证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-006 深圳迈瑞生物医疗电子股份有限公司 第八届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）第八届董事会第十一次会议 于2025年4月25日9:50在江苏扬州以现场结合通讯方式召开，会议通知于2025年4月15日以 电子邮件等方式送达全体董事。 会议由公司董事长李西廷先生主持。本次会议应出席董事人数11人，实际出席董事人 数11人，其中董事徐航先生以通讯表决方式参会。本次会议的召集、召开符合《中华人民 共和国公司法》和《公司章程》等有关规定。 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于<2024 年度内部控制自我评价报告>的议案》 经审议，董事会认为公司已建立了较为完善的内部控制制度体系并能得到有效执行， 《2024年度内部控制自我评价报告》真实、客观地反映了公司内部控制制度的建设及运行 情况。 本议案已经公司董事会审计委员会审议通过。会计 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-009 深圳迈瑞生物医疗电子股份有限公司 关于2024年度、2025年第一次中期利润分配预案及提请股东大会 授权董事会制定2025年其他中期分红方案的公告 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。 一、审议程序 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）于2025年4月25日召开第八 届董事会第十一次会议及第八届监事会第九次会议，审议通过了《关于2024年度、2025年 第一次中期利润分配预案及提请股东大会授权董事会制定2025年其他中期分红方案的议 案》，本议案尚需提交2024年年度股东大会审议。 二、利润分配方案的基本情况 根据安永华明会计师事务所（特殊普通合伙）出具的安永华明（2025）审字第 70024693_H01号审计报告，2024年度公司合并报表口径实现的归属于母公司所有者的净利 润为11,668,487,164.00元；根据《中华人民共和国公司法》（以下简称"《公司法》"）和 《深圳迈瑞生物医疗电子股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 当法定盈 ...

Core Viewpoint - Mindray Medical's Q1 performance shows significant improvement compared to the previous quarter, indicating a potential turning point for domestic business starting in Q3 2023 [1] Financial Performance - The company reported a revenue of 8.237 billion yuan and a net profit attributable to shareholders of 2.629 billion yuan, both of which decreased compared to the same period last year [1] - However, compared to Q4 of the previous year, revenue increased by 13.76% and net profit surged by 154.85% [1] - Domestic revenue saw a remarkable increase of over 50% quarter-on-quarter, reflecting improved operational quality [1] Market Outlook - Mindray Medical expressed confidence that if monthly bidding data for medical equipment continues to show improvement, the domestic business will experience a significant turning point starting in Q3 2023 [1] - The company noted that the past two years have led to discrepancies in revenue baselines between the first and second halves of the year, which could further influence future performance [1]

Digital Transformation and AI Integration - In 2024, Mindray launched the unique critical care AI model "Qiyuan," marking a significant step in the digital transformation of the healthcare industry[3]. - Mindray's medical devices, including monitors, anesthesia machines, and ultrasound systems, rank among the top three in global market share, reflecting a strong foundation for digital transformation[7]. - The company has established a comprehensive digital ecosystem that integrates "devices + IT + AI," enhancing clinical efficiency and diagnostic capabilities[8]. - The "Qiyuan" model is designed to provide high-quality insights and recommendations based on a robust critical care database and expert knowledge, improving clinical decision-making[9]. - Mindray's AI applications aim to assist healthcare professionals rather than replace them, enhancing their capabilities and allowing them to focus more on patient care[10]. - Mindray's ongoing commitment to innovation and technology positions it as a leader in the digital transformation of the medical device industry[4]. - The integration of AI in clinical workflows is anticipated to reduce the burden on healthcare professionals, allowing them to dedicate more time to patient care[11]. - Mindray's initiatives in AI and digital healthcare are expected to disrupt existing barriers in global healthcare resource distribution, paving the way for standardized and individualized treatment[12]. - The launch of the Qiyuan Critical Care Medical Model in December 2024 integrates IoT, cloud computing, big data, and AI, providing four core functions: condition Q&A, suggestion generation, medical record writing, and critical knowledge inquiry[95]. - The Qiyuan model has been implemented in top hospitals in China, significantly improving ICU workflows and achieving a 95% accuracy rate in knowledge inquiry analysis[96]. Financial Performance and Growth - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in Q3 2023[36]. - The company provided a positive outlook for Q4 2023, projecting a revenue growth of 10% to 12%[38]. - The company's revenue for 2024 reached ¥36.73 billion, representing a 5.14% increase from ¥34.93 billion in 2023[46]. - Net profit attributable to shareholders for 2024 was ¥11.67 billion, a slight increase of 0.74% compared to ¥11.58 billion in 2023[46]. - The net cash flow from operating activities improved by 12.38% to ¥12.43 billion in 2024 from ¥11.06 billion in 2023[46]. - Basic earnings per share for 2024 were ¥9.64, up 0.81% from ¥9.56 in 2023[47]. - The company achieved operating revenue of CNY 