Mindray(SZ:300760) 21世纪经济报道·2025-10-15 13:50Core Viewpoint - Mindray Medical (300760.SZ) plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a strategic move to enhance its international presence and capital operations after leaving the NYSE [1][6]. Group 1: Purpose and Necessity of the Listing - The primary objectives of the H-share issuance include strengthening international influence, aligning with global development strategies, attracting global talent, and optimizing shareholder structure and liquidity [1][6]. - The company aims to leverage the Hong Kong listing to better connect with overseas market resources and enhance competition against international giants [1][6]. Group 2: Market Context and Timing - The market has seen a trend of major A-share companies, such as CATL and Hengrui Medicine, listing in Hong Kong, indicating a favorable environment for Mindray's internationalization efforts [7]. - The current geopolitical climate and the ongoing transformation in the medical industry present a unique opportunity for Mindray to expand its global market share [7][8]. Group 3: Financial Performance and Projections - Mindray experienced a decline in revenue and net profit in the first half of 2025, with a year-on-year drop of 18.45% and 32.96%, respectively, primarily due to domestic market challenges [8][11]. - The company anticipates a turnaround in Q3 2025, expecting positive revenue growth and improved performance in both domestic and international markets [8][11]. Group 4: Strategic Goals and Globalization - Mindray's long-term goal is to rank among the top 10 global medical device companies by 2030, with international revenue expected to reach 70% of total revenue [11][12]. - The company has established a significant international presence, with production bases in 14 countries and over 64 overseas subsidiaries [12][13]. Group 5: M&A Strategy - Mindray emphasizes a dual approach of organic growth through R&D and strategic acquisitions to enhance its competitive edge [13][14]. - Future acquisitions will focus on strengthening core business areas rather than merely increasing revenue, aligning with the company's strategic objectives [14].