Mindray(SZ:300760) Xin Lang Cai Jing·2025-11-12 01:39Core 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 establish an international capital platform to support its global strategy [1][3]. Group 1: Financial Position - As of September 2025, Mindray Medical has cash reserves of 17.13 billion and total liabilities of 15.02 billion, resulting in a low asset-liability ratio of 25.34% [2][5]. - The company has maintained a high dividend payout, with total cash dividends reaching 7.602 billion in 2024 and a cumulative dividend amount of 33.7 billion [4]. Group 2: Business Performance - In 2024, Mindray Medical achieved a revenue of 36.726 billion, reflecting a year-on-year growth of 5.14%, although the growth rate has slowed down due to domestic market pressures [5]. - By the third quarter of 2025, international business accounted for over 50% of the company's total revenue, with the international in vitro diagnostics segment contributing 28% to international revenue [3][5]. Group 3: Strategic Goals - The primary goal of the Hong Kong IPO is to facilitate the execution of Mindray Medical's global strategy, which has seen international business growth, particularly in developing countries [3][5]. - Mindray Medical's product offerings span three main areas: life information and support, in vitro diagnostics, and medical imaging [4].