Mindray(SZ:300760) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-15 14:37Core Viewpoint - Mindray Medical (300760.SZ) plans 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]. Group 1: Purpose of the Listing - The primary objectives of the H-share issuance include strengthening international influence, aligning with global development strategies, attracting global talent, optimizing shareholder structure, and enhancing liquidity [1]. - The company aims to efficiently connect with overseas market resources and compete with international giants, while also increasing the proportion of long-term institutional investors [1][10]. Group 2: Market Context and Timing - The Hong Kong stock market has been recovering, with several large-cap A-share companies, such as CATL and Hengrui Medicine, also pursuing listings in Hong Kong to accelerate their internationalization [9]. - The current capital market environment in Hong Kong is favorable for high-quality assets, providing a good opportunity for international capital operations [10]. Group 3: Financial Performance and Projections - Mindray Medical experienced a decline in revenue and net profit in the first half of 2025, with revenue and net profit down 18.45% and 32.96% year-on-year, respectively [10]. - The company anticipates a turning point in performance in Q3 2025, expecting overall revenue to achieve positive year-on-year growth and improve sequentially [12]. - The international business is projected to accelerate growth, with developing countries maintaining rapid growth trends [12]. Group 4: Strategic Goals - Mindray Medical aims to become a top 10 global medical device company by 2030, with international revenue expected to reach 70% of total revenue [18]. - To achieve this, total revenue must exceed 100 billion RMB, with international revenue reaching at least 70 billion RMB [19]. Group 5: Globalization Strategy - The company has established production bases in 14 countries and has over 64 overseas subsidiaries, employing more than 3,000 staff globally [20]. - Mindray emphasizes a dual approach of organic growth and acquisitions to enhance its competitive edge, focusing on strengthening core business areas rather than merely increasing revenue [21].