Cathay Pacific Haitong: The decline in domestic procurement of the sixth batch of consumables is expected to be moderate and is expected to accelerate the release of domestic manufacturers

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that the sixth batch of domestic procurement documents for consumables was released. The current collection was divided into multiple rounds of quotations. The price drop was expected to be moderate, the quantity conservation situation was in line with expectations, and the market share of domestic manufacturers is expected to increase. Maintain the pharmaceutical industry's “gain” rating. We recommend consumables companies that are expected to benefit from harvesting and landing to drive sales volume.

Cathay Pacific Haitong's main views are as follows:

Incident: On December 22, the Joint Procurement Office for High-Value Medical Consumables of the State Organization issued an announcement on the “Centralized Procurement Document for Pharmaceutical Coated Balloons and Urological Interventional Medical Consumables (GH-HD2025-1)”. The sixth batch of national procurement of consumables will be disclosed on-site at 9:30 a.m. on January 13, 2026. This centralized procurement cycle starts from the actual implementation date of the selection results in each region of the Alliance until December 31, 2028. In principle, the total annual agreed procurement volume is not less than 90% of the total actual usage volume of the previous year, and the annual agreed purchase volume of each selected enterprise is not less than the amount agreed upon with the selected enterprise in the previous year.

Multiple rounds of quotations were carried out in AB units, and it is expected that the price drop will be moderate. Each type of centralized procurement was auctioned according to the bidding unit. Within the same bidding unit of the A and B bidding units, the bid comparison price was calculated according to the enterprise's declared price and conversion rules, and then the shortlisted companies were determined from the lowest to the highest ranking. The bid comparison price of the shortlisted companies is not higher than the highest valid bid. Valid reporting companies that have been shortlisted but have not obtained the eligibility for selection are expected to pass rules 2 and 3 for other conditions, such as the competitive price of the bid price quoted again ≤ 70% of the maximum valid bid price for the same product.

The reporting situation is in line with expectations, and the market share of domestic manufacturers is expected to increase.

Risk warning: The number of surgeries falls short of expectations, the execution time of collection falls short of expectations, risk of product price fluctuations, etc.