深圳迈瑞生物医疗电子股份有限公司 章 程 2026 年 3 月 1 第一条 为维护深圳迈瑞生物医疗电子股份有限公司（以下简称"公司"或"本 公司"）、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制订 本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 第三条 公司于 2018 年 9 月 5 日经中华人民共和国证券监督管理委员会（以 下简称"中国证监会"）证监许可[2018]1436 号文核准，首次向社会公 众发行人民币普通股 12,160 万股，于 2018 年 10 月 16 日在深圳证券 交易所创业板上市。 第四条 公司注册名称：深圳迈瑞生物医疗电子股份有限公司 英文名称：SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO.，LTD. 第五条 公司住所：深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 1-4 层，邮政编码 518057。 第六条 公司注册资本为人民币 1,211,799,431 元。 第七条 公司 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年度独立董事述职报告（胡善荣） 本人（胡善荣）作为深圳迈瑞生物医疗电子股份有限公司（以下简称"公 司""上市公司"或"迈瑞医疗"）的独立董事，在任职期间严格按照《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》及公司《独立董事工作制度》等相关法律法规、规范性文件和公 司制度的规定和要求，勤勉尽责，独立客观地履行职责，积极参与会议并 审议董事会议案，有效发挥独立董事及专门委员会委员的作用，切实维护 公司和全体股东的利益。现将本人 2025 年度履行独立董事职责情况汇报如 下： 2025 年，迈瑞医疗董事会召开 5 次会议，召集召开 2 次股东会，本人 出席情况如下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人胡善荣，男，1952 年出生，中国国籍，无境外永久居留权。毕业于中 国科学技术大学低温物理专业。1976 年 11 月至 2012 年 8 月，在中国科学院上 海微系统与信息技术研究所工作，1992 年至 2006 年其历任该所财务处长、行政 处长、所长助理及科研装备主管，2007 年至 2012 年其历任该所科 ...

深圳迈瑞生物医疗电子股份有限公司 董事及高级管理人员薪酬管理制度 第一章 总则 公司董事及高级管理人员的工资总额以上年度工资总额为参考， 结合公司经营业绩、个人履职情况以及公司未来发展规划等因素 综合确定。 第二章 薪酬管理机构 第四条 公司董事、高级管理人员薪酬方案由董事会薪酬与考核委员会制 定，明确薪酬确定依据和具体构成。公司董事会负责审议公司高 1 第一条 为进一步完善深圳迈瑞生物医疗电子股份有限公司（以下简称 "公司"）董事及高级管理人员的薪酬管理，建立和完善经营者 的激励约束机制，保持核心管理团队的稳定性，有效地调动董事 及高级管理人员的工作积极性，提高公司经营管理水平，促进公 司健康、持续、稳定发展，根据《中华人民共和国公司法》《上 市公司治理准则》《深圳证券交易所创业板股票上市规则》《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》《公司章程》《薪酬与考核委员会工作细则》等有关法律、 法规的规定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司董事及高级管理人员。高级管理人员指公司总 经理、副总经理、董事会秘书、财务负责人。 第三条 公司董事及高级管理人员薪酬遵 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年度独立董事述职报告（梁沪明） 本人（梁沪明）作为深圳迈瑞生物医疗电子股份有限公司（以下简称"公 司""上市公司"或"迈瑞医疗"）的第八届董事会独立董事，在任职期 间严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司独立董事管理办法》及公司《独立董事工作制度》等相关法律法规、 规范性文件和公司制度的规定和要求，勤勉尽责，独立客观地履行职责， 积极参与会议并审议董事会议案，有效发挥独立董事及专门委员会委员的 作用，切实维护公司和全体股东的利益。