Mindray(SZ:300760) 仪器信息网·2025-11-12 10:15Core Viewpoint - Mindray has submitted its application for listing on the Hong Kong Stock Exchange, revealing that nearly 50% of its revenue comes from overseas, while also highlighting 11 global risks associated with its international operations [3][4]. Group 1: Listing Application and Revenue Breakdown - Mindray submitted its application for H-share listing on November 10, 2025, to the Hong Kong Stock Exchange [4]. - As of H1 2025, overseas revenue accounted for 49.8% of total revenue, with Europe contributing 9.4%, North America 7.9%, and Latin America 8.3% [5][6]. - The company has achieved a gross profit margin exceeding 60% in H1 2025, positioning it among the top global scientific instrument companies [7]. Group 2: Financial Performance - The total revenue for Mindray in 2022 was approximately RMB 30.37 billion, increasing to RMB 34.93 billion in 2023, and projected to reach RMB 36.73 billion in 2024 [8]. - The gross profit for the same periods was RMB 18.88 billion in 2022, RMB 22.42 billion in 2023, and is expected to be RMB 23.18 billion in 2024 [8]. - The net profit for H1 2025 is projected to be RMB 6.25 million, following a net profit of RMB 9.61 billion in 2022 and RMB 11.58 billion in 2023 [8]. Group 3: Global Risks - Mindray faces various risks in its global operations, including unfamiliarity with overseas regulations and compliance requirements [9]. - Political and economic changes in specific countries or regions, such as instability, inflation, and trade barriers, pose additional risks [9]. - The company also faces challenges related to product liability lawsuits and regulatory scrutiny in international markets [9]. Group 4: Implications for the Industry - The 11 identified risks are highly relevant and serve as significant warnings for other domestic instrument manufacturers looking to expand internationally [10].