Summary of the Conference Call for Mindray Medical Company Overview - **Company**: Mindray Medical - **Date**: September 26, 2025 Key Industry Insights - **Market Recovery**: The domestic medical device tendering has shown signs of recovery, but the revenue recognition cycle has lengthened, and the uneven distribution of last year's base has led to limited improvement in the third quarter [2][4] - **Strategic Focus**: Mindray Medical is accelerating import substitution and increasing industry concentration to enhance market share [2][4] Core Strategic Directions - **Digitalization**: Emphasis on AI-enabled devices to enhance customer stickiness and solve clinical problems [2][5] - **Streamlined Operations**: Focus on consumables business growth, including in vitro diagnostic reagents, minimally invasive surgical consumables, and cardiovascular consumables [2][5] - **Internationalization**: Replicating successful experiences and advancing localization to expand sales teams and channels [2][6][8] High-Potential Business Areas - **Minimally Invasive Surgery**: Achieved over 10% market share in the domestic market, with products covering 4K, 3D, and fluorescence technology [2][7] - **Animal Healthcare**: Equipped with necessary products for three major production lines, with international revenue exceeding 80% in the first half of the year [2][7][8] - **Cardiovascular Sector**: Acquisition of Huatai has injected vitality into the business, with the establishment of the electrophysiology division and clinical progress of products like DBA and RFA [2][7][9] Market Performance and Factors - **Third Quarter Performance**: Significant improvement noted, attributed to the gradual easing of multiple factors affecting domestic market growth, including healthcare reform and industry regulation [4] - **Revenue Recognition Delays**: The transition from public tendering to revenue recognition has been significantly prolonged, impacting the timing of revenue realization [4] Additional Insights - **Huatai's Contribution**: The independent operation of Huatai has enhanced the performance of Mindray's cardiovascular business, with successful clinical entry of products and improved operational efficiency [3][9] - **International Market Growth**: Strong performance in international markets, particularly in the high-end pet hospital sector, with a focus on expanding product offerings [8]

Summary of Key Points from the Conference Call on the Medical Device Industry Industry Overview - The Chinese medical device industry has significant potential for domestic substitution, with certain segments still having room for improvement in localization rates [1][3][10] - Chinese companies are positioned to become global leaders in the context of globalization, leveraging strong innovation capabilities and manufacturing advantages [1][4][10] Core Insights and Arguments - The high-value consumables sector is expected to see a notable recovery by 2025, with investment opportunities in orthopedics, neurointervention, ophthalmology, and electrophysiology [1][5] - Companies such as Huatai Medical, MicroPort, Lepu Medical, Mindray, and United Imaging are highlighted for their growth potential [1][5] - The upstream medical device sector is experiencing a turning point, with companies like Meihua Medical and Yirui Technology poised for significant revenue growth due to innovative products [1][6] - The in vitro diagnostics (IVD) sector has faced challenges due to policy impacts, but a recovery is anticipated next year, with New Industry expected to see positive revenue growth in Q4 [1][7] - Strategic adjustments by Chinese medical device companies include cost reduction, technological innovation, transformation to consumer-oriented businesses, and overseas market expansion [1][9] Additional Important Insights - The global medical device market is approximately 4 to 5 times larger than China's market, which is projected to grow significantly [2][12] - Chinese companies are diversifying their overseas expansion strategies, which include R&D innovation, clinical registration, and patent layout to mitigate geopolitical risks [2][11][14] - The importance of innovation is emphasized as a key driver for growth, with a focus on new product development and emerging technologies such as AI and brain-computer interfaces [26][31] - The medical device industry is witnessing a trend towards mergers and acquisitions as a means for companies to enhance their product lines and market positions [33][36] Notable Companies and Their Strategies - Mindray Medical is leading in internationalization, with overseas revenue expected to reach 45% in 2024 [19] - United Imaging and BGI are also making significant strides in their respective markets, with notable growth in overseas business [19][24] - High-value consumables companies like Nanwei Medical and MicroPort are employing various strategies, including direct sales and ODM, to expand their international presence [21][22] Future Outlook - The medical device industry is expected to continue evolving, with significant opportunities in areas such as AI healthcare applications, home respiratory devices, and surgical robots [28][30] - The brain-computer interface technology is emerging as a key investment area, with China positioned as a global leader [31] - The overall sentiment is optimistic regarding the recovery and growth potential of the Chinese medical device market, particularly as companies adapt to changing market conditions and consumer demands [36]

Group 1 - The core achievement of Mindray Medical in the first half of 2025 is a 5.39% year-on-year growth in international business, with international revenue accounting for approximately 50% of total revenue, indicating a new stage in the company's internationalization process [1] - In the in vitro diagnostics (IVD) sector, Mindray Medical reported revenue of 6.424 billion yuan, with international IVD business showing double-digit growth, highlighting the company's strong competitiveness in international markets [1] - The company successfully expanded its high-end customer base by acquiring over 160 new high-end clients and achieving horizontal penetration with over 50 existing high-end clients in the in vitro diagnostics field [1] Group 2 - The life information and support business also performed well, with international revenue share rising to 67%, indicating the company's accelerated penetration into high-end medical institutions globally [1] - In the medical imaging sector, the ultra-high-end ultrasound series achieved nearly 400 million yuan in sales, nearing the total sales level of 2024, reflecting the company's ongoing breakthroughs in overseas high-end customer segments [2] - Mindray Medical's steady growth in overseas business provides strong performance support, with expectations for stable growth in net profit from 2025 to 2027, highlighting the long-term investment value of the company [2]

