Financial Data and Key Metrics Changes - The company has increased its domestic market share from 15% to 20% and is gradually targeting 30% [20] - The overseas market share is currently at a few percentage points, with a goal to increase it to over 5% [20] Business Line Data and Key Metrics Changes - The company is focusing on transitioning from general equipment to personalized consumables, facing challenges in production and clinical feedback [3] - In the IVD business, the company aims to reach industry-leading levels by 2025-2026, with significant improvements in product performance and automation [11] Market Data and Key Metrics Changes - The company is expanding its presence in high-end markets in Europe and North America, with a focus on public hospitals and teaching hospitals [13] - The company has identified that the overseas market is five times larger than the domestic market, indicating significant growth potential [12] Company Strategy and Development Direction - The company is committed to providing comprehensive solutions that integrate equipment, IT, and AI, with a focus on enhancing information technology and smart solutions [6] - The strategy includes a dual approach of self-research and external cooperation or acquisitions to enter new markets [9] Management Comments on Operating Environment and Future Outlook - Management acknowledges the competitive landscape in high-value consumables and emphasizes the need for strong organizational and brand capabilities [7] - The company is optimistic about its ability to adapt and thrive in the overseas market despite challenges related to regulations and cultural differences [13] Other Important Information - The company has a strong emphasis on R&D, with a completion rate of 98%-100% for annual R&D budgets, focusing on projects that align with existing business lines [5] - The company is leveraging AI technology to enhance its product offerings and improve diagnostic capabilities [8] Q&A Session Summary Question: What are the challenges in entering the high-value consumables market? - The company faces challenges in market expansion and operational difficulties, but believes that with scale and high cost-performance, it can succeed [7] Question: How does the company plan to enhance its overseas market presence? - The strategy involves leveraging first-mover advantages and deepening market penetration in high-end segments [13] Question: What is the company's approach to R&D and product development? - The company prioritizes projects based on market demand and business alignment, ensuring a structured development process [5] Question: How does the company view competition with foreign enterprises? - The company believes it has made significant progress in product capabilities and aims to compete directly with foreign leaders [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company maintains high-quality growth, with a 2023 revenue of 34.93 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 11.58 billion yuan, up 20.6% [5][6]. - The company has made continuous breakthroughs with high-end overseas clients, covering over 80% of IDN medical networks in North America and signing agreements with two large medical networks [6][7]. - The company is expanding its smart medical ecosystem, with significant upgrades to its "Sanrui" system, achieving nearly 700 installations in domestic hospitals by the end of 2023 [6]. Financial Performance - In 2023, the company's domestic revenue reached 21.38 billion yuan, a 14.5% increase, while overseas revenue was 13.55 billion yuan, growing by 15.8% [6]. - The first quarter of 2024 saw a revenue of 9.37 billion yuan, a year-on-year increase of 12.1%, and a net profit of 3.16 billion yuan, up 22.9% [5][6]. - The operating cash flow net amount for 2023 was 2.86 billion yuan, reflecting a significant year-on-year growth of 114.8% [5]. Future Outlook - The company expects a gradual recovery in domestic public hospital bidding activities in 2024, with quarterly improvements anticipated [6]. - Forecasted net profits for 2024-2026 are 13.92 billion yuan (+20.2%), 16.79 billion yuan (+20.6%), and 20.26 billion yuan (+20.7%) respectively, with corresponding PE ratios of 26, 22, and 18 times [7].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-027 深圳迈瑞生物医疗电子股份有限公司 关于 2022 年员工持股计划第二批股份锁定期届满的提示性公告 深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"）2022年员工持股 计划（以下简称"本员工持股计划"）第二批股份锁定期于2024年5月25日届满， 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上 市公司自律监管指引第2号——创业板上市公司规范运作》及公司《2022年员工 持股计划（草案）》等相关规定，现将本员工持股计划第二批股份锁定期届满 后的相关情况公告如下： 一、本员工持股计划的股份过户及锁定期 2022 年 5 月 26 日，公司收到中国证券登记结算有限责任公司深圳分公司 的《证券过户登记确认书》，公司回购专用证券账户中所持有的 3,048,662 股股 票，已于 2022 年 5 月 25 日非交易过户至公司员工持股计划专户，过户价格为 50.00 元/股，过户股份数量占公司当时总股本的 0.25%。本员工持股计 ...

