贺菊颖 中信建投医药首席: 迈瑞医疗的迈瑞医疗的各位管理层，各位投资人大家早上好，欢迎大家来参加公司 2025 年三季度业绩交流电话会。我是中信建投的医药分析师贺菊颖。今天我们非常荣幸的邀请 到了迈瑞医疗的董事长李西廷总，高级副总经理李在文总。高级副总经理李新胜总，以及 董事会秘书李文梅总，四位领导与大家进行线上的交流。一起主持，参与会议的还有我们 团队的王在存、李宏达。于胜峰以及来自 Morgan Stanley 的分析师同行。2025 年三季 度，尽管依然面临全球复杂的宏观环境，以及行业政策的多重挑战。 迈瑞医疗董秘李文梅: 谢谢鞠颖，大家好，我是迈瑞医疗的董秘李文梅，欢迎各位参加迈瑞医疗 2025 年三季度 业绩电话会。我仅代表迈瑞对一直以来关心和支持公司的各位投资人和分析师致以诚挚的 问候。也特别感谢组织本次会议的中信建投和 Morgan Stanley 医疗团队。接下来我为大 家详细汇报一下公司 2025 年三季度的业绩情况。2025 年第三季度，公司实现营业收入 90.91 亿元，同比增长 1.53%。归母净利润 25.01 亿元，同比下滑 18.69%。经营性现 金流 33.51 亿元，同比增长 ...

Core Insights - The report highlights that the company, Mindray Medical, experienced a decline in performance during the first half of 2025, with revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%, and a net profit of 5.069 billion yuan, down 32.96% [2][6][7] - Despite the challenges faced in the first half, there is optimism for a turnaround in the third quarter, driven by a recovery in domestic medical equipment bidding activities and growth in international business [6][7][8] Financial Performance - In the second quarter of 2025, the company reported a revenue of 8.506 billion yuan, a decrease of 23.77% year-on-year, and a net profit of 2.420 billion yuan, down 44.55% [7] - The decline in performance is attributed to factors such as medical anti-corruption measures, tight local fiscal funding, and a reduction in the issuance of special medical bonds, which delayed the bidding for medical equipment updates [7] International Business Growth - The company's international business revenue increased by 5.39% year-on-year, accounting for approximately 50% of total revenue [8] - Mindray Medical is enhancing its international in-vitro diagnostic business through local platform construction and has established localized production projects in 14 countries [8][9] Technological Advancements - The company has launched the world's first clinical application of a severe medical AI model, indicating significant advancements in integrating AI into clinical practices [9] - Mindray Medical is building a digital healthcare ecosystem that combines equipment, IT, and AI, aiming for personalized and high-quality medical services [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 233.50 and a sector rating of "Outperform" [2]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at RMB 16.743 billion, down 18.45% year-on-year, and net profit at RMB 5.069 billion, down 32.96% year-on-year. However, the company is expected to reach an operational turning point in the third quarter, supported by the growth of its international business [5][10]. - The report anticipates a recovery in revenue growth in the third quarter of 2025, driven by a resurgence in medical equipment bidding activities and accelerated international sales [10]. - The international business revenue increased by 5.39% year-on-year, accounting for approximately 50% of total revenue, indicating a positive trend in the company's internationalization efforts [10]. - The company has launched the world's first clinical application of a severe medical AI model, which is expected to enhance its competitive edge in the healthcare sector [10]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was RMB 16.743 billion, a decrease of 18.45% year-on-year. The net profit was RMB 5.069 billion, down 32.96% year-on-year. The second quarter alone saw revenue of RMB 8.506 billion, a decline of 23.77% year-on-year, and net profit of RMB 2.420 billion, down 44.55% year-on-year [5][10]. - The report projects the company's net profit for 2025-2027 to be RMB 13.442 billion, RMB 16.089 billion, and RMB 17.213 billion respectively, with corresponding EPS of RMB 11.09, RMB 13.27, and RMB 14.20 [7][12]. Valuation - The report adjusts the profit forecast for the company, estimating net profits of RMB 13.442 billion and RMB 16.089 billion for 2025 and 2026 respectively, down from previous estimates of RMB 16.723 billion and RMB 20.099 billion [7]. - The current price-to-earnings (P/E) ratios are projected at 21.1, 17.6, and 16.4 for 2025, 2026, and 2027 respectively [7][12]. Market Position and Strategy - The company is focusing on building a "device + IT + AI" ecosystem, which is expected to enhance its market position and drive future growth opportunities [10]. - The international market's contribution to revenue is increasing, with a focus on localizing production and enhancing service capabilities in various countries [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][32][33] Core Views - The company is expected to see a turning point in domestic business in the third quarter of 2025, while international business continues to grow steadily. The revenue for the first half of 2025 was 16.743 billion yuan, down 18.5% year-on-year, with a net profit of 5.069 billion yuan, down 32.96% [1][3][32]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 16.743 billion yuan, a decrease of 18.5%, and a net profit of 5.069 billion yuan, down 32.96%. The second quarter alone saw revenue of 8.506 billion yuan, down 23.8%, and a net profit of 2.440 billion yuan, down 44.6% [1][9]. - The gross profit margin for the first half of 2025 was 61.67%, a decrease of 2.85 percentage points year-on-year. The sales expense ratio was 14.48%, the management expense ratio was 4.07%, and the R&D expense ratio was 9.60% [3][25]. Business Segments - The in-vitro diagnostics segment generated revenue of 6.423 billion yuan, down 16.11%, while international in-vitro diagnostics business saw double-digit growth, with international chemiluminescence business growing over 20% [2][14]. - The life information and support segment achieved revenue of 5.479 billion yuan, down 31.6%, with international revenue accounting for 67% [2][14]. - The medical imaging segment generated revenue of 3.312 billion yuan, down 22.51%, with international revenue accounting for 62% [2][17]. Market Outlook - The company anticipates that overall revenue will achieve positive year-on-year growth in the third quarter of 2025, with international markets accelerating growth and domestic markets showing significant improvement [1][9][32]. - The international business revenue proportion has increased to approximately 50%, with expectations for continued rapid growth in developing countries and improved profitability levels [2][25]. Investment Recommendations - The company is considered a leader in domestic medical devices with strong R&D capabilities. The integration of "Equipment + IT + AI" in its digital healthcare ecosystem is expected to redefine China's medical device global positioning [3][32]. - The profit forecast for 2025-2027 has been adjusted to 11.093 billion, 12.616 billion, and 14.501 billion yuan, respectively, with year-on-year growth rates of -4.9%, 13.7%, and 14.9% [3][32].

