Looking at the development of domestic medical imaging manufacturers from the perspective of medical device registration certificate

$Wandong Medical (SH600055)$ Recently, the release of various new products of Wandong, I believe it has increased the confidence of all players who stick to Wandong to hold shares. I also hold it. I see that my company is growing every day There is progress and I am very happy. But the release of new products belongs to new products, whether new products can be converted into real sales, to be honest, I still feel a little vain. So today I went to the official website of the State Drug Administration to check the historical registration certificate acquisition time of the four major domestic manufacturers of medical imaging (United Imaging, Neusoft, Wandong, and Mingfeng). According to the time of the registration certificate they obtained and their history Compare performance and judge whether there is a certain relationship between the acquisition of registration certificate and the growth of performance?

All the data in this article are available in the State Drug Administration, and the query link is as follows.

Web links

The query keywords are United Imaging, Neusoft Medical, Wandong Medical and Mingfeng Medical. The search scope is domestic medical device registration certificate

First of all, let’s look at the registration certificate of United Imaging Medical’s historical years


United Imaging was established in 2011, but did not obtain a registration certificate until 2014. After obtaining the registration certificate in 2015, in 2017 and 2019, the number of registration certificates obtained in that year has increased significantly compared with the previous year . According to the stock application form of United Imaging Science and Technology Innovation Board, the sales data since 2018 are as follows


5.7 billion from 2019 to 2020, an increase of nearly 100%. From the time of the registration certificate, we can see that 2019 is the year with the most registration certificates!

Next, look at Neusoft Medical. Neusoft was established in 1998. From the registration certificate, the data can be checked. The earliest registration was in 2014. In 2017 and 2019, the time for obtaining the registration certificate in that year has been greatly improved compared with the previous year .


Recently, Neusoft is preparing to list on the Hong Kong Stock Exchange, so what I got was the listing application draft of the Hong Kong Stock Exchange. From the application draft, I can’t see the sales revenue in 2017, so I can’t judge the impact of the registration certificate obtained in 2017 on 2018. . Its revenue remained stable from 2018 to 2019, with no growth, and from 1.9 billion in 2019 to 2.4 billion in 2020, about a 20% increase in revenue. Here, Neusoft’s registration certificates in 2020 have also increased significantly, but the sales data for 2021 is only half a year, and the medical industry’s revenue settlement is mainly in the fourth quarter, so the impact of registration certificates in 2020 cannot be judged yet.


Look at Mingfeng Medical, which was established in 2011 and has a registration certificate that can be checked since 2018. Among them, the number of registration certificates in 2019 has increased significantly, and 12 certificates were obtained in 2019. I counted them, and 9 of them are related to CT products.


Looking at the sales volume of products in each year, we can see that with the acquisition of a large number of CT registration certificates in 2019, its CT sales will increase significantly in 2020, with an increase ratio of over 100%. Of course, there should be demand catalysts caused by the epidemic The influencing factors are in.


Mingfeng Medical is also applying for the Science and Technology Innovation Board, so based on the sales data of the declaration draft, only the sales data of 2019 can be seen at the earliest. If you have data for 2018, you can see the impact of the registration certificate obtained in 2018 on sales. From the perspective of sales revenue, from 2019 to 2021, 2020, the year with the largest annual increase, will increase by about 50% compared with the previous year.


Let me insert a sentence here. From the declaration draft of Mingfeng Medical, as can be seen from the above picture, Mingfeng Medical, which has a sales volume of 200 million yuan, has completed the research and development of high-end CT products, and it took 3 years to complete the 512-slice CT. How long do you think it will take for Wandong, which has the technical support of Midea Medical R&D Institute and the financial support of Midea, to get high-end CT?

Well, we have seen the comparison of the registration certificates of United Imaging, Neusoft, and Mingfeng, the time of the certificates and the sales revenue, and we should basically be able to draw conclusions.

1. The rapid acquisition of the registration certificate will have a certain impact on the sales revenue of the next year . Among them, after United Imaging obtained 21 registration certificates in 2019, the sales revenue in 2020 will increase by nearly 100% in the second year. Neusoft obtained 11 registration certificates in 2019, and its sales revenue increased by 20% in the second year. Mingfeng obtained 12 registration certificates in 2019, and the sales revenue in 2020 will increase by 50% in the second year.

2. Obtaining a large number of registration certificates does not guarantee a substantial increase in sales revenue in the second year. Only under a good marketing system can the registration certificate play its due value. United Imaging is indeed the strongest in China, and it is very obvious that the research and development results have been transformed into sales results! Here I think Neusoft’s data is a bit “distorted”. Judging from the data in the first half of 2021, the large number of registration certificates it obtained in 2020 did not significantly increase sales revenue. I think this may be because Neusoft’s marketing capabilities are not strong. ! Those golfers who are familiar with Neusoft, please advise, why is Neusoft so down?

Finally, let’s take a look at the changes in the number of registration certificates of Wandong. There will be a large increase in 2019. In addition, note that only halfway through 2022, the number of registration certificates obtained has reached the same level as the highest year in history. This year, the number of registration certificates has reached a new high. There is no doubt about it.


Let’s take a look at Wandong’s sales data. From the perspective of revenue growth rate, 2020 will grow the fastest, but it will only grow by 15%, and this is the result of a large number of registration certificates obtained in 2019 and the demand catalyzed by the epidemic. This result, I can only say that it is rotten to shit. The marketing management of the old Wandong is afraid that it is a dry meal. When all the marketing management is replaced, Wandong will have a real new life! If it weren’t for Midea’s takeover, this company should basically come to an end.


Of course, the reason we bought Wandong is definitely not because of the “old Wandong”, but Midea. Two days ago, I saw the summary of Wandong’s semi-annual research issued by Mr. Hei. In the first half of the year, Wandong’s original domestic marketing manager has changed. There is also a new marketing boss abroad. I believe this adjustment will have a positive impact in the future. With the acquisition of a large number of registration certificates and the rebirth of the marketing system, I believe that the performance in 2023 is definitely worth looking forward to! Like United Imaging, a 100% increase in sales revenue in 2023 compared to 2022 is definitely not a dream. Next, I will focus on the changes in Wandong’s sales revenue in a single quarter. Once there is a large increase in single-quarter sales year-on-year, it means that Wandong’s marketing system has been reborn . At that time, Wandong’s future will be a sea of ​​stars!

Finally, let’s take a look at the comparison of the number of registration certificates obtained by various manufacturers from 2022 to the date of publication. Wandong is currently the manufacturer with the most new registration certificates in 2022! 2022 is also the year in which Wandong obtained the most registration certificates in its history. The entry of Midea has clearly improved Wandong’s R&D system . In addition, it should also be noted that the management category of medical imaging devices is mostly the third category, and the time to obtain a registration certificate can range from half a year to a year. In other words, the registration certificate currently obtained is the result of research and development in 2021. And Midea has just come in in 2021. I expect a blowout in the Wandong registration certificate in 2023! At least 20 pieces.


Finally, look at the total number of registration certificates of the four major manufacturers, which basically represents the market share of the four companies. According to the current progress of Wandong’s vigorous research and development, it is believed that in 2023 at the earliest, and in 2024 at the slowest, it will surpass Neusoft and become the No. 2 in China.


In the future of Wandong, the stars and the sea, I hope you and I will walk together, hold firmly, and live up to our youth!

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