Investment Rating - Buy rating maintained for Mindray Medical (300760) [2] Core Views - Mindray Medical is emerging as a global leader in the medical device industry, with a strong focus on international expansion and digital transformation [5] - The company is a pioneer in China's intelligent manufacturing, excelling in three core business areas: Life Information & Support, IVD, and Medical Imaging [5] - Mindray Medical is expected to achieve steady growth in 2024, driven by domestic hospital bidding recovery, international market penetration, and new infrastructure projects [5] Business Overview International Expansion - Mindray Medical has established a global presence, with products sold in over 190 countries and regions, and international sales accounting for 38.8% of total revenue in 2023 [11] - The company has a significant market opportunity internationally, with an addressable market exceeding 450 billion RMB, but current market share remains in the low single digits [11] - Mindray Medical has successfully penetrated high-end international markets, covering 660+ European teaching hospitals and all top 20 hospitals in the US [13] Core Business Areas Life Information & Support - Mindray Medical holds a leading position in the Life Information & Support segment, with multiple products ranking among the top globally [5] - The segment achieved revenue of 15.25 billion RMB in 2023, with a CAGR of 24% from 2018 to 2023 [38] IVD - IVD is the largest segment in both global and domestic medical device markets, with Mindray Medical building a comprehensive product portfolio across multiple technology platforms [5] - The company's IVD business achieved revenue of 12.42 billion RMB in 2023, with a CAGR of 22% from 2018 to 2023 [49] Medical Imaging - Mindray Medical's Medical Imaging business is moving towards high-end products, with significant breakthroughs in ultrasound technology [5] - The company has released several high-end ultrasound products, such as the Resona A20 and Recho R9, showcasing its R&D capabilities [5] Digital Transformation - Mindray Medical is undergoing a digital transformation, leveraging its "Three Rui" ecosystem to enhance global healthcare institutions' diagnostic capabilities [5] - The company's digital solutions, including Ruizhilien, Mindray Smart Lab, and Ruiying Cloud++, have been widely adopted in both domestic and international markets [24] Financial Analysis - Mindray Medical's revenue is expected to grow from 34.93 billion RMB in 2024E to 61.17 billion RMB in 2026E, with a CAGR of 20.3% [6] - The company's net profit is projected to increase from 11.58 billion RMB in 2024E to 20.31 billion RMB in 2026E, with a CAGR of 20.9% [6] - Gross margin is expected to remain stable, increasing slightly from 66.5% in 2024E to 67.2% in 2026E [6] Market Opportunities Domestic Market - The domestic medical device market is expected to benefit from new infrastructure projects, equipment updates, and critical care capacity building [27] - Mindray Medical estimates that the domestic market opportunity for its products exceeds 100 billion RMB, with current market share at only 20% [25] International Market - The international market presents a significant growth opportunity, with an addressable market exceeding 450 billion RMB [11] - Mindray Medical is well-positioned to capitalize on this opportunity, with a strong product portfolio and a growing presence in both developed and emerging markets [11]

Investment Rating - The investment rating for the company is "Buy" [1][3][15] Core Views - The company achieved a revenue growth of 15% year-on-year in 2023, with total revenue reaching 34.932 billion and net profit attributable to shareholders at 11.582 billion, reflecting a growth of 20.6% [1][5] - The company is benefiting from the new medical infrastructure in China and product upgrades, while also accelerating the expansion of high-end customers overseas [1][14] - The company is transitioning towards a digital intelligence ecosystem, enhancing its competitive edge in the medical device industry [1][14] Financial