从指数持仓来看，中证全指医疗保健设备与服务指数十大权重分别为：迈瑞医疗（9.28%）、爱尔眼科 （8.07%）、联影医疗（6.7%）、爱美客（3.56%）、惠泰医疗（3.16%）、新产业（3.09%）、鱼跃医 疗（2.83%）、美年健康（2.33%）、九安医疗（2.16%）、山东药玻（2.05%）。 从中证全指医疗保健设备与服务指数持仓的市场板块来看，深圳证券交易所占比61.07%、上海证券交 易所占比38.93%。 金融界4月2日消息，上证指数低开震荡，中证全指医疗保健设备与服务指数 (医疗保健，H30178)下跌 0.16%，报14029.54点，成交额155.19亿元。 数据统计显示，中证全指医疗保健设备与服务指数近一个月上涨0.23%，近三个月上涨2.65%，年至今 上涨2.65%。 据了解，中证全指医疗保健设备与服务指数从中证全指指数中选取与医疗保健主题相对应的行业内上市 公司证券作为指数样本，以反映该主题上市公司证券的整体表现。该指数以2004年12月31日为基日，以 1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重 ...

深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 | | ☑特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 ☑路演活动 | | 活动类别 | ☑现场参观 | | | ☑其他 电话会议、券商策略会等 | | 参与单位名 | | | 称及人员姓 | 家机构 名参与人员，详见附件清单。 290 585 | | 名 | | | | 年 月 日、1 月 日、1 月 日、2 月 日、2 月 日、 2025 1 6 8-10 13-17 7 10-14 | | 时间 | 2 月 17-21 日、2 月 24-28 日、3 月 4-7 日、3 月 10-14 日、3 月 19 日、3 | | | 月 日 24-28 | | 地点 | 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 | | | 投资人办公室、券商策略会会场 | | 上市公司接 | 董事会秘书李文楣 | | 待人员姓名 | 投资者关系团队钱宇浩、杨惠茹 | | | 1、互动提问 | | | 问：请问公司如何展望今年的 ...

Group 1 - The core viewpoint of the news is the collaboration between Changsha and Shenzhen to enhance economic and trade cooperation, focusing on digital transformation for enterprises [1][3] - A delegation from Changsha's Furong District visited Mindray Bio-Medical Electronics Co., Ltd. to explore advanced medical technology and industry innovation [1][2] - Mindray's strategic integration of "equipment + IT + AI" in building an intelligent medical ecosystem was highlighted during the visit [2] Group 2 - Mindray Medical is a leading global medical device company, investing 10% of its annual revenue in R&D and operating 12 major R&D centers worldwide [4] - The visit is part of Furong District's strategy to deepen its "going out" initiative, aiming to connect with high-quality resources in the Guangdong-Hong Kong-Macao Greater Bay Area [4] - The president of the Furong District General Chamber of Commerce emphasized that Mindray's successful experiences in technology R&D and global layout provide valuable references for the transformation and upgrading of private enterprises in Changsha [2][4]

Summary of the Conference Call on Mindray Medical Company Overview - Mindray Medical is the largest medical device R&D and manufacturing company in China, providing solutions in three main areas: life information and support, in-vitro diagnostics (IVD), and medical imaging. The company generates nearly half of its revenue from overseas markets [doc id='13'][doc id='27']. Key Points and Arguments Financial Performance - In Q3 2024, Mindray reported revenue of RMB 8.954 billion, a year-on-year increase of 1.4%, while net profit attributable to the parent company was RMB 3.076 billion, down 9.3% year-on-year. Revenue in the Chinese market decreased by 9.7% due to anti-corruption actions, delayed hospital procurement, and tight hospital funding [doc id='2']. - For FY 2024, revenue and net profit are expected to grow by 4.2% and 0.7% year-on-year, respectively, reflecting a cautious outlook due to weak domestic demand and inventory destocking in channels [doc id='2']. Future Projections - FY 2025 is projected to see a sequential recovery, with an estimated revenue growth of 16.5%, driven primarily by the IVD segment and the acquisition of Huaitai Medical. Domestic and overseas revenue are expected to grow by 16.4% and 16.7%, respectively [doc id='3']. - The company anticipates a gradual improvement in revenue each quarter of 2025, although Q1 and Q2 may experience year-on-year declines due to high base effects [doc id='3']. Market Dynamics - The upcoming earnings report should focus on several key areas: 1. Domestic business guidance for 2025 and beyond, inventory status, average selling price dynamics, and procurement trends. 2. Overseas business guidance and regional revenue contributions, along with geopolitical risk mitigation plans. 3. Gross margin and expense ratio guidance [doc id='4']. Valuation and Rating - The target price has been revised down from RMB 367 to RMB 338, maintaining a "Buy" rating. This adjustment reflects a more conservative view on the potential for market expansion and margin improvement in China [doc id='5']. - Earnings per share (EPS) estimates for 2024, 2025, and 2026 have been reduced by 7%, 5%, and 4%, respectively [doc id='5']. Important Financial Data - Revenue projections (in RMB million): - 2024E: 36,383 - 2025E: 42,392 - 2026E: 48,098 - Net profit projections (in RMB million): - 2024E: 11,666 - 2025E: 13,358 - 2026E: 15,042 - Diluted EPS projections: - 2024E: 9.63 - 2025E: 11.02 - 2026E: 12.41 [doc id='6'][doc id='10']. Risks - Downside risks include: 1. Weak domestic demand due to anti-corruption actions. 2. Actual benefits from medical equipment updates falling short of expectations. 3. Slower-than-expected market share growth for IVD in China. 4. Increased geopolitical risks affecting overseas growth [doc id='14']. Analyst Ratings - The stock is rated as "Buy" with a target price of RMB 338, reflecting a potential upside of 38.4% from the current price of RMB 244.21 [doc id='8'][doc id='12']. Additional Insights - The company is actively preparing to address geopolitical challenges and has plans in place to mitigate their impact on business operations [doc id='3']. - The report emphasizes the importance of monitoring procurement trends and inventory levels in the domestic market as indicators of future performance [doc id='4']. This summary encapsulates the critical insights from the conference call regarding Mindray Medical's financial performance, future outlook, market dynamics, valuation, and associated risks.