Group 1 - The third Youth Academic Conference on Ultrasound Medicine was held in Zhengzhou, focusing on "Innovation and Vitality" in the field of ultrasound medicine, covering clinical issues, basic research, scientific innovation, and results transformation [1] - The conference highlighted challenges in ultrasound medical imaging, including low diagnostic efficiency, uneven resource distribution, poor departmental collaboration, and research obstacles [5] - Mindray Medical organized the "Ruiying·Ultrasound Intelligent Imaging Ecosystem Development Conference," introducing the "Ruiying Ecosystem" to address these challenges through a collaborative ecosystem [5] Group 2 - Mindray Medical's "Ruiying Ecosystem" is built on a framework of "Equipment + IT + AI," focusing on four key highlights: "Focused·Precise Diagnosis," "Flowing·Homogeneous Healthcare," "Open·Lean Management," and "Growing·Scientific Innovation" [5][9] - The ecosystem aims to enhance clinical research efficiency by providing end-to-end systemic capabilities, enabling automatic intelligent diagnosis across various stages of ultrasound applications [9] - The "Ruiying Ecosystem" has reached over 47,000 professional users and formed nearly 70,000 professional communities, facilitating over 10,000 online teaching and real-time consultation sessions in 2024 [9][10] Group 3 - Mindray Medical's intelligent medical ecosystem is a key investment direction, with a comprehensive layout in AI applications across various medical imaging fields, including POC, cardiovascular, and obstetrics [10] - The company plans to launch the Neuwa A20 comprehensive intelligent solution for obstetrics in 2024, featuring advanced AI technologies for early pregnancy and fetal assessments [10] - The ongoing development of the "Ruiying Ecosystem" aims to promote personalized and universal ultrasound imaging technology in healthcare, collaborating with more medical professionals [10]

Core Insights - The recent conference on ultrasound medicine highlighted the theme of "Innovation and Vitality," addressing clinical issues, basic research, scientific innovation, and the transformation of research outcomes in the field of ultrasound medicine [1] - Mindray Medical introduced the "Ruiying Ecosystem," focusing on the integration of "Equipment + IT + AI" to enhance ultrasound imaging capabilities and improve clinical efficiency [1][4] Group 1: Challenges in Ultrasound Imaging - Ultrasound imaging is currently facing challenges such as low diagnostic efficiency, uneven resource distribution, poor departmental collaboration, and obstacles in research [2] - The transition from "ultrasound imaging" to an "ultrasound imaging ecosystem" is necessary to address these challenges and improve overall healthcare delivery [2] Group 2: Ruiying Ecosystem Features - The Ruiying Ecosystem emphasizes end-to-end system capabilities, enabling efficient clinical research and allowing doctors to focus on innovative technologies and core academic research [2] - AI technology within the Ruiying Ecosystem enhances imaging, workflow, quantitative analysis, and diagnostic assistance, covering various clinical scenarios and significantly improving examination efficiency and accuracy [2] Group 3: Impact and Reach - The Ruiying Ecosystem's remote ultrasound system has reached over 47,000 professional users and formed nearly 70,000 professional communities, facilitating over 10,000 online teaching and real-time consultation sessions in 2024 [3] - The ecosystem supports multi-center research projects in major hospitals, contributing to advancements in ultrasound applications across various medical fields [3] Group 4: Future Directions - Mindray Medical's focus on "Equipment + IT + AI" is a key investment direction, with plans to enhance ultrasound imaging capabilities and quality through integrated solutions [4] - The launch of the Nuewa A20 comprehensive intelligent solution is expected to drive growth in the domestic ultrasound market, potentially increasing the localization rate and reducing reliance on imported brands [4] Group 5: Vision for the Future - The ongoing development of the Ruiying Ecosystem aims to promote personalized and universal ultrasound imaging technology in healthcare, collaborating with more medical professionals to enhance human health [5]

Group 1 - The core viewpoint of the news is the collaboration between Changsha and Shenzhen to enhance economic and trade cooperation, focusing on digital transformation for enterprises [1][3] - A delegation from Changsha's Furong District visited Mindray Bio-Medical Electronics Co., Ltd. to explore advanced medical technology and industry innovation [1][2] - Mindray's strategic integration of "equipment + IT + AI" in building an intelligent medical ecosystem was highlighted during the visit [2] Group 2 - Mindray Medical is a leading global medical device company, investing 10% of its annual revenue in R&D and operating 12 major R&D centers worldwide [4] - The visit is part of Furong District's strategy to deepen its "going out" initiative, aiming to connect with high-quality resources in the Guangdong-Hong Kong-Macao Greater Bay Area [4] - The president of the Furong District General Chamber of Commerce emphasized that Mindray's successful experiences in technology R&D and global layout provide valuable references for the transformation and upgrading of private enterprises in Changsha [2][4]