迈瑞医疗交出上市七年“最差成绩单”，董事长李西廷：别太悲观

Core Viewpoint - The domestic market for medical device companies, particularly for Mindray Medical, appears to be recovering after a challenging period, with expectations of improved performance in the upcoming quarters [2][4]. Group 1: Financial Performance - Mindray Medical reported a significant decline in revenue and net profit for the first half of 2025, with revenue down 18.45% to 16.743 billion yuan and net profit down 32.96% to 5.069 billion yuan, marking the worst performance since its listing [1][2]. - The company's gross margin fell to 61.67%, the lowest recorded, with a net profit margin of 31.25%, down 5.65 percentage points year-on-year [4]. Group 2: Domestic Market Challenges - The domestic business of Mindray Medical saw a 30% decline to 8.41 billion yuan, contributing significantly to its poor performance, with this segment now accounting for only 50.2% of total revenue [4]. - The decline in domestic revenue is attributed to macroeconomic factors, including healthcare reforms and increased market competition, with the overall medical device market down approximately 20% over the past two years [4]. Group 3: Future Growth Drivers - Mindray Medical's future profitability is expected to be supported by three main factors: continuous high-end product iterations, growth in high-end customer segments, and sustained growth in high-margin business areas such as interventional treatment and in vitro diagnostics [3][4]. - The company anticipates a recovery in domestic performance starting in the third quarter, with expectations of positive year-on-year growth in overall revenue [2][4]. Group 4: International Market Growth - In contrast to domestic challenges, Mindray Medical's international business showed robust growth, contributing 8.332 billion yuan in revenue, a 5.39% increase year-on-year, and now representing 49.8% of total revenue [6][7]. - The international market is viewed as a key growth engine, with significant potential for expansion, particularly in Southeast Asia, where the company aims to increase its market share to match domestic levels within five years [7][8].