现将本人 2025 年度履行独立董事 职责情况汇报如下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 性。 二、独立董事年度履职概况 （一）出席会议情况 2025 年，本人投入足够的时间履行职责，努力做到亲自出席应出席的董事 会及专门委员会会议，参与董事会决策并对所议事项发表明确意见。未出现连续 两次未能亲自出席、也不委托其他独立董事代为出席的情况。 1、出席董事会及股东会情况 2025 年，迈瑞医疗董事会召开 5 次会议，召集召开 2 次股东会，本人 出席情况如下： | 独立董事 | | 现场 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年度独立董事述职报告（高圣平） 本人（高圣平）作为深圳迈瑞生物医疗电子股份有限公司（以下简称"公 司""上市公司"或"迈瑞医疗"）的独立董事，在任职期间严格按照《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》及公司《独立董事工作制度》等相关法律法规、规范性文件和公 司制度的规定和要求，勤勉尽责，独立客观地履行职责，积极参与会议并 审议董事会议案，有效发挥独立董事及专门委员会委员的作用，切实维护 公司和全体股东的利益。现将本人 2025 年度履行独立董事职责情况汇报如 下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人高圣平，男，1966 年出生，中国国籍，无境外永久居留权。毕业于中 国政法大学，获民商法学博士学位。1985 年 9 月至 1991 年 7 月在湖北仙桃市剅 河高中任教师，1991 年 8 月至 1993 年 8 月在湖北仙桃市彭场高中任教师，1996 年 7 月至 1999 年 8 月任中国中煤能源集团（前身为中国煤炭工业进出口集团公 司）法律事务部法律顾问，2002 年 9 月至 2004 年 6 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年度独立董事述职报告（孔昱） 本人（孔昱）作为深圳迈瑞生物医疗电子股份有限公司（以下简称"公 司""上市公司"或"迈瑞医疗"）的独立董事，在任职期间严格按照《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管 理办法》及公司《独立董事工作制度》等相关法律法规、规范性文件和公 司制度的规定和要求，勤勉尽责，独立客观地履行职责，积极参与会议并 审议董事会议案，有效发挥独立董事及专门委员会委员的作用，切实维护 公司和全体股东的利益。现将本人 2025 年度履行独立董事职责情况汇报如 下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人孔昱，女，1969 年出生，中国国籍，无境外永久居留权。毕业于北京 大学国际经济专业，学士学位，现为中国注册会计师协会非执业会员，ACCA 终 身会员。自 1994 年 5 月至 2022 年 6 月，任职于普华永道中天会计师事务所，其 最后职务为合伙人。自 2022 年 12 月起，担任卡奥斯物联科技股份有限公司独立 董事。本人经迈瑞医疗 2023 年第一次临时股东大会选举自 2023 年 7 月 18 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年年度报告全文 深圳迈瑞生物医疗电子股份有限公司 2025 年年度报告 2026 年 03 月 1 深圳迈瑞生物医疗电子股份有限公司 2025 年年度报告全文 尊敬的各位股东、各位合作伙伴、各位员工： 万象更新，春潮涌动。 当下，我们正站在一个崭新的技术纪元与逆全球化交汇的路口。一方面，蓬勃发展的 AI 技术，正 在以超越想象的速度重构医疗服务的每一个环节，让"优质医疗人人可及"这一目标，首次具备了技术 可行性；另一方面，逆全球化不再是边缘性的政策扰动，而是国际秩序的深层动荡，全球供应链逐渐向 "区域化"重构，贸易壁垒与标准藩篱日趋森严，动荡与不确定性成为这个时代的底色。 两股浪潮的碰撞，既带来了前所未有的挑战，也打开了定义未来的窗口。 过去一年多，迈瑞在前期实践经验与技术积累的基础上，实现了自身思维的跃迁与技术升维，构建 起全面赋能临床、涵盖多种大模型的"启元生态"。如今，"医疗数智化"在迈瑞手中早已不再是一个前 瞻性的概念，而是颠覆临床诊疗流程、重塑医疗价值体系的重要动力，真切且深刻地影响着全球医疗市 场格局。 过往的实践让我们更加坚定了自己的判断——数智化正是 ...

