Financial Data and Key Metrics Changes - The company has maintained a steady growth in R&D investment, with nearly 3.8 billion yuan invested in 2022, accounting for 10.8% of total revenue, representing a year-on-year increase of 28% [10] - The company's revenue for the current year is approximately 21.4 billion yuan, with a market share of about 20% in the domestic market [41] Business Line Data and Key Metrics Changes - The company has three core business areas: Life Information and Support, In Vitro Diagnostics (IVD), and Medical Imaging, with overall gross margins showing a steady upward trend [53] - In the IVD sector, the company has achieved a leading position in various diagnostic fields, including immunodiagnostics and biochemical diagnostics, with significant market share growth [61][63] Market Data and Key Metrics Changes - The domestic medical device market is estimated to be around 780 billion yuan, while the global medical market is approximately 440 billion USD [41] - The company's international business revenue is about 13.5 billion yuan, with a market share in the single digits, indicating substantial growth potential [42] Company Strategy and Development Direction and Industry Competition - The company aims to rank among the top 20 global medical device companies by 2025, with a focus on maintaining a growth rate of over 20% [16][17] - The company emphasizes digitalization and internationalization as key strategic areas, leveraging its three-tiered digital ecosystem to enhance operational efficiency and market reach [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the domestic market in the second half of the year, driven by ongoing policy support for medical equipment updates and infrastructure development [7][49] - The company anticipates continued growth in the IVD sector, supported by recent acquisitions and product innovations [66] Other Important Information - Recent government policies have outlined significant funding for medical equipment updates, with provinces like Guangdong and Anhui announcing substantial investment plans [2][3][4] - The company has established a strong presence in high-end customer segments, including major hospitals in China and leading healthcare institutions in Europe and the U.S. [14] Q&A Session All Questions and Answers Question: What is the company's outlook on the domestic medical device market? - The company believes that the domestic medical device market will continue to grow, supported by ongoing government initiatives and infrastructure projects [49] Question: How does the company plan to enhance its international presence? - The company is focusing on localizing operations in emerging markets and strengthening partnerships with key distributors to drive growth [52] Question: What are the key areas of innovation for the company moving forward? - The company is prioritizing advancements in digital solutions and AI integration to improve healthcare delivery and operational efficiency [60]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-028 深圳迈瑞生物医疗电子股份有限公司 2024年第一次临时股东大会决议公告 一、重要提示 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 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。 （1）现场会议：2024年6月12日15:00 （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6月12 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6月12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 （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。 （五）会议 ...

证券代码：300760 证券简称：迈瑞医疗 公告编号：2024-029 深圳迈瑞生物医疗电子股份有限公司 2．股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | 持股 | | 本次质 押前质 | 本次质 押后质 | 占其所 | 占公 | 已质押 | 已质押股份情况 | 未质押 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | 数量 | 持股 | 押股份 | 押股份 | 持股份 | 司总 | 股份限 | 占已 | | | 占未 | | | | （股） | 比例 | 数量 | 数量 | 比例 | 股本 | 售和冻 | 质押 | 股份限 | | 质押 | | | | | | （股） | （股） | | 比例 | 结、标 | 股份 | 售和冻 结数量 | | 股份 | | | | | | | | | | 记数量 | 比例 | （股） | | 比例 | | | | | | | | | | （股） | | | | | | ...

FANGDA PARTNERS http://www.fangdalaw.com 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 上海市方达（深圳）律师事务所 关于深圳迈瑞生物医疗电子股份有限公司 2024 年第一次临时股东大会的 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 法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席深圳迈 瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"或"公司"）2024 年第一次临 时股东大会（以下简称"本次股东大会"），并就本次股东大会的召集和召开程序、 出席和召集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章 ...

