan. Ge HealthCare will be listed on the Nasdaq, and the stock code will be "Gehc";

Establish a board of directors of Ge HealthCare to prepare for the split management team;

GE's profit forecast for medical services in 2022 was reduced from the $ 3 billion to 4 billion US dollars to about 3 billion U.S. dollars, which was mainly due to inflation pressure; but "order demand is still strong", so it has slightly improved the expectations of revenue growth.

Medical business revenue:

Medical order: $ 9.616 billion (+3%);

Medical revenue: $ 8.882 billion (+1%);

The supply chain of key components is blocked, which affects the transformation of the order into revenue. At present, GE has actively managed procurement and logistics, materials and design costs to alleviate the impact of some supply chain.

Medical system (referred to as HCS, including video, ultrasound, life care solutions, corporate software and solutions, referred to as HCS):

Revenue of $ 7.913 billion (+2.2%); 89%of GE medical revenue;

Medicine diagnosis (PDX for short, contains contrast agents and traces):

Revenue of US $ 969 million (-5%); 11%of GE medical revenue;

HCS and PDX demand has returned to the level before the new crown. Under the pressure of cost, the product pricing will continue to manage the random and structural costs in the medical business, and it will be given research and development investment. In addition, the supply chain challenge is expected to be relieved in the second half of 2022.

Regional revenue:

The growth of medical business is mainly driven by the strong growth of the United States, Europe, the Middle East and Africa, and some of them are offset by China's new crowns.

The output restrictions on the 2022Q2 Shanghai contrast agent and medical equipment factories have affected the revenue of the Chinese market.

Philips Medical: Can solve the problem of recall in 2023

2022 The latest product highlights in the first half of the year:

The advanced hemodynamic measurement function is added to its handheld ultrasound Lumify, enabling clinicians to quantitative blood flow in a wide range of medical points, including heart disease and obstetrics and gynecology.

In the Belgium, France, Israel, and British hospitals, it installed its innovative lung cancer diagnosis and treatment solution LUNG Suite, which successfully expanded to the field of oncology.

The latest 7700 3.0T MR system is approved by FDA, which can provide Philips the highest image quality and support precise diagnosis. The SmartSpeed ​​MR acceleration software obtains the FDA permit. The software adds artificial intelligence data collection algorithms to Philips's existing compression Sense MR engine, making the image resolution higher, scanning time faster, and almost no loss of image quality.

... ...

2022 performance analysis in the first half of the year:

In fiscal 2022, the total revenue of Philips was 8.095 billion euros (the growth was flat). It is mainly due to the global challenges of epidemic conditions, inflation pressure, supply chain shortage, and Russian-Ukraine conflict; net profit loss in the first half of the year reached 171 million euros (-189%).

Medical business (excluding personal health) revenue of 6.122 billion euros (-2.95%).

The adjustment of the post-interest tax (medical treatment) after the adjustment: 263 million euros (-63.7%), and the profit margin is 4.3%; mainly due to the suspension of Q2 Philips Chinese factory and Chinese supplier production, which has exacerbated the global supply chain and cost challenges.

R & D expenditure: 985 million euros (+10%);

Sales management expenditure: 2.175 billion euros (+6.5 %).

In addition, in view of inflation pressure, blocking supply chain, and uncertainty of the epidemic, Philips has lowered its annual performance guidance in 2022. It is expected that comparable sales will increase by 1%-3%, and it is expected to be 3%-5%before.

Medical business revenue:

Diagnosis and treatment business (including: medical imaging, medical ultrasound, corporate diagnostic informatics, image guidance treatment, etc.):

The revenue was 4.069 billion euros, a year-on-year+2%; the adjustment of the previously adjusted interest tax was 247 million euros (-44%), and the profit margin was 6.1%.

Medical images and medical ultrasound have declined due to the shortage of specific electronic components, which offset the growth of image guidance treatment and corporate diagnostic information business.

Interconnection care business (including: remote medical, monitoring first aid, sleep and respiratory care, etc.):):

The revenue was 2.053 billion euros, a year-on-year-12%; the adjustment of the pre-interest tax after the adjustment was 1.16 million euros (-94.4%), and the profit margin was 0.8%.

All markets around the world have decreased double -digit.

Mainly due to supply chain shortage and ventilator recalls (mainly the United States), revenue and profit decline.

Regarding the recall of ventilator, Philips is expected to complete about 90%in 2022 and the remaining 10%of the remaining 10%in early 2023. And confidence has resumed growth since the third quarter.

Regional revenue:

Mature areas: overall revenue of 5.908 billion euros (+3%),

The United States is the largest market in Philips, with revenue of 3.347 billion euros (+11%)

Growth area: overall revenue of 2.187 billion euros (-5.85%);

China is the second largest market for Philips. This financial report is also the first time in recent years to announce the revenue data of the Chinese market; 2022 H1 Philips China revenue of 1.017 billion euros (-10%), affected by the Chinese epidemic.

02

"Domestic Ambitions": R & D, production, informatization ...

Under the crisis of domestic alternatives and supply chains, the localization of medical equipment is a must -answer question for multinational enterprises.

In 2020, GE Medical proposed the earliest "comprehensive domestic" in the industry. Since the beginning of this year, Siemens Medical and Philips have also been domesticized.

In June, Siemens Medical China released a new localization strategy of "Guo Zhi Innovation";

As of June, the three innovation centers in Shenzhen, Suzhou, and Shanghai, China, China have also completed the landing;

... ...

From production to research and development, from landing factories to customized products, GPS ’s localization competition is becoming increasingly fierce, and the domestic production lines of the three have increasingly evolved from low -end to mid -to -high -end, and even the world's top products.