Summary of Key Points from the Conference Call Records Industry Overview - **Pharmaceutical Industry**: The innovative drug sector is experiencing a recovery with a clean chip structure, driven by upcoming academic conferences (AACR, ASCO) in Q2 2026, which are expected to boost market sentiment. Key companies include Innovent Biologics and Baillie Gifford [1][2]. - **Medical Devices**: The inventory destocking phase is nearly complete, with performance expected to improve in 2026 due to equipment renewal policies and the resumption of procurement processes. Notable companies include Aohua Endoscopy and Mindray Medical [1][5]. - **Traditional Chinese Medicine (TCM)**: Valuations are at historical lows, with growth expected from the new essential drug catalog and the implementation of the "986" policy. The recovery of in-hospital products is anticipated to outpace OTC products [1][10]. - **Active Pharmaceutical Ingredients (APIs)**: The antibiotic supply chain is seeing price increases driven by Indian import policies. Fluoroquinolone is at a loss margin but has strong price increase expectations [1][11]. Core Insights and Arguments - **Innovative Drug Sector**: The rebound is attributed to strong industry fundamentals, improved cash flow, and a growing number of companies turning profitable. The focus is on leading biopharma companies benefiting from ETF investments, such as Innovent Biologics and Baillie Gifford [2][3]. - **LaiKai Pharmaceuticals**: Recommended due to its significant efficacy in muscle gain and fat loss compared to small nucleic acid drugs. The upcoming Phase III clinical trial results for LAE002 in breast cancer are expected to be revealed in Q2 2026 [3][4]. - **CRO Sector**: Expected to maintain steady growth, with Kanglong Chemical's small molecule CDMO business projected to grow by 15%-20% in 2026, benefiting from the approval of its first API in the U.S. and several NDA milestones [1][13]. Additional Important Content - **Medical Device Sector**: The recovery is supported by three main drivers: improved terminal demand, ongoing equipment renewal policies, and normalized procurement processes starting in 2025 [5][6]. - **High-Value Consumables**: The sector is expected to see growth driven by innovation and overseas expansion, with a focus on companies like Spring Medical [7][8]. - **Low-Value Consumables and IVD**: Companies are accelerating overseas expansion due to tariff impacts, with many establishing overseas factories. The IVD sector is expected to rebound in 2026 as pricing pressures ease [8][9]. - **Investment Opportunities in TCM**: Companies like Yunnan Baiyao and East China Pharmaceutical are highlighted for their strong cash flow and high dividend rates, making them attractive during risk-averse market conditions [10][11]. - **Market Dynamics for APIs**: The antibiotic sector is experiencing price increases due to protective policies in India, while the market for sartans is stabilizing with potential for price increases as competition decreases [11][12]. Performance Expectations for 2026 - **Medical Services**: Expected revenue growth for major companies like Aier Eye Hospital and Tongce Medical is projected between 0%-10% [19]. - **CRO Sector**: Revenue growth for Kanglong Chemical and Kelaiying is expected to be in the range of 10%-15% [19]. - **API Sector**: Companies like Puluo Pharmaceutical and Tianyu Co. are expected to see revenue growth between 0%-10% and 10%-30%, respectively [19][20]. - **Innovative Drugs and Formulations**: Companies like Betta Pharmaceuticals and Enhua Pharmaceuticals are projected to have varied growth rates, with some facing challenges due to pricing pressures [20]. This summary encapsulates the key insights and projections from the conference call records, providing a comprehensive overview of the pharmaceutical and medical device industries, along with specific company highlights and market dynamics.

