2024年04月26日 迈瑞医疗 (300760.SZ) 买入(维持评级) 公司点评 证券研究报告 国际市场增长强劲，利润率稳步提升 业绩简评 2024年4月26日,公司发布 2023年年度报告和 2024年一季度报 告。2023 年公司实现收入 349.32 亿元，同比+15%；归母净利润 115.82 亿元,同比+21%;扣非归母净利润 114.34 亿元,同比+20%; 2024Q1 公司实现收入 93.73 亿元，同比+12%;归母净利润 31.60 亿元，同比+23%; 扣非归母净利润 30.37 亿元,同比+20%。 经营分析 三大业务战持续发力,Q1 国际市场增长强劲。2023年分产品来看, 生命信息与支持类产品实现收入 152.52 亿元,同比+14%,其中微 创外科增长超过 30%,硬镜系统的市场占有率提升至国内第三;体 外诊断类产品实现收入 124.21 亿元,同比+21%,其中国际体外诊 断业务连续两年的复合增速超过了 30%；医学影像类产品 70.34 亿元,同比+8.8%,其中超声高端型号增长超过 20%。202401 在海 外高端客户群突破持续加快的助力下,公司国际市场增长近 30 ...

Product Portfolio and Market Position - Mindray has achieved a broad product layout covering multiple clinical scenarios, including life information and support, in-vitro diagnostics, and medical imaging, with products used in emergency, inpatient, ICU, surgery, anesthesia, ultrasound, and laboratory settings[3] - The company has sold millions of medical devices globally, providing a solid foundation for its digital and intelligent transformation[4] - The company's products cover nearly 110,000 medical institutions in China, with a penetration rate of over 99% in top-tier hospitals[179] - In the international market, the company has achieved a top-three global market share in products such as patient monitors, anesthesia machines, ventilators, defibrillators, hematology analyzers, and ultrasound systems, with ultrasound systems reaching the top three globally for the first time[180] - The company's products and solutions have been adopted by 80 out of the top 100 hospitals globally as ranked by Newsweek[181] - The company's global ranking in the medical device industry has improved from 36th in 2020 to 27th in 2022, with 2023 revenue being 15% of the global leader[181] - The company has formed a comprehensive product portfolio covering life information and support, in vitro diagnostics, and medical imaging, spanning multiple medical fields and application scenarios[200] Digital and Intelligent Transformation - Mindray has established the "Three Rui" ecosystem, which includes "Rui Zhi Lian" for device interconnectivity, "Mindray Smart Lab" for laboratory management, and "Rui Ying Yun++" for imaging interconnectivity, enabling data flow and integration across devices[5] - The "Three Rui" ecosystem has significantly increased customer stickiness and serves as a cornerstone for Mindray's digital and intelligent transformation[6] - Mindray is transitioning from digital to intelligent medical devices, with products like patient monitors, diagnostic analyzers, and automated testing equipment integrating AI for real-time monitoring and improved diagnostic accuracy[4] - The company is building a comprehensive intelligent ecosystem that includes AI-assisted diagnostic tools, early warning systems, and critical care models, leveraging its extensive product portfolio and clinical understanding[8] - The company aims to develop a unique medical vertical domain model, utilizing accumulated data resources for continuous self-learning and evolution of AI models[9] - The company envisions a future where AI models analyze patient data before consultations, assist doctors in diagnosis, and ensure quality control throughout the healthcare workflow[9] - The company plans to initiate the digital intelligence era for China's medical device industry starting in 2024, positioning itself as a leader in this transformation[11] - The company emphasizes the importance of digital intelligence in breaking down barriers between departments, hospitals, and regions, enabling the redistribution and enhancement of medical resources and services[10] - The company has completed the initial construction of a "device + IT + AI" intelligent medical ecosystem, enhancing its global high-end customer penetration and brand loyalty[35] - The company's digital and intelligent solutions have been implemented in top-tier hospitals globally, including the US CHS Group, Belgium's Ghent University Hospital, and the UK's St Thomas' Hospital[60] - The company has developed the "Three Rui" IT smart medical solution ecosystem, enabling integration and innovation across medical devices and data consolidation[200] - The company has built a smart medical ecosystem integrating "devices + IT + AI," capable of providing customized hospital-wide digital solutions[200] - The company has achieved interoperability and integration across devices through fusion innovation and the "Three Rui" ecosystem[200] - The company utilizes AI to enable intelligent decision support, clinical automation, remote healthcare, and smart management, improving accuracy and efficiency[200] - The company has been exploring AI applications in medical devices since 2015, with several high-end products featuring AI-assisted diagnostic functions[200] Financial Performance - Revenue for 2023 reached RMB 34,931,900,884, a 15.04% increase compared to 2022[29] - Net profit attributable to shareholders in 2023 was RMB 11,582,226,085, up 20.56% year-over-year[29] - Basic earnings per share (EPS) for 2023 stood at RMB 9.5586, a 20.38% increase from 2022[30] - Total assets at the end of 2023 amounted to RMB 