Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a decline of 1.26% recently, reflecting broader market trends in the healthcare sector [1]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services closed at 13,370.1 points with a trading volume of 11.048 billion yuan [1]. - Over the past month, the index has increased by 2.41%, but it has decreased by 7.73% over the last three months and is down 1.09% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, selected from the broader China Securities Index to reflect the overall performance of healthcare-related securities [1]. - The top ten weighted companies in the index include Mindray Medical (9.6%), Aier Eye Hospital (8.13%), and United Imaging Healthcare (7.77%) among others [1]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.46%) and the Shanghai Stock Exchange (39.54%) [1]. Group 3: Fund Tracking - Several public funds track the China Securities Index for Healthcare Equipment and Services, including Southern China Securities Index Healthcare Equipment and Services Link A, and Tianhong China Securities Index Healthcare Equipment and Services ETF [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The domestic market is poised for recovery, and overseas business is performing strongly. The company is expected to benefit from the gradual recovery of procurement in 2025, leading to a turning point in domestic operations [4][5]. - The company has implemented an active dividend policy, with dividend payouts of 679 million and 1.71 billion for 2024 and 2025 respectively, reflecting a payout ratio of 6% and 65% [5]. - Revenue for 2024 is projected at 36.726 billion (up 5.14%), with net profit attributable to the parent company at 11.668 billion (up 0.74%). For Q1 2025, revenue is expected to be 8.237 billion (down 12.12%), with net profit at 2.629 billion (down 16.81%) [5]. - The company is adjusting its profit forecasts for 2025-2027, expecting net profits of 12.913 billion, 14.869 billion, and 17.143 billion respectively, with corresponding EPS of 10.65, 12.26, and 14.14 [5][7]. - The company is transitioning towards a digital and intelligent ecosystem solution provider, integrating technology to address clinical pain points, with a significant increase in revenue contribution from high-end strategic customers [6]. Financial Summary - The company achieved a revenue of 34.932 billion in 2023, with a projected increase to 40.432 billion in 2025, reflecting a year-on-year growth of 10.1% [7]. - The gross margin is expected to remain stable around 63.7% in 2025, while the net margin is projected at 31.9% [7]. - Return on equity (ROE) is forecasted to decline from 34.7% in 2023 to 24.1% in 2025, indicating a potential decrease in profitability [7]. - The company’s P/E ratio is expected to decrease from 23.0 in 2023 to 20.6 in 2025, suggesting a more attractive valuation over time [7].

Core Insights - The report highlights a positive shift in fiscal data, indicating an improvement in economic conditions and policy direction, with tax revenue growth returning to positive territory for the first time this year [6][9]. - The report emphasizes the recovery of domestic markets for specific companies, particularly in the medical sector, with significant growth potential in overseas markets [14][21]. Summary by Sections Total Research - Fiscal data released on May 20, 2025, shows a year-on-year tax revenue increase of 1.9% in April, marking the first month of positive growth this year [6]. - Non-tax revenue growth slowed to 1.66%, the lowest in nearly a year, indicating a significant easing of local government financial pressures [7]. - Land transfer revenue saw a 4.27% increase, the highest growth rate since 2021, suggesting a normalization in land sales [7]. Expenditure Side - General fiscal expenditure increased by 5.8% in April 2025, significantly above the planned target of 4.4% for the year, indicating strong fiscal spending [8]. - Government fund expenditures surged by 45%, the highest growth rate since 2022, reflecting a normalization of government spending [8]. Economic Recovery - The report suggests that the ongoing "wide fiscal" policy is crucial for driving economic recovery, with improvements in the business environment for enterprises [9]. - The anticipated acceleration in fiscal spending, particularly following the April 25 Politburo meeting's directives, is expected to further boost economic activity [9]. Company Insights: Mindray Medical (300760.SZ) - The company is poised for a domestic market recovery in 2025, with a projected revenue of CNY 367.26 billion in 2024, reflecting a 5.14% increase [14]. - The company plans to distribute dividends of CNY 6.79 billion and CNY 17.10 billion for 2024 and 2025, respectively, with a payout ratio of 6% and 65% [14]. - The overseas market is performing well, with the in-vitro diagnostics (IVD) segment showing a revenue increase of 10.82% [15]. Company Insights: Lifesun Pharmaceutical (002393.SZ) - The company received over CNY 300 million in dividends from its subsidiary, enhancing its financial position [18]. - Lifesun's revenue for 2024 is projected at CNY 13.36 billion, a 15.88% year-on-year increase, despite a decline in net profit due to adjustments in its marketing strategy [20]. - The company is focusing on a dual strategy of industrial operations and capital management to drive growth [20]. Company Insights: 3SBio (01530.HK) - The company has signed an agreement with Pfizer for the global development and commercialization of its PD-1/VEGF dual-specific antibody, SSGJ-707, which could yield up to USD 60.5 billion in milestone payments [21]. - SSGJ-707 has shown promising results in clinical trials, with plans for further studies in various cancer treatments [22]. - The company maintains a strong growth outlook, with projected net profits of CNY 23.28 billion, CNY 26.12 billion, and CNY 29.38 billion for 2025-2027 [21].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][12] Core Views - The domestic market is poised for recovery, and overseas business is performing strongly. The company is expected to benefit from the gradual recovery of procurement in 2025, leading to a turning point in domestic operations [4][5] - The company has implemented an active dividend policy, with dividend payouts of 679 million and 1.71 billion for 2024 and 2025 respectively, reflecting a payout ratio of 6% and 65% [5] - Revenue for 2024 is projected at 36.726 billion (up 5.14%), with net profit of 11.668 billion (up 0.74%). For Q1 2025, revenue is expected to be 8.237 billion (down 12.12%), with net profit of 2.629 billion (down 16.81%), but showing significant improvement on a quarter-on-quarter basis [5] Financial Summary - Revenue and profit forecasts for 2025-2027 are adjusted, with expected net profits of 12.913 billion, 14.869 billion, and 17.143 billion respectively, and corresponding EPS of 10.65, 12.26, and 14.14 [5][7] - The company’s revenue for 2023 was 34.932 billion, with a year-on-year growth of 15%. The gross margin is expected to remain stable around 63.5% to 64.2% over the forecast period [7][9] - The company’s international business, particularly in in-vitro diagnostics (IVD), is expected to continue growing, with international revenue contributing significantly to overall performance [5][6] Business Performance - The company’s life information and support business generated 135.57 billion in revenue (down 11.11%), while the IVD business achieved 137.65 billion (up 10.82%), with international IVD business growing over 30% [5] - The company is transitioning towards a digital and intelligent ecosystem solution provider, leveraging AI and big data to enhance service offerings [6]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 21, 2025, the latest net value of the fund is 1.6359 yuan, reflecting a growth of 1.36% [1] - The fund's one-month return is 4.85%, ranking 1834 out of 4645 in its category, while the three-month return is 0.17%, ranking 1678 out of 4590 [1] - Year-to-date, the fund has achieved a return of 4.28%, with a ranking of 2331 out of 4544 [1] Group 2 - The top ten stock holdings of the China Europe Medical Health Mixed A Fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.613 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The company announced a cash dividend distribution of RMB 5.60 per share (including tax) for the 2024 fiscal year, totaling RMB 678,967,180.64 (including tax) based on a total share capital of 1,212,441,394 shares as of December 31, 2024 [1][2] - The first interim profit distribution plan for 2025 was approved, with a cash dividend of RMB 14.10 per 10 shares (including tax) [1][2] - The dividend distribution will be adjusted if the total share capital changes before the implementation of the distribution [1][2] Group 2 - The equity distribution record date is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [2][3] - The distribution will be directly credited to the shareholders' accounts through their securities companies or other custodians [3] - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [3]

