Ge Long Hui A P P·2025-09-11 05:23Core Viewpoint - Mindray Medical reported a net profit of 5.07 billion yuan for H1 2025, reflecting a year-on-year decline of 33.0% [1] Financial Performance - Domestic business revenue for H1 2025 was 8.41 billion yuan, down 33.4% year-on-year, attributed to the prolonged revenue recognition cycle from public tenders [1] - International business revenue reached 8.33 billion yuan, an increase of 5.4% year-on-year, supported by the company's continued breakthroughs with high-end overseas clients and improvements in local platforms [1] Market Trends - The bidding activities for medical devices in China are gradually recovering, with expectations for significant improvement in the domestic market in Q3 2025 [1] - The international revenue contribution increased to 62%, driven by the launch of high-end ultrasound series overseas [1] Product Development - In the domestic market, high-end and ultra-high-end ultrasound models accounted for over 60% of revenue, enhancing market share through premiumization [1] - New products launched in the life information and support, as well as medical imaging sectors, include specialized plasma resection solutions and mid-range portable ultrasound models [1] Valuation - Based on comparable company valuations, a target price of 308.48 yuan is set for 2025, with a maintained "buy" rating at a 32x PE ratio [1]