（文章来源：新华财经） 来源：沙利文分析 沙利文表示，中国医疗器械的研发创新能力稳步提升，NMPA批准上市的创新医疗器械数量逐年增加，中国品牌海外认知度提高等，这些因素共同推动了 中国医疗器械企业向海外市场拓展，寻求更广阔的增长空间。相比于国内市场，海外市场不仅空间广阔，细分市场的增长潜力巨大，同时新兴市场医疗需 求旺盛，为中国企业提供了差异化竞争机遇。中国医疗器械产品凭借其高性价比、创新力及品牌力升级等优势，具有较强的竞争力，中国医疗器械国际化 已成为大势所趋。 根据沙利文数据分析，2020-2024年，中国医疗器械总体市场规模已从7298亿元人民币增至9417亿元人民币，年复合增长率为6.6%。预计到2035年，中国 医疗器械总体市场规模将达到18134亿元人民币。 11月25日，全球增长咨询公司弗若斯特沙利文（Frost & Sullivan，简称"沙利文"）发布《2025中国医疗器械国际化现状与趋势蓝皮书》（简称"蓝皮 书"）。蓝皮书显示，随着人口老龄化加速，医疗需求升级及技术创新等因素，中国及全球医疗器械市场规模呈现出稳步增长态势，并将逐步释放出巨大 潜力。据沙利文数据分析，中国近年来医疗器械市场规 ...

"国产医疗器械一哥"终于迈出了港股上市的第一步。 日前，迈瑞医疗（300760.SZ）向港交所递交了IPO申报材料，启动"A+H"上市的征程。 这是迈瑞医疗第三次上市，此前其先后登陆美股、A股市场。 对于此次上市，迈瑞医疗的核心目的是发力海外市场，这确实是打开业绩空间的关键。 一方面，受到国内医院招标确认收入周期拉长以及医疗机构控费等因素的影响，国内市场增长放缓；另 一方面，当前迈瑞医疗的核心业务之一超声正在遭遇来自联影医疗（688271.SH）的进攻，"内卷"程度 进一步加剧。 如此背景下，借助港股IPO进一步打响国际市场知名度，确实有利于迈瑞医疗提振业绩。 不过估值或许也是迈瑞医疗要直面的挑战。 基本面表现疲软的情况下，迈瑞医疗今年以来市值蒸发近2成，这或许也给其港股发行带来更多不确定 性。 腹背受敌？ 早在20年前，迈瑞医疗就曾登陆美股市场，并借此收购了美国Datascope生命信息监护业务，打开了当 地的市场。 但10年后，迈瑞医疗从美股退市，并在2018年回归A股市场。 如此算来，此番赴港上市已是迈瑞医疗的第三次IPO。 但与前两次IPO时业绩呈现高速增长态势不同，此次迈瑞医疗"略显落寞"。2025 ...

迈瑞医疗是全球领先、创新驱动的世界级医疗器械企业及医疗数智化引领者。根据弗若斯特沙利文的资 料，在中国医疗器械行业，公司2024年的市值规模超过境内主要龙头企业（第二到五名）之和，工业收 入是第二名的两倍有余。按2024年的收入计，在多个领域，公司均处于行业领先地位，已有6类产品市 场份额位居全球前三，9类产品市场份额位于中国第一。 此次赴港IPO，将会是迈瑞医疗继2006年登陆纽交所、2018年回归A股后的第三次上市。 回顾此前两次上市，2006年，迈瑞医疗成功赴美上市，募资2.7亿美元，成为了中国首家在美股上市的 医疗器械企业，随后通过并购美国Datascope等公司初步拓展了全球渠道。不过，因估值考量，迈瑞医 疗选择从美股回流，在2016年私有化退市。2018年，其回归A股创业板，募资约60亿元，创下当时创业 板最大IPO纪录。 长江商报消息 迈瑞医疗（300760.SZ）持续加码国际化布局。 11月10日晚间，迈瑞医疗发布公告，公司已于11月10日向香港联交所递交了发行境外上市外资股并在香 港联交所主板挂牌上市的申请。 据公告，公司本次募集资金拟用于全球研发投入，进一步提升全球销售网络及供应链能力等。 ...

Core Viewpoint - The article discusses the upcoming IPO of Mindray Medical, highlighting its historical significance and growth trajectory in the high-end medical device market in China [5][12]. Company History - Mindray Medical was founded in 1991 by three colleagues, including Li Xiting, who left high-paying jobs to start the company, marking the beginning of China's high-end medical device industry [7][8]. - The company initially faced funding challenges but secured its first venture capital investment of $2 million in 1997, which helped it stabilize and grow [9]. - Mindray became the first Chinese medical device company to list overseas, successfully going public on the New York Stock Exchange in 2006 [11]. IPO and Market Performance - Mindray's IPO on the Shenzhen Stock Exchange in 2018 raised nearly 6 billion yuan, setting a record for the largest IPO on the ChiNext board that year [12]. - The company's market capitalization peaked at over 320 billion yuan during the surge in demand for medical devices in 2020, although it has since adjusted to a current market cap of over 270 billion yuan [12]. Strategic Goals - The upcoming listing on the Hong Kong Stock Exchange is part of Mindray's strategy to enhance its global business and capital presence, with a goal to increase international revenue to over 70% [12]. - The company aims to rank among the top ten global medical device companies by 2030, reflecting its ambition for international expansion [12].