证券代码：300760 证券简称：迈瑞医疗 公告编号：2025-020 深圳迈瑞生物医疗电子股份有限公司 2024年度及2025年第一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。 重要提示： 1、分配方案：每10股派发现金红利19.70元（含税），由2024年度利润分配方案每10股 派发现金红利5.60元（含税）与2025年第一次中期利润分配方案每10股派发14.10元（含税） 共同构成； 2、以上利润分配方案已经公司2025年5月20日召开的2024年年度股东大会审议通过； 3、本次权益分派股权登记日为：2025年5月28日，除权除息日为：2025年5月29日。 二、本次实施的权益分派方案 本公司 2024 年 度 及 2025 年 第 一 次 中 期 权 益 分 派 方 案 为 ： 以 公 司 现 有 总 股 本 1,212,441,394股为基数，向全体股东每10股派19.70元人民币现金（含税；扣税后，通过深 股通持有股份的香港市场投资者、境外机构（含QFII、RQFII）以及持有首发前限售股的个 人和证券投资基金每10股派1 ...

Core Viewpoint - The company aims to become a top 10 global medical device company by 2030, focusing on increased R&D investment, internationalization, and strategic acquisitions to enhance its core technologies and market presence [3][4]. Group 1: Strategic Goals and Implementation - The strategic goal for the next 3-5 years is to enhance R&D investment and master core technologies to achieve higher market rankings [3]. - Internationalization is a key focus, with two main paths: building teams and pursuing acquisitions [3][4]. - The company has a history of successful acquisitions that have strengthened its technology and market access, such as the acquisition of Datascope and ZONARE [3][4]. Group 2: International Market Expansion - The overseas revenue share increased from 39% to 45%, with a target of over 70% in the future, particularly in developing countries and Europe [4]. - The U.S. market, while currently representing only 6% of total sales, remains a strategic focus, with significant market share in key product categories [4][5]. Group 3: Domestic Market Outlook - Domestic business has faced pressure due to factors like centralized procurement, but a recovery is expected in Q3 2024 as medical equipment updates begin [6]. - The company anticipates a "conversion year" with a potential for growth in the latter half of the year, driven by policies like equipment replacement [6]. - The company has maintained a high win rate of 60%-70% in recent procurement projects, indicating strong competitive positioning [6].

Core Viewpoint - The ICBC Medical Care Stock Fund (000831) has shown positive performance with a recent net value of 2.5640 yuan, reflecting a growth of 2.07% [1] Performance Summary - The fund's one-month return is 4.48%, ranking 672 out of 1022 in its category - Over the last three months, the return is 7.69%, with a ranking of 96 out of 1009 - Year-to-date, the return stands at 12.51%, ranking 128 out of 999 [1] Holdings Overview - The top ten holdings of the fund account for a total of 39.79%, with the following key positions: - Heng Rui Medicine: 8.90% - WuXi AppTec: 5.12% - Aier Eye Hospital: 4.94% - BeiGene: 3.77% - Zai Lab: 3.52% - New Horizon Health: 3.27% - Mindray Medical: 2.80% - Yuyue Medical: 2.76% - United Imaging Healthcare: 2.47% - Innovent Biologics: 2.24% [1] Fund Details - The ICBC Medical Care Stock Fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan - The fund is managed by Zhao Bei and Ding Yang [1][2]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 20, 2025, the fund's latest net value is 1.5473 yuan, reflecting a growth of 2.76% [1] - The fund's one-month return is 5.29%, three-month return is 0.92%, and year-to-date return is 2.57%, with respective rankings of 3149 out of 4647, 1587 out of 4590, and 3094 out of 4546 [1] Group 2 - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Kanglong Chemical (6.24%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]