Financial Data and Key Metrics Changes - The company has increased its domestic market share from 15% to 20% and is gradually targeting 30% [12] - The overseas market share is currently at a few percentage points and requires deeper exploration [12] Business Line Data and Key Metrics Changes - The company is focusing on enhancing its existing product lines, particularly in ultrasound and IVD, aiming for industry-leading performance by 2025 and 2026 [11] - The company has allocated 70-80% of its R&D resources to traditional equipment, with 20-30% directed towards new high-value consumables [7] 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 is facing challenges in overseas market development due to regulatory and cultural differences, which require time to navigate [13] Company Strategy and Development Direction - The company aims to provide comprehensive solutions that integrate equipment, IT, and AI, particularly in the domestic market [6] - The strategy includes a dual approach of self-research and acquisitions to enhance capabilities in new business areas [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 scale operations in high-value consumables while maintaining its traditional equipment business [7] Other Important Information - The company is leveraging AI and big data for its products, with a focus on privacy and data security [8] - The company has a strong emphasis on localizing production to enhance its overseas market presence despite challenges [12] Q&A Session Summary Question: How does the company plan to address the challenges in overseas markets? - The company is continuously iterating and seeking local employees who align with its culture to enhance its overseas operations [12] Question: What is the company's strategy for high-value consumables? - The company is learning and adapting its sales strategies for high-value consumables, aiming to master this area within three years [19] Question: How does the company ensure its solutions are not overly dependent on a single vendor? - The company's solutions are designed to be open and can integrate with other brands, although this may come with some costs [18]

Summary of Mindray Medical Conference Call Industry and Company Overview - The conference call focuses on Mindray Medical, a company operating in the medical device industry, particularly in minimally invasive surgery, in vitro diagnostics (IVD), cardiovascular, imaging, and orthopedic sectors [1][3][10]. Key Points and Arguments R&D and Product Development - Mindray is positioned as a latecomer in the minimally invasive surgery sector, needing to first establish product offerings before innovating [1]. - Transitioning from general equipment to personalized consumables presents challenges, particularly in high-value consumables where clinical feedback is crucial for product refinement [2]. - The company aims to enhance its product strength to compete directly with foreign enterprises, focusing on brand power improvement [3]. - R&D project selection is based on market demand and business analysis, with a typical development cycle of 4-5 years [4]. - Future R&D investments will focus on integrating devices with IT and AI, enhancing both information technology and smart solutions [4][5]. Competitive Landscape - The domestic market for high-value consumables is competitive, with many innovative companies struggling to expand their market presence [6]. - Mindray's strategy involves maintaining a strong focus on traditional equipment while gradually increasing investment in new business areas [6]. AI and Technology Integration - AI development is progressing with a focus on multi-device interconnectivity and data analysis, leveraging partnerships for large model development [7]. - Mindray's IT ecosystem, including the Sanray platform, aims to enhance clinical data integration and improve diagnostic capabilities [9]. IVD Business and Market Strategy - The company plans to achieve industry-leading status in IVD by 2025-2026, with significant improvements in product performance and automation [10]. - Localized production is essential for expanding overseas market share, which is currently significantly lower than domestic levels [12]. Sales and Market Expansion - Mindray's market share in China has increased from 15% to 20%, with ambitions to reach 30% [12][19]. - The company is exploring high-end markets in Europe and North America, facing challenges related to regulatory compliance and cultural differences [13]. - The sales strategy for high-value consumables is still evolving, with a goal to master this segment within three years [18]. Cost Reduction and Efficiency - Cost reduction strategies focus on both equipment costs and overall solution offerings, emphasizing lifecycle advantages over initial purchase prices [16]. - Mindray's solutions are designed to be open and compatible with other brands, addressing hospitals' concerns about dependency on a single vendor [17]. Organizational Changes - The restructuring of the overseas marketing organization aims to enhance efficiency and adapt to local market conditions [15]. Additional Important Insights - Mindray's commitment to maintaining a high execution rate in R&D budgets (98%-100%) reflects its strategic focus on innovation and product development [4]. - The company recognizes the importance of building a robust ecosystem that can integrate various products and services, enhancing its competitive edge [9].

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]