Mindray(SZ:300760) Chang Jiang Shang Bao·2025-11-11 23:33Core Viewpoint - Mindray Medical is intensifying its internationalization strategy by applying for a listing of overseas-listed foreign shares on the Hong Kong Stock Exchange, aiming to enhance global R&D and sales capabilities [1][6]. Group 1: Internationalization Strategy - The primary goal of the Hong Kong listing is to establish an international capital platform to support the company's global strategy [1]. - As of the first three quarters of 2025, international business accounted for over half of the company's total revenue, indicating a significant shift towards global markets [1][7]. - Mindray Medical's international revenue is expected to continue growing, particularly in developing countries, with a focus on high-end customers [7]. Group 2: Financial Health - As of September 2025, the company reported cash reserves of 171.3 billion yuan, with total liabilities of 150.2 billion yuan, resulting in a low debt-to-asset ratio of 25.34% [1][6]. - The company has not engaged in any refinancing since its A-share listing in 2018 and has maintained a high dividend payout ratio, with cumulative cash dividends reaching 337 billion yuan [4][5]. Group 3: Historical Context - This IPO marks Mindray Medical's third listing, following its successful debut on the New York Stock Exchange in 2006 and its return to the A-share market in 2018 [3]. - The company has a strong market position, with its 2024 revenue projected to exceed that of the combined major domestic competitors, and it holds leading market shares in multiple product categories [2].