Mindray(SZ:300760) Xin Lang Zheng Quan·2025-11-19 09:19Core Viewpoint - Mindray Medical has submitted an application for overseas listing on the Hong Kong Stock Exchange, aiming to raise funds for global R&D, expanding its digital healthcare ecosystem, exploring potential acquisitions, and enhancing its global sales network and supply chain capabilities [1][4]. Financial Performance - The company's performance has significantly declined, with a notable drop in revenue and net profit in the first three quarters of 2025. Revenue was 25.834 billion yuan, a year-on-year decrease of 12.38%, while net profit fell to 7.570 billion yuan, down 28.83% [2][4]. - The domestic business has been particularly hard hit, with revenue from mainland China dropping to 8.411 billion yuan in the first half of 2025, a decline of 33.38%, reducing its business share from nearly 60% to about 50% [4][6]. Business Segments - The three core business lines—life information and support, in vitro diagnostics, and medical imaging—have all experienced declines. Life information and support revenue fell by 31.59%, in vitro diagnostics by 16.11%, and medical imaging by 22.51% in the first half of 2025 [6][10]. Market Position and Strategy - Mindray Medical aims to rank among the top 10 global medical device companies by 2030, with a target of increasing overseas revenue to over 70%. As of 2025, it ranked 25th in the global medical device company list, showing a slight improvement from the previous year [10][12]. - The company has a strong cash position, with 17.133 billion yuan in cash and a low debt ratio of 25.3%, indicating a solid financial structure [10][11]. Dividend Policy - Since its IPO in 2018, Mindray has consistently paid dividends, totaling 35.336 billion yuan, with an average payout ratio exceeding 55%. The company has continued to increase its dividend payments into 2025 [7][8].