2026 CMEF on-site snapshot: AI becomes the centerpiece selling point in medical device showrooms

Overview

This report is Nomura's on-site snapshot of the 93rd China International Medical Equipment Fair (2026 CMEF). The analyst attended in Shanghai on April 9-10, 2026, and, within limited time amid roughly 5,000 participating companies, focused on surgical robots, brain-computer interface products and medical device displays from several key covered companies.

Core views

The report's core view is that AI has become a standout add-on feature at the 2026 medical device exhibition, especially as large models have driven a clear acceleration in medical AI applications over the past two to three years. Mindray is the most typical case: its booth no longer displays products by traditional product line, but instead places the Qiyuan series AI/LLM capabilities at the center. United Imaging continued to expand its display of high-end equipment and moved into ultrasound, while Weigao also entered the ultrasound field. Surgical robots are growing quickly, especially overseas, but if products cannot prove that they are comparable to peers, they may drift toward price competition. In BCI, Neuracel showcased its approved NEO product, but the commercial price is still undecided.

Analysis framework

The report uses field research and trade-show observation, judging the progress and competitive landscape of Chinese medical device companies in AI, ultrasound, surgical robots and brain-computer interface through booth size, product display focus, sales staff introductions, hands-on device trials and company coverage/rating information.

Methodology notes

• Field researchCMEF booth observation

  A quick assessment formed through on-site product displays, booth size, conversations with sales staff and trials of demonstration devices.

  This method can capture product direction and market attention, but it is not a systematic validation of sales, financial results or clinical outcomes.

• Valuation methodDCF

  The appendix discloses that some target prices come from DCF models.

  The report discloses that the HKD7.08 target price is based on a DCF model discounted to the end of 2025, assuming a WACC of 10.1% and a terminal growth rate of 2.0%; another HKD9.85 target price is based on a DCF model, assuming a WACC of 10.8% and a terminal growth rate of 3.0%.

• Rating systemNomura equity rating system

  Buy means expected to outperform the benchmark over the next 12 months, Neutral means expected to perform in line with the benchmark, and Reduce means expected to underperform.

  The covered ratings in this report include Mindray Buy, United Imaging Neutral, Weigao Buy and Microport Neutral; unrated names should not be viewed as continuously covered.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Mindray (300760 CH)

  One of the core beneficiaries, rated Buy

  Strengths

  It launched Qiyuan series LLM capabilities across ICU, ultrasound and other product lines, has years of data accumulation advantages, and its AI showcase attracted potential buyers at the exhibition.

  Weaknesses

  Buyers still focus on the cost, accuracy and compatibility of AI features.

  Comparison

  Compared with previous booth presentations organized by product line, AI was the centerpiece of Mindray's booth at this year's exhibition.

  Risks

  AI commercialization monetization may fall short of expectations, and accuracy or compatibility issues could affect procurement.

• United Imaging (688271 CH)

  A name benefiting from expansion in high-end medical equipment and ultrasound, rated Neutral

  Strengths

  Its booth area was large, covering CT, MRI and newly launched ultrasound; photon-counting CT uCT Ultima has been commercialized.

  Weaknesses

  The ultrasound business is still in the ramp-up phase.

  Comparison

  The booth area appeared to be one of the largest at this year's event, continuing the large-booth strategy of the past few years.

  Risks

  A slower-than-expected ultrasound ramp-up and intensifying competition in high-end equipment.

• Weigao (1066 HK)

  A new entrant in ultrasound, rated Buy

  Strengths

  It showcased multiple ultrasound models, covering a broader market range from mid- to high-end.

  Weaknesses

  As a new entrant, it needs to prove product competitiveness and channel execution.

  Comparison

  Compared with United Imaging's high-end positioning, Weigao is targeting a broader market range.

  Risks

  Competition and pricing pressure in the ultrasound market.

• Microport (853 HK)

  A surgical-robot-related name, rated Neutral

  Strengths

  Its booth area expanded versus previous years, and the demonstration devices were relatively user-friendly.

  Weaknesses

  From a non-expert perspective, differences in accuracy or ease of use versus other surgical robot devices were not obvious.

  Comparison

  Compared with the demonstration devices from Edge Medical and Shurui, the experience differences were not significant.

  Risks

  If it cannot prove that it is comparable to or better than peers, it may be forced into price competition.

• Neuracel (unlisted)

  Brain-computer interface observation name, unlisted

  Strengths

  NEO received NMPA approval in March 2026, and the company showcased cases in which it helped some quadriplegic patients recover some arm strength.

  Weaknesses

  The price has not yet been finalized, and the business model and indication expansion remain at an early stage.

  Comparison

  The report says NEO is the world's first approved BCI product.

  Risks

  Pricing, indication expansion, clinical acceptance and long-term implant safety still need to be validated.

Key data

• ExhibitionThe 93rd China International Medical Equipment Fair (CMEF)Held in Shanghai, with on-site observation taking place from April 9 to 10, 2026.
• Participating companiesApproximately 5,000 companiesThe analyst selectively focused on key areas and covered companies within limited time.
• Mindray ratingBuyCode 300760 CH; the booth mainly showcased Qiyuan series AI/LLM capabilities.
• United Imaging ratingNeutralCode 688271 CH; displayed CT, MRI and newly launched ultrasound, and the photon-counting CT uCT Ultima has been commercialized.
• Weigao ratingBuyCode 1066 HK; entered the ultrasound business, with products covering the mid- to high-end market.
• Microport ratingNeutralCode 853 HK; the surgical robot booth area expanded versus previous years.
• Neuracel NEONMPA approval in March 2026The company said NEO may help some quadriplegic patients partially recover arm muscle strength, and the price has not yet been finalized.
• Nomura rating distributionBuy 57%; Neutral 41%; Reduce 2%As of March 31, 2026.

Impact & implications

For investors, AI is shifting from a conceptual feature to a key differentiator in medical device makers' booth presentations, and leading companies with data accumulation and multi-product-line scenarios may have an advantage; however, buyers still focus on the cost, accuracy and system compatibility of AI features. Competition in ultrasound is intensifying as United Imaging and Weigao enter or expand in this market. If surgical robots cannot effectively prove that their clinical user experience and performance are better than, or at least not weaker than, peers, they may face price competition pressure. BCI is still at an early commercialization stage; approvals and indication expansion are worth tracking, but pricing remains unclear.

Risks

• The cost, accuracy and compatibility of AI medical device features may fall short of procurement expectations.
• More new entrants in ultrasound may intensify price and channel competition.
• If surgical robot products cannot effectively prove performance differentiation, they may shift toward price competition.
• BCI products are still at an early commercialization stage, and pricing, indications and clinical acceptance remain uncertain.
• The target prices disclosed in the appendix may be affected by factors such as VBP price cuts, slower business growth, higher tariffs, weak domestic sales, slower-than-expected ramp-up in new or overseas businesses, and slower-than-expected expense management.

What to watch

• The actual procurement conversion, charging model and compatibility feedback for Mindray's Qiyuan series AI/LLM across ICU, ultrasound and other product lines.
• United Imaging's commercialization progress for photon-counting CT and the ramp-up speed of high-end ultrasound.
• Weigao's channel expansion and pricing strategy for its ultrasound products in the mid- to high-end market.
• Growth of domestic surgical robots in overseas markets, physician acceptance and performance comparisons with competitors such as Intuitive Surgical.
• Neuracel NEO's final pricing, follow-up indication studies and long-term implant data.