Mindray(SZ:300760) Zheng Quan Ri Bao Wang·2025-08-28 06:45Core Viewpoint - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (Mindray) reported steady operational performance in the first half of 2025, with revenue of 16.743 billion yuan and net profit of 5.069 billion yuan, driven by international business growth and a strong dividend policy [1][2]. Group 1: Financial Performance - In the first half of 2025, Mindray achieved revenue of 16.743 billion yuan and net profit of 5.069 billion yuan, with net cash flow from operating activities at 3.922 billion yuan [1]. - The company plans to distribute a second interim dividend of 1.31 yuan per share (before tax), totaling 1.588 billion yuan, contributing to a cumulative cash dividend of 3.298 billion yuan for 2025, which is 65.06% of the net profit for the period [1]. Group 2: Business Segments - International business became a key growth driver, accounting for 50% of total revenue, with revenue from developing countries reaching 5.435 billion yuan, a 6% year-on-year increase [2]. - The in-vitro diagnostics segment generated revenue of 6.424 billion yuan, with international revenue growing by over 20% [2]. - The life information and support segment achieved revenue of 5.479 billion yuan, with international revenue share rising to 67% [2]. - The medical imaging segment reported revenue of 3.312 billion yuan, with international revenue share increasing to 62% [2]. Group 3: Global Expansion and Innovation - Mindray has established localized production projects in 14 countries, with 11 projects already in production, primarily involving in-vitro diagnostic products [3]. - The global medical device market is projected to grow from $623 billion in 2024 to $869.7 billion by 2030, with a compound annual growth rate of 5.7% [3]. - The company emphasizes continuous innovation and mergers and acquisitions to penetrate new markets and technologies [3]. Group 4: R&D and Digital Transformation - Mindray invested 1.777 billion yuan in R&D in the first half of 2025, representing 10.61% of its revenue, leading to a rich portfolio of products and innovations in AI [4]. - The company has built a digital medical ecosystem integrating "equipment + IT + AI," enhancing its service capabilities and brand influence in both domestic and international markets [4][5]. - This digital ecosystem aims to break down data silos in clinical diagnosis and management, promoting intelligent and efficient healthcare services globally [5].