Mindray(SZ:300760) Zhong Guo Ji Jin Bao·2025-10-15 02:56Core Viewpoint - Mindray Medical has announced its plan for a secondary listing in Hong Kong to enhance its international strategy and capital strength, aiming to solidify its position in the global medical device market [1][2][9] Group 1: Company Strategy and Goals - The funds raised from the H-share issuance will be used for advancing international strategy, increasing R&D investment, and supplementing operational funds, aligning with the company's strategic directions of "digitalization," "streamlining," and "internationalization" [1][2] - The secondary listing is expected to strengthen the company's global influence, attract talent, and optimize shareholder structure and liquidity [1][2][4] - Mindray aims to achieve a position among the top ten global medical device companies, leveraging the Hong Kong market's international appeal to enhance its brand recognition and investment value [8][9] Group 2: Financial Performance and Shareholder Returns - As of mid-2023, Mindray's net assets reached 39 billion yuan, with a total dividend payout of 3.3 billion yuan this year, maintaining a high dividend payout ratio of 65.1% [2] - Since its IPO in 2018, the company has not engaged in refinancing and has distributed a total of 35.7 billion yuan in dividends, significantly exceeding its initial fundraising amount [2] Group 3: Global Market Position and Operations - Mindray has established a comprehensive global presence with production bases in 14 countries and over 64 overseas subsidiaries, employing more than 3,000 staff, predominantly local [3][4] - The company has maintained a leading market share in various product categories, including monitors and anesthesia machines, and has seen overseas revenue grow to 50% of total revenue in the first half of 2023 [4][9] Group 4: R&D and Innovation - Mindray prioritizes R&D as a core component of its high-quality development, with R&D investment reaching 1.777 billion yuan in the first half of 2025, accounting for 10.61% of revenue [6] - The company has built a robust "device + IT + AI" ecosystem, enhancing its capabilities in high-end technology and clinical applications, which is expected to improve healthcare resource accessibility globally [7][9] Group 5: Future Outlook - The secondary listing in Hong Kong is seen as a pivotal move to accelerate the company's global and capital strategies, providing long-term funding for R&D and international expansion [8][9] - Mindray aims to leverage its international capital market presence to break into the top ten global medical device companies, contributing to the equalization of healthcare resources worldwide [9]