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Industry Developments - In the first eight months of this year, Beijing's exports of medical instruments and devices reached 5.83 billion yuan, a year-on-year increase of 21.5% [1] - The overseas market for medical devices is significantly larger than the domestic market, leading to high growth for many companies in international business [1] Innovation and Product Approvals - Under supportive policies, there has been a surge in innovative product approvals in the medical device sector [2] - David Medical's subsidiary received a registration certificate for a disposable endoscopic linear cutting stapler, enhancing the company's product line and core competitiveness [2] - The NMPA approved a new "Extended Depth of Focus Intraocular Lens" from Tianjin Century Kangtai Biomedical Engineering Co., which aims to improve vision correction post-cataract surgery [2] High-End Medical Imaging Equipment - Neusoft Medical's X-ray computed tomography device received approval, featuring higher spatial resolution and multiple energy imaging capabilities [3][4] - The NMPA is actively supporting the innovation of high-end medical devices, including photon-counting CT technology, which represents a significant advancement in imaging [4][5] Company Performance - Weili Medical reported a third-quarter revenue of 446 million yuan, a year-on-year increase of 16.09%, with a net profit of 70.57 million yuan, up 16.31% [6] - Xiangsheng Medical's revenue for the first three quarters was 343 million yuan, a decrease of 5.3%, while its net profit showed a slight decline [6] - Mindray Medical anticipates positive growth in its third-quarter revenue, with international business expected to accelerate [7] International Expansion - Companies are increasingly focusing on internationalization, with Mindray Medical planning to issue H-shares to enhance its global capital operations [8] - Weili Medical is constructing a factory in Indonesia, expected to start shipments by the end of Q1 2026, primarily supplying products to major clients in the U.S. [9] - The international business of medical device companies is projected to surpass domestic business in the future, with many companies transitioning from imitation to leading global innovation [10]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Industry Overview - In the first eight months of this year, Beijing's exports of medical instruments and devices reached 5.83 billion yuan, marking a year-on-year increase of 21.5% [1] - Analysts believe that the overseas market for medical devices is several times larger than the domestic market, leading to significant growth in international business for many medical device companies [1] - The valuation of companies recognized for their international capabilities is also increasing [1] Company Focus: Mindray Medical - Mindray Medical's overseas revenue proportion reached 50% in the first half of 2025, becoming a core growth engine for the company, up from 40% in 2021 [1] - The increase in international revenue is attributed to the company's sustained investments in overseas channels, R&D, and acquisitions [1] - Mindray Medical currently operates 64 subsidiaries and 5 R&D centers overseas, with products entering 80 of the top 100 hospitals globally [2] Strategic Acquisitions - In 2021, Mindray Medical acquired Finland's HyTest to address upstream material supply issues and enhance the quality of IVD consumables [2] - In 2023, the acquisition of Germany's DiaSys further deepened Mindray's IVD business layout and improved its overseas supply chain [2] Market Position - Mindray Medical has entered the global top 30 medical device companies, with several product lines ranking in the top three globally, and nearly half of its revenue coming from international business [2] - The growth momentum for the industry is shifting towards international business and technological innovation, with expectations that the international business share will surpass domestic business in the future [2]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1] Group 1: Market Performance - In the first eight months of this year, Beijing's medical instruments and devices exports reached 5.83 billion, a year-on-year increase of 21.5% [1] - Some medical device companies have reported strong Q3 performance, with Weili Medical achieving a Q3 revenue of 446 million, up 16.09% year-on-year [5] - Xiamen Medical reported a revenue of 343 million in the first three quarters, a decrease of 5.3% year-on-year, while its Q3 net profit increased by 41.95% [6] Group 2: Innovation and Product Development - Under supportive policies, Chinese medical device companies are experiencing a surge in innovation, with multiple new products receiving approval [2] - David Medical's subsidiary received a registration certificate for a new type of surgical stapler, enhancing the company's product line and competitiveness [2] - Neusoft Medical's X-ray CT device received approval, offering higher spatial resolution and better clinical imaging capabilities compared to traditional CT [3] Group 3: International Expansion - Companies are increasingly focusing on international markets, with Mindray Medical planning to issue H-shares to enhance its global capital operations [7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments in Q1 2026, primarily supplying products to major US clients [8] - Analysts believe that the international business potential is vast, with many companies experiencing high growth in overseas markets [8]