3,672,574.95 million, a year-on-year increase of 5.14%[61]. - The net profit attributable to shareholders was CNY 1,166,848.72 million, reflecting a year-on-year growth of 0.74%[61]. - The company has maintained a consistent growth trajectory in operating cash flow, with Q2 2024 showing a significant cash flow of ¥5.63 billion[49]. Market Expansion and Strategic Initiatives - The company is focusing on global healthcare innovation solutions through digital intelligence, addressing the increasing demand for quality medical resources amid global challenges[13]. - Mindray's overseas subsidiaries include entities in the USA, France, Germany, Italy, Sweden, UK, Spain, Brazil, Indonesia, Australia, Mexico, and Colombia[32]. - The company is actively pursuing international certifications such as CE and FDA for its products, which are essential for market entry in Europe and the USA[34]. - The company completed a strategic acquisition of a competitor for $300 million, enhancing its product portfolio[36]. - Market expansion efforts are underway in the Asia-Pacific region, targeting a 25% increase in market share by 2025[38]. - The company has established partnerships with over 200 large tertiary hospitals for multi-center academic research cooperation, enhancing cross-hospital and hospital-wide imaging interconnectivity solutions[92]. - The company has made important progress in expanding strategic customers in Spain, France, Sweden, Turkey, and other countries, establishing benchmark hospitals[113]. - The company has secured exclusive supply agreements with top ten medical institutions in the US, covering over 80% of IDN medical networks[112]. Research and Development - The company is enhancing its product offerings through continuous research and development in medical technology[33]. - R&D investment reached 400,827.40 thousand yuan, accounting for 10.91% of the revenue during the reporting period, indicating a strong commitment to innovation[128]. - The company has established a research and development innovation platform with 12 R&D centers and 5,259 engineers, aiming to enhance product engineering and system integration capabilities[127]. - The company has applied for a total of 11,773 patents, with 8,435 being invention patents, showcasing its strong focus on intellectual property protection[128]. - The company has established a national engineering technology center for medical diagnostic instruments, aiming to break international monopolies and enhance competitiveness in high-end medical devices[159]. Product Development and Innovation - New product launches included a state-of-the-art medical imaging device, expected to generate $200 million in sales within the first year[36]. - The company launched multiple new products in the in vitro diagnostics field, including the MT 8000C smart coagulation line and various automated analyzers, enhancing its product portfolio significantly[141][142]. - The company has developed a high-power plasma energy platform for gynecological and urological procedures, achieving 1200W output for rapid and precise cutting[135]. - The company has introduced several new products in the medical imaging sector, including high-end ultrasound machines and specialized systems for obstetrics and gynecology, expanding its market presence[153]. - The MT 8000 full laboratory intelligent pipeline processes up to 3,600 samples per hour, drastically reducing sample analysis time from 1 minute to 1 second, enhancing efficiency[148]. Sustainability and Compliance - Mindray is committed to sustainable practices, as indicated by its adherence to ISO 14001 for environmental management[35]. - The company emphasizes compliance with international standards like ISO 13485 for quality management in medical devices[35]. - The company maintains a strict quality management system for suppliers, with over a thousand suppliers, most of whom have long-term partnerships[187]. - Mindray's production facilities are certified under ISO 9001 and ISO 13485, with over 400,000 square meters of production space dedicated to manufacturing[189]. Customer Engagement and Market Position - The company's international brand image is strengthened by its reliable quality and rapid delivery, enhancing its competitiveness in the global market[199]. - The company has established long-term partnerships with major Integrated Delivery Networks (IDNs) in the U.S., including HCA Healthcare and Kaiser Permanente[193]. - The company continues to enhance its brand recognition through academic exchanges and customer engagement activities, particularly in Turkey[126]. - The company aims to transition sales from single products to department-level, hospital-level, and cross-regional solutions[198].

