Core Viewpoint - Mindray Medical is embarking on its third IPO journey, aiming to list on the Hong Kong Stock Exchange, amidst challenges such as declining domestic revenue and controversies over low-price bidding strategies [1][2][4]. Group 1: IPO and Global Strategy - Mindray Medical plans to issue H-shares, aiming to establish an "A+H" dual capital platform to support its global expansion strategy [1][6]. - The company has a history of strategic IPOs, having previously listed in the US and returned to A-shares, with each IPO aimed at enhancing its international presence [4][6]. - The upcoming IPO is expected to raise at least $1 billion, with proceeds intended for international strategy, R&D investment, and operational funding [6][8]. Group 2: Financial Performance and Market Challenges - In the first half of 2025, Mindray reported a revenue decline of 18.45% to 16.74 billion yuan and a net profit drop of 32.96% to 5.07 billion yuan, marking its first mid-year performance decline since returning to A-shares [10][11]. - Domestic revenue fell over 30%, with the company's market share under pressure due to changes in healthcare policies that emphasize quality and cost control [12][10]. - The company’s cash flow from operations decreased by 53.83%, indicating challenges in profit realization [10][11]. Group 3: International Market Performance - Despite domestic challenges, Mindray's international revenue grew by 5.39% in the first half of 2025, accounting for approximately 50% of total revenue, with significant growth in developing markets [7][13]. - The company aims to increase its overseas revenue share to 70% by 2030, necessitating strong capital support [6][8]. Group 4: Low-Price Bidding Controversies - Mindray has faced scrutiny over low-price bidding practices, with instances of winning bids at prices significantly below market expectations, raising concerns about its pricing strategy [14][16]. - The company’s low-price strategy is seen as a response to intense competition, but it risks damaging the industry's long-term health and innovation potential [17][19]. - These controversies come at a critical time as the company prepares for its IPO, posing challenges to its governance and reputation [19].

各创新团队、相关企业和创服机构： 中国医疗器械创新创业大赛 在科 技部相关单位的指导下自2018年起已连续成 功举办了七届，是国内参赛项目数量最多、质量最高、行业影响力最大的全国性专 业赛事。七届赛事报名参赛项目5041个，决赛评出一二三等奖项目共计588个，前 六届赛后半年跟踪统计融资总额逾75亿元，部分项目后续还获得部委、省市和军队 的课题资助及其他各种赛事奖项。大赛有力助推了临床和院校成果转化及产业创新 发展，也引领了园区生态建设和项目落户聚集，受到了各方一致好评。 第八届（2025）中国医疗器械创新创业大赛于2025年4月1日正式启动报名 ， 现将有关事项通知如下： 一、 组织单位 大赛以 " 创新策源、生态建设" 为主旨， 面向实际需求，支持临床和院校成果转化， 重视技术创新与服务 。大赛由 国家医疗器械产业技术创新联盟 及 医疗器械创新网 组织 举办，欢迎地方政府、产业园区及科研院所联合承办。 二、 报名类别 参赛项目按以下类别报名参赛： 以上类别分为 创意组、 初创组 和 成长组 报名 。 三、 参赛项目分组及要求 01 参赛项目分组 ： 创意组 ： 项目 处于 早期 研发阶段项目， 已 获 专 ...