Mindray(SZ:300760) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-15 07:33Core Viewpoint - Mindray Medical is planning to issue H-shares and list on the Hong Kong Stock Exchange, marking a strategic move to enhance its international presence and capital operations after leaving the NYSE [1][2]. Group 1: Purpose and Necessity of the Listing - The primary objectives of the H-share issuance include strengthening international influence, aligning with global development strategies, attracting global talent, and optimizing shareholder structure and liquidity [1][2]. - The company aims to leverage the Hong Kong listing to better connect with overseas market resources and enhance competition against international giants [1][2]. - The current capital market environment in Hong Kong is favorable for high-quality assets, making it an opportune time for international capital operations [2][3]. Group 2: Financial Performance and Market Conditions - Mindray Medical experienced a decline in revenue and net profit in the first half of the year, with revenue and net profit dropping by 18.45% and 32.96% year-on-year, respectively [3]. - The company anticipates a turnaround in its financial performance, expecting positive revenue growth in Q3, with international business growth accelerating [3][4]. - The company’s financial health is strong, with cash and financial assets totaling approximately 169.67 billion yuan, and a debt ratio of 25.10% [4][5]. Group 3: Strategic Goals and Globalization - Mindray Medical aims to become a top 10 global medical device company by 2030, with a target for international revenue to account for 70% of total revenue [4][5]. - The company has established a significant international presence, with production bases in 14 countries and over 64 overseas subsidiaries [6][7]. - The company emphasizes a dual approach of "internal growth and external acquisition" to enhance its global market position, focusing on strengthening core competencies through strategic acquisitions [6][7].