21 July 2025 | 4:04PM CST China Healthcare: 1H25 preview: UIH bottom out/MR still in trough; Weak IVD/cataract, strong insulin Per our recent conversations with clients, we see focus areas for investors include: Medtech: 1) The progress of capital equipment VBP and the subsequent stimulus strength of the trade-in policy, 2) progress of channel destocking, 3) import substitution trend post VBPs (incl. IOLs and IVD); Retail pharmacies: 1) market-clearing trend, 2) policy impact from Four-Same policy; Hospital ...