47,940,003,061, a 2.56% increase from the previous year[30] - Operating cash flow for 2023 was RMB 11,062,025,295, a decrease of 8.89% compared to 2022[30] - Q2 2023 revenue was the highest at RMB 10,111,491,655, followed by Q1 at RMB 8,364,281,841[31] - Net profit attributable to shareholders in Q2 2023 was RMB 3,870,873,576, the highest among all quarters[31] - Non-recurring gains and losses in 2023 totaled RMB 148,491,128, primarily driven by government subsidies and financial asset gains[32] - The company achieved operating revenue of 349,319.009 million yuan, a year-on-year increase of 15.04%, and net profit attributable to shareholders of 115,822.261 million yuan, a year-on-year increase of 20.56%[36] Subsidiaries and Shareholders - The company's subsidiaries include Mindray Animal Medical Technology Co., Ltd (MAHK) and Mindray Animal Medical Technology North America Co., Ltd. (MANA), both fully owned by Shenzhen Mindray Animal Medical Technology Co., Ltd[17] - Hytest Oy (HTOY) and Hytest LLC (HTRU) are subsidiaries of Hytest Invest Oy, which is also a subsidiary of the company[17] - DiaSys Diagnostic Systems GmbH (DiaSys/DSGM) and its subsidiaries form the DiaSys Group, a controlled subsidiary of the company[17] - The company holds shares in Shenzhen High-Performance Medical Devices Research Institute Co., Ltd and Shenzhen Hanuo Medical Technology Co., Ltd[17] - The company's major shareholders include Smartco Development Limited, Magnifice (HK) Limited, Ever Union (H.K.) Limited, Shenzhen Ruilong Consulting Services Partnership, and Shenzhen Ruifu Management Consulting Partnership[17] Research and Development - R&D investment reached 3.78 billion yuan, a year-on-year increase of 18.43%, accounting for 10.82% of revenue[81] - The company has 4,425 R&D engineers across 12 global R&D centers, with the Wuhan Research Institute project progressing smoothly[118] - Established a national high-performance medical device innovation center in collaboration with the Chinese Academy of Sciences and other institutions[120] - The company has developed a ventilation strategy evaluation function that integrates chest electrical impedance tomography (EIT) imaging, leveraging the "RuiZhiLian" ecosystem to assist in determining the success rate of weaning mechanical ventilation patients, addressing clinical pain points, particularly in primary hospitals[89] - The company has launched a comprehensive emergency solution that integrates modular transport ventilators and defibrillators, achieving physical and data fusion across pre-hospital, admission, and emergency transport scenarios, enhancing efficiency and data integrity[90] - In the field of in vitro diagnostics, the company has developed high-sensitivity cardiac markers (hs-TNI and NT-pro BNP) through the integration of its technology with HyTest's, improving sensitivity and precision for cardiovascular disease management[93] - The company has introduced a second-generation hypertension marker product, including aldosterone (ALD) and renin (Renin) assay kits, significantly improving sensitivity and specificity for primary aldosteronism screening[94] - The company has developed a B-cell cloning technology for direct monoclonal antibody production, eliminating the need for hybridoma cell fusion, resulting in higher cell viability and stability[95] - The company has launched the MT 8000 fully automated intelligent laboratory line, achieving a throughput of 3,600 tubes per hour and reducing sample processing time from 1 minute to 1 second[97] - The M980 fully automated biochemical and immunoassay line integrates biochemical and immunoassay modules, achieving one-machine-four-test efficiency and reducing biological safety risks[98] - BC-700 series fully automated blood cell analyzer achieves zero-cost detection of optical platelets in routine analysis mode through technological innovation, with over 40 patents applied[99] - The new blood sedimentation detection technology reduces blood usage to less than 10% of traditional Westergren method, enabling full automation of blood routine, CRP, SAA, and ESR parameter analysis[100] - EU 8600 series and EU-Pro series achieve a 14-class classification of urinary red cell subtypes, significantly reducing manual microscopy rates[101] - C·Lab Bridge expert interpretation system integrates sample status analysis, result analysis, processing suggestions, and case learning, enhancing coagulation testing efficiency[102] - Wireless probe technology in TE Air handheld ultrasound provides professional diagnostic-level image quality, meeting complex clinical needs[103] - POC ultrasound intelligent solution with AI recognition for cardiac structure and nerves, improving operational standardization and efficiency[104] - Micro-contrast imaging technology achieves micron-level resolution, enabling early diagnosis and differentiation of benign and malignant tumors[104] - DR automatic image quality control supports the promotion of "lower-level examination, upper-level diagnosis" in medical consortia[105] - Acquisition of HyTest Ltd. in 2021 enhances the company's