Core Insights - The chairman of Mindray Medical, Li Xiting, completed a share buyback plan amounting to 200 million RMB, acquiring 1,005,381 shares, which represents 0.08% of the company's total shares [1][2] - The buyback was funded entirely by Li Xiting's personal funds, with a lock-up period of six months following the completion of the buyback [1] - Mindray Medical reported a year-on-year revenue growth of 1.53% in Q3 2025, indicating a turning point for the company [3] Group 1 - The buyback plan was initiated on November 27, 2025, with an average purchase price of 196.86 RMB per share, and was completed within 12 trading days [2] - The buyback reflects Li Xiting's confidence in the company's intrinsic value and future growth potential, aligning with the company's commitment to high-quality development in the capital market [2][3] - Mindray Medical has previously executed two share repurchase programs totaling 1 billion RMB each, demonstrating ongoing confidence in future growth [2] Group 2 - The company believes that the most challenging period for its domestic business has passed and is focusing on increasing market share, particularly in the IVD sector [4] - Mindray Medical is investing resources in high-value consumables and international markets, with significant growth potential in these areas [4] - The company aims to rank among the top 20 global medical device manufacturers, maintaining a leading market position in various product categories [4]

Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

迈瑞医疗增持计划完成公告要点 增持计划实施情况 增持主体：实际控制人之一、董事长李西廷 增持金额：2亿元人民币（含交易费用） 增持股数：1,005,381股，占公司总股本0.08% 增持期间：2025年11月27日至12月12日，提前完成原定6个月计划 增持方式：集中竞价交易 资金来源：李西廷自有资金 股权结构变化 增持前：李西廷及一致行动人徐航合计控制51.47%股权 增持后：合计控制51.55%股权，实际控制人地位不变 重要安排 锁定期：增持完成后6个月内不减持 增持目的：基于对公司内在价值认可和发展前景信心 合规性：符合相关法规要求，获律师事务所合规确认 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare sector [14] Core Insights - The non-pharmaceutical sector is facing performance pressure in 2025 due to price reductions from centralized procurement, medical insurance cost control, and the closure of retail pharmacies. However, companies are leveraging overseas expansion and innovation to achieve growth [4][9] - For 2026, the domestic fundamentals are expected to improve, with companies seeking new growth points primarily through overseas expansion and innovation, particularly in insulin and medical devices [9] - The report highlights that the insulin market is stabilizing post-centralized procurement, with significant overseas opportunities for leading companies like Mindray Medical and Ganli Pharmaceutical [10][24] - The focus on innovation in traditional Chinese medicine and medical devices is expected to create alpha opportunities for individual stocks [9][11] Summary by Sections Non-Pharmaceutical Sector - The non-pharmaceutical sector is under pressure but has opportunities through overseas expansion and innovation. Insulin and medical devices are key areas for long-term growth [4][9] - Companies like Mindray Medical and Ganli Pharmaceutical are beginning to realize overseas revenue, indicating a significant long-term market potential [9] Biopharmaceuticals - The report prioritizes insulin, with ongoing attention to blood products and vaccines. The insulin market is stabilizing, and companies are focusing on innovation and business development [10][24] - The report notes that the insulin market in developed countries is valued at $13.2 billion, with significant growth potential in emerging markets [24] Traditional Chinese Medicine - The focus is on innovation and the basic drug catalog, which is crucial for accelerating drug sales and enhancing market presence [11][12] - The report anticipates a recovery in performance due to early flu outbreaks and emphasizes the importance of retail pharmacy sales [11] Medical Devices - The report indicates that the medical device sector is at a turning point, with overseas revenue for leading companies expected to exceed 50% in 2025 [12] - The report suggests focusing on low-value consumables and in vitro diagnostics as key growth areas [12] Vaccines - The vaccine sector is currently facing challenges, with price reductions and low demand impacting sales. However, there are ongoing developments in innovative vaccines that warrant attention [39][40] - The report highlights the importance of tracking clinical progress and market performance of major vaccine candidates [40]

责任编辑：安东 财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月15日丨迈瑞医疗(300760.SZ)公布，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12日期间，李西廷先生通过集中竞价交易的方式累计增持公司股份1,005,381股，增持股 份占公司股份的0.08%，增持金额共计人民币2亿元（含交易费用），已达到可执行最高额，至此李西 廷先生的增持计划已实施完成。 ...

证券日报网讯 12月15日晚间，迈瑞医疗发布公告称，2025年11月27日至2025年12月12日期间，公司实 际控制人之一、董事长李西廷先生通过集中竞价交易的方式累计增持公司股份1，005，381股，增持股 份占公司股份的0.08%，增持金额共计人民币2亿元（含交易费用），已达到可执行最高额，至此李西 廷先生的增持计划已实施完成。 （编辑 任世碧） ...

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" ...

Core Insights - The Chinese medical equipment industry is advancing rapidly during the 14th Five-Year Plan period, integrating cutting-edge technologies like AI and 5G to create an innovative industrial ecosystem, contributing significantly to the "Healthy China" initiative and enhancing global competitiveness in medical equipment manufacturing [1][4]. Group 1: Technological Breakthroughs - Domestic high-end ultrasound systems are achieving unprecedented image resolution, enabling the detection of micro-level structures for more accurate early disease diagnosis [2]. - The introduction of ultra-weak magnetic imaging devices allows for efficient medical examinations without noise or the need for contrast agents, providing patients with comprehensive reports in under three minutes [2]. - Major advancements include ECMO machines, laparoscopic surgical robots, photon counting spectral CT, and high-performance PET/CT systems, showcasing significant technological achievements in the medical equipment sector [2]. Group 2: Innovation and R&D Investment - Companies are transitioning from being "followers" of international technology to "leaders" with independent innovation capabilities, supported by substantial R&D investments, with firms like Mindray allocating approximately 10% of their revenue to R&D annually [3]. - The number of medical equipment enterprises in China reached 33,400 during the 14th Five-Year Plan, with over 4,000 large-scale companies and around 160 listed firms, indicating a robust growth in the sector [3]. Group 3: New Dynamics in Medical Equipment - The integration of AI with medical imaging devices enhances efficiency by automating patient positioning and reducing unnecessary radiation exposure [4]. - The use of 5G technology in surgical robots enables remote surgeries, allowing doctors to collaborate across vast distances, thus improving access to high-quality medical services [4]. - The market size of China's medical equipment industry surpassed 1 trillion yuan during the 14th Five-Year Plan, fostering the development of six national advanced manufacturing industry clusters [4]. Group 4: Ecosystem Development - Innovative models for medical equipment development are emerging, such as Beijing's innovation center for surgical robots and Chongqing's collaborative approach between enterprises and research institutions [5]. - Shenzhen has established a 4 billion yuan fund for high-end medical equipment, facilitating rapid growth and global expansion for domestic companies [5]. - A comprehensive innovation ecosystem is being developed, supported by national and local initiatives, to enhance the medical equipment sector's growth potential [6].

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].