高盛：中国医疗保健行业 - 关税影响分析，对我们覆盖的公司总体影响有限，等待潜在药品关税调整的最新消息

Investment Rating - The report maintains a generally positive outlook on the Chinese healthcare sector, indicating that the tariff impact is manageable for covered companies [2][3]. Core Views - The report highlights that while US tariffs on pharmaceuticals are currently exempt, there is an expectation of future tariffs that could affect generic drug and API exporters [2][12]. - The analysis suggests that domestic players in the MedTech sector are better positioned due to their limited exposure to US markets and ongoing local manufacturing efforts [2][17]. - The report emphasizes the potential for domestic innovative players to benefit from the tariff environment, as multinational corporations may face margin erosion in China [15][18]. Summary by Segment Pharmaceuticals - Pharmaceuticals are currently exempt from US tariffs, but risks remain as future tariffs could be imposed [12][15]. - Companies like Hepalink and Luye are expected to face revenue impacts due to their exposure to US tariffs, with estimated changes in 12-month target prices ranging from -5% to -13% [3][15]. - The report notes that most Chinese pharma companies have limited exposure to the US market, with only a few API companies significantly affected [12][13]. Biotech - The biotech segment is expected to experience limited impact from US tariffs, with a focus on license-in and license-out strategies [14][15]. - Companies like BeiGene and Legend Biotech have developed local-to-local supply strategies to mitigate tariff risks [29][30]. - Sensitivity analysis indicates that the average change in 12-month target prices for biotech companies could range from -1% to -7% due to tariff impacts [32]. MedTech - The MedTech sector is primarily focused on emerging markets, which limits the impact of US tariffs [17][24]. - Companies such as United Imaging and AngelAlign are building local manufacturing capabilities in the US to navigate tariff challenges [17][24]. - The report anticipates manageable cost increases for high-end medical equipment due to tariffs, but overall impact on MedTech companies is expected to be limited [19][24]. CDMO - The report indicates that CDMO players can generally pass through increased costs to their pharmaceutical and biotech clients, mitigating the impact of tariffs [20][26]. - Sensitivity analysis suggests that COGS could be affected by 0.1% to 6.8% depending on the ability to pass through costs [20][26]. - The overall impact on CDMO companies is expected to be manageable, with upstream suppliers having multiple manufacturing sites to mitigate tariff risks [20][26]. Healthcare Services - Healthcare service providers are expected to experience very limited impact from US tariffs, as many can switch to alternative suppliers [21][24]. - Companies like Jinxin and Aier have noted that a low proportion of their consumables are sourced from the US, allowing for flexibility in procurement [21][24]. - The report concludes that the overall demand for healthcare services remains relatively inelastic, minimizing the impact of cost changes [26].