self-sufficiency in IVD raw materials, with new myocardial and inflammation marker reagents launched in November 2023[109] - The company plans to increase R&D and operational investment in HyTest Ltd., aiming to achieve international top-tier competitiveness in chemiluminescence business within two years[109] - Completed the acquisition of 75% equity in DiaSys Diagnostic Systems GmbH for cash, making DiaSys a subsidiary of the company[110] - DiaSys has been integrated into the company's management system, with plans to enhance overseas IVD business through product empowerment and platform expansion[111] Market Expansion and International Presence - The company has established a global R&D, marketing, and service network with 12 R&D centers and 62 overseas subsidiaries in approximately 40 countries[37] - The company's international revenue in 2023 was approximately 13.5 billion RMB, with a market share in the low single digits[132] - The company's revenue in developing countries in 2023 was approximately 8.8 billion RMB, with a market share of less than 9%[132] - The company has broken into nearly 300 new high-end customers in the life information and support sector, over 450 in the in-vitro diagnostics sector, and over 200 in the medical imaging sector during the reporting period[180] - In Europe, the company successfully installed anesthesia machines and neonatal ICU equipment in key Spanish hospitals, and secured a major client in the Belgian Dutch-speaking region's top 5 non-university hospitals[71] - In developing markets, the company achieved a nearly $1 million installation in a Malaysian high-end public teaching hospital and secured a comprehensive solution for operating rooms and ICUs in a new Mexican hospital[72] - The company expanded its presence in the in-vitro diagnostics sector by breaking through over 450 new high-end customers, including 106 third-party chain laboratories[73] - In the UAE, the company became the exclusive blood cell supplier for a global chain laboratory in Saudi Arabia, Qatar, Bahrain, and Oman[75] - In the medical imaging sector, the company broke through over 200 new high-end customers, including globally ranked hospitals like Singapore General Hospital and Seoul National University Hospital[76] - The company successfully installed Resona R9T ultrasound devices in 6 hospitals in Hungary through a customized solution tailored to clinical needs[77] - In Norway, the company secured a full-hospital monitoring project at a top-three university hospital, further expanding its market share in Nordic high-end monitoring[71] - The company achieved a breakthrough in a Colombian private hospital by transitioning from single-product entry to a comprehensive operating room solution[72] - In Brazil, the company became the top blood cell market brand by securing demand projects across all 43 hospitals of a top-five private laboratory group[75] - Secured a $30 million monitoring equipment order in the US, the largest single order in the US market to date[79] - Covered over 80% of IDN healthcare systems in the US by the end of the reporting period[79] - Established global, regional, and national window hospitals to support international market expansion[78] Regulatory and Compliance - The company's products are certified under CE, FDA, ISO 13485, ISO 9001, ISO 14001, ISO 45001, and ISO 37001:2016 standards[18][19] - The company is recognized by CNAS and is a member of the China Association of Medical Equipment (CAME)[19] - The company collaborates with international testing and certification organizations such as Intertek, SGS, and TÜV[19] - The company has established a global registration lifecycle management platform covering over 100 countries[135] - The company continues to obtain EU CE certification and US FDA registration for new products, including MDR-compliant devices[136] - The company has established long-term partnerships with leading medical institutions in the US, UK, Italy, Spain, Germany, and France[136] - The company upgraded its "Business Conduct and Ethics Code" to enhance compliance and ethical standards[189] - MSCI upgraded the company's ESG rating to AA, recognizing achievements in environmental, social, and governance aspects[189] Industry Trends and Government Policies - The global medical device market size in 2023 was $595.2 billion, with a projected CAGR of 5.71% to reach $743.2 billion by 2027[140] - China's medical equipment market reached 1.27 trillion yuan in 2023, a year-on-year increase of 10.4%[142] - China's medical device industry revenue is expected to reach 1.875 trillion yuan by 2025, with a 10-year CAGR of 11.5%[143] - The overseas revenue ratio of Chinese medical device companies increased from 22% in 2018 to 34% in 2022, with the U.S. accounting for the highest proportion at 24.43% in 2023[145] - The issuance scale of medical special bonds in 2023 was approximately 265.674 billion yuan, accounting for nearly 10% of all special bonds, with the fourth quarter issuance at 8.018 billion yuan[148] - The total expenditure of China's basic medical insurance fund (including maternity insurance) in 2023 was 2,814.033 billion yuan, a year-on-year increase of 15.2%[149] - The government plans to arrange 3,900 billion yuan in local government special bonds in 2024, with an expected medical field budget of 390 billion yuan[148] - The number of medical visits in China in 2023 was 9.56 billion, a year-on-year increase of 13.54%[149] - The "Thousand Counties Project" aims to have at least 1,000 county hospitals reach the service level of tertiary hospitals by 2025[152] - The 2023 budget for medical service and security capacity improvement (medical institution capacity building) was approximately 6.274 billion yuan, with 3.046 billion yuan allocated to county-level medical institutions[152] - The government plans to promote equipment updates in seven major fields, including medical, with an estimated annual market size exceeding 5 trillion yuan[150] - The People's Bank of China established a 500 billion yuan re-loan for technological innovation and transformation to support equipment updates in key areas[150] - The government has increased support for county-level hospitals in national rural revitalization key assistance counties to 8 million yuan per county[152] - The demand for medical devices in county-level and below hospitals is expected to grow significantly, driven by increased healthcare investment and resource allocation[154] - The Chinese government plans to allocate 24,211 billion yuan for health expenditures in 2023, an increase of nearly 1,670 billion yuan compared to 2022[157] - By 2025, China aims to enhance its healthcare system, improve resource allocation, and strengthen disease prevention and emergency response capabilities[157] - The DRG/DIP payment reform is set to cover all eligible hospitals by 2025, promoting cost control and efficiency in healthcare delivery[159] - Centralized procurement of medical consumables will become the dominant model in public hospitals, aiming to reduce costs and improve access to healthcare[161] - The global medical device revenue of the top 10 companies in 2022 was approximately $220.3 billion, which is 15.21 times that of the top 10 Chinese medical device companies[164] - The global medical device revenue of the top 20 companies in 2022 was approximately $305.9 billion, which is 18.50 times that of the top 20 Chinese medical device companies[164] - The market share of the top 100 global medical device companies increased from 88.90% in 2019 to 94.08% in 2022, while the market share of the top 100 Chinese medical device companies increased from 20.90% in 2019 to 31.91% in 2022[165] - In 2023, the National Medical Products Administration approved 61 innovative medical devices, an increase of 6 compared to 2022[167] - The company had 6 models of electrocardiographs, 6 models of fully automated chemiluminescence immunoassay analyzers, and 4 models of small chemiluminescence immunoassay analyzers selected in the 9th batch of excellent domestic medical equipment products[166] - The National Medical Products Administration prioritized the approval of 12 medical devices in 2023[167] - The company's products were included in the 9th batch of excellent domestic medical equipment product directory, which was announced on June 16, 2023[166] - The National Health Commission and local governments have introduced policies to support the high-quality development of the medical device industry[165] - The National Medical Products Administration has accelerated the approval of innovative medical devices, with 61 approved in 2023, including products with international leading technologies[167] - The company's market concentration in China is still low, with significant room for improvement compared to global market data[165] - High-end medical equipment includes diagnostic, therapeutic, monitoring, and life support equipment, with a focus on innovative medical device development and application[169] - Beijing's DRG payment model excludes innovative medical devices and treatments from DRG payment, encouraging clinical value-driven innovation[169] - Shenzhen supports high-end medical device clusters, focusing on medical imaging, in vitro diagnostics, and AI applications in medical equipment[169] - The "Quality Power Construction Outline" emphasizes accelerating the upgrade of medical products and speeding up the review of urgently needed drugs and medical devices[169] - The "Medical Equipment Industry High-Quality Development Action Plan (2023-2025)" promotes the iterative upgrade of domestic medical equipment and supports talent development[170] - The "Industrial Structure Adjustment Guidance Catalog (2024)" encourages the development of high-end medical devices, including AI-assisted medical equipment and surgical robots[170] - AI and big data technologies are driving the digital transformation of the medical device industry, improving diagnostic accuracy and operational efficiency[171] - The

深圳迈瑞生物医疗电子股份有限公司2024年第一季度报告 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-013 深圳迈瑞生物医疗电子股份有限公司 2024年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 ...