Financial Performance - The company's revenue for Q1 2025 was ¥8,237,179,005, representing a decrease of 12.12% compared to ¥9,372,811,209 in the same period last year[3] - Net profit attributable to shareholders was ¥2,628,580,553, down 16.81% from ¥3,159,898,674 year-over-year[3] - Basic earnings per share were ¥2.1698, reflecting a decline of 16.89% from ¥2.6107 in the previous year[3] - Operating profit decreased to CNY 3,048,076,802, down 14.7% from CNY 3,572,278,524[23] - Net profit for the period was CNY 2,692,551,030, a decline of 15% from CNY 3,161,790,726[23] - The total comprehensive income for the period was ¥2,820,232,973, a decrease from ¥3,045,528,321, reflecting a decline of about 7.4%[24] - The total comprehensive income attributable to the parent company was ¥2,750,725,810, down from ¥3,049,956,378, indicating a decrease of about 9.8%[24] Cash Flow and Assets - The net cash flow from operating activities decreased by 47.83%, amounting to ¥1,494,408,057, primarily due to a reduction in cash received from sales[6] - The net cash flow from operating activities was ¥1,494,408,057, significantly lower than ¥2,864,694,162 in the previous period, reflecting a decline of approximately 47.8%[26] - Cash and cash equivalents at the end of the period totaled ¥15,954,841,645, down from ¥21,085,454,505, a decrease of about 24.5%[27] - The company received cash from sales of goods and services amounting to ¥8,732,237,374, compared to ¥9,929,908,497 in the previous period[25] - The cash outflow for operating activities was ¥7,941,750,662, an increase from ¥7,530,597,991, indicating a rise of approximately 5.5%[26] - The net cash flow from investing activities was -¥433,339,920, worsening from -¥400,882,530 in the previous period[26] - The net cash flow from financing activities was -¥30,251,198, compared to -¥40,270,646 in the previous period, showing an improvement[26] - Total assets increased by 3.04% to ¥58,364,865,856 from ¥56,643,545,143 at the end of the previous year[3] - Total liabilities decreased to CNY 14,807,235,062, down from CNY 15,885,367,579, a reduction of 6.8%[20] - Current assets rose to CNY 27,309,751,884, an increase of 6.5% from CNY 25,646,621,797[20] - Cash and cash equivalents increased to CNY 17,711,236,767, up from CNY 16,644,066,286, representing a growth of 6.4%[20] - Inventory increased to CNY 5,172,700,675, up 8.7% from CNY 4,757,425,283[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 92,191[8] - Smartco Development Limited and Magnifice (HK) Limited are the top two shareholders, holding 26.98% and 24.49% of shares, respectively[8] Research and Development - R&D investment in Q1 2025 was CNY 84.65 million, accounting for 10.28% of operating revenue, with new product launches in various diagnostic and medical fields[15] - The company has filed a total of 11,977 patent applications, with 5,973 patents granted, including 2,979 invention patents[15] - Research and development expenses were CNY 766,538,112, a decrease of 19.1% compared to CNY 947,431,880[23] Social Responsibility - The company organized 125 first aid training sessions, training 5,779 individuals, and has successfully treated 365 cardiac arrest patients using AEDs in public places[16] - The company donated medical equipment to support cleft lip and palate surgeries in underdeveloped regions, raising €9,441 for training projects in Africa through employee participation in charity events[17] International and Domestic Revenue - International business revenue grew by less than 5% year-over-year in Q1 2025, but the compound growth rate over the past two years exceeds 15%, with developing countries nearing 19%[13] - Domestic revenue declined over 20% year-over-year in Q1 2025, but increased by over 50% compared to Q4 2024, indicating a potential recovery starting in Q3 2025[14]

