证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-049 深圳迈瑞生物医疗电子股份有限公司 2025年第三次中期权益分派实施公告 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。 深圳迈瑞生物医疗电子股份有限公司（下称"本公司"或"公司"）2025年第三次中期 权益分派方案已获2025年10月28日召开的第八届董事会第十五次会议审议通过，在公司 2024年年度股东大会决议授权范围内，无需再次提交股东会审议。现将权益分派事宜公告 如下： 一、股东会及董事会审议通过利润分配方案等情况 1、公司于2025年5月20日召开2024年年度股东大会，审议通过了《关于2024年度、2025 年第一次中期利润分配预案及提请股东大会授权董事会制定2025年其他中期分红方案的议 案》，同意授权董事会根据股东大会决议在符合利润分配的条件下制定其他具体的2025年中 期分红方案。公司于2025年10月28日召开第八届董事会第十五次会议，审议通过了《关于 2025年第三次中期利润分配方案的议案》，2025年第三次中期利润分配方案为：以公司2025 年9月30日的总股本1,2 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Views - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 1.31% increase in the biotechnology sector, while the overall A-share market rose by 0.27% [27]. - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector is 38.80x, which is at the 81.52 percentile of the historical valuation over the past five years [27][32]. Summary by Sections Market Performance - In the past week, the chemical pharmaceutical sector led the gains with a 3.07% increase, while the medical device sector saw a decline of 1.15% [27]. - The report highlights that the largest sub-sectors by holding proportion are chemical preparations and other biological products, with significant increases in holdings for other biological products and CXO [17][11]. Fund Holdings Analysis - The total scale of pharmaceutical funds reached 311.8 billion, a slight decrease of 0.2% from the previous quarter [11]. - The proportion of pharmaceutical holdings in all funds is 9.68%, with a decrease of 0.09 percentage points [14]. - The top three pharmaceutical stocks by the number of funds holding them are 恒瑞医药 (734 funds), 药明康德 (564 funds), and 信达生物 (297 funds) [22]. Valuation and Recommendations - The report recommends several companies, including: - 迈瑞医疗, noted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and product upgrades [36]. - 药明康德, recognized for its comprehensive new drug development service platform [36]. - 爱尔眼科, the largest eye care institution in China, focusing on high-quality medical services [36]. - 新产业, a leader in the field of chemiluminescence immunoassay [36]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for their profitability in the coming years [4].

Core Insights - The increase in operating expenses for the third quarter is attributed to the company's intensified investment in international business, leading to a faster growth rate in this segment [2] - The company has been steadily increasing the number of employees in international marketing and services over the past few years, with a significant rise in local staff in developing countries to enhance the overseas localization platform [2] Summary by Categories - **Operating Expenses** - The company reported an increase in sales expenses for the third quarter due to heightened investments in international operations [2] - **International Business Growth** - The growth in international business has accelerated in the third quarter, supported by the increased workforce dedicated to this area [2] - **Employee Expansion** - There has been a notable increase in the number of local employees in developing countries, which is part of the strategy to build a robust overseas localization platform [2]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly recommending a focus on innovative drugs and sectors with improving performance such as medical devices and CXO [1][10]. Core Insights - The pharmaceutical sector in Q3 2025 showed signs of recovery with a year-on-year revenue growth of 0.6% in Q3, marking the first positive growth in four quarters [1][10]. - Innovative drugs demonstrated a remarkable revenue growth of 36% in Q3 2025, with a turnaround in net profit from a loss of 500 million to a profit of 1.5 billion [10]. - The CXO sector also showed strong performance with a revenue growth of 10.9% and a net profit increase of 47.7% year-on-year, indicating a trend reversal [10]. Summary by Sections Q3 2025 Performance - The A-share pharmaceutical sector, excluding certain companies, achieved total revenue of 1,806.4 billion with a year-on-year decline of 1.9% and a net profit of 139.2 billion, down 5.1% year-on-year [2][11]. - In Q3 2025, total revenue reached 600.4 billion, reflecting a year-on-year increase of 0.6% but a quarter-on-quarter decrease of 0.4% [2][11]. Profitability and Margins - The gross profit for the pharmaceutical sector in Q3 2025 was 189.1 billion, with a gross margin of 31.5%, slightly down from the previous year [5][8]. - The overall net profit margin for Q3 2025 was 6.8%, showing a slight decline compared to the previous year [8]. Cash Flow - The sector reported a net cash inflow from operating activities of 59.1 billion in Q3 2025, representing a year-on-year growth of 17.9% [7][13]. Subsector Performance - The innovative drug sector's revenue growth of 36% and the CXO sector's revenue growth of 10.9% highlight the strong recovery and growth potential within these subsectors [10][11]. - The report emphasizes the importance of focusing on companies such as 恒瑞医药, 长春高新, and 药明康德, which are expected to perform well in the current market environment [1][10].