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-004 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其对所持有的公司 部分股份办理了解除质押业务，现将具体内容公告如下： 一、 股东股份解除质押的基本情况 | 股东名称 | 是否为控 股股东或 | 本次解除质 | 占其所 | 占公司总 股本比例 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 押股份数量 | 持股份 | | | | | | | | | 东及其一 | （股） | 比例 | | | | | | | | | 致行动人 | | | | | | | | | | Magnifice | 是 | 6,900,000 | 2.32% | 0.57% | 2024 年 | 11 | 2025 | 年 3 | 招商银行 股份有限 公司纽约 | | | | | | | 月 6 | 日 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-003 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于近日接到公司控股股东 Magnifice（HK）Limited（以下简称"Magnifice（HK）"）的通知，获悉其对所持有的公司 部分股份办理了解除质押业务，现将具体内容公告如下： 一、 股东股份解除质押的基本情况 1、本次解除质押基本情况 | | 是否为控 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 股股东或 第一大股 | | 本次解除质 押股份数量 | | 占其所 持股份 | 占公司总 | 起始日 | | 解除日期 | | 质权人 | | | | | | | | 股本比例 | | | | | | | | 东及其一 | | （股） | | 比例 | | ...

一、 股东股份解除质押的基本情况 | 股东名称 | 是否为控 股股东或 第一大股 | | 本次解除质 押股份数量 | 占其所 持股份 | 占公司总 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 | | （股） | 比例 | 股本比例 | | | | | | | | 致行动人 | | | | | | | | | | | Magnifice （HK） | | 是 | 3,200,000 | 1.08% | 0.26% | 2024 月 19 日 | 年 1 | 2025 年 1 | | 平安银行 股份有限 公司深圳 | | | | | | | | | | 月 24 | | | | | | | | | | | | | 日 | | | | | | | | | | | | | 分行 | 1、本次解除质押基本情况 证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-002 深圳迈瑞生物医疗电子股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事 ...

Core Insights - The J.P. Morgan Healthcare Conference highlighted the future growth strategies of Mindray Medical, focusing on digital innovation, expanding consumables business, and accelerating globalization [1][6] Group 1: Growth Strategies - Mindray Medical identifies three long-term growth pillars: digital innovation, expanding consumables business, and accelerating globalization [1][6] - The company has developed a comprehensive medical ecosystem through a "device + consumables + IT + AI" integrated solution to address challenges in the healthcare sector [1][2] Group 2: Technological Innovations - Mindray Medical has created a rich product line in three key areas: life information and support, in vitro diagnostics, and medical imaging, with millions of devices sold globally [2] - The company utilizes IoT technology to enhance clinical decision-making efficiency and accuracy, enabling interoperability among devices [2] - The launch of the "Qiyuan" model in December 2024 aims to provide a 95% accuracy rate in critical care knowledge queries, significantly improving clinical decision-making [2] Group 3: Global Impact - Mindray's solutions have demonstrated significant efficiency improvements globally, such as a 30% reduction in work time and a 50% increase in testing efficiency in Brazil [3] - The company has achieved notable breakthroughs in various regions, including saving 648 nursing hours daily in China and automating laboratory processes in Jordan [3] Group 4: Product Innovations - Recent innovations include the A20 ultrasound series, which offers micron-level resolution and 60 times faster fetal brain screening compared to manual methods [4][5] - The company has developed a high-sensitivity cardiac marker with significantly improved interference resistance and reduced misdiagnosis rates [5] Group 5: Market Expansion - Mindray Medical is focused on localizing its supply chain in over 10 countries, starting with consumables and expanding into other areas, recognizing the vast market potential in consumables compared to devices [5][6] - The company is committed to its mission of making advanced technology accessible to improve global healthcare quality [6]