公1[T司abl深e_H度ea报der告] ●医疗器械 2024 年 04 月 10 日 [Table_Title] [Table_StockCode] 从全球器械巨头发展看迈瑞海外进击 迈瑞医疗(300760) [Table_InvestRank] 之路 推荐 (维持) 分析师 核心观点： [程Ta培b le_Authors] [⚫T able国_S内um医m疗ar器y]械 绝对龙头，全方位构建强劲竞争实力。迈瑞医疗三大支柱产线 ：021-20257805 ：chengpei_yj@chinastock.com.cn 品类逐步完善，持续助力核心业务获突破成果：①生命信息与支持：形成完备综 分析师登记编码：S0130522100001 合解决方案，覆盖院内多种临床场景，率先提出全院解决方案，助力智慧医院建 设；②体外诊断：诊断设备及试剂认可度与日俱增，关键上游并购实现原料自主 研究助理：孟熙 可控，高性能全自动流水线进一步提升 ivd 全线产品竞争力；③医学影像：满足 多样化市场需求，填补国产高端彩超领域空白，海外市场加速渗透。目前我国医 [市Ta场ble数_M据ark et] 2024-04-10 疗设 ...

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 证券代码：300760 证券简称：迈瑞医疗 编号：2024-002 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 参与单位名 称及人员姓 340家机构700余名参与人员，详见附件清单。 名 2024 年 1 月 29-31 日、2 月 1-2 日、2 月 5-6 日、2 月 20 日、2 月 22-23 时间 日、2月26-29 日、3月 1 日、3月4-6 日、3 月11-15日、3 月18-19日、 3月21-22 日、3月25-27日 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 波士顿、香港、上海、深圳、北京投资人办公室 地点 券商策略会会场 ...

2024年02月18日 公 司点评 公 买入 / 维持 司 迈瑞医疗(300760) 研 究 目标价: 420 昨收盘:297.38 医药 医疗器械 “质量回报双提升”，迈瑞医疗在行动  走势比较 迈瑞医疗制定“质量回报双提升”行动方案，稳市场、稳信心。2月 18日，迈瑞医疗发布公告，制定“质量回报双提升”行动方案，进一步 10% 稳定资本市场和投资者信心。公司的行动方案有以下几部分内容：（1） 太 2% 聚焦主业发展，大步迈向全球医疗器械前二十；（2）持续加强产品研 02/2/32 1/5/32 01/7/32 81/9/32 72/11/32 5/2/42 平 (6%) 洋 发投入，实现多方共赢；（3）加速海内外高端客户群突破，提升市场 (14%) 证 份额；（4）加速并购全球优秀标的，寻找长期可持续增长空间；（5） (22%) 券 保持业绩稳健增长，与投资者共享发展成果；（6）重视投资者关系管 (30%) 股 理，提升信息披露质量。 迈瑞医疗 沪深300 份 有  股票数据 质量提升：内生外延共促进，全球地位不断提高。2022年，公司 限 营收在全球医疗器械企业中排名第 27 位，较 2021 年上 ...

