但在李西廷看来，迈瑞的解题思路非常明晰：以"数智化"撬动"全球化"。即以数智化为"墨"，通过前瞻性地在全球范围布局本地化平台，书写全球医疗创 新方案的新篇章。 ► 文 观察者网 张志峰 "三十年前，中国医疗产业尚是荒原一片，迈瑞等企业以自主创新为犁，在跨国巨头的疆域中划出了属于中国制造的版图；而今，以'数智化'为舟楫，迈 瑞正驶向全球医疗资源均质化的'深海'。"迈瑞医疗董事长李西廷在年度报告中如是称。 当前，逆全球化进程仍在深度演进，"关税2.0"风波更是为此进程推波助澜，医疗器械领域首当其冲。 国内业务拐点将至，国外无惧关税战 也正是得益于前瞻性的全球化布局，2024年在行业整体走弱的背景下，迈瑞医疗业绩依然保持稳步增长态势。 4月28日晚间，企业发布的年报数据显示，2024年迈瑞医疗实现营业收入367.26亿元，同比增长5.14%；实现归母净利润116.68亿元，同比微增0.74%；经 营性现金流净额124.32亿元，同比增长12.38%；期末净资产358.56亿元，同比增长8.38%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Mindray's revenue for 2024 is reported at RMB 36.7 billion, reflecting a year-on-year growth of 5.1%, while the attributable net profit is RMB 11.7 billion, up 0.7% year-on-year [1][2]. - The gross profit margin (GPM) has decreased by 1.1 percentage points year-on-year to 63.1%, attributed to pricing pressures on IVD reagents and mid- to low-end medical equipment, as well as weaker IVD testing demand [1]. - Domestic revenue fell by 5.1% year-on-year to RMB 20.3 billion in 2024, with significant declines in the PMLS and MIS segments due to weak hospital procurement [8]. - Overseas revenue grew by 21.3% year-on-year to RMB 16.4 billion, accounting for 44.7% of total revenue, with Asia-Pacific being a key growth driver [8]. - The target price has been adjusted to RMB 249.19 from a previous target of RMB 328.81, reflecting a downside potential of 15.4% from the current price of RMB 215.85 [3]. Financial Summary - For FY24, revenue is projected to grow to RMB 40.2 billion in FY25, with a year-on-year growth rate of 9.4% [2][13]. - The adjusted net profit for FY25 is estimated at RMB 12.3 billion, representing a growth of 6.5% year-on-year [2][13]. - The report indicates a decline in gross profit and operating profit forecasts for FY25E, with revenue expectations revised down by approximately 7.85% [9]. Share Performance - The market capitalization of Mindray is reported at RMB 261.7 billion, with a 52-week high of RMB 324.50 and a low of RMB 211.59 [3]. - The stock has experienced a decline of 20.4% over the past six months [5]. Shareholding Structure - The major shareholders include Smartco Development Limited with 27.0% and Magnifice (HK) Limited with 24.5% [4].