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, indicating a positive outlook for the sector compared to the overall market performance [22]. Core Insights - The pharmaceutical sector has shown signs of recovery, with the first positive year-on-year revenue growth in four quarters, driven by strong performances in the innovative drug and CXO segments [2][11]. - Innovative drugs achieved a remarkable 36% revenue growth in Q3 2025, transitioning from a loss of 500 million to a profit of 1.5 billion, highlighting the sector's high growth potential [11]. - The CXO segment has also shown a significant turnaround, with a year-on-year revenue growth of 10.9% and a net profit increase of 47.7%, expected to maintain mid-to-high growth in the coming year [11]. Summary by Sections Industry Performance - In the first three quarters of 2025, the A-share pharmaceutical and biotechnology sector, excluding certain companies, generated total revenue of 1,806.4 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 139.2 billion yuan, down 5.1% [2][3]. - For Q3 2025, total revenue reached 600.4 billion yuan, reflecting a year-on-year increase of 0.6% but a quarter-on-quarter decrease of 0.4% [2][3]. Profitability Metrics - The gross profit for Q3 2025 was 189.1 billion yuan, with a gross margin of 31.5%, showing a slight decline compared to previous periods [5][8]. - The overall net profit margin for the sector in Q3 2025 was 6.8%, down 0.05 percentage points year-on-year and 1.47 percentage points quarter-on-quarter [8]. Cash Flow Analysis - The sector reported a net cash inflow from operating activities of 59.1 billion yuan in Q3 2025, marking a year-on-year increase of 17.9% and achieving positive growth for two consecutive quarters [7][14]. Subsector Performance - The report highlights the strong performance of the innovative drug and CXO subsectors, with innovative drugs showing a significant recovery and CXO experiencing a positive trend reversal [11][12].

Investment Rating - The report maintains an "Overweight" rating for the medical device sector [6] Core Insights - The medical device sector is entering a turning point, driven by innovation and international expansion as key growth drivers [12][29] - The overall revenue for medical device companies in the first three quarters of 2025 was 183.45 billion yuan, a year-on-year decrease of 3.90%, while the net profit excluding non-recurring items was 22.70 billion yuan, down 17.70% [8][15] - Different sub-sectors show significant divergence in performance, with high-value consumables showing a growth of 5.12%, while in vitro diagnostics faced a decline of 13.94% [8][15] Summary by Sections Medical Device Sector Overview - The medical device sector is experiencing a recovery with improved bidding processes and a gradual clearing of high-cost consumables [8][15] - The revenue growth rate for the medical device sector in Q3 2025 was 9.99%, with a net profit growth of 4.87% [9][16] High-Value Consumables - High-value consumables saw a revenue increase of 5.12% in the first three quarters of 2025, with a net profit growth of 1.18% [29] - The sector is stabilizing as it enters the post-collection phase, with significant growth driven by innovation and international expansion [29] Medical Equipment - The medical equipment sector's revenue decreased by 1.02% in the first three quarters of 2025, but showed a positive trend in Q3 with a revenue increase of 9.99% [9][16] - The sector is expected to experience structural differentiation in demand as bidding processes improve [9] Low-Value Consumables - Low-value consumables experienced a revenue decline of 0.75% in the first three quarters of 2025, with a significant drop in net profit by 21.68% [9][16] - The sector's performance is heavily influenced by international market conditions, but there is potential for recovery in Q4 2025 [9] In Vitro Diagnostics - The in vitro diagnostics sector faced a