Core Viewpoint - Mr. Li Xiting has completed his share buyback plan ahead of schedule, demonstrating strong confidence in the future development of Mindray Medical [1] Group 1: Share Buyback Details - From November 27, 2025, to December 12, 2025, Mr. Li Xiting acquired a total of 1,005,381 shares through centralized bidding, representing 0.08% of the company's total shares [1] - The total amount spent on the share buyback was RMB 200 million, including transaction fees, reaching the maximum allowable amount for the buyback plan [1] - The completion of this buyback plan indicates a commitment to the company's growth and stability [1]

Core Viewpoint - Mindray Medical announced that its actual controller and chairman, Li Xiting, has completed a share buyback plan, acquiring a total of 1,005,381 shares, which represents 0.08% of the company's total shares, for a total amount of 200 million RMB, including transaction fees [1] Group 1 - The share buyback occurred between November 27, 2025, and December 12, 2025 [1] - The buyback plan has reached its maximum executable amount [1] - The completion of the buyback plan indicates the company's commitment to enhancing shareholder value [1]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-052 深圳迈瑞生物医疗电子股份有限公司 关于实际控制人之一、董事长增持计划实施完成的公告 李西廷先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 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。 特别提示： 1、增持计划的基本情况：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11月27日披露了《关于实际控制人之一、董事长首次增持公司股份及后续增持计 划的公告》（公告编号：2025-051），基于对公司内在价值的认可和未来持续发展的坚定信 心，践行共同促进资本市场高质量发展的社会责任，公司实际控制人之一、董事长李西廷 先生，计划自2025年11月27日起6个月内通过集中竞价交易方式增持公司股份，拟增持金额 为人民币2亿元（含交易费用）。 2、增持计划实施完成情况：按照增持计划，李西廷先生已于2025年12月12日提前完成 本次增持计划，充分体现了对公司发展前景的坚定信心。增持计划实施情况具体如下：2025 年11月27日至2025年12月1 ...

FANGDA PARTNERS http://www.fangdalaw.com | E-mail: | email@fangdalaw.com | | --- | --- | | Tel.: Fax: | 86-755-8159-3999 86-755-8159-3900 | | 中国深圳市福田区中心四路1号 嘉里建设广场T1座9楼 邮政编码：518048 | | | 电子邮件 电 话 传 真 | | 9/F, Tower One, Kerry Plaza 1 Zhong Xin Si Road Futian District Shenzhen 518048, China 上海市方达（深圳）律师事务所 关于实际控制人增持 深圳迈瑞生物医疗电子股份有限公司股份的 法律意见书 致：深圳迈瑞生物医疗电子股份有限公司 上海市方达（深圳）律师事务所（以下简称"本所"）是具有中华人民共和 国境内法律执业资格的律师事务所。本所受深圳迈瑞生物医疗电子股份有限公 司（以下简称"迈瑞医疗"或"公司"）的委托，就迈瑞医疗实际控制人李西廷先 生（以下简称"增持人"）自2025年11月27日至2025年12月12日期间内（以下简称" ...

Core Insights - The Chinese medical equipment industry is advancing rapidly during the 14th Five-Year Plan period, integrating cutting-edge technologies like AI and 5G to create an innovative industrial ecosystem, contributing significantly to the "Healthy China" initiative and enhancing global competitiveness in medical equipment manufacturing [1][4]. Group 1: Technological Breakthroughs - Domestic high-end ultrasound systems are achieving unprecedented image resolution, enabling the detection of micro-level structures for more accurate early disease diagnosis [2]. - The introduction of ultra-weak magnetic imaging devices allows for efficient medical examinations without noise or the need for contrast agents, providing patients with comprehensive reports in under three minutes [2]. - Major advancements include ECMO machines, laparoscopic surgical robots, photon counting spectral CT, and high-performance PET/CT systems, showcasing significant technological achievements in the medical equipment sector [2]. Group 2: Innovation and R&D Investment - Companies are transitioning from being "followers" of international technology to "leaders" with independent innovation capabilities, supported by substantial R&D investments, with firms like Mindray allocating approximately 10% of their revenue to R&D annually [3]. - The number of medical equipment enterprises in China reached 33,400 during the 14th Five-Year Plan, with over 4,000 large-scale companies and around 160 listed firms, indicating a robust growth in the sector [3]. Group 3: New Dynamics in Medical Equipment - The integration of AI with medical imaging devices enhances efficiency by automating patient positioning and reducing unnecessary radiation exposure [4]. - The use of 5G technology in surgical robots enables remote surgeries, allowing doctors to collaborate across vast distances, thus improving access to high-quality medical services [4]. - The market size of China's medical equipment industry surpassed 1 trillion yuan during the 14th Five-Year Plan, fostering the development of six national advanced manufacturing industry clusters [4]. Group 4: Ecosystem Development - Innovative models for medical equipment development are emerging, such as Beijing's innovation center for surgical robots and Chongqing's collaborative approach between enterprises and research institutions [5]. - Shenzhen has established a 4 billion yuan fund for high-end medical equipment, facilitating rapid growth and global expansion for domestic companies [5]. - A comprehensive innovation ecosystem is being developed, supported by national and local initiatives, to enhance the medical equipment sector's growth potential [6].

