Investment Rating - The investment rating for Mindray is "Buy" with a target price set at Rmb330, based on a DCF-based SOTP model [16]. Core Insights - The medical equipment sector is experiencing a recovery, with tendering growth of 78% year-over-year in May 2025, indicating strong demand and fiscal stimulus effects [1]. - Mindray is highlighted as a top pick in the medical equipment sector, expecting to see quarter-over-quarter growth in Q2 2025 and both quarter-over-quarter and year-over-year growth in Q3 2025 [1]. - The total intended medical equipment procurement since June 2024 amounts to Rmb31.5 billion, with Rmb12.9 billion already implemented, suggesting further recovery potential [2]. Summary by Sections Tendering Growth - Tendering amounts for key medical imaging products showed significant year-over-year growth: ultrasound (103%), MRI (107%), X-ray (108%), and PET/CT (186%) [3]. Company Performance - Mindray reported robust growth of 56% year-over-year in May 2025, while United Imaging experienced an 11% growth after a substantial surge in April [1]. Market Dynamics - The strong growth momentum in tendering is attributed to ongoing fiscal stimulus and the normalization of medical equipment procurement activities [1].