Domestic Medical Imaging, Rising in the High‑end Arena.
01
Revenue up 17.22%, net profit down 10.12%
Further optimization of revenue mix
On the evening of August 20, United Imaging Healthcare released its 2026 half‑year report. The company posted revenue of RMB 7.052 billion in the first half of the year, representing a 17.22% year‑on‑year increase. Its net profit attributable to parent shareholders stood at RMB 897 million, down 10.12% year‑on‑year.
Amid a phased slowdown in market demand, United Imaging Healthcare achieved year‑on‑year revenue growth for all its product lines in H1, and its comprehensive domestic market share increased by 1.7 percentage points.
This marks the first year‑on‑year decline in net profit attributable to parent shareholders in United Imaging Healthcare’s half‑year reports since its IPO. As disclosed, the phased pressure on profits stems mainly from exchange gains and losses, as well as higher investments in building its global operation system, cutting‑edge technology R&D and market capability expansion.
In H1, United Imaging Healthcare’s R&D investment reached RMB 1.383 billion, up 21.31% year‑on‑year. Its R&D‑to‑revenue ratio stood at 19.61%, rising by 0.66 percentage points year‑on‑year.
The revenue mix kept improving, and the service business maintained solid growth momentum. In H1, United Imaging Healthcare’s equipment revenue hit RMB 5.851 billion, up 19.66% year‑on‑year; service revenue reached RMB 980 million, rising 20.11% YoY, accounting for 13.90% of total operating revenue.
The newly‑deployed ultrasound product line has achieved positive progress. As of the report disclosure date, more than 70 ultrasound products have obtained NMPA approval, 18 products have secured CE MDR certification, and 18 products have received FDA 510(k) clearance. The company has basically completed market access for the three major mainstream markets of China, the EU and the United States.
With faster volume ramp‑up of high‑end products, continuous expansion of overseas business scale and further optimization of the revenue mix, the effects of earlier‑stage investments are expected to gradually materialize. United Imaging Healthcare’s operating quality and profitability are poised for further improvement.
02
Phased contraction in the domestic market
United Imaging Healthcare Grows Against Headwinds
In H1 of this year, there was a phased contraction in bidding and tendering activities for domestic medical imaging and radiotherapy equipment markets.
Amid the relatively pressured industry environment, United Imaging Healthcare generated domestic revenue of RMB 5.287 billion in H1, representing an 8.49% year‑on‑year increase. Market shares of multiple product lines further advanced.
Among them, the PET/CT market share rose by more than 9 percentage points; PET/MR market share increased by over 40 percentage points year‑on‑year; the ultra‑high‑end CT market share climbed by nearly 8 percentage points. Market shares of 1.5T and 3.0T MRI systems continued to rise. The new‑generation gantry products achieved bulk breakthroughs in county‑level centralized procurement. The mobile DR market share increased by more than 5 percentage points, driving the company’s XR product line back to No.1 in market share in China.
In recent years, United Imaging Healthcare has continued to deepen its diagnosis‑and‑treatment integrated layout, transforming from a medical imaging equipment vendor into a full‑chain diagnosis‑and‑treatment solution provider. In H1, the company’s interventional imaging market share increased by more than 5 percentage points year‑on‑year. Among this segment, its DSA market share rose by over 6 percentage points, catapulting it into the top three in China’s market for the first time.
Currently, the driving structure of domestic demand is undergoing a shift. The large‑scale equipment renewal policy has entered its third year of regular implementation, with its marginal stimulus gradually moderating. Demand growth is gradually shifting from phased release to regular sustained release.
Meanwhile, relevant authorities are shifting market‑access evaluation from pure price‑based bargaining to comprehensive considerations of quality, cost and innovation, which enables leading innovative enterprises committed to original‑technology R&D to secure more reasonable value returns.
03
Rapid Growth in Overseas Business
Window Opens for High‑end Market
Since the beginning of this year, United Imaging Healthcare has achieved continued positive progress in international markets, and its high‑end products are gaining faster access to overseas markets.
In the first half of the year, the Company generated overseas revenue of RMB 1.765 billion, representing a year‑on‑year growth of over 50%, with its proportion in operating revenue climbing to 25.02%. At present, United Imaging’s overseas business has expanded from the initial single‑product output to a full‑chain system encompassing market access, clinical validation, channel building and service support.
Notably, the global market‑access footprint for the Company’s high‑end products keeps expanding. The roll‑out of flagship products and project pipeline build‑up are gathering momentum. A wide range of products have secured FDA and CE certifications. The product portfolio in developed Asia‑Pacific, Latin America and other regions is continuously moving upscale, enabling full‑range coverage from mid‑end to ultra‑high‑end offerings.
Overall, the long‑term growth trend in global demand for medical equipment remains intact. However, external factors such as geopolitics and trade conditions continue to create disturbances. Therefore, beyond technological superiority, supply certainty and localized marketing‑and‑service capabilities have emerged as critical variables in global‑market competition.
For the Company, challenges related to innovative R&D strength, supply‑chain resilience and global operating capabilities will continue to exist.