Investment Rating - The report maintains a "Strong Buy" rating for several companies in the innovative drug sector, particularly focusing on those with promising pipelines and market potential [14]. Core Insights - The innovative drug sector in China is experiencing high-quality growth in research and development, significantly outpacing global averages. This trend positions China as a key player in the global innovative drug market [10]. - The medical device sector is seeing a recovery in bidding scales and a shift towards innovation, with companies like Mindray Medical and Aohua Endoscopy being highlighted for their growth potential [15]. - The life sciences service sector is expected to rebound as demand increases, driven by both domestic and international markets, with companies like BGI Genomics and Nanwei Technology being recommended for investment [17]. - The pharmacy sector is poised for growth due to the acceleration of prescription outflow and an improving competitive landscape, with companies like YaoBaiYao and YiFeng Pharmacy being noted as key players [18]. Summary by Sections Market Review - The medical index rose by 1.49%, outperforming the CSI 300 index by 2.9 percentage points, ranking fifth among 30 sectors [7]. - Top-performing stocks included Meinuohua and Wanbangde, while stocks like Keyuan Pharmaceutical and Changyao Tui faced significant declines [30]. Innovative Drugs - The report emphasizes the importance of innovative drugs, with a focus on companies like BeiGene and Hengrui Medicine, which are expected to benefit from global market expansion [10][14]. - The collaboration between companies like JAK-23E73 and AstraZeneca is highlighted as a significant advancement in the innovative drug pipeline [14]. Medical Devices - The report notes a recovery in the medical device sector, with a focus on high-value consumables and the internationalization of domestic companies [15]. - Companies such as Mindray Medical and Aohua Endoscopy are recommended for their innovative products and growth potential in both domestic and international markets [15]. Life Sciences Services - The life sciences service sector is expected to see a recovery in demand, with companies like BGI Genomics and Bioplus being highlighted for their growth potential [17]. - The report indicates that the sector's profitability is expected to improve as revenue growth resumes [17]. Pharmacy Sector - The pharmacy sector is expected to benefit from the acceleration of prescription outflow and an improved competitive landscape, with companies like YaoBaiYao and YiFeng Pharmacy being recommended for investment [18]. - The report suggests that the integration of online and offline pharmacy services will enhance competitiveness [18]. Traditional Chinese Medicine - The report highlights the potential for growth in traditional Chinese medicine, particularly in basic drug categories and state-owned enterprise reforms [21]. - Companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical are recommended for their strong market positions [21]. Medical Services - The report suggests that the medical services sector will benefit from anti-corruption measures and the expansion of private healthcare, with companies like Gushengtang and Aier Eye Hospital being noted for their growth potential [20]. Blood Products - The report indicates that the blood products sector is expected to see growth due to relaxed approval processes and increasing demand, with companies like Tiantan Biological Products being highlighted [12].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a decline of 2.77% in the biopharmaceutical sector, while the total A-share market fell by 3.42% [1][35] - Cardiovascular diseases remain the leading cause of death globally, with significant advancements in drug development targeting inflammation pathways, particularly NLRP3, IL-1, and IL-6 [2][33] - The report highlights the importance of addressing "residual risk" in cardiovascular treatment beyond traditional lipid-lowering therapies [33] Summary by Sections Market Performance - The overall A-share market declined by 3.42%, with the Shanghai Composite Index down 2.19% and the ChiNext Index up 1.26% [1][35] - The biopharmaceutical sector's price-to-earnings (P/E) ratio stands at 35.19x, which is at the 77.27th percentile of its historical valuation over the past five years [1][40] Drug Development Insights - The first tier of drug development focuses on apoB/LDL-C, with established treatment paradigms including statins and PCSK9 inhibitors [2][15] - The second tier involves Lp(a) and its associated genetic risks, with several candidates in late-stage clinical trials [2][15] - The third tier emphasizes the NLRP3→IL-1→IL-6→CRP pathway, which is gaining recognition for its clinical relevance in cardiovascular disease [2][33] Company Earnings Forecasts and Ratings - Major companies in the sector, such as Mindray Medical (P/E 17.6x), United Imaging (P/E 74.4x), and WuXi AppTec (P/E 29.2x), are rated as "Outperform" [4] - The report provides detailed earnings forecasts for these companies, indicating expected growth in net profits over the next few years [4] Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure and international expansion [44] - WuXi AppTec is noted for its comprehensive service capabilities in drug development, poised to benefit from the global outsourcing market [44] - Other recommended companies include United Imaging, New Industries, and Yuyue Medical, each with unique strengths in their respective fields [44][45]