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong-Shanghai Biotech Theme Index, which reflects the overall performance of listed companies in the biotech sector from mainland China and Hong Kong [1][3] - The CSI Hong Kong-Shanghai Biotech Theme Index has shown an increase of 0.82% over the past month, 12.93% over the past three months, and 12.21% year-to-date [1] - The index consists of 50 sample companies involved in biopharmaceuticals, pharmaceuticals, and biotech services, with a base date of December 28, 2018, set at 1000.0 points [1] Group 2 - The top ten weighted companies in the index include: Heng Rui Medicine (13.16%), BeiGene (10.43%), WuXi AppTec (8.41%), Mindray Medical (7.71%), WuXi Biologics (5.15%), Innovent Biologics (4.82%), CanSino Biologics (3.91%), Shanghai Pharmaceuticals (2.74%), China National Pharmaceutical Group (2.45%), and Shanghai RAAS Blood Products (1.83%) [1] - The market share of the index holdings is distributed as follows: Hong Kong Stock Exchange 41.72%, Shanghai Stock Exchange 35.62%, and Shenzhen Stock Exchange 22.66% [1] Group 3 - In terms of industry composition, biopharmaceuticals account for 43.26%, chemical drugs for 25.78%, pharmaceutical and biotech services for 21.39%, and medical devices for 9.57% [2] - 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] - Special circumstances may lead to temporary adjustments to the index, including the removal of samples that are delisted or changes due to mergers, acquisitions, or other corporate actions [2]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [4]. Core Viewpoints - The domestic weight loss drug market is entering commercialization, emphasizing the importance of sales capabilities for companies [1][19]. - The competition in the global weight loss drug market is intensifying, particularly between Novo Nordisk and Eli Lilly, where marketing strategies play a crucial role in sales performance [19][23]. - Companies with advanced R&D progress and strong sales execution will hold competitive advantages in the commercialization phase of weight loss drugs [1][19]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points but underperforming the ChiNext index by 1.08 percentage points, ranking 15th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Healthcare Index increased by 8.44%, outperforming the Hang Seng Index by 6.12 percentage points [1][15]. Company Updates - Recent clinical application updates include Baiyi Shenzhou's injection BGB-B2033 and Nuo Cheng Jian Hua's injection ICP-B794, both newly undertaken [27]. - Ongoing clinical trials include Bo Rui Pharmaceutical's BGM0504 and Hua Dong Pharmaceutical's HDM1002, currently in Phase III [27]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [2]. - Key recommended companies include Heng Rui Pharmaceutical, Mai Rui Medical, and United Imaging Healthcare [2]. Company Profit Forecasts and Valuation - Heng Rui Pharmaceutical is rated "Accumulate" with a projected EPS of 0.99 yuan for 2024 and a PE ratio of 51 [3]. - Mai Rui Medical is rated "Buy" with a projected EPS of 11.47 yuan for 2024 and a PE ratio of 19 [3]. - United Imaging Healthcare is also rated "Buy" with a projected EPS of 2.88 yuan for 2024 and a PE ratio of 44 [3].

