Summary of Mindray Bio-Medical Conference Call Company Overview - **Company**: Mindray Bio-Medical (300760.SZ) - **Industry**: Healthcare, specifically medical devices and equipment Key Takeaways - **China's Growth Outlook**: Mindray anticipates that China's growth will return to positive territory by 3Q25, driven by improving tender momentum, diminishing impacts from Diagnosis-Related Groups (DRG), and a favorable comparison base [2][9] - **LLM Model Implementation**: The LLM model has been installed in several flagship hospitals, with a target of penetrating 20 hospitals by 2025. The near-term earnings impact from this initiative is expected to be limited [2][9] - **Sales and Profit Performance**: - 2024 sales increased by 5% YoY, and net profit rose by 1%, aligning with estimates. Excluding finance costs, sales growth was 4% YoY, indicating a 4Q24 sales decline of 5% and profit drop of 41% YoY [9][11] - 1Q25 sales decreased by 12% YoY but increased by 14% QoQ, with net profit down 17% YoY, both figures falling short of estimates [9][11] - **Dividend Policy**: The dividend payout ratio for 2024 was approximately 65%, with a commitment to maintain at least a 65% payout over the next three years [9][11] Regional Performance - **Overseas Sales Growth**: - Sales grew by 21% YoY in 2024, contributing to 45% of total sales. Emerging Markets (EM) saw a 25% increase, with Asia at 39% and Latin America at 22%. Developed Markets (DM) grew by 15%, with Europe at 32% and North America at 2% [9][11] - New businesses and In Vitro Diagnostics (IVD) contributed nearly 30% and 10% of overseas sales, respectively [9][11] - **China Sales Decline**: Sales in China fell by 5% YoY in 2024, with a more significant decline of 20% in the second half of the year, attributed to delayed tenders and severe DRG impacts on IVD since 3Q24 [9][11] Segment Performance - **PMLS Segment**: Sales dropped by 11% YoY in 2024, with a 31% decline in China but a 13% increase overseas. The MISIA segment remained strong with over 30% growth YoY, expected to continue in 2025 due to consumable sales following Value-Based Procurement (VBP) [9][11] - **IVD Segment**: Sales increased by 11% YoY, with a 1% rise in China and over 30% growth overseas. Mindray has become the third-largest player in China by CLIA market share, with significant installations of analyzers [9][11] - **MIS Segment**: Sales grew by 7% YoY, with a 2% decline in China but a 15% increase overseas. Mindray achieved over 30% market share in ultrasound in China [9][11] Financial Metrics - **Market Capitalization**: Approximately Rmb261.13 billion [9] - **Earnings Projections**: - EPS for 2024 is projected at Rmb9.51, with growth expected to Rmb10.13 in 2025 and Rmb11.17 in 2026 [9] - Revenue projections for 2025 are Rmb39.34 billion, increasing to Rmb43.06 billion by 2026 [9] Risks and Considerations - **Potential Upside Risks**: Stronger equipment trade-in policies, faster-than-expected product sales ramp-up, and accretive mergers and acquisitions [16] - **Potential Downside Risks**: Prolonged negative impacts from policy headwinds, trade tensions, and failure to achieve synergies from M&A [16] Conclusion Mindray Bio-Medical is navigating a challenging environment with mixed performance across regions and segments. The company is optimistic about future growth in China and overseas, supported by strategic initiatives and a solid dividend policy. However, it faces risks that could impact its financial performance in the coming years.

Core Insights - IBA has launched the QUASAR GRID Advantage Image Distortion Analysis System, enhancing quality assurance in MR-guided radiation therapy and MR simulation planning [1][2]. Company Overview - IBA (Ion Beam Applications S.A.) is a leader in particle accelerator technology and a major provider of dosimetry and quality assurance solutions, employing approximately 2,100 people globally [6][7]. - The company is recognized for its advanced proton therapy equipment and services, which are considered the most sophisticated form of radiation therapy available today [6]. Product Features - The GRID Advantage system is designed for facilities needing precise MR distortion analysis for stereotactic planning, ensuring geometric fidelity in MR images [2][3]. - It offers automated analysis through user-friendly software and includes versatile multi-use solutions with various frame adapters or frameless options [2]. Industry Context - The use of MR in radiation therapy is increasing due to its superior soft tissue contrast without ionizing radiation, making precise imaging critical for effective tumor targeting and protection of healthy tissue [3]. - The introduction of robust QA tools like GRID Advantage is essential to maintain image fidelity and enhance clinical confidence in treatment accuracy [3][4]. Expert Commentary - Industry experts highlight that the GRID Advantage represents a significant advancement in quality assurance for Gamma Knife radiosurgery, emphasizing the importance of geometric distortion QA in radiation therapy workflows [4].

