4月8日，亚太地区医疗器械行业的顶级展会——第91届中国国际医疗器械博览会（CMEF）在上海国家会展中心开幕。展会以"创新科技 智领未来"为主题，汇聚近5000家品牌企业，集中展示了医 在本次展会上，国内医疗器械龙头企业迈瑞医疗带来了40多款创新产品和解决方案。其中，最引人注目的是迈瑞启元重症大模型，作为全球首个投入临床应用的重症大模型，其助力临床全面提升 此外，依托在医疗器械行业多年的深耕，迈瑞医疗还展示了正在逐步落地的全场景AI解决方案——"数智实验室"及"瑞影生态"，这两大解决方案以"设备+IT+AI"为核心，通过AI技术赋能医疗均 从"概念"到"临床"，重构医疗AI价值 当AI成为"风口"，如何从前沿创新到临床落地，如何使用AI为核心诊疗服务，垂域与通用大模型如何协同赋能，数智创新又能否撬动"医疗不可能三角"等命题，仍是亟待全行业持续探索的重要 迈瑞医疗在CMEF展会上带来的启元重症大模型，是全球首个临床落地的重症医疗大模型。据了解，迈瑞启元重症大模型能够通过数据还原患者的数字画像，并运用重症医疗思维进行深度分析， 此次CMEF上，迈瑞医疗也带来了更多临床场景的AI解决方案——"数智实验室"和"瑞影生 ...

迈瑞医疗表示，自2018年中美贸易战以来，公司销往美国的产品便被加征关税，但这并未影响公司美国 市场的拓展。2018年至2023年美国业务的复合增速达到了10%，目前美国销售收入占总收入比重约 6%。 "随着公司高端产品占比持续提升，美国市场的盈利能力自2018年以来也在不断提升，目前美国业务的 毛利率水平已经超过了70%，利润率也已超过加征关税前的水平。值得一提的是，超高端超声Resona A20预计今年可获批FDA注册，该产品的ASP（平均价格）比上一代超声产品高出一倍。"迈瑞医疗说， 展望未来，占公司海外收入三分之二的发展中国家市场依旧是公司的增长引擎，公司将继续在美国市场 打磨品牌和技术，以此提升公司产品在发展中国家的影响力，保障发展中国家未来长期的快速增长。 迈瑞医疗主要产品覆盖三大领域：生命信息与支持、体外诊断以及医学影像，2024年前三季度，公司实 现营业收入294.85亿元，同比增长7.99%，分区域来看，受益于海外高端战略客户和中大样本量实验室 的持续突破，以及动物医疗、微创外科、AED（自动体外除颤器）等种子业务的放量，国际市场前三 季度增长超过18%，其中欧洲和亚太市场增长均超过了30% ...

Core Points - The Shanghai Composite Index opened lower and fluctuated, while the CSI All Index for Healthcare Equipment and Services decreased by 0.16%, closing at 14,029.54 points with a trading volume of 15.519 billion yuan [1] - Over the past month, the CSI All Index for Healthcare Equipment and Services has increased by 0.23%, and over the past three months, it has risen by 2.65%, with a year-to-date increase of 2.65% [1] - The index reflects the overall performance of listed companies in the healthcare sector, selected from the CSI All Index, with a base date of December 31, 2004, set at 1,000.0 points [1] Index Composition - The top ten weighted companies in the CSI All Index for Healthcare Equipment and Services are: Mindray Medical (9.28%), Aier Eye Hospital (8.07%), United Imaging (6.7%), Aimeike (3.56%), Huatai Medical (3.16%), New Industry (3.09%), Yuyue Medical (2.83%), Meinian Onehealth (2.33%), Jiuan Medical (2.16%), and Shandong Pharmaceutical Glass (2.05%) [1] - The market share of the index's holdings is 61.07% from the Shenzhen Stock Exchange and 38.93% from the Shanghai Stock Exchange [1] - The index's holdings are entirely composed of the pharmaceutical and healthcare sector, with a 100.00% allocation [1] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, typically remaining fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2] - Public funds tracking the healthcare index include various funds from Southern Fund, Tianhong Fund, and others, specifically designed to follow the CSI All Index for Healthcare Equipment and Services [2]

Core Viewpoint - The China Securities Index for the medical industry has shown a slight decline over the past month, quarter, and year-to-date, indicating a stable but slightly negative trend in the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry is currently at 566.67 points [1]. - Over the past month, the index has decreased by 0.49%, while it has seen a minimal decline of 0.02% over the past three months and year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.12%) - Aier Eye Hospital (8.91%) - United Imaging Healthcare (7.39%) - Aimeike (3.93%) - Huatai Medical (3.48%) - New Industries (3.41%) - Yuyue Medical (3.12%) - Shanghai Pharmaceuticals (3.04%) - Meinian Onehealth (2.57%) - Jiuan Medical (2.39%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (57.38%) and the Shanghai Stock Exchange (42.62%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.29% - Medical Consumables: 23.16% - Pharmaceutical Commerce: 15.33% - Medical Services: 14.26% - In Vitro Diagnostics: 12.95% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

Market Outlook - The international market is expected to continue rapid growth, with developing countries leading the way, accounting for two-thirds of international revenue [2][3] - The average market share of the company's three major product lines in developing countries is still in the high single digits, significantly lower than in the domestic market [2][3] - The company anticipates that developing countries will remain a key driver of growth for a considerable time [2][3] Domestic Market Recovery - Factors that hindered growth in the domestic market last year, such as industry regulation and insufficient local government funding, are expected to see a turnaround this year [3] - The company won 160 out of 200 ultrasound units in a centralized procurement project initiated by the Hainan Provincial Health Commission, indicating improved bidding success [3] - The issuance of local government special bonds for hospital renovations and equipment procurement is accelerating, which is expected to support domestic business recovery [3] AI Applications in Medical Imaging - The company has made significant advancements in AI applications across various medical imaging fields, including cardiovascular and obstetrics [4][5] - The newly launched Nuewa A20 aims to provide a comprehensive ultrasound solution covering all workflow stages, enhancing clinical application effectiveness [4][5] - AI features such as early pregnancy volume recognition and obstetric section identification significantly improve examination efficiency and reduce clinical workload [5][6] Impact of Centralized Procurement - Increased procurement centralization in certain regions may affect profitability, but the company maintains that the impact on profit margins is manageable [7][8] - The focus on compliance and transparency in procurement is expected to reduce unreasonable price increases while ensuring reasonable profits for manufacturers [7][8] - Continuous high R&D investment and innovative capabilities are expected to strengthen the company's market position despite competitive pressures [7][8]

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 ...