Mindray(SZ:300760) Sou Hu Cai Jing·2025-10-14 16:35Core Viewpoint - The company is actively expanding its international presence, particularly in the Czech Republic, and aims to increase its international revenue share to 70% in the long term while addressing challenges such as price competition from centralized procurement [2][3]. Group 1: Company Performance and Strategy - As of October 14, 2025, the company's stock closed at 230.68 yuan, down 1.92%, with a turnover rate of 0.86% and a trading volume of 104,300 hands, amounting to a transaction value of 2.442 billion yuan [1]. - The company reported that international revenue accounted for approximately 50% of total revenue in the first half of 2025, with the international in vitro diagnostics (IVD) segment contributing 29% of international revenue [2]. - The company has established local production bases in 11 out of 14 planned countries to enhance its international operations and meet local market demands [2]. Group 2: Market Position and Competition - The company has achieved a 25% market share in the Czech Republic for its hematology products, with significant installations in private chains and teaching hospitals [2]. - The company has adapted well to centralized procurement policies, which have increased its domestic market share without significantly affecting its gross margin due to its mastery of core technologies [3]. Group 3: Financial and Corporate Governance - The company plans to issue up to 10% of its total share capital in H-shares to support its international strategy and fund research and operations [4][6]. - The board has approved the appointment of Ernst & Young as the special auditing firm for the H-share issuance, pending shareholder approval [6][8]. - The company is revising its articles of association to comply with Hong Kong listing rules, which will take effect upon the H-share listing [7].