Core Insights - The article highlights the acceleration of business development (BD) activities in the medical device sector from September to November 2025, with a total of 58 transactions identified across various subfields, including cardiovascular, nuclear medicine, and AI-enabled devices [2][3][4]. Group 1: Mergers and Acquisitions - Mergers and acquisitions have become a prominent form of BD, with companies leveraging capital control and product integration for rapid market positioning [7][8]. - Notable acquisitions include HeartLink's $680 million all-stock acquisition of Micro-Invasive Cardiology, enhancing its structural heart disease and rhythm management capabilities [7]. - Hua'an Zhonghui's acquisition of Bangni Medical marks its entry into the absorbable suture market, indicating a shift in surgical instrument competition towards material innovation [7]. Group 2: Strategic Collaborations - Strategic partnerships have been formed during the China International Import Expo, with companies like Shanghai Pharmaceuticals collaborating with international giants such as Boston Scientific and Medtronic to enhance their supply chain and academic promotion systems [7][8]. - The collaboration between GuoYao Medical and BDI Medical aims to deepen market penetration in the biomedicine and medical device sectors, focusing on compliance and distribution channel construction [13]. Group 3: Cross-Border Cooperation - Cross-border transactions have become more active, with foreign companies establishing local R&D and production systems in China, while domestic firms are exporting their solutions globally [9][10]. - The partnership between Trasis SA and Beijing Pait Biotechnology to establish a joint venture reflects a trend towards localized production and phased integration in the Chinese market [12]. Group 4: Ecosystem Building and Channel Expansion - The integration of supply chains and ecosystem building is a key theme, with companies focusing on collaborative agreements to enhance their market presence [11][15]. - The collaboration between Baxter and Neusoft Medical aims to create a comprehensive surgical solution by integrating their respective technologies [12]. Group 5: AI and Smart Healthcare - AI and data-driven approaches are becoming central to BD collaborations, with companies increasingly focusing on smart healthcare solutions [16][17]. - The partnership between Kefu Medical and Tencent Cloud to develop AI-powered hearing aids exemplifies the trend of integrating technology into healthcare products [21]. Group 6: Research and Diagnostic Synergy - The frequency of research-oriented collaborations is rising, indicating a shift from manufacturing-driven to research-driven industry dynamics [18][19]. - The collaboration between BGI and Infinera to enhance clinical applications of sequencing technology highlights the growing importance of research in driving innovation in the medical device sector [21].

北京、上海、广东三大经济重镇汇聚了全国近半数上市公司，是观察中国经济活力与上市公司质量的核心样本。本次系列评估为市场提供了一套基于统一框 架、可进行跨区域横向比较的ESG-V全景视图。 本次广东榜单的评估，继续沿用全球首个将企业价值（V）深度融入传统ESG评估框架的济安金信ESG-V评级体系。该体系遵循"客观公正、契合行业特征、 数据及时准确、方法可操作、结果可验证"五大原则，致力于为投资者提供兼顾可持续发展与投资价值的精准度量衡。 作为中国经济第一大省、科技创新与制造业的"双高地"，广东拥有全国数量最多、业态最丰富的上市公司群体。本次对广东辖内795家上市公司进行全面评 估，在剔除ST公司后，实际参评企业为790家。评级涵盖环境（E）、社会（S）、督导（G）与价值（V）四个维度，评级结果从高至低共分为AAA、AA、 A、BBB、BB、B、CCC、CC、C、D十个等级。 本次发布的《广东省上市公司ESG-V评级榜单》显示，在参评的790家公司中，8家企业荣获最高综合评级AAA，包括海天味业、招商银行、迈瑞医疗、国 信证券、天德钰、汇川技术、中信证券、惠泰医疗。AA级企业共35家，构成了广东ESG-V实践的领先 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector, with a focus on specific companies such as Innovent Biologics, Efang Biologics, and Mindray Medical [4][27]. Core Insights - The report emphasizes the investment opportunities in the "One Old, One Young" sectors, particularly in reproductive assistance, pediatric drugs and vaccines, maternal and infant health monitoring, and aging-related consumer healthcare [2][24]. - It highlights the importance of clinical value in the pharmaceutical sector, suggesting that future investments should focus on innovative drug chains and high-end medical devices [3][25]. - The report notes that the domestic pharmaceutical sector is experiencing a valuation recovery, driven by supportive policies and increasing global competitiveness [26]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 1.04%, underperforming the CSI 300 index by 0.96 percentage points and the ChiNext index by 2.52 percentage points, ranking 17th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.26%, lagging behind the Hang Seng Index by 0.97 percentage points [1][15]. R&D Progress - Recent developments include IND applications from Haisimengnuo and clinical trial advancements for various drugs from companies like Hengrui Medicine and Anke Biotechnology [29][30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a positive outlook for companies like WuXi AppTec and Mindray Medical, with projected PE ratios decreasing over the next few years [4][27]. Policy and Industry Resonance - The report discusses the eight key tasks for medical insurance in 2026, focusing on improving coverage for flexible employment and enhancing maternal healthcare services, which are expected to boost the birth rate and the rehabilitation medical device industry [2][20][24]. Investment Strategy - The report suggests a three-stage investment strategy based on clinical value, recommending investments in innovative drugs and high-value medical devices, with a focus on companies that are expanding internationally [3][25][26].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]