Core Insights - GE HealthCare reported Q1 2025 adjusted EPS of $1.01, exceeding the consensus estimate of 91 cents and up from 90 cents a year ago [1] - The company achieved sales of $4.78 billion, surpassing the consensus of $4.66 billion [1] - GE HealthCare updated its 2025 full-year guidance, reaffirming organic revenue growth of 2% to 3% year over year [1] Financial Performance - The adjusted EBIT margin is expected to be between 14.2% and 14.4%, a decrease from the previous guidance of 16.7% to 16.8% [2] - GE HealthCare experienced a record 10% organic order growth in Q1, although this was overshadowed by tariff concerns [2] Tariff Impact - The impact of tariffs for 2025 was larger than anticipated, but GE HealthCare has managed to offset over 50% of the gross headwind [3] - The company expects the tariff impact for 2026 to be less than in 2025, with potential offsets of $300 million or more, assuming an $800 million annualized tariff run rate [3] - Uncertainty remains regarding which tariffs may apply to Pharmaceutical Diagnostics (PDx) products, although many are likely produced in Europe, potentially avoiding the highest tariffs [4] Market Reaction - GE HealthCare's stock declined by 3.18% to $68.09 following the news [5] - BofA Securities maintains a Neutral rating due to tariff uncertainties, lowering the price target from $97 to $82 [6] - Wells Fargo rates GE HealthCare as Overweight, reducing the price target from $103 to $89 [6] - Citigroup maintains a Buy rating, lowering the price target from $105 to $86 [6] - Evercore ISI keeps an Outperform rating, adjusting the price target from $96 to $85 [6]

Financial Data and Key Metrics Changes - Adjusted net investment income decreased to $39 million or $0.45 per share from $45 million or $0.54 per share in the previous quarter [5] - Net asset value declined to $16.75 per share from $17.63 in the prior quarter [5] - Investments on non-accrual status increased to 4.67% of fair market value and cost, compared to 3.95% in the first quarter [6] Business Line Data and Key Metrics Changes - The company committed $407 million of capital across 32 investments, compared to 13 investments totaling $198 million in the previous quarter [15] - The weighted average yield on new debt investments was 9.5%, slightly down from 9.6% in the prior quarter [16] - The median EBITDA of portfolio companies increased to approximately $158 million, up $16 million from the prior quarter [16] Market Data and Key Metrics Changes - The leverage in portfolio companies remained steady at 5.4 times, below overall middle market leverage levels [16] - The portfolio's weighted average interest coverage declined to 1.8 times from 2.1 times in the previous quarter [16] - The joint ventures generated an attractive annualized ROE of approximately 10.6% [24] Company Strategy and Development Direction - The company is focusing on larger, more diversified businesses that can withstand uncertain times [16] - There is a heightened focus on underwriting and risk evaluation due to potential impacts from tariffs and inflation [28] - The company is actively seeking opportunities in capital solutions or rescue financing during periods of market volatility [28] Management's Comments on Operating Environment and Future Outlook - The management noted significant uncertainty surrounding the trade environment and its potential impact on portfolio performance [27] - There is an expectation of cautious capital deployment among lenders due to the current economic outlook [28] - The company believes it is well-positioned to navigate the current market environment and deliver attractive risk-adjusted returns to shareholders [29] Other Important Information - The company successfully issued new unsecured bonds to refinance existing bonds and amended its senior secured revolving credit facility, reducing interest rates [8] - The company has ample liquidity of approximately $1.1 billion, including $98 million in cash and $1 billion in undrawn capacity on credit facilities [23] Q&A Session Summary Question: Did the company lean into any liquid markets, structured finance, or syndicated loans in April? - The company was somewhat active but remained cautious due to unresolved tariff situations [32] Question: How successfully has the company been focusing on larger and diversified businesses? - The company noted that while larger borrowers were initially seeking better pricing in the broadly syndicated loan market, there has been a return of larger borrowers to the direct lending market [34][38] Question: Should the company expect any slowing of repayment activity during this period of volatility? - The management anticipates that repayments will remain significant but acknowledges that volatility may lead to a slowdown in the future [52] Question: Is the current yield reflective of what the portfolio should generate going forward? - The management indicated that the current yield is a decent run rate, influenced by reference rate declines and new non-accruals [59] Question: What is the expected ROE for the joint ventures over time? - The management believes achieving an ROE in the 11% to 12% range is achievable, depending on the opportunity set [62]

Core Insights - GE HealthCare Technologies (GEHC) reported revenue of $4.78 billion for the quarter ended March 2025, reflecting a year-over-year increase of 2.7% and exceeding the Zacks Consensus Estimate of $4.66 billion by 2.57% [1] - The company's earnings per share (EPS) was $1.01, up from $0.90 in the same quarter last year, resulting in an EPS surprise of 10.99% compared to the consensus estimate of $0.91 [1] Revenue Breakdown - Imaging revenues were reported at $2.14 billion, surpassing the average analyst estimate of $2.03 billion, but showing a decline of 13.2% year-over-year [4] - Other revenues amounted to $13 million, slightly below the estimated $13.30 million, with a year-over-year decrease of 13.3% [4] - PDx revenues reached $632 million, slightly above the estimate of $631.52 million, marking a year-over-year increase of 5.5% [4] - PCS revenues were reported at $753 million, exceeding the average estimate of $749.38 million, with a year-over-year growth of 0.8% [4] Stock Performance - Over the past month, GE HealthCare shares have returned -14.4%, contrasting with a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

