Core Viewpoint - Ever Union (H.K.) Limited plans to reduce its shareholding in Mindray Medical International Limited by up to 5,000,000 shares, representing approximately 0.41% of the company's total share capital, between July 3, 2025, and October 2, 2025 [1][2] Group 1: Shareholder Information - Shareholder name: Ever Union (H.K.) Limited [1] - As of the announcement date, Ever Union holds 51,482,379 shares, accounting for approximately 4.25% of the company's total share capital [1] Group 2: Details of the Reduction Plan - The reduction plan allows for adjustments in the number of shares to be reduced in case of any changes in share capital, such as stock dividends or capital reserve transfers [2] - Ever Union's reduction will comply with relevant laws and regulations, including methods such as market trading, block trading, and agreement transfers [2] Group 3: Commitment and Compliance - Ever Union has committed to providing a five-day notice before any reduction, detailing the reasons, quantity, future plans, and potential impacts on the company's governance and operations [2] - As of the announcement date, Ever Union has adhered to its commitments without any violations [2]

Group 1 - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - Chengdu XianDao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology Co., Ltd. due to failure to reach consensus on core terms [4] - Unigroup Guowei repurchased 775,500 shares for a total amount of 49.6173 million yuan on June 27 [5] Group 2 - Qinhuangdao State-owned Assets Supervision and Administration Commission plans to reduce its stake in Qin Port Co., Ltd. by up to 2% [2] - Magu Technology's shareholder Baolifeng intends to reduce its stake by up to 3% [3] - New Dairy's controlling shareholder plans to reduce its stake by up to 3% due to funding needs [6] Group 3 - Mindray Medical's shareholder EverUnion (H.K.) Limited plans to reduce its stake by up to 500,000 shares, representing approximately 0.41% of the total share capital [7] - Degute plans to acquire control of Haowei Technology, with trading suspended from June 30 [8]

Core Viewpoint - After the commitment period for non-reduction has passed, a specific shareholder of Mindray Medical has expressed intentions to reduce their holdings, indicating potential shifts in shareholder sentiment and liquidity needs [1][4]. Group 1: Shareholder Actions - Ever Union (H.K.) Limited, a specific shareholder of Mindray Medical, plans to reduce its holdings by up to 5 million shares (approximately 0.41% of total shares) within three months from the announcement date [1]. - The reason for the reduction is cited as the shareholder's own funding needs, with the shares being sourced from those held prior to the company's initial public offering [1]. Group 2: Financial Implications - If calculated at the latest share price of 226.64 yuan per share, the potential proceeds from Ever Union's share reduction could exceed 1 billion yuan [2]. Group 3: Company Performance - Mindray Medical's net profit growth has significantly slowed to 0.74%, marking a five-year low, with the first quarter of this year witnessing a decline in both revenue and net profit, a first in seven years for the company [6]. - The company anticipates a turnaround in domestic business by the third quarter, driven by accelerated issuance of special medical bonds leading to improved equipment bidding [6]. - Despite a slowdown in overseas market growth, the two-year compound annual growth rate remains healthy at 15% [6].

Market Position and Goals - Mindray aims to become one of the top ten global medical device companies, with a strong competitive position in the Chinese market, particularly in the monitoring equipment sector, where it holds over 50% market share [2][3] - The company emphasizes the importance of innovation and core technology mastery to enhance overall competitiveness in the medical device industry [3][5] Financial Performance and Challenges - Since the second half of 2023, Mindray's growth rate has slowed due to market saturation post-pandemic and external trade tensions [5][6] - The company has a research and development team of 5,000, positioning it as a leader among domestic medical device firms [5] Strategic Responses to Market Changes - Mindray is adapting to domestic policy changes, such as centralized procurement and payment by diagnosis, which are seen as opportunities for domestic leaders [7][8] - The company plans to increase its international revenue share to 70%, having established over 60 overseas subsidiaries and local production bases in 13 countries [8][9] Innovation and Product Development - Mindray focuses on rigorous detail-oriented processes in R&D, management, and sales to maintain its competitive edge [4][10] - The company is enhancing its product offerings in high-value consumables and expanding its capabilities through acquisitions, such as the purchase of Huatai [10][19] Employee Development and Corporate Culture - Mindray prioritizes employee training and welfare, ensuring a supportive work environment to enhance service quality and company growth [4][15] - The company maintains a culture of humility and continuous learning, recognizing that sustainable development requires attention to detail [4] Future Outlook and Strategic Initiatives - Mindray is committed to leveraging IT and AI technologies to create differentiated advantages in smart healthcare [5][9] - The company is actively exploring local market needs and adapting its products to meet diverse international requirements [16][18] Competitive Landscape - Mindray's products are designed to address specific clinical needs, with a focus on user experience and performance benchmarks [23][24] - The company is working to close the performance gap with international brands in areas such as IVD and surgical robotics [19][24]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-025 深圳迈瑞生物医疗电子股份有限公司 关于股东股份减持计划的预披露公告 股东 Ever Union（H.K.）Limited 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公告内容与信息披露义务人提供的信息一致。 特别提示： 3、减持方式：集中竞价交易或/及大宗交易等法律法规允许的方式 4、减持数量和比例：计划减持公司股份不超过 5,000,000 股，即不超过公司股份总数 的 0.41%。若减持期间公司有送股、资本公积金转增股本等股份变动事项，减持股份数量 进行相应调整。 5、减持期间：自本减持计划公告之日起三个交易日后自 2025 年 7 月 3 日至 2025 年 10 月 2 日（根据法律法规禁止减持的期间除外）内进行。 持有公司股份51,482,379股（约占公司目前总股本的4.25%）的首次公开发行A股股份 前的特定股东Ever Union（H.K.）Limited（以下简称"Ever Union"）计划在本公告披露之 日起3个交易日后自2025年7月3日至2025年 ...

