作者 | 大健康萌主 数据支持 | 勾股大数 据（www.gogudata.com） 2025 年，全球医疗健康产业迎来时代大考。关税壁垒重构叠加地缘政治波动，一系列悬而未决的政策，进一步增加了行业的不确定性。 当不确定性成为新常态，成立 34 年的迈瑞医疗却交出了穿越周期的答卷： 自 2018 年上市以来，公司实现营收与归母净利润连续七年双增长， 2024 年的营收为 2019 年的 2.2 倍，归母净利润为 2019 年的 2.5 倍。 业绩的翻倍增长，无异于用 5 年时光"再造了一个迈瑞"，这在国内外宏观环境剧烈变化的挑战下尤其难得。 更难能可贵的是，在保持高强度研发投入（ 2024 年研发支出占比 10.91% ）的同时，公司持续践行高比例分红承诺，最新年度现金分红金 额蝉联行业榜首。当众多企业选择储粮过冬时，这种 " 既造血又输血 " 的双轨能力，恰恰折射出企业对未来发展空间的预判。 在产业变革与市场波动双重压力下，支撑迈瑞医疗从容前行的核心竞争力究竟是什么？ 连续七年高比例分红 01 年派现规模突破76亿元 从最新披露的分红方案可以看出，迈瑞底气十足。 根据 2024 年度分红预案显示，公司拟向全 ...

想不到一向"浓眉大眼"的迈瑞，也"暴雷"了。 4月28日晚间，在迈瑞医疗公布年报和一季报后，股吧和雪球的讨论区便瞬间炸开了锅。 迈瑞医疗2024年营业收入367.3亿元，同比增长5.1%；归母净利润116.7亿元，同比增长0.7%，剔除 财务费用影响后的增速为4.4%；经营性现金流净额124.3亿元，同比增长12.4%。 2025年第一季度，公司实现收入 82.37 亿元，同比-12.12%；实现归母净利润 26.29 亿元，同 比-16.81%。 对于常年保持20%增长的"好学生"迈瑞来说，这张连续两个季度业绩miss的成绩单，还是有些过于"惊 喜"了。 但出乎大家意料的是，4月29日开盘之后，迈瑞医疗在小幅低开以后迅速冲高，收盘微涨。考虑到最近 A股对于业绩不达预期这事比较敏感，更显得难能可贵。 由此可见在一季报中"前低后高，逐季改善"的业绩指引，还是赢得了机构投资者的信任票。 而除了实实在在的业绩数字之外，迈瑞医疗的数智化转型，在更高的维度上决定了企业的未来。 从"数据孤岛"到"智能生态" 从ChatGPT到DeepSeek，从IBM Watson到AlphaFold3。没有人可以否认，全球医疗行业正在 ...

Core Viewpoint - The impact of the U.S. tariff policy on Chinese pharmaceutical companies is relatively limited, with many companies reporting normal operations and minimal effects from the tariffs [1][2][3][4][5]. Company Responses - Heng Rui Pharmaceutical stated that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs will have a minimal impact on its business [1]. - Han Yu Pharmaceutical emphasized its diversified market layout, which mitigates risks from single market policy changes, and reported no significant impact from the tariffs [2]. - WuXi AppTec acknowledged that tariffs would have some effect but deemed it manageable, highlighting their optimized supply chain and global presence [3]. - Kang Tai Biological reported no exports to the U.S. and is focusing on markets along the Belt and Road, indicating a strategic shift to other regions [4]. - Mindray Medical confirmed that while some raw materials are imported from the U.S., they are taking measures to ensure supply safety and view the tariff impact as a one-time issue [4]. Industry Trends - The Chinese vaccine industry is rapidly developing, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology, focusing on domestic innovation [6][7]. - The overall sentiment among companies is that the tariff policy presents an opportunity for domestic product substitution, with many firms prepared to adapt to changing market conditions [5][8]. - Companies are increasingly focusing on technological innovation and expanding into emerging markets to counteract potential supply chain disruptions caused by tariffs [5][6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]