Summary of Mindray Medical Conference Call Company Overview - **Company**: Mindray Medical - **Fiscal Year**: 2024 - **Key Financials**: - Net profit attributable to shareholders increased by 4.36% year-on-year - Operating cash flow net amount increased by 12.38% to 12.432 billion CNY - Total revenue for 2024 was 36.726 billion CNY, a 5.14% increase from the previous year - Planned cash dividends for 2024 totaled 7.602 billion CNY, with a payout ratio of 65.15% [2][3][4] Industry Performance - **International Market**: - Strong performance with a growth of 21.28%, accounting for 45% of total revenue - Asia-Pacific region grew nearly 40%, while Europe rebounded with over 30% growth - High-potential businesses such as minimally invasive surgery, animal healthcare, and cardiovascular accounted for nearly 10% of international revenue [2][5] - **Domestic Market**: - Domestic revenue decreased by 5.1% due to weak tendering and the impact of DRG 2.0 - Anticipated recovery in growth by Q3 2025 as local fiscal pressures ease and medical equipment update projects commence [2][5] Product Line Performance - **In Vitro Diagnostics (IVD)**: - Grew by 10.82% overall, with international growth exceeding 30% - Domestic market affected by policy changes but market share increased [2][6][7] - **Medical Imaging**: - Grew by 6.60%, with international growth over 15% - Launch of high-end ultrasound Verona A20 contributed significantly [2][7] - **Life Information and Support**: - Declined by 11%, but international markets saw double-digit growth - Domestic market maintained leading market share in monitoring and respiratory products [2][7] Research and Development - **R&D Investment**: - 2024 R&D investment was 4.008 billion CNY, accounting for 10.91% of revenue - Continued focus on innovation with multiple new product launches in various fields [3][11][12] Sustainability and ESG - **Sustainability Initiatives**: - Maintained MSCI ESG rating of A - Set carbon reduction goals with a reported 11.6% decrease in carbon intensity by the end of 2024 compared to 2021 [2][13] Market Outlook - **Domestic Market Potential**: - Confidence in long-term growth despite recent slowdowns - Anticipated acceleration in medical equipment updates and government investments in healthcare [10][14] - **International Market Strategy**: - Plans to enhance supply chain and marketing strategies to mitigate tariff impacts - Targeting a long-term goal of 30% domestic and 70% international revenue [15][17] Challenges and Risks - **Tariff Impacts**: - U.S. tariffs have not significantly affected North American business, with a compound annual growth rate of 10% from 2018 to 2023 - Ongoing adjustments to supply chain and material sourcing to manage costs [18][19] Future Growth Strategies - **Five-Year Plan**: - Focus on digitalization, streamlined production, and international expansion - Emphasis on integrating AI and IT with medical devices to enhance clinical decision-making [20][21] - **IVD Growth**: - Expected to remain a key growth driver with new product launches and competitive upgrades planned [23][24] Conclusion - **Overall Outlook**: - Mindray Medical is positioned for continued growth through strategic investments in R&D, international market expansion, and a focus on sustainability, despite facing challenges in the domestic market and external economic pressures [30][31]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure but is expected to improve gradually quarter by quarter [1] - In 2024, the company achieved total revenue of 36.726 billion yuan, a year-on-year increase of 5.14%, and a net profit attributable to shareholders of 11.668 billion yuan, a year-on-year increase of 0.74% [7] - The company anticipates a turning point in 2025, despite short-term challenges in the domestic market [7] Financial Performance Summary - Total revenue projections for the company are as follows: 39.369 billion yuan in 2025, 45.061 billion yuan in 2026, and 52.403 billion yuan in 2027, with respective year-on-year growth rates of 7.20%, 14.46%, and 16.29% [1] - Net profit attributable to shareholders is projected to be 11.960 billion yuan in 2025, 13.131 billion yuan in 2026, and 15.280 billion yuan in 2027, with year-on-year growth rates of 2.50%, 9.79%, and 16.37% [1] - The latest diluted EPS is expected to be 9.86 yuan in 2025, 10.83 yuan in 2026, and 12.60 yuan in 2027 [1] Business Segment Performance - The Life Information and Support business generated revenue of 13.557 billion yuan in 2024, a decrease of 11.11% year-on-year, while the International Life Information and Support business saw double-digit growth [7] - The In Vitro Diagnostics (IVD) business achieved revenue of 13.765 billion yuan, a year-on-year increase of 10.82%, marking its first time exceeding the Life Information and Support business in revenue [7] - The Medical Imaging segment generated revenue of 7.498 billion yuan, with international business growth exceeding 15% [7] - The Electrophysiology and Vascular Intervention segment generated revenue of 1.439 billion yuan, with the acquisition of control over Huitai Medical to enhance cardiovascular segment capabilities [7] Innovation and Growth Drivers - The company launched several innovative products in 2024, including advanced medical systems and AI-driven solutions to improve patient care and operational efficiency [7] - The company maintains a strong competitive position due to its diverse product lines and continuous innovation [7]

三大主业合力增长 业绩稳健、优质分红企业价值凸显 4月28日，迈瑞医疗（300760.SZ）披露2024年年度报告。报告期内，公司实现营业收入367.26亿元，同 比增长5.14%；实现归母净利润116.68亿元，同比增长0.74%。在行业普遍低迷的环境下，公司依然保持 了自2018年A股上市以来连续7年营收、归母净利润双增长。 同时，迈瑞医疗披露了2024年度利润分配预案，计划以12.12亿总股本为基数，向全体股东每10股派发 现金股利人民币5.60元（含税），合计派发6.79亿元（含税）。加上公司2024年已经实施的中期利润分 配和第二次中期利润分配合计派发的69.23亿元（含税），2024年度，公司累计现金分红总额将达到 76.02亿元，现金分红比例高达65.15%。 此外，公司还计划推出2025年第一次中期利润分配预案，预计派发17.10亿元（含税），并请求股东大 会授权董事会根据公司实际情况制定2025年其他中期分红方案。迈瑞医疗在保持业绩稳健增长的前提 下，持续推动一年多次与投资者共享发展成果。 连续七年分红总额超340亿 制定未来三年股东回报计划 年报显示，自迈瑞2018年上市以来便未进行过再融 ...

本报记者李雯珊见习记者刘晓一 4月29日，中国医疗器械龙头深圳迈瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"）发布2024年 年度报告。报告期内，公司实现营业收入367.26亿元，同比增长5.14%；实现归属于上市公司股东的净 利润（以下简称"净利润"）116.68亿元，同比增长0.74%；经营活动产生的现金流量净额124.32亿元，同 比增长12.38%。 公告显示，公司主营业务收入持续增长，主要受益于不断扩大的全院级数智化整体解决方案优势、加速 突破的海外高端客户群、国内外市场份额稳步提升，以及在研发、生产、营销、服务等方面的竞争优 势。 报告期内，公司生命信息与支持业务实现营收135.57亿元，其中微创外科业务同比增长超过30%，国际 生命信息与支持业务实现了同比双位数增长；体外诊断业务实现营收137.65亿元，同比增长10.82%，收 入体量首次超过生命信息与支持业务，跃升为公司第一大业务板块，其中国际体外诊断业务同比增长超 过30%；医学影像业务实现营收74.98亿元，同比增长6.60%，其中国际医学影像业务同比增长超过 15%。 公司长期增长逻辑的背后是对于研发的坚守。2024年，迈瑞医疗研发 ...

