Panoramic analysis of operational data in the medical device industry: significant segmentation in niche tracks, with R&D and efficiency becoming key competitive factors

When it comes to stock trading, just follow Jinqilin analysts’ research reports—authoritative, professional, timely, and comprehensive—helping you uncover high-potential themes and opportunities!

Recently, listed companies have successively released their 2025 annual financial reports. As of April 1, 17 medical device companies have already disclosed annual report data. This article provides a deep breakdown of full-dimension operating data from 2024 to 2025 for companies such as Wihai Medical, Haohai Biosciences, and Wandong Medical that have already disclosed data. It comprehensively reviews the industry development landscape across five key dimensions: company scale, R&D investment, profitability, operating efficiency, and talent incentives. It identifies the leading and bottom-tier indicator positions of each company, providing data support for industry development and investment analysis.

Company Scale: Medical consumables are the absolute mainstay; Shandong Yaobuo and CooperVision lead the industry

Total employee count, as a core indicator for measuring a company’s production capacity and the breadth of its market coverage, shows that among the 17 companies, medical consumables firms account for a higher proportion; there is a wide disparity in the size of top-tier companies; and significant differences exist in the scale of individual sub-segments. From 2024 to 2025, the industry scale pattern is basically stable, with only some companies making small personnel adjustments.

In 2025, the top scale companies all come from the medical consumables sector. Among them, Shandong Yaobuo ranks first in the industry with 6,775 employees. Although this is a slight reduction of 4.79% from 7,116 employees in 2024, it remains the only company with more than 6,000 employees. Leveraging the advantages of large-scale production of medicinal glass consumables, it has formed a clear industry barrier.

CooperVision follows with 5,081 employees. Compared with 4,892 in 2024, this is an increase of 3.86%. Its omnichannel layout for at-home medical consumables drives expansion in headcount. Aopukangshi ranks third with 3,580 employees, up 4.68% from 3,420 in 2024. Its leading position in the corneal reshaping lens sub-segment supports its scale advantage. The total employee counts of the three top companies are all over 3,500, together accounting for 42.3% of the total employees of the 17 companies. Among them, Shandong Yaobuo’s scale is 17 times that of the bottom-tier company, highlighting a strong “top-tier effect.”

Meanwhile, bottom-tier scale companies are concentrated in the medical consumables sub-segments. Aide Technology, Puang Medical, and Haisheng Medical each have fewer than 500 employees. Among them, Aide Technology, as a small orthopedic consumables company, has the smallest scale due to limitations in the capacity of its product sub-market. Puang Medical and Haisheng Medical, focusing on specific consumables categories, do not require large-scale production and sales teams, so their staffing is lean.

Looking at sub-segments, the average number of employees in medical consumables companies is 2,396, which is 1.7 times that of medical device companies. The external in vitro diagnostics companies are the smallest in scale, reflecting that the business attributes of different tracks create differentiated needs for staffing. Specifically, medical consumables must cover the entire chain from production to channels to terminals, leading to higher personnel demand. Medical devices, by contrast, focus more on R&D and technical services, resulting in a relatively more streamlined workforce.

R&D Investment: Senno Medical and Wandong Medical lead in R&D intensity; CooperVision and Aopukangshi invest insufficiently

R&D expenses as a proportion of revenue is a core measure of innovation capability in the medical device industry. It directly determines a company’s technical barriers in high-end consumables and precision equipment fields. In 2025, industry R&D investment shows a differentiated pattern: medical device companies have higher average intensity, top companies exceed 20%, and some companies invest insufficiently.

R&D leaders cover both the medical consumables and medical devices tracks. Among them, Senno Medical (medical consumables) ranks first with an R&D expense rate of 23.33%, up 1.77 percentage points from 21.56% in 2024. The demand for technical iterations in high-end interventional consumables such as coronary stents drives increased R&D investment. Wandong Medical (medical devices) ranks second with 19.54%, up 1.33 percentage points from 18.21% in 2024. The domestic substitution demand for medical imaging equipment drives R&D innovation. Wihai Medical (medical consumables) ranks third with 14.12%, roughly flat compared with 14.06% in 2024. Technical upgrades in vascular interventional consumables support R&D investment.

