According to a research report from Orient Securities Company Limited (Orient Securities), the trend towards a more moderate approach in centralized procurement for high-value medical consumables in the pharmaceutical and biological industry is becoming increasingly clear. This enhances the predictability of future performance for selected companies, and the following key areas warrant attention: 1) Leading coronary stent manufacturers capable of securing stable selection and possessing product iteration capabilities; 2) Companies producing related high-value consumables for treating cardiac diseases that have already undergone procurement price reductions.

Key Analysis Points

In May 2026, the second round of the national centralized volume-based procurement for coronary stents commenced bidding in Tianjin. A total of 30 products from 15 companies participated, with all bidding companies being selected. Twenty-seven products received preliminary selection qualification, and mainstream products from both domestic and international companies currently used in clinical settings were widely selected.

Shift from Bidding to Inquiry Indicates a Softer Procurement Approach

This national coronary stent procurement round shifted from the initial bidding model to an inquiry model: meeting the quoted price standard qualifies for selection, with different price tiers corresponding to different volume proportions. The maximum valid declared price for alloy stents was raised from 848 yuan per unit to 949 yuan, an increase of nearly 12%. The transition by the medical insurance authority from the initial procurement phase (trading price for volume) to a new phase (stabilizing clinical use, ensuring quality, countering excessive internal competition, preventing bid-rigging), coupled with provisions allowing newly approved products to be supplemented during the procurement cycle according to rules, has significantly strengthened companies' certainty about future expectations.

As the first high-value consumable category subjected to national procurement, the evolution of rules for coronary stents sets a precedent for subsequent categories like orthopedics, neurointervention, and electrophysiology. Overall, centralized procurement for high-value consumables is trending towards a more moderate stance.

Persistent Demand Growth with Penetration Nearing Saturation

Medical institutions reported an annual demand of 2.73 million units, a 155% increase from the initial procurement's 1.07 million units and a 47% rise from the previous round's 1.86 million units. The number of reporting institutions reached 4,468, up 86% from the initial 2,408 and 23% higher than the previous round's 3,626.

Demand expansion stems from two main factors: 1) The total number of PCI procedures increased from approximately 1 million in 2020 to about 1.9 million in 2024; 2) The number of medical institutions performing stent implantation rose from over 2,400 to more than 3,600, with secondary hospitals increasing from 1,200 to nearly 1,700, partly due to the establishment of county-level chest pain centers.

By April 2026, over 10 million procured stents had been used clinically, accounting for more than 90% of all cardiac stent usage during the same period, indicating penetration is nearing its ceiling.

Diverse Selection of Brands and Enhanced Inclusivity for Innovation

All 14 previously selected products were renewed, with Medtronic, Abbott, Boston Scientific, MicroPort, Lepu, and JW Medical continuing their contracts. New additions to the selection list included next-generation products like Medtronic's Resolute Onyx and MicroPort's Firehawk, marking the first time procurement has substantively allowed pricing space for innovative iterations.

In terms of average stent usage per procedure: the number has decreased from 1.5 before procurement to 1.3, reflecting more standardized clinical use. Coupled with the marginal substitution of stent usage by Drug-Coated Balloons (DCB) and precise interventions like IVUS/OCT, the logic of solely relying on volume to compensate for price reductions is narrowing. Price premiums now stem from product innovation.

This round of national coronary stent procurement carries three key industry implications: 1) The competitive focus shifts from price wars on basic models to "technological upgrades + clinical evidence + overseas markets," benefiting R&D-driven leading companies, while putting pressure on manufacturers overly reliant on single basic models; 2) The inclusion of the Firehawk biodegradable polymer stent in the procurement system provides positive endorsement for its overseas commercialization (e.g., subsequent advancement of the US IDE application); 3) The innovative supplement mechanism accelerates the recovery of R&D costs for high-value consumables, reduces DCF discounting risks, and focuses target screening on companies driven by both "innovative pipelines and overseas volume expansion."

Potential Risk Factors

Risks include changes in centralized procurement policies; substitution risks from new products and surgical techniques; and risks of volume expansion falling short of expectations.