Ge Long Hui A P P·2025-09-26 06:13Core Viewpoint - The report from Zhongyin Securities indicates that Mindray Medical experienced a decline in revenue and net profit in the first half of the year, but there is optimism for a turning point in the third quarter, particularly due to the growth in international business [1] Group 1: Financial Performance - Mindray Medical achieved operating revenue of 16.743 billion yuan in the first half of the year, a year-on-year decrease of 18.45% [1] - The net profit attributable to the parent company was 5.069 billion yuan, reflecting a year-on-year decline of 32.96% [1] Group 2: Market Trends - Despite the pressure on performance, the domestic market has shown improvement in monthly bidding data for medical equipment since December of last year [1] - The cycle from public bidding to revenue recognition has significantly lengthened in the current competitive environment, impacting revenue for the first half of 2025 [1] Group 3: Future Outlook - The company expects a recovery in medical equipment bidding activities in the first half of 2025, which should lead to positive year-on-year revenue growth in the third quarter [1] - The international market's revenue share is expected to increase, with accelerated sales in the international in vitro diagnostics business [1] - The company's "equipment + IT + AI" ecosystem layout is viewed positively for future growth opportunities [1]