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" ...

从体外膜肺氧合机（ECMO）、腔镜手术机器人，到光子计数能谱CT、心磁功能成像仪，再到5.0T磁 共振、质子治疗系统、高性能PET/CT、全实验室智能化流水线……"十四五"期间，我国医疗装备企业 持续攀登技术高峰，取得一系列重大标志性成果。 "极弱磁功能信息成像是我国具有原创优势、可望实现新赛道领跑的方向。"杭州零磁医疗设备有限公司 总经理王亚翔表示，"十四五"期间，公司已投入上亿资金用于核心技术研发，积极引进高层次人才，持 续提升在原子磁强计、零磁环境控制及成像算法等高端医疗装备领域的技术能力，推动设备不断迭代升 级。 "随着创新能力不断增强，国内医疗装备企业正从追随国际领先技术的'追光者'，转变为拥有自主创新 能力的'发光者'。"迈瑞医疗相关负责人表示。"自主发光"能力背后，是持续高强度的研发投入——"十 四五"期间，迈瑞医疗每年将约10%的营收投入研发，并建立了基于全球资源配置的研发创新平台，研 发工程师团队超5000人。 "十四五"时期，我国医疗装备企业数量达3.34万家，其中规模以上企业4000余家、上市企业160余家、 国家级专精特新"小巨人"企业近700家，突破"新技术"的主体力量日益壮大。 没 ...

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]

公司核心创始人连续增持的背后，包含了对于迈瑞医疗未来发展的信心。从经营数据来看，尽管 2025年前三季度迈瑞医疗业绩因高基数等因素承压，但第三季度单季营收已实现同比增长1.53%，如期 迎来拐点。公司近期在互动易平台表示，预计明年国内业务有望恢复正增长，2026年利润增速或将转 正。在这一背景下，核心创始人以自有资金增持，向市场释放了对未来业绩回暖与长期增长的坚定信 心。 迈瑞医疗认为，展望国内市场，短期的行业扰动无法避免，公司已经及时地调整了应对策略。首 先，公司认为国内业务最艰难的时刻已经过去；第二，当前的市场环境给了迈瑞加速国产扩容和加快行 业集中度提升这一历史性机遇，因此公司将国内业务考核的重心放在了市场份额上，尤其是重点考核 IVD业务大规模突破大样本量客户，国内各项业务的市占率均在稳步提升；第三，公司持续倾斜资源投 入在流水型业务和国际市场。微创外科中的高值耗材超声刀、腔镜吻合器有望从今年开始在国内放量， 这部分业务的市场容量远比传统生命信息与支持业务要大，同时未来的成长性也要比传统业务更强，并 且得益于海外高端客户的加速突破，国际业务后续的增长也将提速。 目前，迈瑞医疗正全力冲击全球医疗器械排名 ...

证券研究报告 医疗设备招投标数据跟踪 设备招投标景气度持续，高端化+反内卷趋 势利好头部企业 医药生物行业 强于大市（维持） 证券分析师 叶 寅 投资咨询资格编号：S1060514100001 倪亦道 投资咨询资格编号：S1060518070001 裴晓鹏 投资咨询资格编号：S1060523090002 2025年12月12日 请务必阅读正文后免责条款 设备招投标景气度持续，产品高端化趋势显著。 2025年以来设备更新政策红利持续释放，市场需求持续增长，设备招投标保持高景气状态。根据众成数科统计，从月度趋势来看，各月招投标规模保持高位，进入 下半年以后，随着24年需求积压释放导致的基数上移，增速有所减缓，其中25年7月/8月/9月/10月/11月采购规模分别为134亿元/146亿元/164亿元/164亿元/209亿 元，同比分别+24%/+31%/+2%/+14%/+0%，9月开始增速有所放缓、主要由于24年9月设备更新项目开始集中释放、基数变高，但整体招采规模仍处于高位水平。 根据众成数科统计，11月份国内医疗设备市场继续保持强劲活力，省级采购数据显示，海南、河南、贵州等多省份项目集中释放，总中标金额突破7 ...