Siemens Medical: As a "Chinese company", participate in the construction of "Healthy China" in depth

In June 2022, Siemens Medical China officially released a new strategy of "Guo Zhi Innovation". It was officially announced as a "Chinese company" to participate in the construction of "Healthy China" in depth.

At present, its R & D+production in the Chinese market, including two major innovation centers and the local supply chain ecosystems in China.

Two major innovation centers:

China's Shanghai Innovation Center is one of the four major innovation centers in Siemens Medical (the other three include: American Innovation Center, German Innovation Center, Indian Innovation Center);

Wali Safety Ball Innovation Center is about to be completed;

As of now, Siemens Medical has built the local supply chain ecosystems across China, including: high -quality local suppliers and five major production and development bases.

Its new domestic products that are listed in fiscal year in 2022 include:

MRI: Magnetom Lumina-3T, is the first holographic 3T magnetic resonance launched worldwide. It is the first time that magnetic resonance is comparable to pathological imaging. Movement;

MRI: Magnetom Mica, which is the first to launch 5G magnetic resonance worldwide, covering a variety of major diseases, improving diagnostic accuracy;

CT: SOMATOM DRIVE, help the construction of the national regional medical center and the "Qianxian Project" construction;

Ultrasonic: ACUSON Sequoia Silver, the first domestic high -end flagship ultrasound system; at the same time, Siemens Medical accelerates global synchronous innovation technology introduction. In the first half of 2022, innovative products that are about to be approved in the Chinese market include:

CT: Naeotom Alpha, the world's first photon count CT, which was permitted by FDA, entered the green special censorship channel in February 2022;

Interventional surgery robot: Touling, the world's first interventional surgery robot, entered the green special censorship channel in July 2021;

MRI: Magnetom Terra-7T, cracking neurodegenerative disease problems, participating in and helping China's "brain plan" project, officially listed in June 2022;

PET/CT: Biography Vision Quadra, only 15 seconds to let the whole body cancer cells have nowhere to hide in 2021 China and the global launch;

GE Medical: "Comprehensive Domestic" further strengthened

Under the leadership of the "Comprehensive Domestic" strategy, GE Medical has four global production bases in China as of now, including five major factories to supply global.

Shanghai: Ambotent base, 90%of the GE medical contrast agent produced;

Tianjin: Magnetic Resonance Imaging System Base, 50%of the global nuclear magnetic resonance production of GE medical;

Beijing: CT scanning system and X -ray imaging system base, 60%of the GE medical global CT;

Wuxi: Clinical care equipment bases such as ultrasound, anesthesia, ECG, and patient custody. It is GE Medical's largest ultrasound and life care product production base in the world, producing 40%of GE medical global ultrasound.

Its new domestic products that are listed in fiscal year in 2022 include:

Ultrasonic: April high -end obstetrics and gardening ultrasound Voluson ™ E10 products are officially launched on the Wuxi base;

CT: Revolution Maxima M CT in March became the first approved car and dual -use scenario CT device in China;

Vecent: In May, high -end ventilator products CareScape R860 was approved to be fully listed in China;

ECG: In June, the latest achievements of high -end "domestic", innovative ECG MAC 5 new generation 12+1 ECG analyzer, Muse NX new generation ECG diagnostic management system for the list.

Philips Medical: R & D, production, and informatization construction "three -tube" approach

At the latest financial report, Philips emphasized that China is still its main growth driving force, so it will accelerate China's localization strategy as an important measure for revenue growth.

At present, Philips has deployed the localized supply chain from the two prongs of innovation and production in China.

Three major innovation centers, double research and development

On April 29, 2022, Philips Shenzhen Innovation Center officially unveiled, focusing on product development of healthy life and interconnection care business, and has more than 500 R & D personnel.

At this point, the three major innovation centers in China ’s layout in China have been completed, including the“ Philips Suzhou Innovation Center and Focusing on the “Software” developed by the “Philippine Suzhou Innovation Center” developed by 2022Q1.

As of 2024, 90%of the products in the Chinese market come from Made in China

The process of Philips' localization process, 90%of the Chinese market in 2024 comes from Made in China

Its new domestic products that are listed in fiscal year in 2022 include:

Ultrasound: July high -end flagship product EPIQ 7C "color ultrasound diagnostic system" officially landed in Suzhou factory;

Ultrasonic: July Lesson/Pre -Check series Ultrasound has been officially approved for listing through NMPA registration;

MRI: In July, MR Ingenia Ambition, which is "zero -consumption", is listed on the market, which is specifically produced in China and for the Chinese market.

CT: The new generation spectrum imaging in May is registered and listed in China;

Innovate cooperation model, "share shares" Chinese medical informatization head enterprise

In May 2022, the second echelon of China Medical Informatization Leading Entrepreneurship Huikang Company's shareholders meeting reviewed and approved a decision -agree with Philips to receive about 10%of the company, with a total price of about 1.225 billion yuan. The second largest shareholder. This cooperation is also listed by Philips as the most important investment in the first half of 2022.

Philips is cooperating with Entrepreneurship Huikang to develop a medical information system solution tailored for Chinese hospitals.

Its continuous progress in China includes promoting market -related products through local layout and cooperation with local innovation ecosystems.

The technology of the core parts of the global medical imaging is still concentrated in the hands of a few heads, but domestic enterprises under high barriers are achieving a break.

In the low -end market, the share of domestic enterprises has gradually been pulled into the distance from the head of the head. Judging from the market share of the X -ray equipment in the first half of 2022: Siemens Medical, Philips, GE, Lianying, and Dongsoft ranked the top five.

For GPS, the impact of the epidemic and supply chain is only temporary challenges. In the future, the competition in China's incremental market will be a long -term battle of survival. From local production, manufacturing, to local development, innovation, and comprehensive domestic production of supply chain, this road is far away.

* Data from corporate financial reports and public disclosure

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