1Q 2025 Earnings Presentation April 30, 2025 © 2025 GE HealthCare. GE is a trademark of General Electric Company used under trademark license. Forward-looking statements and additional information This presentation contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as "will," "expect," "may," "would," "could," "plan," "believe," "anticipate," "intend," "estimate," "potential," "position," "forecast," "target," "guidance," "outloo ...

Investment Rating - The report maintains a "BUY" rating for Mindray, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - Mindray's revenue for 2024 is reported at RMB 36.7 billion, reflecting a year-on-year growth of 5.1%, while the attributable net profit is RMB 11.7 billion, up 0.7% year-on-year [1][2]. - The gross profit margin (GPM) has decreased by 1.1 percentage points year-on-year to 63.1%, attributed to pricing pressures on IVD reagents and mid- to low-end medical equipment, as well as weaker IVD testing demand [1]. - Domestic revenue fell by 5.1% year-on-year to RMB 20.3 billion in 2024, with significant declines in the PMLS and MIS segments due to weak hospital procurement [8]. - Overseas revenue grew by 21.3% year-on-year to RMB 16.4 billion, accounting for 44.7% of total revenue, with Asia-Pacific being a key growth driver [8]. - The target price has been adjusted to RMB 249.19 from a previous target of RMB 328.81, reflecting a downside potential of 15.4% from the current price of RMB 215.85 [3]. Financial Summary - For FY24, revenue is projected to grow to RMB 40.2 billion in FY25, with a year-on-year growth rate of 9.4% [2][13]. - The adjusted net profit for FY25 is estimated at RMB 12.3 billion, representing a growth of 6.5% year-on-year [2][13]. - The report indicates a decline in gross profit and operating profit forecasts for FY25E, with revenue expectations revised down by approximately 7.85% [9]. Share Performance - The market capitalization of Mindray is reported at RMB 261.7 billion, with a 52-week high of RMB 324.50 and a low of RMB 211.59 [3]. - The stock has experienced a decline of 20.4% over the past six months [5]. Shareholding Structure - The major shareholders include Smartco Development Limited with 27.0% and Magnifice (HK) Limited with 24.5% [4].

(Article 14, paragraph 1 of the law of 2 May 2007 on the disclosure of major holdings) Louvain-la-Neuve, Belgium, April 28th, 2024 06:00 PM Summary of the notification IBA (Ion Beam Applications), the world’s leading provider of proton therapy solutions for the treatment of cancer, announces that it has to issue a transparency notification, in accordance with Article 14, al. 1 of the Transparency Law of May 2, 2007 on disclosure of major holdings, further to the notification received on April 8th, 2025. I ...

According to the collective judgment of analysts, 'Revenues- Imaging' should come in at $2.03 billion. The estimate indicates a year-over-year change of -17.8%. Based on the collective assessment of analysts, 'Revenues- Ultrasound' should arrive at $1.22 billion. The estimate suggests a change of +48.5% year over year. Analysts on Wall Street project that GE HealthCare Technologies (GEHC) will announce quarterly earnings of $0.91 per share in its forthcoming report, representing an increase of 1.1% year ove ...

华为与中山七院共建"鲲鹏+昇腾"自主创新平台，将实现医院业务系统、数据库及ICT基础设施的智能 化。创新中心通过AI驱动影像质控优化、远程智能诊疗探索、智慧化病区管理升级及AI辅助临床决策 优化，打造覆盖诊疗全流程的智能化解决方案。 中山七院院长何裕隆强调，智慧医院是公立医院高质量发展的必由之路，此次合作是院企技术整合的典 范，期待通过共建创新中心，实现"优质资源全域共享"。 深圳商报•读创客户端记者 陈姝 4月23日，中山大学附属第七医院（以下简称"中山七院"）与华为技术有限公司（下文简称"华为"）签 署全面合作协议，并与联影医疗技术集团有限公司、深圳市联新移动医疗科技有限公司（以下简称"联 影""联新"）在深圳共同签署三方合作协议，合作共建"中山大学附属第七医院智慧医疗联合创新中 心"（以下简称"创新中心"）。 揭牌仪式（活动主办方供图） 创新中心将采用即将建成的10.0P级医疗人工智能算力中心，通过产学研医深度融合，推动智慧医疗自 主创新，促进医院高质量发展，助力国家实施"健康中国"战略。 在揭牌仪式上，中山七院副院长魏富鑫表示，此次的合作亮点是通过技术赋能，破解临床痛点。此次合 作以打造"三位一体"智 ...