手握138亿！天津医药大佬，多元化投资“破局”

Core Viewpoint - The medical device industry is currently in a challenging phase, with "endurance" being a key theme. Leading companies are proactively adjusting their strategies, including product structure changes and international expansion, as seen with Mindray Medical [1][3]. Group 1: Company Strategies - Mindray Medical is increasing the proportion of in vitro diagnostic (IVD) products in its overall revenue while decreasing the share of life information and support products and medical imaging products [1]. - The company aims to shift from traditional medical equipment sales to a more sustainable consumable-driven business model through IVD products [1]. - As of mid-2025, Mindray's overseas revenue share rose to 49.77%, up from 39.59% in mid-2022, indicating a strong push for international market penetration [3]. Group 2: Industry Challenges - The IVD sector is facing intense price competition and regulatory challenges domestically, making it a difficult environment for growth [3]. - The overall revenue for the A-share IVD sector declined by 14.5% year-on-year in the first three quarters of 2025, with net profit down 26.4%, marking three consecutive years of decline [8]. Group 3: Company Performance - Ji'an Medical, another key player, reported a net profit of 16.03 billion yuan in 2022, showcasing the potential of the IVD sector despite the current downturn [3]. - Ji'an Medical's overseas revenue accounted for 85.47% of total revenue by mid-2025, highlighting its successful international expansion compared to peers [8]. - Despite a 48.89% drop in total revenue to 1.069 billion yuan in the first three quarters of 2025, Ji'an Medical's net profit increased by 16.11% to 1.589 billion yuan, supported by over 1.1 billion yuan in investment income [7]. Group 4: Investment Strategies - Ji'an Medical is focusing on stable cash management and increasing investments in venture capital and private equity rather than pursuing aggressive mergers and acquisitions [7]. - The company has diversified its investment portfolio, including stakes in companies like Xiaomi and NIO, and plans to use up to 17 billion yuan for wealth management [10]. - Ji'an Medical's stock price has shown resilience, with a 9.17% increase in 2024 and a slight decline of 1.33% in 2025, outperforming industry peers [7]. Group 5: Future Outlook - Ji'an Medical's management believes that the current market valuation does not reflect the company's true value, prompting share buyback initiatives to stabilize stock prices [10]. - The company has received FDA pre-market notifications for new IVD products, which could enhance its competitive edge in the market [11]. - The overall recovery of the industry is crucial for Ji'an Medical's main business, but its dual strategy of combining medical devices with investment could provide a viable path forward during challenging times [11].