Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 313.62 [1]. Core Insights - The company has shown a revenue turning point in Q3 2025, with a revenue of RMB 90.91 billion, reflecting a year-on-year growth of 1.5%, while the net profit attributable to the parent company was RMB 25.01 billion, down 18.7% year-on-year [1]. - The company is focusing on enhancing its commercialization and R&D capabilities to improve its competitive position in the market [2]. - The life information and support segment led the overall revenue growth in Q3 2025, with a revenue of RMB 29.52 billion, up 2.6% year-on-year [3]. - The overseas business has accelerated growth, with Q3 2025 revenue reaching RMB 46.0 billion, up 11.9% year-on-year, while domestic revenue showed signs of recovery [4]. - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates of RMB 90.08 billion, RMB 100.07 billion, and RMB 110.12 billion respectively, reflecting a downward adjustment of 18%-21% compared to previous estimates [5]. Revenue and Profitability - For the first three quarters of 2025, the company reported a total revenue of RMB 258.34 billion and a net profit of RMB 75.70 billion, with a year-on-year decline of 12.4% and 28.8% respectively [1]. - The gross margin for the first three quarters of 2025 was 62.0%, down 2.9 percentage points year-on-year, attributed to short-term external factors in the domestic industry [2]. - The company’s sales, management, and R&D expense ratios for the first three quarters of 2025 were 14.5%, 4.1%, and 9.4% respectively, indicating strategic investments in long-term development [2]. Segment Performance - The life information and support segment's overseas revenue accounted for 70% of its total revenue in the first three quarters of 2025, driven by a recovery in domestic procurement activities [3]. - The medical imaging segment reported a revenue of RMB 16.89 billion in Q3 2025, remaining stable year-on-year, with overseas revenue showing high single-digit growth [3]. - The IVD segment generated RMB 36.34 billion in revenue in Q3 2025, down 2.8% year-on-year, but with overseas revenue growth exceeding 10% [3]. Market Outlook - The company is optimistic about its future performance due to a rich product matrix, leading industry performance, and ongoing improvements in domestic and overseas sales networks [1]. - The company’s overseas market development is progressing well, particularly in Europe and emerging markets, which is expected to contribute positively to future growth [4].

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-048 深圳迈瑞生物医疗电子股份有限公司 2025年第一次临时股东会决议公告 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。 一、重要提示 1. 本次股东会未出现否决议案的情形。 2. 本次股东会不涉及变更以往股东会决议。 二、会议召开情况 （一）会议召开时间 （1）现场会议：2025年10月30日（星期四）15:00 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年10月 30日9:15-9:25、9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的 具体时间为：2025年10月30日9:15至15:00期间的任意时间。 （二）现场会议召开地点：深圳市南山区高新技术产业园区科技南十二路迈瑞总部大厦会 议室 （三）会议召集人 深圳迈瑞生物医疗电子股份有限公司董事会 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 本次股东会通过深圳证券交易所交易系统和互联网投票系统向社会公众股股东提供网络 形式的投票平台。 （五 ...

FANGDA PARTNERS http://www.fangdalaw.com 邮政编码：518048 传 真 Fax: 86-755-8159-3900 中国深圳市福田区中心四路 1 号 电子邮件 E-mail: email@fangdalaw.com 嘉里建设广场 T1 座 9 楼 电 话 Tel.: 86-755-8159-3999 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 法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席深圳迈 瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"或"公司"）2025 年第一次临 时股东会（以下简称"本次股东会"），并就本次股东会的召集和召开程序、出席 和召集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章及规范性文件（以下合称"中国法律法规"，仅为本法律意见书说明 之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区的法 律、法规）以及《深圳迈瑞生 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - In Q3 2025, the overall heavy holdings of public funds in the pharmaceutical sector decreased slightly, with a focus on innovative drugs and CXO holdings becoming more concentrated [2][6] - The total scale of pharmaceutical funds reached 434.6 billion yuan, with a quarter-on-quarter increase of 28.4%, indicating a growing interest in the sector [19] - The proportion of passive funds in the pharmaceutical sector has increased significantly from 18% in Q1 2018 to 52% in Q3 2025, reflecting a shift in investment strategies [19] Summary by Sections Overall Holdings - The heavy holdings ratio of all public funds in the pharmaceutical sector was 9.7%, down 0.1 percentage points quarter-on-quarter, with an overweight ratio of 3.3% [2][9] - The heavy holdings ratio of all active public funds in the pharmaceutical sector was 10.8%, down 0.3 percentage points quarter-on-quarter, with an overweight ratio of 4.36% [2][9] - The heavy holdings ratio of all non-pharmaceutical funds in the pharmaceutical sector was 4.4%, down 0.2 percentage points quarter-on-quarter, with an underweight ratio of -2.03% [2][9] Fund Structure - The proportion of active funds in the pharmaceutical sector decreased slightly, with active pharmaceutical funds accounting for 31% of the total heavy holdings market value, down 0.5 percentage points [3][13] - The total market value of pharmaceutical funds was 434.6 billion yuan, with active funds at 206.7 billion yuan and passive funds at 228 billion yuan [19] Heavy Holdings by Fund Type - The overall structure of holdings showed an overweight in innovative drugs and CXO, while traditional Chinese medicine and high-value consumables were underweighted [6] - The top three sectors with increased holdings among all public funds were CXO, Bio-Pharma, and online pharmacies, while medical devices, traditional Chinese medicine, and specialty chains saw declines [6] Heavy Holdings of Individual Stocks - The top five stocks by total market value held by all public funds included WuXi AppTec (45 billion yuan), Hengrui Medicine (42.4 billion yuan), and Innovent Biologics (21.7 billion yuan [6] - The top three stocks with increased holdings among active funds were BeiGene H (+4.8 billion yuan), CanSino Biologics (+4.2 billion yuan), and China National Pharmaceutical Group (+3.9 billion yuan) [6]