Performance Summary - In 2023, the company's revenue was 349.32 billion (+15.0%), and net profit was 115.82 billion (+20.6%) [1][5] - The first quarter of 2024 saw revenue of 93.73 billion (+12.1%) and net profit of 31.60 billion (+22.9%) [1][5] - The gross profit margin improved to 66.16% (+2.01pp), with a net profit margin of 33.15% (+1.50pp) [1][9] Business Segment Performance - The Life Information and Support segment generated revenue of 152.52 billion (+13.81%), while the In Vitro Diagnostics segment achieved 124.21 billion (+21.12%) [1][7] - The Medical Imaging segment reported revenue of 70.34 billion (+8.82%), with significant growth in high-end ultrasound products [1][7][9] Market Outlook - The company is expected to maintain strong growth, with projected net profits of 13.979 billion, 16.885 billion, and 20.301 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.7%, 20.8%, and 20.2% [1][4][14] - The company is positioned to become a global leader in the medical device industry, supported by robust R&D capabilities and successful international expansion [1][14]

深圳迈瑞生物医疗电子股份有限公司 证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-022 2023年度权益分派实施公告 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（下称"本公司"或"公司"）2023年度权益分 派方案已获2024年5月17日召开的2023年年度股东大会审议通过，现将权益分派事宜公告如 下： 一、股东大会审议通过利润分配方案等情况 1、公司2023年年度股东大会审议通过的2023年度利润分配方案为：以公司2023年12月 31日的总股本1,212,441,394股为基数，向全体股东每10股派发现金股利人民币15.00元（含 税），共计派发现金股利人民币1,818,662,091.00 元（含税）。若公司股本总额在权益分派实 施前发生变化，公司将按照分配总额不变的原则对分配比例进行调整。 2、自本次分配方案披露至本公告日，公司股本总额未发生变化。 3、本次实施的分配方案与公司2023年年度股东大会审议通过的利润分配方案及其调整 原则一致。 4、本次实施分配方案距离股东大会通过利润分配方案时间未超 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 309.00 CNY [1]. Core Insights - The company reported strong annual performance with a revenue of 34.93 billion CNY in 2023, representing a year-on-year growth of 15.04%. The net profit attributable to shareholders was 11.58 billion CNY, up 20.56% year-on-year [5][9]. - In Q1 2024, the company achieved a revenue of 9.37 billion CNY, a year-on-year increase of 12.06%, and a net profit of 3.16 billion CNY, growing 22.90% year-on-year [5][14]. - The company continues to penetrate high-end customer segments in overseas markets, with international revenue growth exceeding 20% since the second half of 2023 [18]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 34,931.90 million CNY, with a net profit of 11,582.23 million CNY, reflecting a growth rate of 20.56% [11]. - The company’s revenue for Q4 2023 was 7,628.10 million CNY, with a year-on-year growth of 7.90% [14]. - For Q1 2024, the revenue was 9,372.81 million CNY, with a quarter-on-quarter increase of 22.87% [14]. Business Segments - The Life Information and Support segment generated 15.25 billion CNY in 2023, growing 13.8% year-on-year, with minimally invasive surgery growth exceeding 30% [18]. - The In Vitro Diagnostics (IVD) segment reported a revenue of 12.42 billion CNY, marking a 21.1% increase year-on-year [20]. - The Medical Imaging segment achieved a revenue of 7.03 billion CNY, with high-end ultrasound models growing over 20% [23]. Market Position and Strategy - The company has become the leading domestic player in ultrasound and ranks third globally, driven by high-end product offerings [23]. - The company is focusing on expanding its international market presence, particularly in high-end hospitals in key markets like the UK, France, and Germany [18]. - The company’s strategy includes enhancing its local platform capabilities to support long-term growth in international markets [21]. Profitability and Valuation - The company’s gross margin improved to 66.16% in 2023, up 2.01 percentage points year-on-year, while the net profit margin reached 33.15%, an increase of 1.50 percentage points [16]. - The projected revenue for 2024-2026 is expected to be 41.92 billion CNY, 50.32 billion CNY, and 60.40 billion CNY, respectively, with a consistent growth rate of 20% [5][27]. - The current stock price corresponds to a P/E ratio of 27, 22, and 19 for the years 2024-2026, reflecting the company's strong market position and growth potential [5].