revenue decline of 13.94% in the first three quarters of 2025, with net profit down 32.20% [9][16] - The sector is expected to stabilize by the end of 2025 as negative impacts from policies begin to clear [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][17]. Core Views - The company has shown signs of a performance turnaround, with quarterly improvements in its fundamental performance driven by accelerated overseas growth [1][6]. - The company reported a revenue of 25.834 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.38%, while the net profit attributable to the parent company was 7.570 billion yuan, down 28.83% [6]. - The third quarter of 2025 saw a revenue of 9.091 billion yuan, marking a year-on-year growth of 1.53%, indicating a potential inflection point in performance [6]. Summary by Sections Financial Performance - For 2023A, the company is projected to achieve a revenue of 34.932 billion yuan, with a year-on-year growth rate of 15.0%. However, a decline of 1.9% is expected in 2025E [4]. - The net profit attributable to the parent company is forecasted to be 11.582 billion yuan in 2023A, with a growth rate of 20.6%, but a significant drop of 14.6% is anticipated in 2025E [4]. - The company’s gross margin for the first three quarters of 2025 was 61.95%, down 2.92 percentage points year-on-year, primarily due to pricing pressures in the domestic market [6]. Business Segments - The in-vitro diagnostics business continues to perform strongly overseas, with international revenue accounting for 37% of the segment's total in the first three quarters of 2025 [6]. - The life information and support business returned to growth in Q3 2025, with a revenue increase of 2.60%, driven by a more than 25% growth in minimally invasive surgery [6]. - The medical imaging business maintained its market position, with a revenue of 1.689 billion yuan in Q3 2025, showing a significant reduction in the decline compared to the first half of the year [6]. Future Outlook - The company expects revenue growth to accelerate in Q4 2025, with projected revenues of 36.011 billion yuan for 2025E, followed by 39.956 billion yuan in 2026E and 44.404 billion yuan in 2027E [4][6]. - The forecasted net profit for 2025E is 9.962 billion yuan, with a recovery expected in subsequent years, reaching 12.562 billion yuan by 2027E [4][6].

Core Viewpoint - The A-share market is currently at a critical point of 4000, marking the third time in history it has reached this level, but unlike previous instances in 2007 and 2015, the current market shows a distinct structural differentiation rather than a broad rally, emphasizing the need for investors to select high-quality sectors [1] Group 1: Market Dynamics - The current A-share market is characterized by a need for careful selection of quality sectors, with analysts suggesting a focus on new productive forces that align with national strategic directions [1] - The medical and health sector, particularly benefiting from the "14th Five-Year Plan" and improved third-quarter performance, is highlighted as a key investment area [1] Group 2: Company Performance - Mindray Medical's third-quarter report indicates a significant turning point, with revenue growth returning to positive territory after two quarters of decline, and international business revenue surpassing 50% for the first time [2][8] - The company reported total revenue of 258.34 billion yuan for the first three quarters, with a third-quarter revenue of 90.91 billion yuan, marking a year-on-year increase of 1.53% [8] Group 3: Industry Trends - The Chinese medical device industry is entering a new phase driven by both policy and demand, with the "14th Five-Year Plan" prioritizing health initiatives and supporting innovation in medical devices [3] - The demand for medical devices is recovering, with a notable increase in procurement expected in 2025 due to policies promoting equipment updates [5] Group 4: Future Outlook - Mindray aims to become a global leader in the medical device industry, with aspirations to rank among the top 10 globally by 2030, reflecting a shift from a focus on domestic markets to a broader international strategy [12][15] - The company's international business revenue grew by 11.93% year-on-year, reaching 50.6% of total revenue, indicating strong competitiveness in the global market [15] Group 5: Valuation and Investment Potential - Mindray's current price-to-earnings ratio (PE) is approximately 29.89, which is considered to be in a relatively low range historically, suggesting a favorable investment opportunity [18] - Analysts believe that the company is well-positioned for recovery and growth, benefiting from policy support, demand recovery, and global expansion [19]