Core Viewpoint - Mindray Medical has reported a turning point in its performance, with a slight increase in revenue for the third quarter of 2025, although net profit continues to decline year-on-year [1][3]. Financial Performance - The company achieved operating revenue of 9.091 billion yuan, a year-on-year increase of 1.53% and a quarter-on-quarter increase of 6.88% [1]. - Net profit attributable to shareholders was 2.501 billion yuan, a year-on-year decrease of 18.69%, but a quarter-on-quarter increase of 2.50% [1]. - For the first three quarters of 2025, total revenue was 25.834 billion yuan, and net profit was 7.570 billion yuan, both showing declines of 12.38% and 28.83% respectively [1]. International Market Growth - The international market has become a significant highlight, with a year-on-year growth of 11.93% in the third quarter, driven by high-end customer acquisition and improved localization capabilities [3]. - Revenue from the international business now accounts for over 50% of total revenue, with expectations for continued rapid growth [2][3]. - Specific segments such as in vitro diagnostics and life information and support have seen double-digit growth in international revenue [3]. Domestic Market Challenges - Domestic business remains under pressure, particularly in the in vitro diagnostics segment, which faced a revenue decline of 2.81% year-on-year in the third quarter [3]. - The company acknowledges that the domestic medical device industry is experiencing a contraction, but views this as an opportunity for increased market concentration and accelerated import substitution [4]. Strategic Initiatives - Mindray plans to focus on digital transformation and value-based marketing to enhance its domestic business [4][5]. - The company has announced a total cash dividend of 1.637 billion yuan for the third quarter, bringing the total dividends for the year to 4.935 billion yuan, which is 65.19% of the net profit for the first three quarters [5]. - Mindray is preparing for a Hong Kong IPO to raise funds for international expansion, R&D investment, and operational support, with speculation of raising at least $1 billion [5][6]. Talent and Future Outlook - The company emphasizes that the success of its strategic directions—digitalization, streamlining, and internationalization—depends on talent acquisition [7]. - The IPO is seen as a means to enhance investment in these strategic areas and facilitate a global talent incentive program [7].

Core Viewpoint - On October 30, Mindray Medical conducted a block trade of 42,500 shares at a price of 184.62 CNY, which represents a discount of 14.8% compared to the market closing price of 216.69 CNY [1][2] Summary by Category Trading Details - The total transaction amount for the block trade was 7.8464 million CNY, accounting for 0.3% of the total trading volume on that day [1][2] - The buyer was Huazhang Securities Co., Ltd., and the seller was Shichuang Securities Co., Ltd. [2]

Core Viewpoint - Mindray Medical experienced a decline in stock price, with a year-to-date drop of 13.25% and a market capitalization of 264.75 billion yuan as of October 30 [1] Financial Performance - For the period from January to September 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decrease of 12.38%, and a net profit attributable to shareholders of 7.570 billion yuan, down 28.83% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 33.699 billion yuan, with 23.388 billion yuan distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.86% to 108,800, while the average circulating shares per person decreased by 15.87% to 11,139 shares [2] - The top ten circulating shareholders saw reductions in holdings, with Hong Kong Central Clearing Limited holding 117 million shares, down 14.7363 million shares from the previous period [3]

Core Insights - The company reported a revenue of 9.091 billion RMB for Q3 2025, marking a year-on-year increase of 1.53% and a quarter-on-quarter growth of 6.88% [1] - Net profit attributable to shareholders was 2.501 billion RMB, a decrease of 18.69% year-on-year but an increase of 2.50% quarter-on-quarter [1] - Operating cash flow reached 3.351 billion RMB, reflecting a year-on-year growth of 30.02% [1] - The company’s contract liabilities stood at 2.263 billion RMB, up 31.45% year-on-year, indicating strong future revenue support [1] Financial Performance - For the first three quarters of 2025, total revenue was 25.834 billion RMB, with net profit at 7.570 billion RMB [1] - The company approved a cash dividend of 13.50 RMB per 10 shares, totaling 1.637 billion RMB, bringing cumulative dividends to 37.336 billion RMB, six times the IPO fundraising amount [2] International Market Growth - International business grew by 11.93% in Q3, with significant contributions from the European market, which saw over 20% growth [3][4] - The international revenue share for the life information and support segment reached 70%, while the medical imaging segment saw 61% and the in vitro diagnostics segment reached 37% [3] R&D and Innovation - The company invested 2.686 billion RMB in R&D in the first three quarters of 2025, accounting for 10.40% of total revenue [5] - A total of 12,513 patents have been applied for, with 6,355 patents granted, including 3,246 invention patents [5] - New product launches in Q3 included advanced diagnostic kits and medical systems, enhancing the product portfolio [6] Strategic Direction - The company is focusing on building a global supply chain and localized production to support long-term international growth [5] - The establishment of a smart medical ecosystem integrating "equipment + IT + AI" is underway, with ongoing development of intelligent applications in various medical fields [7] - The company aims to enhance its global presence and customer engagement through a diversified product matrix and high-quality ecosystem [8]