R&D bottom-tier companies are concentrated in the medical consumables sector, where the R&D expense rates of Aopukangshi, CooperVision, and Shandong Yaobuo are all below 4%. Aopukangshi, as a leading player in corneal reshaping lenses, has relatively lower R&D spending due to high product technical maturity. CooperVision’s products mainly consist of basic at-home consumables, which have low technical barriers and limited R&D demand. Shandong Yaobuo, meanwhile, has mature production processes for medicinal glass, so its R&D investment focuses on capacity optimization rather than technical innovation.

Looking at sub-segments, the average R&D expense rate of medical device companies is 1.6 times that of medical consumables companies. External in vitro diagnostics companies sit at a mid-to-lower level, reflecting that because medical devices have higher technical complexity and faster update cycles, the need for R&D investment is significantly higher than in medical consumables.

Profitability: Guanhao Bio and Furuimed lead in gross margin; Wandong Medical and Zhongke Meiling face profit pressure

Sales gross margin and the ratio of operating cash flow to revenue together form a profitability evaluation framework. The former reflects product added value and pricing ability, while the latter reflects profitability quality and cash conversion capability. In 2025, industry profitability shows that medical consumables, overall, are better than medical devices; top companies’ gross margins exceed 70%; and some companies face tight cash flow.

Among them, Guanhao Bio ranks first with a gross margin of 77.13%, up 1.92 percentage points from 75.21% in 2024. High technological barriers in biological regeneration materials support extremely high gross margins. Furuimed follows with 74.97%, up 1.12 percentage points from 73.85% in 2024. The scarcity of liver diagnostic equipment brings strong pricing power. Wihai Medical ranks third with 72.88%, up 1.32 percentage points from 71.56% in 2024, with technical advantages in vascular interventional consumables driving higher gross margins. The gross margins of these three companies are all above 72%, far exceeding the industry average.

Wandong Medical, with a gross margin of 26.56%, is at the bottom of the industry, down 1.56 percentage points from 28.12% in 2024. Fierce competition in the medical imaging equipment market increases pricing pressure. Shandong Yaobuo follows with 33.31%, down 1.21 percentage points from 34.52% in 2024. Medicinal glass products suffer from serious homogenization, compressing profit margin space. Zhongke Meiling ranks third from the bottom with 36.12%, down 1.73 percentage points from 37.85% in 2024, mainly due to higher costs for low-temperature storage equipment that weigh on gross margin.

Cash flow performance is excellent mainly among top-tier companies in the medical consumables sector. Among them, Aopukangshi ranks first with cash flow income ratio of 39.23%, up 1.67 percentage points from 37.56% in 2024. The prepaid payment model for corneal reshaping lenses drives rapid cash collection. Wihai Medical ranks second with 37.45%, up 1.63 percentage points from 35.82% in 2024, with high receivables collection efficiency among hospital customers. Haisheng Medical ranks third with 34.20%, up 2.05 percentage points from 32.15% in 2024, and precise positioning in the consumables sub-segment brings stable cash flow.

Bottom-tier companies in cash flow are mainly medical device firms. Among them, Wandong Medical’s cash flow income ratio is negative and worsened further from -15.32% in 2024. The longer payment terms for device sales lead to accumulated accounts receivable. Zhongke Meiling and Haier Bio have cash flow income ratios below 12%, down 2.15 and 1.82 percentage points respectively from 2024. The large-scale procurement model of medical devices affects cash conversion efficiency.

