Ge Long Hui A P P·2025-09-29 06:35Core Viewpoint - Mindray Medical's net profit for H1 2025 reached 5.069 billion yuan, a year-on-year decline of 32.96%, with Q2 net profit at 2.440 billion yuan, down 44.55% [1] Group 1: Financial Performance - The domestic market is under pressure, leading to a decline in performance in the first half of the year [1] - EPS estimates for 2025, 2026, and 2027 are approximately 10.08 yuan, 11.99 yuan, and 14.25 yuan, respectively [1] - Corresponding PE valuations for these years are 24x, 20x, and 17x [1] Group 2: Market Outlook - The medical equipment bidding activities are expected to recover in H1 2025 as industry restructuring normalizes and equipment upgrade projects gradually commence [1] - A significant improvement in the domestic market is anticipated in Q3 2025 [1] Group 3: International Expansion - Mindray Medical has established localized production projects in 14 countries, with 11 already in production, primarily focusing on in vitro diagnostic products [1] - The product integration progress from DiaSys's original factory is proceeding smoothly [1]