http://www.fangdalaw.com FANGDA PARTNERS 本法律意见书仅就本次股东大会的召集和召开程序、出席会议人员、召集人、 表决程序是否符合相关中国法律法规及《公司章程》的规定以及表决结果是否合 法、有效发表意见，并不对任何中国法律法规以外的国家或地区的法律发表任何 意见。本法律意见书的出具基于以下假设：（1）公司所提供的所有文件正本及副 本均为真实、准确、完整的；（2）公司已向本所披露一切足以影响本法律意见书 出具的事实和文件，且无任何隐瞒、疏漏之处。 1 中国深圳市福田区中心四路 1 号 电子邮件 E-mail: email@fangdalaw.com 嘉里建设广场 T1 座 9 楼 电 话 Tel.: 86-755-8159-3999 邮政编码：518048 传 真 Fax: 86-755-8159-3900 本所及指派律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-021 深圳迈瑞生物医疗电子股份有限公司 2023年年度股东大会决议公告 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、重要提示 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 本次股东大会通过深圳证券交易所交易系统和互联网投票系统向社会公众股股东提供网 络形式的投票平台。 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会决议。 二、会议召开情况 （一）会议召开时间 （1）现场会议：2024年5月17日14:30 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年5月17 日9:15-9:25、9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具 体时间为：2024年5月17日9:15至15:00期间的任意时间。 （二）现场会议召开地点：深圳市南山区高新技术产业园区科技南十二路迈瑞总部大厦会 议室 （三）会议召集人 深圳迈瑞生物医疗电子股份有限公司董事会 （五）会议主持人 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][7]. Core Insights - The company's performance in 2023 and Q1 2024 met expectations, with 2023 revenue reaching 34.93 billion yuan, a 15% year-on-year increase, and net profit of 11.58 billion yuan, up 20.6% [6][8]. - The company plans to distribute approximately 1.82 billion yuan in cash dividends to shareholders, contributing to a total dividend payout of about 7.03 billion yuan for 2023 [6]. - In Q1 2024, the company reported revenue of 9.37 billion yuan, a 12.1% increase year-on-year, and a net profit of 3.16 billion yuan, up 22.9% [6][8]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 34.93 billion yuan and a net profit of 11.58 billion yuan, with respective year-on-year growth rates of 15% and 20.6% [8]. - For Q1 2024, the company reported revenue of 9.37 billion yuan and net profit of 3.16 billion yuan, reflecting year-on-year growth rates of 12.1% and 22.9% [8]. - The company’s operating cash flow for Q1 2024 was 2.86 billion yuan, showing a significant increase of 114.8% year-on-year [6]. Market Segmentation - In 2023, the domestic market grew by 15%, with a notable 27% growth in the first half, while the international market saw a 16% increase, with a 22% growth in the second half [6]. - The IVD product line experienced a 21% growth, with international business showing a compound annual growth rate of over 30% over two years [6]. - The life information and support product line grew by 14%, and the medical imaging product line increased by 9%, with high-end ultrasound models growing over 20% [6]. Future Projections - The report slightly lowers the profit forecast for 2024-2025, estimating net profits of 13.85 billion yuan and 16.62 billion yuan, respectively [7]. - The company is projected to achieve a net profit of 19.91 billion yuan in 2026, with corresponding price-to-earnings ratios of 27, 22, and 19 for the next three years [7].