Operating Efficiency: Zhongke Meiling and Haisheng Medical have the fastest turnover; Weiga orthopedic and Guanhao Bio have poor efficiency

The operating cycle reflects a company’s working capital turnover efficiency; the shorter the cycle, the stronger the company’s inventory management and receivables collection capabilities, which is crucial for the cash-flow-dependent medical device industry. In 2025, industry operating efficiency shows a differentiated pattern: medical device companies have a shorter average cycle; top companies are under 70 days; and some companies exceed 490 days.

Among them, Zhongke Meiling ranks first with an operating cycle of 66.53 days, shortening by 5.62 days from 72.15 days in 2024. Standardized production and rapid delivery of low-temperature storage equipment improve turnover efficiency. Haisheng Medical follows with 152.80 days, shortening by 12.52 days from 165.32 days in 2024. Precise inventory management in the consumables sub-segments reduces capital occupation. Haier Bio ranks third with 158.48 days, shortening by 10.27 days from 168.75 days in 2024, with order-based production optimization for vaccine storage equipment improving turnover efficiency.

Bottom-tier low-efficiency companies are concentrated in the medical consumables sector. Among them, Weiga Orthopedics has the longest operating cycle at 494.68 days, extending by 16.43 days from 478.25 days in 2024. The long production cycle for orthopedic implant consumables and slow post-operative follow-up collections lead to capital occupation. Guanhao Bio follows with 369.00 days, extending by 16.85 days from 352.15 days in 2024. The long quality testing cycle for biological regeneration materials affects turnover. Aide Technology ranks third from the bottom with 321.77 days, extending by 13.25 days from 308.52 days in 2024. Weak supply chain management capabilities in smaller firms drag down efficiency.

Looking at sub-segments, the average operating cycle of medical device companies is 182.54 days, which is 28.9% shorter than the 255.70 days of medical consumables companies. This reflects that the order-based production model of medical devices is more conducive to improving turnover efficiency than the scale-based inventory model of medical consumables.

Talent Incentives: Furuimed and Wandong Medical lead in compensation; CooperVision and Shandong Yaobuo have relatively low pay

Average compensation per employee reflects a company’s ability to attract talent, which is critical for the medical device industry that depends on R&D and technical services. In 2025, talent incentives across the industry show a differentiated pattern: medical device companies offer higher average compensation; top companies exceed RMB 420,000; and some companies are below RMB 120,000. Moreover, in 2024–2025, most companies achieved compensation growth.

All high-pay top-tier companies come from the medical device sector. Among them, Furuimed ranks first with average compensation of RMB 613,800, up 2.15% from RMB 600,900 in 2024. Demand for high-end technical talent in liver diagnostic equipment drives compensation growth. Wandong Medical follows with RMB 425,900, up 6.16% from RMB 401,200 in 2024, supported by the strong competitiveness of its medical imaging equipment R&D teams’ compensation. Haohai Biosciences ranks third with RMB 322,900, essentially flat compared with RMB 323,800 in 2024, as it offers favorable compensation for professional technical talent in ophthalmic consumables.

Low-pay bottom-tier companies are concentrated in the medical consumables sector. Among them, CooperVision has the lowest average compensation of RMB 117,100, up 4.09% from RMB 112,500 in 2024. Its at-home consumables production workforce has a higher proportion, limiting the overall compensation level. Shandong Yaobuo follows with RMB 118,800, up 1.02% from RMB 117,600 in 2024, with weaker compensation competitiveness among production workers for medicinal glass. Aopukangshi ranks third from the bottom with RMB 122,300, up 2.09% from RMB 119,800 in 2024. Although it is a leading player in its niche, a higher proportion of sales staff lowers the average compensation.

Looking at sub-segments, the average compensation per employee in medical device companies is RMB 360,200, which is 1.88 times RMB 191,900 in medical consumables companies. This reflects that because medical devices have higher technical complexity, the need for high-end talent is more urgent, and their compensation competitiveness is significantly higher than that of medical consumables.

A large volume of news and precise analysis—only on Sina Finance’s app

Responsible editor: Company Observation