迈瑞医疗公告，第三季度营收为90.91亿元，同比增长1.53%；净利润为25.01亿元，下降18.69%。前三 季度营收为258.34亿元，下降12.38%；净利润为75.7亿元，下降28.83%。 ...

深圳迈瑞生物医疗电子股份有限公司 2025 年第三季度报告 证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-045 深圳迈瑞生物医疗电子股份有限公司 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 2025年第三季度报告 公司是否需追溯调整或重述以前年度会计数据 □是 否 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包括已计提资产 | 9,156,304.00 | 101,713,111.00 | | | 减值准备的冲销部分） | | | | | 计入当期损益的政府补助（与公司 ...

巨无霸IPO来了。 投资界-天天IPO获悉，近日"医疗器械一哥"迈瑞医疗披露公告称，公司拟发行境外上市外资股（H股） 股票并在港交所主板挂牌上市。如今74岁创始人李西廷依然坐镇，迈瑞医疗再次奔赴IPO。 迈瑞的故事定然不陌生。1991年，深圳三位同事放弃高薪离职创业，李西廷、徐航、成明和组成迈 瑞"三剑客"，开启中国高端医疗器械之路。巅峰时刻，迈瑞市值一度突破4000亿。 迈瑞崛起史 改革开放的第九年，深南大道全线贯通，36岁的李西廷"调干"南下深圳。 出生在安徽宿州砀山县一个农村家庭，早年参军入伍。1973年，他抓住唯一一次高考机会，考入中国科 学技术大学物理系，此后前往巴黎访问学习，成为改革开放后最早一批留洋人士。 1986年，中科院在深圳与美国公司Analogic成立中国医疗器械领域首家合资企业——深圳安科，从事复 杂医疗器械的进口贸易，一年后，李西廷从中科院"调干"到这家新公司。 在李西廷考入大学的6年后，一个来自广州的年轻人以全省重点中学第一的成绩考上清华大学。那年徐 航17岁，同时选择进修计算机和生物科学两个专业，随后赴美留学。1987年，徐航硕士毕业，回国加入 了深圳安科，两人自此相识。 彼时， ...

证券之星消息，10月29日，中证医疗（399989）指数报收于7501.54点，涨1.01%，成交250.53亿元，换 手率1.55%。当日该指数成份股中，上涨的有27家，泰格医药以11.09%的涨幅领涨，下跌的有23家，开 立医疗以11.39%的跌幅领跌。 中证医疗（399989）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，中证医疗（399989）指数成份股当日主力资金净流入合计3.23亿元，游资资金净流出合 计2.27亿元，散户资金净流出合计9538.28万元。成份股资金流向详情见下表： | 中证医疗指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 14.78% | 106.04 | 2.00% | | 3163.98 | 医药生物 | | sz300760 ...

Core Viewpoint - The article discusses the upcoming IPO of Mindray Medical, highlighting its historical significance and growth trajectory in the high-end medical device market in China [5][12]. Company History - Mindray Medical was founded in 1991 by three colleagues, including Li Xiting, who left high-paying jobs to start the company, marking the beginning of China's high-end medical device industry [7][8]. - The company initially faced funding challenges but secured its first venture capital investment of $2 million in 1997, which helped it stabilize and grow [9]. - Mindray became the first Chinese medical device company to list overseas, successfully going public on the New York Stock Exchange in 2006 [11]. IPO and Market Performance - Mindray's IPO on the Shenzhen Stock Exchange in 2018 raised nearly 6 billion yuan, setting a record for the largest IPO on the ChiNext board that year [12]. - The company's market capitalization peaked at over 320 billion yuan during the surge in demand for medical devices in 2020, although it has since adjusted to a current market cap of over 270 billion yuan [12]. Strategic Goals - The upcoming listing on the Hong Kong Stock Exchange is part of Mindray's strategy to enhance its global business and capital presence, with a goal to increase international revenue to over 70% [12]. - The company aims to rank among the top ten global medical device companies by 2030, reflecting its ambition for international expansion [12].

在海外市场的拓展中，迈瑞医疗在高端客户群体中持续实现突破。2025年上半年，公司在体外诊断领域 突破了超160家全新高端客户以及超50家已有高端客户的横向突破。生命信息与支持业务同样表现强 劲，上半年突破了超100家全新高端客户，还有近390家已有高端客户实现更多产品的横向突破。这些客 户涵盖多国教学医院、大型公立医院、政府医疗卫生机构，包括西班牙HM Group、意大利Policlinico Universitario Sant'Andrea-La Sapienza等知名医疗机构。 迈瑞医疗在国际市场的成功，很大程度上得益于深入的本地化战略。截至目前，公司已在全球14个国家 布局本地化生产项目，目前已有11个项目启动生产，且大部分项目涉及体外诊断产品。以欧洲市场为 例，2020年收购德国DiaSys公司后，迈瑞医疗将其打造为欧洲本地化运营的"桥头堡"。2025年上半年， 迈瑞医疗在欧洲的体外诊断业务收入同比增长18%，其中DiaSys贡献的本地化产品收入占比达40%，成 为欧洲业务增长的核心动力。 迈瑞医疗（300760）正以坚实的步伐向全球医疗器械市场迈进，2025年上年，公司的国际业务收入占比 首次达到 ...

