迈瑞医疗海外业务成绩喜人，甬兴证券首次买入评级

Group 1 - The core achievement of Mindray Medical in the first half of 2025 is a 5.39% year-on-year growth in international business, with international revenue accounting for approximately 50% of total revenue, indicating a new stage in the company's internationalization process [1] - In the in vitro diagnostics (IVD) sector, Mindray Medical reported revenue of 6.424 billion yuan, with international IVD business showing double-digit growth, highlighting the company's strong competitiveness in international markets [1] - The company successfully expanded its high-end customer base by acquiring over 160 new high-end clients and achieving horizontal penetration with over 50 existing high-end clients in the in vitro diagnostics field [1] Group 2 - The life information and support business also performed well, with international revenue share rising to 67%, indicating the company's accelerated penetration into high-end medical institutions globally [1] - In the medical imaging sector, the ultra-high-end ultrasound series achieved nearly 400 million yuan in sales, nearing the total sales level of 2024, reflecting the company's ongoing breakthroughs in overseas high-end customer segments [2] - Mindray Medical's steady growth in overseas business provides strong performance support, with expectations for stable growth in net profit from 2025 to 2027, highlighting the long-term investment value of the company [2]