Core Insights - The National Medical Products Administration (NMPA) is enhancing the legal and standard system for medical devices, increasing support for R&D innovation, and improving review and approval efficiency to promote high-quality development in the medical device industry [1][3] - Medical device exports from Beijing reached 5.83 billion yuan in the first eight months of the year, marking a 21.5% year-on-year increase, indicating significant growth potential in international markets [1] - Several innovative medical devices have recently received approval, showcasing the industry's innovation vitality [2][3] Regulatory Support - The NMPA has issued measures to optimize the regulatory support for high-end medical device innovation, focusing on key areas such as medical robots, high-end medical imaging, and AI medical devices [3] - The approval of advanced imaging devices like photon-counting CT is seen as a major technological breakthrough, significantly improving traditional imaging methods [3] Company Performance - Weili Medical reported a 16.09% year-on-year increase in Q3 revenue, reaching 446 million yuan, and a net profit of 70.57 million yuan, up 16.31% [4] - Xiangsheng Medical's revenue for the first three quarters was 343 million yuan, down 5.3%, but Q3 net profit increased by 41.95% [4] International Expansion - Companies are increasingly focusing on internationalization, with Mindray Medical planning to issue H-shares for further capital strength and global market engagement [6][7] - Weili Medical is constructing a factory in Indonesia, expected to start shipments by Q1 2026, primarily supplying products to major clients in the U.S. [7] - Analysts believe that the international business potential is vast, with many domestic companies experiencing high growth in overseas markets [7]

Core Viewpoint - Mindray Medical's mid-year performance meets expectations, with a projected turnaround in Q3 2025 due to improved domestic and overseas revenue growth [1] Group 1: Financial Performance - The decline in performance during the first half of the year was primarily due to domestic business challenges [1] - Q3 2025 is expected to show improved domestic revenue growth and enhanced overseas revenue growth, leading to a return to positive overall revenue growth [1] - Q4 is anticipated to continue the growth trend due to a low base effect [1] Group 2: Future Outlook - The company is expected to return to a stable growth trajectory next year [1] - In the medium to long term, the company emphasizes research and development innovation and internationalization, supported by an efficient R&D system and excellent channel management capabilities [1] - Strategic acquisitions are likely to further expand the company's market presence, with ongoing internationalization efforts positioning it to become one of the top 10 global medical device companies [1] Group 3: Internationalization and Supply Chain - The improvement of the IVD overseas supply chain is expected to accelerate the company's internationalization efforts [1]

Core Viewpoint - Mindray Medical is accelerating its secondary listing in Hong Kong, aiming to raise at least $1 billion, which would be one of the largest medical device secondary listings in Hong Kong this year [3][4]. Group 1: Business Structure and Financial Performance - Mindray Medical's business is divided into three main pillars: Life Information and Support, In Vitro Diagnostics, and Medical Imaging, which together form a robust revenue base [4]. - In 2024, the company expects total revenue of 36.73 billion RMB, with a net profit of approximately 11.7 billion RMB and R&D investment exceeding 4 billion RMB, maintaining a high ratio of about 11% of revenue [4]. - The company's international business revenue reached 16.4 billion RMB in 2024, a year-on-year increase of 21.3%, accounting for nearly 45% of total revenue [16]. Group 2: Technological Advancements - Mindray launched the "Qiyuan" critical care AI model in 2024, achieving over 95% accuracy in clinical applications, marking a significant step for domestic medical AI products [13]. - The company has integrated automation in laboratory systems to enhance efficiency and standardization, showcasing its capability in system integration [7][10]. Group 3: Globalization Strategy - Mindray's international strategy has evolved from exporting to localizing operations, with significant investments in local production and service teams in key markets like India and Brazil [16][14]. - The company has established localized production projects in 13 countries, transitioning from an "exporter" to a "multinational medical solution provider" [16]. Group 4: New Growth Areas - Mindray is actively expanding into minimally invasive surgery and high-value consumables, acquiring a 24.61% stake in Huatai Medical for 6.65 billion RMB to enter the cardiovascular intervention market [17]. - The minimally invasive surgery segment has seen over 90% growth, with significant breakthroughs in ultrasound knives and energy platforms [18]. Group 5: Market Challenges - The medical device industry faces challenges from centralized procurement policies, which have significantly reduced prices, impacting profit margins [21]. - Domestic competitors are rapidly emerging, necessitating Mindray to leverage R&D and system integration to maintain a competitive edge [21]. Group 6: Rationale for Hong Kong Listing - The timing of the Hong Kong secondary listing is driven by the need for capital to support significant investments in new headquarters and AI medical centers [22]. - Listing in Hong Kong will enhance Mindray's international brand recognition and attract global institutional investors [22][23]. Group 7: Conclusion - The secondary listing in Hong Kong represents a pivotal moment in Mindray's global strategy, emphasizing its capabilities in digital ecosystems, AI applications, and international market localization [24].