Mindray(SZ:300760) Xin Lang Cai Jing·2025-11-19 10:42Core Viewpoint - Mindray Medical has submitted an application for overseas listing and aims to raise funds for global R&D and expanding its digital healthcare ecosystem, amidst significant operational challenges due to domestic anti-corruption measures impacting its business performance [1] Group 1: Financial Performance - In the first three quarters of 2025, Mindray Medical reported a revenue of 25.834 billion yuan, a year-on-year decline of 12.38% [1] - The company's domestic revenue has decreased by over 30%, with all three major business segments experiencing declines [1] - Revenue figures from 2021 to 2025 show a fluctuation, with 2025's revenue dropping to 25.834 billion yuan from 29.485 billion yuan in 2024, reflecting a significant downturn [1] Group 2: Business Segments - The three core business segments—life information and support, in vitro diagnostics, and medical imaging—have all seen declines, with life information and support revenue dropping by 31.59% in the first half of 2025 [1] - The domestic revenue for 2024 is projected to be 12.624 billion yuan, a year-on-year decrease of 27.79% [1] Group 3: Corporate Strategy and Goals - 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% [2] - The company has a strong financial position, with cash reserves of 17.1333 billion yuan and a low debt ratio of 25.3% as of September 2025 [2] Group 4: Dividend Policy - Since its IPO in 2018, Mindray Medical has distributed a total of 35.336 billion yuan in dividends, maintaining an average payout ratio exceeding 55% [1] - The majority of dividends have been directed towards major shareholders, indicating a concentrated benefit from the company's financial policies [1] Group 5: Acquisition Strategy - Mindray Medical's international expansion has been significantly driven by acquisitions, including notable purchases from 2008 to 2023 [2] - As of the third quarter of 2025, the company's goodwill balance reached 11.465 billion yuan, accounting for 19% of total assets, highlighting the risks associated with its acquisition strategy [2]