“国产医疗器械一哥”，拟赴港上市

Core Viewpoint - Mindray Medical, known as the "leader in domestic medical devices," has confirmed its plans to list on the Hong Kong Stock Exchange to enhance its international strategy and capital operations [3][4]. Financial Performance - In the first half of the year, Mindray Medical reported a revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%, and a net profit attributable to shareholders of 5.069 billion yuan, down 32.96% [5]. - The company has experienced a continuous decline in net profit for four consecutive quarters, with the second quarter showing a revenue drop of 23.77% and a net profit decline of 44.55% year-on-year [5]. International Market Growth - Mindray Medical's international revenue now accounts for approximately 50% of its total revenue, with the international in-vitro diagnostic product line contributing 29% and high-potential businesses like international animal healthcare and minimally invasive surgery making up 12% [6]. - The company anticipates that international business will accelerate growth starting in the third quarter, with developing countries maintaining a rapid growth trend [6]. Market Opportunities - The company views the current environment as an opportunity to increase its global market share, driven by factors such as aging populations, a shortage of quality medical resources, and advancements in artificial intelligence [7]. - Mindray Medical emphasizes the urgency of seizing this market window, as geopolitical conflicts create a limited timeframe for expansion [7]. Impact of Tariffs - The recent announcement by the U.S. government to impose new tariffs on Chinese imports is expected to have minimal impact on Mindray Medical's international business, as the company had prepared adequately in advance [8]. - Mindray Medical has established production bases in 14 countries outside the U.S., including FDA-certified factories, providing flexibility to navigate the evolving international landscape [8].