Core Viewpoint - Mindray Medical (300760.SZ) reported a revenue of 36.726 billion RMB for 2024, marking a year-on-year growth of 5.14%, and a net profit attributable to shareholders of 11.668 billion RMB, with a growth of 0.74% year-on-year, maintaining seven consecutive years of revenue and net profit growth since its A-share listing in 2018 [1][2] Financial Performance - The company plans to distribute a cash dividend of 5.60 RMB per 10 shares, totaling 679 million RMB for 2024, leading to a cumulative cash dividend of 7.602 billion RMB for the year, with a cash dividend ratio of 65.15% [1][2] - Since its listing, Mindray has distributed over 34 billion RMB in dividends and has not engaged in refinancing, with a cash dividend ratio of 60.72% for 2023 [2] - The company has outlined a shareholder return plan for the next three years (2025-2027), committing to at least one profit distribution annually, with cash distributions not less than 65% of the distributable profits [2] Business Segments Performance - The Life Information and Support segment generated 13.557 billion RMB in revenue, with the minimally invasive surgery business growing over 30% year-on-year [3] - The In Vitro Diagnostics segment achieved 13.765 billion RMB in revenue, a year-on-year increase of 10.82%, becoming the largest business segment [3] - The Medical Imaging segment reported 7.498 billion RMB in revenue, with a growth of 6.6% year-on-year, and the high-end ultrasound system Resona A20 generated over 400 million RMB in its first year [3] R&D and Innovation - Mindray's R&D investment reached 4.008 billion RMB in 2024, accounting for 10.91% of total revenue, with a total of 11,773 patent applications filed [3] Market Environment and Growth Prospects - The domestic procurement environment is recovering, and the company anticipates significant growth in international markets, with a 21.28% increase in international business revenue, now accounting for approximately 45% of total revenue [5][6] - The company is adapting to challenges such as tariffs and is confident in maintaining supply chain stability while aiming to enter the top 20 global medical device companies [7]

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月28日，迈瑞医疗发布2024年年报以及2025年第一季度季报。2024年年度营业收入达到 367.3亿元 ，2025年第一季度营业收入达到 82.4亿 元。 公司预计2025年上下半年的收入将回归到 "前低后高" 的历史常态分布，并呈现出逐季度环比改善的趋势，其中营业收入同比增速将从三季度开始迎来重大 拐点。 # 2024年报数据 迈瑞医疗主要产品覆盖三大 业务 领域， 生命信息与支持、体外诊断以及医学 影像， 叠加"三瑞"智慧生态系统和垂域AI大模型，为医疗机构提供提升整体 诊疗能力的数智化方案。 生命信息与支持 报告期内，公司生命信息与支持业务实现营业收入约 135.57亿元 ，同比 减少11.11%， 其中微创外科业务同比增长超过30%，国际生命信息与支持业务实 现了同比双位数增长。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 36,725,749,548.00 | 34,9 ...

Group 1 - Overseas institutions conducted research on 214 listed companies in the past 10 days, with Bluestar Technology being the most focused, receiving attention from 38 overseas institutions [1][8] - A total of 566 companies were researched by institutions, with securities companies leading at 537, followed by fund companies at 468 [1][8] - The average stock price of companies researched by overseas institutions increased by 1.13% over the past 10 days, with notable gainers including Kailaiying, which rose by 28.17% [1][8] Group 2 - Among the companies that received attention from overseas institutions, 175 reported annual performance, with Petty Holdings and Hand Information showing significant net profit growth [1][8] - 19 companies issued annual performance forecasts, with 9 expecting profit increases, 3 expecting profits, 4 expecting profit declines, and 2 expecting losses [1][8] - The highest projected net profit growth was for Sitwei, with an expected year-on-year increase of 2671.00% [1][8] Group 3 - The top companies receiving overseas institutional research included Kailaiying, Zhongchong Co., and Nanshan Zhishang, with respective stock price increases of 28.17%, 26.89%, and 26.07% [1][2] - Companies with the largest stock price declines included Aibo Medical, which fell by 23.50%, and others like Yuyue Medical and Xinyuan Technology, which also experienced significant drops [7][8] - The report highlights a diverse range of industries involved, including pharmaceuticals, agriculture, textiles, and electronics, indicating broad interest from overseas institutions [1][8]