Market Competition and Growth - The global medical device market competition is stable, with only a few companies entering the top 20 list by seizing new clinical solutions or regional market opportunities [4] - The company has grown into a global top-tier brand in the ultrasound field after 20 years of development, with the release of high-end ultrasound products like Resona A20 and Nuewa A20 [4] - The company is exploring AI models in ultrasound imaging to accelerate clinical application and promote high-quality, standardized diagnostic technology [4] - The global chemical发光 market exceeds $20 billion, and the company plans to double its project portfolio by 2028 through continuous R&D investment [10] Financial Performance and Market Share - In the 2024 interprovincial联盟集中采购, the company's意向采购量占比 for tumor markers and thyroid function tests reached 14.2% and 13.2%, respectively, significantly higher than its 2023 domestic market share of 8-9% [9] - The domestic chemical发光 market is valued at 30-40 billion yuan, with imported brands still holding over 60% market share [10] - The company expects to install over 150 sets of "full laboratory大型自动化流水线" domestically in 2024, mostly in三级 hospitals, with further growth anticipated in 2025 [10] - Internationally, the company shipped 3 sets of "full laboratory大型自动化流水线" in 2024, becoming the first domestic IVD company to achieve large-scale流水线 installations overseas [10] Technological Innovation - The company launched the "启元"重症医疗大模型 on December 14, 2024, the first clinically落地重症医疗大模型 globally [10] - The启元大模型 can integrate patient conditions within 5 seconds, predict trends, generate clinical思维导向病历文档 in 1 minute, and provide重症知识查询 with 95% accuracy [10] - The启元大模型 aims to improve诊疗精准度与质量, reduce operational costs, and enhance hospital management efficiency [10] - The company plans to replicate the success of the重症大模型 in ultrasound imaging,体外诊断, and other clinical fields, developing more modules and functions [18] Future Growth Prospects - The international market, particularly developing countries, is expected to continue rapid growth in 2025, with发展中国家市场市占率仅为高个位数,远低于国内市场 [18] - Domestic market growth is expected to recover in 2025 due to factors like医疗行业整顿常态化, increased地方政府专项债发行, and the推进 of DRG [18] - The company will continue to increase分红力度 to better回报股东 [18] Investor Relations - The investor relations活动 involved 353 institutions and 594 participants, with events held in Beijing and Shenzhen from October 31 to December 30, 2024 [9] - Key接待人员 included董事会秘书李文楣 and投资者关系团队钱宇浩、杨惠茹 [9]

Key Points Industry or Company Involved - **Company**: Mary (assumed based on the context of the discussion) - **Industry**: Medical devices, IVD (In Vitro Diagnostics), and healthcare Core Views and Arguments - **Inventory Management**: Mary maintains a strict inventory management policy for mid-range channels, aiming to avoid stockouts and penalties. This is particularly crucial for high-demand orders with strict delivery requirements ([doc id='1']). - **Government Procurement**: There is a 20% subsidy for domestically produced medical equipment in government procurement. This policy benefits Mary as it allows them to compete on price with imported products ([doc id='2']). - **Product Performance**: Mary's products, particularly in the blood cell analysis and CRP testing categories, outperform competitors like Sysmex in terms of accuracy and speed ([doc id='12']). - **Sales Expectations**: Mary expects significant growth in sales for the A20 series, aiming to exceed 4 billion in 2023 and further increase in subsequent years ([doc id='6']). - **Market Share Goals**: Mary aims to surpass Roche in the IVD market, targeting a revenue level of 150 billion, similar to Roche's current market size ([doc id='8']). - **Competitive Advantage**: Mary believes its competitive advantage lies in product performance, cost-effectiveness, and the ability to provide greater value to clinical users ([doc id='9']). - **Impact of DRG**: The implementation of DRG has had a short-term impact on testing volumes, but the overall trend is expected to recover in the long term ([doc id='10']). - **Product Pricing**: Mary's product pricing is expected to remain stable due to its direct sales model and streamlined distribution channels ([doc id='16', '17', '18', '19']). - **International Market**: Mary has seen significant growth in the Middle East market, with a focus on local manufacturing projects. The company also aims to expand its presence in the US and European markets ([doc id='20', '22', '28', '33', '34']). - **Growth Targets**: Mary aims to achieve a global market share of approximately 10% in Europe, targeting annual growth rates of 10-15% ([doc id='30']). Other Important Points - **IVD Business**: Mary's IVD business is primarily concentrated in the Asian market, with plans to expand internationally and establish local production facilities ([doc id='33', '34']). - **Animal Health**: Mary's animal health team is optimistic about the company's future development ([doc id='38']). - **AI and Machine Learning**: Mary is developing an AI-based large language model, which is expected to enhance its product offerings and competitiveness ([doc id='29']). - **Strategic Acquisitions**: Mary has a history of acquiring companies in its existing business lines, focusing on established partnerships and ODM relationships ([doc id='14', '15', '13']). - **Market Trends**: Mary expects the IVD market to grow rapidly in the international market, with a focus on emerging markets and local production ([doc id='37']). Conclusion Mary is a leading player in the medical device and IVD industry, with a strong focus on product performance, cost-effectiveness, and market expansion. The company has a clear growth strategy, targeting significant market share gains in both domestic and international markets.