Mindray(SZ:300760) Sou Hu Cai Jing·2025-04-30 09:36Core Viewpoint - Mindray Medical has received an AA rating from MSCI ESG, but issues in the bidding process reveal compliance shortcomings [2][3] Group 1: ESG Performance - In 2024, Mindray Medical actively implemented digital transformation and accelerated globalization, integrating new domestic A-share sustainable development disclosure regulations into daily operations [2] - The company has been recognized by external rating agencies, maintaining an AA rating from MSCI ESG and being included in the S&P Global "Sustainability Yearbook (China Edition) 2024" [2] Group 2: Compliance Issues - Mindray Medical has faced multiple controversies regarding bid disqualifications and questions about winning bids, indicating potential deficiencies in compliance management, responsible marketing, and antitrust practices [3][7] - A specific case involved Inner Mongolia Xinjirong Medical Equipment Co., which won a bid for a Mindray product but was later disqualified due to allegations of providing false materials and not meeting technical specifications [4][6] Group 3: Marketing and Bidding Practices - The company has been accused of engaging in "rotten bidding" practices, where bid parameters appear open but are tailored to favor Mindray's products, raising concerns about exclusivity and low-price strategies [7][9] - In 2024, Mindray Medical's bidding practices have led to significant controversies, including instances where bid prices were substantially lower than market rates, raising questions about the sustainability of such strategies [9][10] Group 4: Impact on Industry - The low-price bidding strategy may hinder competition from smaller companies and could lead to a price war within the industry, potentially impacting innovation and long-term sustainability [9][11] - The reliance on low-priced equipment with minimal profit margins may result in reduced after-sales service quality, leading to increased customer complaints [9][11]