事件 2024 年 2月 18 日，公司发布《深圳迈瑞生物医疗电子股份有限公 司关于质量回报双提升行动方案的公告》，践行“以投资者为本” 的上市公司发展理念，维护公司全体股东的利益，助力资本市场平 稳健康发展。 经营分析 2023 年 7月 24 日，中央政治局会议提出要活跃资本市场、提振投 资者信心。2024 年1 月 22日，国常会指出要大力提升上市公司质 量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心。 本次公司制定了“质量回报双提升”行动方案，有望增强投资者获 得感，助力资本市场平稳健康发展。 人民币(元) 成交金额(百万元) 持续大力投入研发，努力耕耘海内外市场，公司围绕生命信息与 323.00 6,000 支持、体外诊断、医学影像三大业务领域深耕，通过三十余年发 307.00 5,000 展、二十余年海外布局，目前已拥有同行业最全的产品线，产品销 4,000 291.00 3,000 往全球 190 多个国家和地区。公司多款产品已能与国际一线械企 275.00 2,000 同台竞争，监护仪、麻醉机、呼吸机全球市场占有率排名居前。 259.00 1,000 公司积极寻找全球优秀标的进行并购 ...

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 投资者关系活动记录表 证券代码：300760 证券简称：迈瑞医疗 编号：2024-001 深圳迈瑞生物医疗电子股份有限公司 | --- | --- | --- | |--------------------------|------------------------------|------------------------------------------------------------------------| | | □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 | | | 参与单位名 称及人员姓 名 | 200 余家机构 1200 | 余名参与人员，详见附件清单。 | | 时间 | 2024 年 1 月 28 日 | | | | | 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 | | 地点 | | | | | 董事长李西廷 | | | | 总经理、董事吴昊 | | | 上市公司接 ...

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 证券代码：300760 证券简称：迈瑞医疗 编号：2023-008 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 参与单位名 称及人员姓 390家机构742名参与人员，详见附件清单。 名 2023年10 月31日、11 月1-3 日、11月6-10 日、11 月13 日、11 月15-17 时间 日、11 月20-24日、11 月27-30日、12 月1 日、12 月4-8 日、12 月13-15 日、12月18-22日、12月27-28日 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 深圳证券交易所 阿联酋、卡塔尔、新加坡、马来西亚、香港、上海、深圳、广州、北京投资 地点 ...

Financial Performance - Total revenue for the first three quarters of 2023 reached 273.0 billion yuan, a year-on-year increase of 17.2% [2] - Q3 revenue was 88.3 billion yuan, up 11.2% year-on-year [3] - Net profit attributable to shareholders for the first three quarters was 98.3 billion yuan, a year-on-year increase of 21.4% [4] - Q3 net profit attributable to shareholders was 33.9 billion yuan, up 20.5% year-on-year [4] - Operating cash flow for the first three quarters was 77.7 billion yuan, a year-on-year increase of 15.3% [4] Regional Performance - Domestic market revenue for the first three quarters was 171.4 billion yuan, up 19.1% year-on-year, with Q3 growth slowing to 4.7% due to healthcare industry reforms [3] - International market revenue for the first three quarters was 101.6 billion yuan, up 14.2% year-on-year, with Q3 growth accelerating to 23.0% [3] - Developing countries achieved over 30% growth in Q3 [3] Product Line Performance - Life Information & Support product line grew 20.8% in the first three quarters, with minimally invasive surgery growing over 30% [3] - In-Vitro Diagnostics product line grew 18.5% in the first three quarters, with Q3 growth exceeding 20% [3] - Medical Imaging product line grew 9.1% in the first three quarters, with overseas ultrasound growing over 15% [4] R&D and Innovation - R&D investment in the first three quarters was 2.811 billion yuan, accounting for 10.3% of revenue, a year-on-year increase of 23.3% [5] - Launched new products including MT8000 fully automated laboratory system, high-sensitivity cardiac troponin I assay, and Resona R9 Platinum Edition ultrasound [5] Strategic Initiatives - Acquired 75% stake in DiaSys to strengthen overseas IVD supply chain platform [4] - Established over 50 ultrasound training centers globally, planning to benefit 10,000 medical students and doctors [5] - AED devices have successfully treated 200 cardiac arrest patients in public spaces in China as of September 30, 2023 [5] Market Expansion - Broke into over 200 new high-end customers in Life Information & Support product line overseas, with repeat purchases exceeding $70 million [9] - Expanded into nearly 350 key hospitals and laboratories in IVD product line overseas, including nearly 100 third-party chain laboratories [9] - Penetrated over 150 new high-end customers in Medical Imaging product line overseas [9] Future Outlook - Aims to enter global top 20 medical device companies by 2025 and top 10 in the long term [7] - Current market share in domestic IVD and minimally invasive surgery markets is only about 10% and 2% respectively, indicating significant growth potential [7] - Plans to expand into more market segments through both internal R&D and M&A [7]