Investment Rating - The investment rating for the company has been downgraded to "Outperform" [1][4][10] Core Insights - The company achieved a revenue of 25.83 billion RMB in the first three quarters of 2025, reflecting a decrease of 12.38% year-on-year, with a net profit attributable to shareholders of 7.57 billion RMB, down 28.83% [4][10] - The third quarter revenue was 9.09 billion RMB, marking a growth of 1.53%, indicating a turning point for the company [4][10] - Preliminary estimates suggest that the revenue growth for Q4 2025 will accelerate compared to Q3 2025 [4][10] - The international market performance has been strong, with international business growing by 12% year-on-year in Q3, particularly in Europe, which saw growth exceeding 20% [4][10] Financial Summary - Total revenue projections for the upcoming years are as follows: - 2023: 34,932 million RMB - 2024: 36,726 million RMB - 2025: 33,587 million RMB (down 8.5%) - 2026: 38,724 million RMB (up 15.3%) - 2027: 44,095 million RMB (up 13.9%) [3][5] - Net profit attributable to shareholders is projected as follows: - 2023: 11,582 million RMB - 2024: 11,668 million RMB - 2025: 9,744 million RMB (down 16.5%) - 2026: 11,444 million RMB (up 17.4%) - 2027: 13,226 million RMB (up 15.6%) [3][5] - The company is assigned a PE ratio of 28X for 2025, with a target price of 225.12 RMB [4][10] International Market Performance - The company has made significant progress in international markets, with a balanced revenue distribution globally [4][10] - The growth in international business is attributed to breakthroughs with high-end overseas clients and improved local platform capabilities [4][10] - The company plans to enhance its global supply chain and local production to support sustained international growth [4][10]

Core Viewpoint - The social security fund's latest holdings in A-shares reveal significant investment trends, with a total market value of approximately 552.72 billion yuan, reflecting an increase of about 49.81 billion yuan from the previous quarter [2][4]. Group 1: Holdings Overview - As of the end of Q3 2025, the social security fund was a top ten shareholder in 622 A-share companies, with a total holding value of approximately 552.72 billion yuan, up from 502.91 billion yuan at the end of Q2 [2][4]. - The fund initiated positions in 226 new stocks, increased holdings in 153 stocks, and reduced holdings in 135 stocks, while maintaining positions in 108 stocks [12][4]. - The banking sector accounted for the largest portion of the fund's holdings, with a market value of 270.06 billion yuan, followed by the non-bank financial sector at approximately 63.04 billion yuan [2][4]. Group 2: Performance of Key Stocks - Among the 622 companies, 133 had a market value exceeding 500 million yuan, and 55 had a market value exceeding 1 billion yuan, collectively accounting for 76.67% of the total holdings [4]. - The top five stocks with a market value exceeding 10 billion yuan were predominantly financial stocks, including Agricultural Bank of China, Industrial and Commercial Bank of China, China Pacific Insurance, and China Communications Bank [4][5]. - Agricultural Bank of China was the largest holding, valued at 156.89 billion yuan, with a strong performance of 38.23% increase since July [4][5]. Group 3: New Energy Sector Focus - The social security fund maintained a significant focus on the new energy sector, with 20 companies in this field having a market value exceeding 300 million yuan, averaging a 45.92% increase since July [9]. - Key stocks in the new energy sector, such as Yiwei Lithium Energy and Sanyuan Electric, saw increases exceeding 80% since July [9][10]. - The fund's investments in the new energy sector reflect a strategic allocation despite the majority of holdings being in the banking and non-bank financial sectors [9][10]. Group 4: Notable Increases in Holdings - The fund significantly increased its holdings in several traditional industry stocks, with notable increases exceeding 50% in companies like Three Trees and Oriental Yuhong [17]. - The largest increase was seen in Guangxin Co., with a 277.97% increase in holdings, reflecting a strategic shift towards agricultural chemicals [16][17]. - Other companies with substantial increases included New Strong Union and Guoen Co., with increases of 251.17% and 230.28%, respectively [17][16].