Core Viewpoint - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray Medical) reported a revenue of 36.726 billion yuan for 2024, marking a year-on-year growth of 5.14%, and a net profit of 11.668 billion yuan, with a growth of 0.74% [2][3] Financial Performance - The company achieved a net cash flow from operating activities of 12.432 billion yuan, reflecting a year-on-year increase of 12.38% [2] - Mindray Medical's revenue and net profit have seen continuous growth for seven consecutive years since its listing, with 2024 revenue being 2.2 times that of 2019 and net profit being 2.5 times that of 2019 [2] Business Segments - The revenue from the Life Information and Support segment reached 13.557 billion yuan, with the minimally invasive surgery business growing over 30% year-on-year [3] - The In-Vitro Diagnostics segment generated 13.765 billion yuan, showing a year-on-year growth of 10.82%, becoming the largest business segment for the first time [3] - The Medical Imaging segment reported revenue of 7.498 billion yuan, with a year-on-year increase of 6.60% [3] R&D and Innovation - Mindray Medical invested 4.008 billion yuan in R&D for 2024, accounting for 10.91% of total revenue, emphasizing its commitment to innovation [3] - The company launched the world's first clinical large model for critical care, named "Qiyuan," enhancing diagnostic precision and quality [4] Market Position and Strategy - Mindray Medical aims to break into the top 20 global medical device rankings, leveraging its competitive advantages in R&D, production, marketing, and service [2] - The company has established numerous successful cases in high-end customer groups both domestically and internationally [5] Shareholder Returns - Mindray Medical plans to distribute a cash dividend of 5.60 yuan per 10 shares, totaling 679 million yuan for 2024, with a cumulative cash dividend of 7.602 billion yuan, representing a payout ratio of 65.15% [6] - The company has consistently paid dividends for seven years without any refinancing, with total dividends reaching 34.111 billion yuan, nearly six times its IPO fundraising amount [6]

Core Viewpoint - The news highlights the performance and potential of state-owned enterprises (SOEs) in China, particularly in the context of ongoing reforms and the integration of artificial intelligence in operations, which may enhance their competitiveness and market performance [2][4]. Group 1: ETF Performance - As of April 29, 2025, the National Enterprise Win-Win ETF (159719) decreased by 0.47%, with a latest price of 1.48 yuan. Over the past week, it has seen a cumulative increase of 0.54% [1]. - The National Enterprise Win-Win ETF had a turnover of 1.2% during the trading session, with a transaction volume of 2.3576 million yuan. The average daily transaction volume over the past year was 17.9394 million yuan [1]. - The Greater Bay Area ETF (512970) increased by 0.43%, with a latest price of 1.16 yuan. Over the past year, it has accumulated a rise of 13.72% [4]. Group 2: Index and Component Stocks - The National Enterprise Win-Win ETF closely tracks the FTSE China National Enterprise Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong. The top ten constituent stocks are predominantly "China National" stocks [4][6]. - The top ten stocks in the index include China Petroleum, China Petrochemical, China Construction, and China Mobile, with respective weightings of 15.58%, 12.33%, and 8.89% [6]. - The Greater Bay Area Development Theme Index (931000) saw a slight increase of 0.06%, with notable performers including Keda Manufacturing and Weigao Medical, which rose by 6.95% and 4.54%, respectively [4]. Group 3: Policy and Market Outlook - The State-owned Assets Supervision and Administration Commission (SASAC) is actively promoting the "AI+" initiative, focusing on integrating artificial intelligence into enterprise operations to enhance efficiency [1]. - According to Galaxy Securities, SOEs are expected to play a crucial role in China's modernization process, with ongoing reforms aimed at improving core competitiveness and operational efficiency [2]. - The market-oriented operational mechanisms of SOEs are being refined, with plans to implement performance adjustments and exit strategies for underperforming entities by 2025, which may lead to improved profitability [2].

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]