Mindray(SZ:300760) Zheng Quan Shi Bao Wang·2025-10-29 12:28Core Viewpoint - The company has reported a turning point in its performance with a slight increase in revenue and a notable growth in international business, despite a decline in net profit [1][3][4]. Financial Performance - In Q3 2025, the company achieved revenue of 9.091 billion RMB, a year-on-year increase of 1.53% and a quarter-on-quarter increase of 6.88% [1]. - The net profit attributable to shareholders was 2.501 billion RMB, a year-on-year decrease of 18.69% but a quarter-on-quarter increase of 2.50% [1]. - Operating cash flow reached 3.351 billion RMB, reflecting a year-on-year growth of 30.02% [1]. - For the first three quarters of 2025, total revenue was 25.834 billion RMB, with net profit at 7.570 billion RMB [1]. Contract Liabilities - As of the end of the reporting period, contract liabilities amounted to 2.263 billion RMB, a year-on-year increase of 31.45%, indicating strong future revenue support [1]. International Business Growth - The company's international business grew by 11.93% in Q3, with significant contributions from the European market, which saw growth exceeding 20% [1][4]. - The international revenue share in the life information and support segment reached 70% in the first three quarters [3]. - The in vitro diagnostics segment also showed strong international performance, with international revenue accounting for 37% [3]. R&D Investment - The company maintains a commitment to R&D, investing approximately 10% of its revenue, with R&D expenditure reaching 2.686 billion RMB in the first three quarters of 2025 [5]. - The company has established twelve R&D centers globally and has applied for a total of 12,513 patents [5]. Product Innovation - New product launches in Q3 included various diagnostic kits and advanced medical systems, enhancing the company's product offerings in high-end markets [6][7]. - The company has developed a smart medical ecosystem integrating devices, IT, and AI, aimed at improving healthcare delivery [7]. Strategic Direction - The company is focused on three strategic directions: digitalization, streamlining operations, and internationalization, to enhance its market position and product matrix [8].