Core Viewpoint - Ever Union (H.K.) Limited, a shareholder of Mindray Medical (300760.SZ), plans to reduce its holdings by up to 5 million shares, representing approximately 0.41% of the company's total share capital, due to personal funding needs [1][1][1] Summary by Relevant Sections - **Shareholder Action** - Ever Union intends to sell up to 5 million shares within three months following the announcement, utilizing methods such as centralized bidding or block trading [1][1][1] - **Reason for Reduction** - The reduction is driven by the shareholder's own funding requirements [1][1][1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [6][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.05% from June 13 to June 26, 2025, which is approximately 6.43 percentage points lower than the index [13][26]. - All sub-sectors within the industry recorded negative returns during the same period, with medical consumables and hospital sectors experiencing the least decline at 0.17% and 0.4%, respectively. In contrast, chemical preparations and offline pharmacy sectors saw larger declines of 6.12% and 6.11% [14][26]. - Approximately 16% of stocks in the industry recorded positive returns, while around 84% experienced negative returns during the reporting period [15][18]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 47.76 times as of June 26, 2025, which is 3.83 times relative to the CSI 300 index. The industry valuation has decreased and is currently at a relatively low level compared to recent years [19][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.05% from June 13 to June 26, 2025 [13]. - All sub-sectors recorded negative returns, with the least affected being medical consumables and hospitals [14]. - About 16% of stocks in the industry had positive returns, with the highest gainers and losers identified [15][18]. 2. Industry News - The report highlights significant developments in the industry, including the implementation of centralized procurement for traditional Chinese medicine across 25 provinces, set to take effect from July 1, 2025 [24]. 3. Company Announcements - Notable announcements include a licensing agreement by Rongchang Biopharmaceuticals, which will receive $125 million in cash and potential milestone payments up to $4.105 billion from Vor Biopharma for the development and commercialization of a product [25]. 4. Weekly Industry Perspective - The report suggests continued focus on investment opportunities within the innovative drug sector, particularly as domestic companies begin to reap the benefits of years of research and development [26][28].

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Core Insights - The medical equipment industry is facing significant price reductions due to centralized procurement initiatives, with many devices seeing price drops exceeding 50% [7][9][12] - The shift towards "price for volume" in procurement is leading to a restructuring of the market, impacting both domestic manufacturers and international competitors [2][5][12] - The competitive landscape is changing, with leading companies benefiting from cash flow while smaller firms may struggle to survive [12][18] Group 1: Price Reductions and Market Dynamics - Centralized procurement in regions like Sichuan, Henan, and Xinjiang is drastically lowering prices for medical equipment, with some devices like 1.5T MRI machines dropping to around 500,000 yuan from 2 million yuan [2][9] - Over 30% of procurement projects have seen price drops exceeding 50%, with 27% experiencing reductions over 70% [7][9] - The average price drop for ultrasound devices is significant, with major players like Mindray securing large orders despite steep price reductions [9][10] Group 2: Impact on Manufacturers - Domestic manufacturers are facing challenges as they attempt to compete with international firms, with many experiencing squeezed profit margins due to aggressive pricing strategies [5][12] - High-end equipment is less affected by price drops, allowing manufacturers in this segment to maintain profitability while increasing sales volume [9][12] - The procurement process is favoring established companies with strong distribution channels, while smaller firms may need to innovate or seek acquisition to remain competitive [12][18] Group 3: Future Trends and Considerations - The focus of procurement policies is shifting from merely achieving low prices to balancing cost with meeting clinical needs, which may create opportunities for innovative products [18][19] - There is a growing recognition of the need for a fair competitive environment that allows for new entrants and maintains market vitality [18][19] - The integration of AI in imaging devices is becoming a standard, potentially impacting pricing and market dynamics for software solutions [13][19]

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].