Mindray(SZ:300760) Xin Lang Cai Jing·2025-11-05 00:42Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3, particularly in overseas markets, driven by high-end product demand and domestic market recovery [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 25.834 billion yuan (YoY -12.38%) and a net profit of 7.570 billion yuan (YoY -28.83%) [1]. - In Q3 2025, revenue reached 9.091 billion yuan (YoY +1.53%) and net profit was 2.501 billion yuan (YoY -18.69%) [1]. Business Segments - Domestic business showed signs of recovery with a narrowing revenue decline, while overseas markets experienced significant growth, particularly in Europe and the CIS and Middle East regions [2]. - In Q3 2025, revenue from in vitro diagnostics was 3.634 billion yuan (YoY -2.8%), with international business achieving double-digit growth [2]. - Revenue from life information and support was 2.952 billion yuan (YoY +2.6%), with significant growth in minimally invasive surgery [2]. - Medical imaging revenue was 1.689 billion yuan, remaining stable year-on-year, with international business showing high single-digit growth [2]. Future Outlook - The company expects revenue growth to accelerate in Q4 2025 compared to Q3, driven by further recovery in the domestic market and global demand for high-end products [3]. - Continued investment in R&D, totaling 2.686 billion yuan (10.4% of revenue), is aimed at product innovation and enhancing competitiveness in both domestic and international markets [3]. Profit Forecast - Revenue projections for 2025-2027 are 35.369 billion yuan, 39.159 billion yuan, and 43.546 billion yuan, with expected growth rates of -3.70%, 10.72%, and 11.20% respectively [3]. - Net profit forecasts for the same period are 10.002 billion yuan, 11.661 billion yuan, and 13.852 billion yuan, with growth rates of -14.28%, 16.59%, and 18.79% respectively [3].