全球第25，国内第一！迈瑞医疗国际收入占比达50%

Core Insights - China's leading medical device company, Mindray Medical, ranked 25th in the 2025 Global Top 100 Medical Device Companies list, improving from 27th in 2024, maintaining its position as the top domestic medical device enterprise [1][5] Company Overview - Mindray Medical was founded in Shenzhen in 1991, focusing on core technology breakthroughs and successfully launching domestic monitoring devices and portable ultrasound equipment in the late 1990s, breaking the monopoly of imported brands in the mid-to-low-end medical device market [5] - The company went public on the New York Stock Exchange in 2006, expanded into overseas markets, and returned to the Shenzhen Stock Exchange in 2018 after privatization, establishing itself as a benchmark in the domestic medical device sector [5] Financial Performance - In the first half of 2025, Mindray Medical reported its first revenue and net profit decline since its A-share listing in 2018, with revenue of 16.743 billion yuan, down 18.45% year-on-year, and net profit of 5.069 billion yuan, down 32.96% year-on-year [5] - All three main business segments experienced declines: Life Information and Support business down 31.59%, In Vitro Diagnostics down 16.11%, and Medical Imaging down 22.51% [5] Global Market Position - Mindray Medical's international business revenue grew by 5.39% year-on-year in the first half of 2025, accounting for approximately 50% of total revenue, indicating a new stage in its internationalization process [9] - The company has successfully added over 160 new high-end clients in the In Vitro Diagnostics field and penetrated existing high-end clients' product lines [9] Strategic Initiatives - Mindray Medical's core strategy for international market expansion includes localization and acquisitions, having acquired several companies to enhance its global footprint [9] - The company invested 4.008 billion yuan in R&D in the 2024 fiscal year, maintaining a rhythm of launching new products every few years and achieving breakthroughs in high-end products [10] Market Valuation - As of September 26, 2025, Mindray Medical's stock price was 240.10 yuan per share, with a total market capitalization of 291.107 billion yuan, reflecting a 46.96% decline from its historical high of 461.94 yuan per share in 2021 [8]