Core Viewpoint - The company is enhancing its core competitiveness through increased R&D investment and AI technology integration in the competitive medical device industry [1][2] Group 1: R&D and Innovation - The company plans to invest 1.78 billion yuan in R&D by mid-2025, focusing on product innovation and technology upgrades [1] - As of June 30, 2025, the company has applied for a total of 12,240 patents, including 8,818 invention patents, with 6,126 authorized patents [1] - The company has developed a robust technology ecosystem that supports continuous innovation in equipment and consumables, particularly in AI and integrated innovations [1] Group 2: AI Technology and Ecosystem - The company has established a "device + IT + AI" smart medical ecosystem and launched the Qiyuan Critical Care Model in 2024, which is the world's first clinically applicable critical care model [1] - The Qiyuan model includes functionalities such as condition Q&A, recommendation generation, medical record writing, and knowledge inquiry, providing a comprehensive smart solution for hospitals [1] - The company is exploring domain-specific models in anesthesia, emergency care, and imaging to enhance its medical ecosystem and improve global healthcare capabilities [1] Group 3: Product Development and Market Position - The company has introduced new products in various business lines, including a test kit for Helicobacter pylori IgG antibodies and a new generation of high-end monitors in the life information and support sector [2] - The introduction of these new products enriches the company's product matrix and strengthens its market competitiveness [2] - The company's early positioning in AI healthcare and sustained high R&D investment are expected to drive long-term growth and enhance its industry influence [2]

格隆汇9月26日｜中银证券研报指出，迈瑞医疗上半年实现营业收入167.43亿元，同比减少18.45%；归 母净利润为50.69亿元，同比减少32.96%；虽然公司上半年业绩依旧承压，但公司三季有望达到经营拐 点，且看好公司国际化业务的趋势，维持"买入"评级。国内市场虽然去年12月份以来医疗设备的月度招 标数据持续改善，但在当前的竞争环境下，从公开招标到收入确认的周期被显著拉长，因此国内2025年 上半年的收入实际反映的是去年招标下滑的时间段，叠加去年上半年公司收入基数偏高的影响，使得 2025年上半年国内业务同比下滑。但随着2025年上半年医疗设备招标活动迎来复苏，公司预计第三季度 整体营业收入将实现同比正增长，同时延续营业收入金额逐季度环比改善的趋势，叠加国际市场产品销 售的加速，期待公司三季度的业绩表现。公司国际市场收入占比进一步提高，国际体外诊断业务销售有 望提速；"设备+IT+AI"生态布局，看好公司未来发展机遇。 ...

Core Points - The stock price of Mindray Medical has decreased by 4.62% year-to-date, with a recent increase of 2.17% over the last five trading days [2] - As of June 30, 2025, Mindray Medical reported a revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%, and a net profit of 5.069 billion yuan, down 32.96% year-on-year [2] - The company has distributed a total of 33.699 billion yuan in dividends since its A-share listing, with 23.388 billion yuan distributed in the last three years [3] Company Overview - Mindray Medical, established on January 25, 1999, and listed on October 16, 2018, is located in Shenzhen, Guangdong Province, and specializes in the research, manufacturing, marketing, and service of medical devices [2] - The company's main business revenue composition includes: in vitro diagnostic products (38.37%), life information and support products (32.73%), medical imaging products (19.78%), electrophysiology and vascular intervention products (7.25%), and other products (1.56%) [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Mindray Medical was 91,600, a decrease of 0.68% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 131 million shares, a decrease of 3.0252 million shares from the previous period [3]

国内医疗器械"一哥"迈瑞医疗（300760.SZ）正在经历增长换档阶段。 2024年开始，迈瑞医疗结束持续多年的高增长。2017年到2022年，迈瑞医疗营收同比增速均保持在20% 以上，营收体量也远高于国内同行；2023年营收增速虽有所放缓，但仍实现15%以上的增长。而2016年 至2023年，迈瑞每年净利润增速均超过20%。 2024年，迈瑞医疗营收和净利润增速均放缓至个位数；2025年上半年，迈瑞营收为167.43亿元，同比下 降18.45%；归属于上市公司股东的净利润为50.69亿元，同比下降32.96%。 迈瑞的业绩表现在一定程度上与行业环境变化有关：国内医疗器械行业或已从过去十多年的高增长进入 相对平稳的增长阶段。 在存量市场的竞争中，即便是行业老大哥，迈瑞也不得不时常大幅降价以守住市场份额。 根据媒体报道，今年1月，江西省医保局公布糖代谢等生化类检测试剂省际联盟集中带量采购中选结 果，共有154家企业的2314个规格中选，产品价格平均降幅70%。多家企业报价均低于1毛钱，其中罗 氏、贝克曼、西门子、迈瑞和新产业的"离子微量元素|钙（CA）"产品均以0.07元/人份的价格中选。 迈瑞业绩承压之际，今 ...