Financial Performance - In 2024, the company achieved total revenue of 36.726 billion CNY, a year-on-year increase of 5.14% [2] - The net profit attributable to shareholders was 11.668 billion CNY, up 0.74% year-on-year; excluding financial expenses, the net profit growth was 4.36% [2] - Operating cash flow reached 12.432 billion CNY, reflecting a year-on-year increase of 12.38% [2] - For Q1 2025, total revenue was 8.237 billion CNY, a decline of 12.12% compared to the same period last year, with net profit down 16.81% [9] Dividend Distribution - The company plans to distribute 679 million CNY (including tax) as dividends for 2024, with a cumulative cash dividend of 7.602 billion CNY, representing a payout ratio of 65.15% [3] - A proposal for a mid-year dividend of 1.71 billion CNY (including tax) for 2025 is also in place, pending shareholder approval [3] Market Performance International Market - The international market grew by 21.28% in 2024, with the Asia-Pacific region seeing nearly 40% growth driven by countries like Australia, Thailand, and India [4] - International revenue accounted for approximately 45% of total revenue, with high-potential segments like minimally invasive surgery and cardiovascular care nearing 10% of international income [4] Domestic Market - The domestic market experienced a decline of 5.10% due to sluggish hospital equipment procurement and the impact of DRG 2.0 [4] - A recovery is anticipated in Q3 2025 as local fiscal pressures ease and medical equipment projects are initiated [4] Product Line Performance In Vitro Diagnostics (IVD) - The IVD segment grew by 10.82% in 2024, with international IVD growth exceeding 30% [5] - IVD revenue now constitutes 37.48% of total company revenue, surpassing the life information and support segment [5] Medical Imaging - The medical imaging segment grew by 6.60%, with international growth over 15% [7] - The launch of the high-end Resona A20 ultrasound is expected to enhance market presence [7] Life Information and Support - This segment saw a decline of 11.11%, although international growth was in double digits [8] - The company maintains a leading market share in domestic monitoring and respiratory devices despite challenges [8] Research and Development - R&D investment for 2024 was 4.008 billion CNY, accounting for 10.91% of revenue, while Q1 2025 saw 847 million CNY in R&D, representing 10.28% of revenue [11] - New product launches include advanced systems in life information and support, IVD, and medical imaging [12][13] Sustainability Efforts - The company received an AA rating from MSCI ESG and was included in the S&P Global Sustainable Development Yearbook [14] - Carbon emissions intensity decreased by 11.6% compared to 2021, with ongoing projects contributing to sustainability goals [15] Future Outlook - The company anticipates a significant recovery in domestic revenue starting Q3 2025, driven by the resumption of medical equipment projects [10] - Long-term growth strategies focus on digitalization, internationalization, and enhancing the supply chain to adapt to changing market conditions [24][25]

上述募集资金到位情况已由普华永道中天会计师事务所（特殊普通合伙）审 验，并已于 2018 年 10 月 10 日出具"普华永道中天验字(2018)第 0626 号"《验 资报告》。公司已对募集资金采取了专户存储，相关募集资金已全部存放于募集 资金专户，并且公司及相关子公司与存放募集资金的商业银行、保荐机构签订了 《募集资金三方监管协议》、《募集资金四方监管协议》。 二、募集资金投资项目的基本情况 根据《深圳迈瑞生物医疗电子股份有限公司首次公开发行股票并在创业板上 市招股说明书》及公司召开的第七届董事会第三次会议、第七届董事会第五次会 议、第七届董事会第十次会议、2019 年年度股东大会和 2020 年年度股东大会， 1 核查意见 华泰联合证券有限责任公司 关于深圳迈瑞生物医疗电子股份有限公司 部分募集资金投资项目结项 并将节余募集资金永久补充流动资金的公告 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐机构"）作 为深圳迈瑞生物医疗电子股份有限公司（以下简称"迈瑞医疗"、"公司"）首次 公开发行股票并在创业板上市持续督导阶段的保荐机构，根据《证券发行上市保 荐业务管理办法》、《上市公司监管指引第 ...

深圳迈瑞生物医疗电子股份有限公司 2024年度内部控制审计报告 安永华明（2025）专字第70024693_H01号 深圳迈瑞生物医疗电子股份有限公司 深圳迈瑞生物医疗电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了深圳迈瑞生物医疗电子股份有限公司 2024 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是深圳迈瑞生物医疗电子 股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 按照中国证监会发布《上市公司实施企业内部控制规范体系监管问题解答》（2011 年第 1 期，总第 1 期）的相关豁免规定，深圳迈瑞生物医疗电子股份有限公司未将于 2024 年度并购的子公司深圳惠泰医疗器械股份有限公司及其下属子公司（"惠泰医疗集 团"）的内部控制包括在深圳迈瑞生物医疗电子股份 ...