千亿医疗器械龙头，筹划港股上市

Core Viewpoint - Mindray Medical announced plans to issue overseas listed foreign shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its capital strength and support internationalization strategy [1][3]. Group 1: Financial Performance - In the first half of the year, Mindray Medical reported revenue of 16.743 billion yuan, a year-on-year decline of 18.45%, and a net profit attributable to shareholders of 5.069 billion yuan, down 32.96% [6]. - The company anticipates a positive year-on-year revenue growth rate for the third quarter, continuing a trend of quarter-on-quarter improvement in revenue [6]. - The total cash dividend planned for 2025 is 3.298 billion yuan (including tax), representing 65.06% of the net profit for the first half of 2025 [6]. Group 2: International Business Growth - Mindray Medical's international business grew by 5.39% year-on-year in the first half of the year, with international revenue accounting for approximately 50% of total revenue [7]. - The international in vitro diagnostics segment is expected to see rapid growth, with its share of international revenue rising to 29% [7]. - The company aims to enhance its international revenue share in the coming years, particularly in developing countries, while improving profitability through high-end customer acquisition [7]. Group 3: Technological Advancements - Mindray Medical is transitioning from an "industry challenger" to a "technology leader" through sustained high-intensity R&D investment [7]. - The company has begun mass installations of its AI-based critical care models and plans to launch additional AI products in anesthesia, emergency care, nursing, testing, and imaging [8]. - The introduction of these AI technologies is expected to shift the company from "price competition" to "value competition," significantly enhancing its market position and product competitiveness [8].