Core Insights - The company reported a revenue of 9.091 billion yuan for Q3 2025, marking a year-on-year increase of 1.53% and a quarter-on-quarter increase of 6.88% [1] - The net profit attributable to shareholders for Q3 2025 was 2.501 billion yuan, a year-on-year decrease of 18.69% but a quarter-on-quarter increase of 2.50% [1] - Operating cash flow reached 3.351 billion yuan, reflecting a year-on-year growth of 30.02% [1] Revenue Breakdown - The international business grew by 11.93% year-on-year in Q3 2025, with significant performance in the European market, which saw over 20% growth [2] - The life information and support segment generated 2.952 billion yuan in revenue, up 2.60% year-on-year, with minimally invasive surgery business growing over 25% [2] - The medical imaging segment's revenue was 1.689 billion yuan, remaining stable year-on-year, while international medical imaging saw high single-digit growth [2] - The in-vitro diagnostics segment achieved 3.634 billion yuan in revenue, with international in-vitro diagnostics growing at double-digit rates [2] R&D Investment - The company invests approximately 10% of its revenue in R&D, with Q3 2025 R&D expenditure reaching 2.686 billion yuan, accounting for 10.40% of revenue [3] - As of September 30, 2025, the company has filed 12,513 patents, including 9,034 invention patents, with 6,355 patents granted [3] Product Innovation - The company launched several new products in Q3 2025, including high-sensitivity cardiac troponin T assay kits and D-dimer assay kits in the in-vitro diagnostics segment [4] - In the life information and support field, new products include perioperative decision support systems and advanced anesthesia systems [4] - The medical imaging sector introduced the multifunctional intraoperative visualization ultrasound system [4] Strategic Direction - The company is advancing towards high-end and intelligent solutions, establishing a digital healthcare ecosystem that integrates "equipment + IT + AI" [5] - The global medical device market is expanding, and the company aims to enhance its innovative capabilities while focusing on internationalization and local platform development [5] - The company is committed to contributing comprehensive solutions to global clients through a diverse product matrix and high-quality ecosystem [5]

Core Viewpoint - Mindray Medical's third-quarter performance indicates a revenue recovery after adjustments, but profitability remains under pressure, signaling a critical transition period for the company as it focuses on medical device manufacturing and internationalization [2][3]. Group 1: Financial Performance - In Q3, Mindray achieved revenue of approximately 9.09 billion yuan, a year-on-year increase of about 1.53%, while net profit was around 2.50 billion yuan, down approximately 18.69% [3]. - For the first three quarters, cumulative revenue was about 25.83 billion yuan, a year-on-year decline of approximately 12.38%, and net profit was about 7.57 billion yuan, down approximately 28.83% [3]. - The company reported a decrease in basic earnings per share to 2.0641 yuan, down 18.62% year-on-year [3]. Group 2: Product and Business Structure - Mindray's business is structured around three main lines: Life Information and Support, Medical Imaging, and In Vitro Diagnostics (IVD) [4]. - The Life Information and Support segment generated approximately 2.95 billion yuan in revenue, with a year-on-year growth of about 2.60% [5]. - The Medical Imaging segment's revenue was approximately 1.69 billion yuan, showing little change year-on-year, while the IVD segment reported revenue of about 3.63 billion yuan, a slight decline of approximately 2.81% [5]. Group 3: International Market Acceleration - Mindray's international business grew by approximately 11.93% year-on-year in Q3, with notable growth in Europe, Latin America, and some Asian and African markets [7]. - The company is transitioning from product exports to service coverage and from single equipment sales to comprehensive solutions, enhancing its global competitiveness [7]. Group 4: Domestic Market Challenges and Adjustments - Despite the acceleration in international business, the domestic market remains crucial for Mindray, facing growth challenges due to policy and procurement factors [8]. - The company is implementing key changes to adapt to the complex domestic environment, aiming to shift from "quantity growth" to "quality improvement" [8]. Group 5: Strategic Focus - Mindray's current strategy emphasizes product upgrades and ecosystem building, focusing on high-end product lines and integrating data, algorithms, and services into its offerings [9][10]. - The company aims to enhance its service capabilities and customer loyalty by transitioning from equipment sales to comprehensive healthcare solutions [12]. Group 6: Summary - Mindray's third-quarter results reflect ongoing challenges, but its product structure optimization and international market acceleration present positive signals [13]. - The company's future growth will depend on the successful implementation of its strategies, including product deployment, international market scaling, and ecosystem development [13][15].