Summary of Mindray's Conference Call Company Overview - **Company**: Mindray (300760.SZ) - **Industry**: Medical Equipment and Devices Key Points and Arguments Market Conditions - The hospital capital equipment market in China has entered a downward cycle post-3Q23 due to an anti-corruption campaign, ending the growth seen during the COVID-19 healthcare infrastructure expansion [1][20] - Mindray's IVD business, which constitutes nearly half of its revenue in China, is facing pricing pressures from Value-Based Procurement (VBP) [1][10] Financial Performance - Mindray has not met its long-term growth target of 20% since 3Q23, experiencing three consecutive quarters of negative growth from 4Q24 to 2Q25 [1] - However, a potential recovery is anticipated with capital equipment bidding returning and destocking in sales channels expected to complete by year-end [1][40] Growth Projections - Mindray's long-term growth is projected to be supported by recurring revenue and market share gains in emerging markets [1] - High-potential businesses, such as electrophysiology, surgical robots, and minimally invasive surgery products, are expected to drive revenue growth in China, contributing 65% of incremental revenue from 2024 to 2035 [1][10] Revenue Breakdown - Established business (75% of revenue in 2024) is expected to grow at a CAGR of 7% over the next decade, down from 16% during the healthcare infrastructure construction period [8] - Growing business segments like CLIA and coagulation reagents are forecasted to grow at an 11% CAGR from 2025 to 2030 [9] - New recurring business is projected to account for 38% of China revenue by 2035, up from 5% in 2024 [10] International Expansion - Mindray's overseas revenue is primarily driven by emerging markets, which have shown a 17% CAGR from 2014 to 2024 [16] - The company has established subsidiaries in over 40 countries and plans to build local manufacturing sites in 14 countries [16] Pricing and Competition - Pricing competition from VBP is a concern, with a projected CAGR of 7% for device sales from 2025 to 2028 [26] - The average selling price (ASP) of medical devices is expected to face downward pressure, leading to a decrease in gross margin [26][30] Strategic Initiatives - Mindray is focusing on transitioning to a recurring revenue model, which includes expanding into molecular testing and surgical robots [41] - The company aims to enhance its service revenue from less than 10% to 11% by 2026, leveraging AI and software integration [60][61] Market Share Goals - Mindray targets to achieve a market share of over 30% domestically and 5% globally in the long run [66] - As of 2024, the company holds a 39% market share in patient care solutions in China, with significant room for growth in international markets [66][70] Product Development - Mindray is developing laparoscopic surgical robots, expecting to generate revenue from this segment by 2028 [47] - The company anticipates substantial revenue from ultrasonic scalpels, projecting Rmb150 million in revenue for 2025 [56][58] Additional Important Insights - The company has been actively reducing channel inventories, managing to cut down Rmb2.7 billion in channel inventories from a peak of Rmb7.0 billion [40][44] - Mindray's strategic acquisitions have enhanced its technology and market position, particularly in high-end ultrasound systems [45] This summary encapsulates the critical insights from Mindray's conference call, highlighting the company's current challenges, growth strategies, and market positioning.

Group 1 - The Chuangye 50 ETF (159682) opened down 1.01% at 1.472 yuan on September 26 [1] - Major holdings in the Chuangye 50 ETF include Ningde Times, which opened down 0.21%, and Yiyuan Lithium Energy, which fell by 1.83% [1] - The fund's performance benchmark is the return of the ChiNext 50 Index, with a return of 48.92% since its establishment on December 23, 2022, and a return of 21.01% over the past month [1]

Core Insights - The report highlights that the company, Mindray Medical, experienced a decline in performance during the first half of 2025, with revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%, and a net profit of 5.069 billion yuan, down 32.96% [2][6][7] - Despite the challenges faced in the first half, there is optimism for a turnaround in the third quarter, driven by a recovery in domestic medical equipment bidding activities and growth in international business [6][7][8] Financial Performance - In the second quarter of 2025, the company reported a revenue of 8.506 billion yuan, a decrease of 23.77% year-on-year, and a net profit of 2.420 billion yuan, down 44.55% [7] - The decline in performance is attributed to factors such as medical anti-corruption measures, tight local fiscal funding, and a reduction in the issuance of special medical bonds, which delayed the bidding for medical equipment updates [7] International Business Growth - The company's international business revenue increased by 5.39% year-on-year, accounting for approximately 50% of total revenue [8] - Mindray Medical is enhancing its international in-vitro diagnostic business through local platform construction and has established localized production projects in 14 countries [8][9] Technological Advancements - The company has launched the world's first clinical application of a severe medical AI model, indicating significant advancements in integrating AI into clinical practices [9] - Mindray Medical is building a digital healthcare ecosystem that combines equipment, IT, and AI, aiming for personalized and high-quality medical services [9]