Goldman Sachs: China Healthcare — Medical Devices & Services: 4Q/2H25 Preview — CDMO Order Momentum in Focus; Devices & Services Await Clear Recovery
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Key Views
Goldman Sachs remains constructive on CDMO, believing technology depth, execution capability, and global delivery capacity should offset FX and geopolitical noise. For devices and services, recovery remains fragile: hospitalization activity and surgical volumes are recovering unevenly, and while policy pressures have largely normalized, demand recovery is inconsistent. Overseas expansion is an emerging mid-term theme but revenue contributions remain small.
Outlook
Goldman Sachs expects earnings season to reinforce bottom-up, stock-specific recovery narratives rather than broad sector re-rating. Investors will monitor CDMO backlog conversion, FY26 growth visibility, and margin disclosure, alongside medical device volume inflection points and overseas expansion progress.
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