Zheng Quan Ri Bao·2025-12-09 00:17Core Viewpoint - The acquisition of Shenzhen Huatai Medical Instrument Co., Ltd. by Mindray Medical International Limited marks a significant milestone in the consolidation of China's medical device industry, being the first "A-controlled A" merger on the Sci-Tech Innovation Board, completed efficiently within three months [1] Group 1: Integration and Collaboration - Since the merger, both companies have engaged in collaborative efforts across R&D, marketing, business expansion, and operations, with a particular focus on the electrophysiology sector [1] - Mindray Medical's investment and acquisition department has executed nearly 20 investment and acquisition projects prior to the Huatai acquisition, with a total transaction amount exceeding 10 billion yuan, laying a solid foundation for core technology independence and global business expansion [2] - The integration process adheres to the principle of "five independents," ensuring that both companies maintain their decision-making autonomy while leveraging their respective strengths for mutual benefit [3] Group 2: R&D and Growth - The medical device industry is increasingly relying on external acquisitions for growth, driven by the need for scale and innovation, with a dual demand for both large enterprises and innovative SMEs to collaborate [4] - Huatai Medical's R&D investment reached 98 million yuan in the third quarter of 2025, with a research expense ratio of 14.98%, reflecting a year-on-year increase of 1.8 percentage points [4] - The electrophysiology segment is identified as Huatai Medical's key growth driver, with over 2,000 pulse field ablation surgeries completed by the third quarter of 2025, and an expected annual total exceeding 5,000 surgeries, indicating increasing clinical acceptance [5] Group 3: Global Expansion Strategy - Medical device companies are accelerating their international business layout through acquisitions, overseas factories, and industry funds, with external acquisitions being a core path for "going global" [6] - Successful international expansion requires thorough pre-acquisition research on local regulations, industry characteristics, and potential synergies, as well as collaboration with experienced third-party firms to mitigate compliance and operational risks [6] - Huatai Medical is focused on building a systematic "going out" framework, emphasizing the importance of governance, compliance, IT capabilities, and ESG performance to gain trust from international investors and markets [7]