21世纪经济报道记者 唐唯珂 广州报道 据新华社消息，4月以来，美国政府宣布对中国输美商品征收"对等关税"的税率进一步提高至125%。经国务院批准，国务院关税税则委员会公布公告，自 2025年4月12日起，调整《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会公告2025年第5号）规定的加征关税税 率，由84%提高至125%。 达安基因、易瑞生物等企业明确表示没有对美国的产品出口，因此不受关税政策直接影响；而新产业、圣湘生物、亚辉龙等公司来自美国的营收占比普遍不 足1%，业务重心分布在欧洲、拉美、中东和东南亚等地区，使得关税调整对其海外业务冲击有限。 此外，部分企业如上海太阳生物已实现原料国产化或供应链自主可控，进一步降低了进口依赖带来的风险。整体来看，IVD行业并未出现大规模负面影响， 展现出较强的抗风险能力。 打破进口依赖 IVD行业的技术依赖呈现出明显的金字塔结构：在高端设备的应用逐渐普及的同时，某些关键原材料却依赖进口。以化学发光仪为例，国内70%以上的磁微 粒化学发光设备的核心光学部件依赖进口，而核酸提取试剂中的关键酶原料也有90%来自欧美供应商。 此前即有分析人士指出 ...

沪指4月24日上涨0.03%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为美容护理、银行， 涨幅分别为1.61%、1.16%。医药生物行业今日上涨0.25%。跌幅居前的行业为计算机、通信，跌幅分别 为2.36%、2.08%。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金66.21亿元，其次 是计算机行业，净流出资金为64.60亿元，净流出资金较多的还有机械设备、通信、汽车等行业。 医药生物行业今日上涨0.25%，全天主力资金净流入2.65亿元，该行业所属的个股共476只，今日上涨的 有243只，涨停的有10只；下跌的有218只，跌停的有3只。以资金流向数据进行统计，该行业资金净流 入的个股有204只，其中，净流入资金超5000万元的有10只，净流入资金居首的是双成药业，今日净流 入资金1.81亿元，紧随其后的是凯莱英、金凯生科，净流入资金分别为1.63亿元、1.37亿元。医药生物 行业资金净流出个股中，资金净流出超3000万元的有9只，净流出资金居前的有花园生物、迈瑞医疗、 智飞生物，净流出资金分别为8240.77万元、6250.66万元、6132.45万元。（数据宝） ...

Core Insights - The medical bed industry in China is experiencing steady growth, with the market size reaching 15.184 billion yuan in 2023 and projected to grow to approximately 17.363 billion yuan in 2024, driven by an aging population and increasing demand for medical services [1][9]. Industry Definition and Classification - Medical beds, also known as healthcare beds, are specialized equipment designed for medical institutions, providing a safe and comfortable platform for patient diagnosis, treatment, care, and rehabilitation [1]. Industry Chain Analysis - The medical bed industry chain consists of four main segments: upstream raw materials and components supply, midstream manufacturing, downstream application services, and supporting industries. The upstream includes suppliers of metals, plastics, and electronic components, while midstream manufacturers produce various types of medical beds. Downstream applications cover hospitals, nursing homes, and home care, with a focus on after-sales services [3]. Development History - The Chinese medical bed industry has evolved over 40 years from reliance on imports to self-innovation. The industry has progressed through several phases: initial reliance on foreign technology, rapid domestic growth driven by healthcare reforms, and the current phase of high-quality development focusing on technology integration and green manufacturing [5]. Current Industry Status - The medical bed market in China is diverse, with ordinary beds holding a significant market share, while multifunctional and electric beds are growing rapidly. The increasing elderly population is expected to drive demand for specialized medical beds [9][12]. Downstream Application Analysis - Hospitals dominate the downstream application of medical beds, accounting for 68% of the market, followed by nursing homes at 18% and home care at 12%. Other institutions, such as rehabilitation centers, make up 2% [12]. Key Enterprises Analysis - The competitive landscape of the medical bed industry is diverse, with companies like Mindray focusing on high-end, intelligent medical beds, while others like Xinhua Medical offer a wide range of products. Companies such as Kofor Medical and Sykon Medical specialize in specific market segments, contributing to a complex competitive environment [14][18]. Future Development Trends - The future of the medical bed industry is expected to focus on high-end technology integration, lightweight materials, and multifunctional designs. High-end beds will incorporate smart sensors and AI for real-time monitoring, while lightweight designs will enhance mobility and comfort. Multifunctional beds will enable various clinical applications, improving efficiency and patient care [20][21][23].