资金流向方面，创业板50ETF（159949）近期呈现由净流出转为净流入的态势。截至2025年10月28日， 该ETF最新流通规模为271.20亿元。具体来看，近60个交易日累计净流出约72亿元，近10个交易日净流 出14亿元，而近5个交易日则转为净流入4827万元。 数据来源：Wind 截止 日期：2025年10月29日11:30 | | 1.564 +0.026 +1.69% | | | 创业板50ETF | | 本 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 159949 | | | | SZSE CNY 11:30:03 休市 | | | | | | 十二 之 起 周 | | 净值走势 | | 华安创业板50ETF | रेस | 62.75% 120日 | | 83.14% | | 要比 | 83.74% - | 125212 | 5日 | 7.71% 250日 | | 58.94% | | 萍五 | 1.568 | 1921 | 20日 | 5.96% 52周高 | | 1.58 | | 卖西 | 1.567 | 2448 | 6 ...

Core Points - The Bioeconomy Index (970038) closed at 2277.51 points, down 0.16%, with a trading volume of 18.883 billion yuan and a turnover rate of 1.2% [1] - Among the index constituents, 23 stocks rose while 27 fell, with Iwubio leading the gainers at 6.71% and Meiya Optoelectronics leading the decliners at 3.02% [1] Index Constituents Summary - The top ten constituents of the Bioeconomy Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 225.09 yuan, and a market cap of 272.908 billion yuan [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 116.50 yuan, and a market cap of 47.525 billion yuan [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 31.97 yuan, and a market cap of 56.849 billion yuan [1] - Other notable constituents include Shishihistory (sz002252), Table Pharmaceutical (sz300347), and Muyuan Foods (sz002714) [1] Capital Flow Analysis - The Bioeconomy Index constituents experienced a net outflow of 871 million yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [3] - Key capital flows include: - Iwubio (300357) with a net inflow of 52.9277 million yuan from institutional investors [3] - Dabo Medical (002901) with a net inflow of 31.8434 million yuan from institutional investors [3] - Changchun High-tech (000661) with a net inflow of 27.6452 million yuan from institutional investors [3]

Core Viewpoint - The report emphasizes that China's modernization relies on technological advancement, highlighting the importance of original innovation and the integration of technology and industry to achieve high-level self-reliance in technology [1] Group 1: Technological Innovation and Industry Integration - The "14th Five-Year Plan" outlines the need for deep integration of technological innovation and industrial innovation, with a focus on addressing "bottleneck" issues in high-end chips and industrial software [1][2] - The government is encouraged to transform specific industry challenges into national technology tasks, thereby supporting enterprises in overcoming technological barriers [2][3] Group 2: Role of Enterprises in Innovation - Enterprises are identified as the main body of technological innovation, with a call for vertical integration strategies to address complex interdisciplinary challenges [3][11] - The importance of fostering a collaborative environment between enterprises and research institutions is highlighted, allowing for timely solutions to innovation challenges [5][10] Group 3: Government's Role in Supporting Innovation - The government should act as a market rule designer and key buyer, creating a long-term vision for industry participants and breaking down information barriers [5][12] - A shift from reactive support to proactive engagement with leading enterprises and scientists is recommended to better understand future industrial development directions [4][15] Group 4: AI and Industrial Applications - The report discusses the significance of artificial intelligence (AI) in driving industrial innovation, with examples of successful applications in companies like Zhejiang University Control [13][14] - The relationship between traditional industrial enterprises and AI companies is crucial, as traditional firms provide the operational context and data necessary for AI development [15][19] Group 5: Challenges in Basic Research and Industry Needs - The need for a strategic, forward-looking, and systematic approach to basic research is emphasized, ensuring alignment with industrial demands [16][20] - The report suggests that universities and research institutions must equally value both vertical and horizontal projects to effectively serve industry innovation needs [20][21] Group 6: Non-linear Relationship Between Science, Technology, and Industry - Innovation is characterized as a practical process, where the development of technology is driven by industrial needs and experiences [25][27] - The report provides examples from the dairy and agricultural sectors to illustrate how industry-driven research can lead to significant technological advancements [22][24]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [6][30]. Core Insights - The pharmaceutical sector underperformed the overall market, with a slight increase of 0.58% in the biopharmaceutical sector compared to a 3.26% rise in the total A-share market [2][33]. - Grail's multi-cancer early detection product, Galleri, achieved significant clinical milestones, with a positive predictive value (PPV) of 61.6%, a substantial increase from 38% in the previous Pathfinder 1 study [3][12]. - The report emphasizes the potential of Galleri to enhance existing screening protocols, with a sevenfold increase in total cancer detection when combined with standard screenings [19][30]. Summary by Sections Market Performance - The overall A-share market rose by 3.26%, with the Shanghai Composite Index increasing by 3.24% and the ChiNext Index rising by 8.05% [2][33]. - The biopharmaceutical sector's price-to-earnings (P/E) ratio stands at 38.35x, which is at the 80.28th percentile of its historical valuation over the past five years [2][38]. Key Company Earnings Forecasts and Investment Ratings - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected earnings growth for 2024 ranging from 35.6 million to 116.7 million yuan [5][44]. - The report highlights the strong financial performance and growth potential of these companies, with Mindray Medical expected to maintain a P/E ratio of 23.0x in 2024 [5][44]. Clinical Developments - Grail's Pathfinder 2 study included approximately 35,000 participants, demonstrating the effectiveness of Galleri in early cancer detection [12][24]. - The study revealed that 53.5% of cancers detected by Galleri were in stages I or II, indicating the product's capability to identify cancers at an early stage [17][22]. Investment Strategy - The report suggests focusing on companies with high-quality innovation capabilities, particularly in the context of the increasing competitiveness of domestic innovative drugs in global markets [42][44]. - It recommends monitoring the clinical progress and commercial value of multi-cancer early detection technologies, particularly Galleri, as it approaches FDA approval [30][44].