业绩承压、低价中标风波缠身：迈瑞医疗站在十字路口

Core Viewpoint - Mindray Medical is embarking on its third IPO journey, aiming to list on the Hong Kong Stock Exchange, amidst challenges such as declining domestic revenue and controversies over low-price bidding strategies [1][2][4]. Group 1: IPO and Global Strategy - Mindray Medical plans to issue H-shares, aiming to establish an "A+H" dual capital platform to support its global expansion strategy [1][6]. - The company has a history of strategic IPOs, having previously listed in the US and returned to A-shares, with each IPO aimed at enhancing its international presence [4][6]. - The upcoming IPO is expected to raise at least $1 billion, with proceeds intended for international strategy, R&D investment, and operational funding [6][8]. Group 2: Financial Performance and Market Challenges - In the first half of 2025, Mindray reported a revenue decline of 18.45% to 16.74 billion yuan and a net profit drop of 32.96% to 5.07 billion yuan, marking its first mid-year performance decline since returning to A-shares [10][11]. - Domestic revenue fell over 30%, with the company's market share under pressure due to changes in healthcare policies that emphasize quality and cost control [12][10]. - The company’s cash flow from operations decreased by 53.83%, indicating challenges in profit realization [10][11]. Group 3: International Market Performance - Despite domestic challenges, Mindray's international revenue grew by 5.39% in the first half of 2025, accounting for approximately 50% of total revenue, with significant growth in developing markets [7][13]. - The company aims to increase its overseas revenue share to 70% by 2030, necessitating strong capital support [6][8]. Group 4: Low-Price Bidding Controversies - Mindray has faced scrutiny over low-price bidding practices, with instances of winning bids at prices significantly below market expectations, raising concerns about its pricing strategy [14][16]. - The company’s low-price strategy is seen as a response to intense competition, but it risks damaging the industry's long-term health and innovation potential [17][19]. - These controversies come at a critical time as the company prepares for its IPO, posing challenges to its governance and reputation [19].