迈瑞医疗官宣，赴港上市！

Core Viewpoint - The announcement of Mindray Medical's plan to issue H-shares and list on the Hong Kong Stock Exchange marks a significant strategic move amid slowing growth, aiming to enhance internationalization and capital strength [1][9]. Group 1: H-Share Issuance Details - The board has approved the H-share issuance plan, with a maximum issuance scale of 10% of the total share capital post-issuance, and an additional 15% reserved for overall coordinators [3][5]. - The issuance is subject to approval from the shareholders' meeting, the China Securities Regulatory Commission, and the Hong Kong regulatory authorities [5]. - Ernst & Young has been appointed as the special auditing firm to ensure compliance with H-share listing requirements [5][9]. Group 2: Strategic Goals and Internationalization - The core objective of the H-share issuance is to support business development, advance international strategies, and create an international capital platform [9][14]. - Currently, Mindray's overseas market share is only 2-3%, with significant potential for growth as the international market size is several times larger than the domestic market [10]. - The management aims for international revenue to account for at least 70% of total revenue in the future [11]. Group 3: Financial Performance and Challenges - In the first half of 2025, Mindray reported a revenue of 16.743 billion yuan, a decline of 18.45% year-on-year, and a net profit of 5.069 billion yuan, down 32.96% [19][20]. - The three core business segments have all faced revenue declines, with the in-vitro diagnostics segment experiencing a 16.11% drop in revenue [21][22]. - The company is under pressure from both domestic and international factors, including price reductions due to healthcare reforms and slower global economic recovery [24][25]. Group 4: Market Position and Future Outlook - The H-share listing is seen as a means to access foreign exchange funds and reduce cross-border financing costs, which is crucial for expansion in Europe, America, and emerging markets [14][29]. - The potential for valuation recovery exists as international investors may be more tolerant of cyclical fluctuations compared to the A-share market [28][29]. - Mindray aims to transition from a "Chinese leader" to a "global giant," but must navigate market volatility and investor sentiment carefully [29].