重识迈瑞：新一轮价值爆发前夜

Core Viewpoint - The long-term value metrics of the medical device industry are shifting, emphasizing financial health, global layout, innovation strength, and shareholder returns alongside growth rates [1] Financial Performance - In the first half of 2025, the company reported revenue of 16.743 billion yuan, with international business growing by 5.39% year-on-year [1] - The net profit attributable to shareholders was 5.069 billion yuan, with a basic earnings per share of 4.1840 yuan [1] - The total cash dividends for the first half of 2025 will reach 3.298 billion yuan, accounting for 65.06% of the net profit [1] International Business Growth - International business accounted for 50% of total revenue in the first half of 2025, with significant growth in the international in vitro diagnostics sector [2] - The international revenue share for the life information and support, and medical imaging business lines reached 67% and 62% respectively [2] - The company achieved a breakthrough with over 160 new high-end customers in the international in vitro diagnostics business [2] Domestic Market Dynamics - The domestic in vitro diagnostics market faced short-term pressure due to healthcare reforms and price competition, but is expected to recover in the third quarter of 2025 [4][8] - The company reported a significant increase in bidding amounts for ultrasound equipment, with a 116% year-on-year increase in the first five months of 2025 [5] Innovation and R&D - The company invested 1.777 billion yuan in R&D in the first half of 2025, representing 10.61% of revenue, and holds over 12,240 patents [9] - The establishment of a comprehensive digital healthcare ecosystem is underway, integrating devices, IT, and AI [9][11] Market Opportunities - The company is positioned to benefit from the ongoing shift towards domestic high-end product replacements and the growth of minimally invasive surgical products [7][12] - The average market share for core in vitro diagnostics products in China is only 10%, indicating significant room for growth [7] Strategic Outlook - The company aims to transition from a device supplier to a smart healthcare ecosystem builder, leveraging high-value consumables and AI medical products [13][14] - The company has established a strong presence in international markets, with local production projects in 11 countries [14]