香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Mindray Bio-Medical Electronics Co., Ltd. 深圳邁瑞生物醫療電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決 ...

Core Viewpoint - The company is facing challenges in the domestic medical device market, with a focus on digital transformation and high-potential business areas to drive future growth [2][3][5]. Group 1: Domestic Market Challenges - The domestic medical device industry is experiencing a contraction, with the IVD sector facing both volume and price declines, making recovery difficult in the short term [2]. - The company acknowledges the need to shift from price-based marketing to value-based marketing, leveraging its unique digital solutions to meet the demands of hospitals and insurance [2][5]. - Despite current difficulties, the company anticipates a return to positive growth in the domestic market by next year if it successfully implements its strategic directions [2]. Group 2: High-Potential Business Areas - The company views the pet medical market as a high-potential area, with the global pet medical equipment market expected to reach approximately $10.6 billion by 2025 and grow to $26.5 billion by 2035, reflecting a compound annual growth rate of 10.7% [3]. - The company has made significant investments in R&D to enhance its product offerings in the animal healthcare sector, achieving over 80% of its animal medical business revenue from international markets [3]. Group 3: International Market Expansion - The company reported an 11.9% growth in international markets in Q3, with significant growth in developing countries, particularly in the Middle East and Africa [6]. - The company has initiated localized production projects in 14 countries, with 11 already underway, aiming to enhance healthcare services in developing regions [6]. - The potential market space for the company's international business is estimated at approximately 570 billion yuan, with a current market share in the low single digits, indicating substantial growth opportunities [6]. Group 4: Financial Performance and Market Sentiment - As of November 6, the company's stock closed at 206.35 yuan, with a slight increase of 0.04% and a trading volume of 60,500 shares, amounting to a turnover of 1.251 billion yuan [1]. - On the same day, there was a net inflow of 19.23 million yuan from institutional investors, indicating positive sentiment towards the company's stock [7].

Core Viewpoint - Mindray Medical is advancing its internationalization strategy by planning to list on the Hong Kong Stock Exchange to enhance its global capital operations platform [1][3]. Group 1: Financial Performance - In the first half of this year, Mindray Medical reported a revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%, and a net profit attributable to shareholders of 5.069 billion yuan, down 32.96% [1]. - The company has experienced a continuous decline in net profit for four consecutive quarters, with the second quarter showing a revenue drop of 23.77% and a net profit decline of 44.55% year-on-year [1][3]. Group 2: International Market Growth - Mindray Medical's international revenue now accounts for approximately 50% of its total revenue, with the in-vitro diagnostic product line making up 29% of international revenue and high-potential segments like animal healthcare and minimally invasive surgery contributing 12% [3]. - The company anticipates that international business will accelerate growth starting from the third quarter, with a continued increase in the proportion of international revenue in overall earnings, particularly in developing countries [3][4]. Group 3: Market Conditions and Strategic Outlook - Although the domestic medical equipment bidding has shown signs of recovery since December last year, the extended cycle from public bidding to revenue recognition has delayed improvements, with expectations for a turning point in the third quarter [4]. - Mindray Medical views the current environment as an opportunity to increase its global market share, driven by factors such as aging populations, resource shortages, and advancements in artificial intelligence [4]. - The company has proactively stocked products in anticipation of new tariffs imposed by the U.S. on Chinese imports, mitigating potential impacts on its international business [4].

Core Viewpoint - Company aims to increase international revenue to approximately 50% of total revenue by mid-2025, with a focus on expanding its presence in overseas markets and enhancing local production capabilities [1] Revenue Breakdown - As of now, international revenue accounts for about 50% of the company's overall revenue, with international in vitro diagnostics contributing 29% and international animal healthcare and minimally invasive surgery accounting for 12% of international revenue [1] Future Development Direction - The company plans to maintain a strong focus on international markets, particularly in developing countries, which are expected to grow rapidly [1] - The long-term goal is for international revenue to reach 70% of total revenue, supported by deeper localization efforts and a robust response to changing international conditions [1] Market Position and Strategy - Despite having a market share of only 2-3% in overseas markets, the company believes that the international market potential is significantly larger than the domestic market [1] - The company has established localized production bases in 14 countries, with 11 already in operation, to meet high-end customer demands and comply with local government requirements [1] Stock Performance Insights - Stock price fluctuations are influenced by various factors including company performance, macroeconomic conditions, industry policies, and market sentiment, rather than a single factor [1] - The company expresses confidence in its ability to deliver stable operating performance and healthy profit levels, which are essential for long-term investor returns and market recognition [1]

Summary of the Conference Call for Mindray Medical Company Overview - **Company**: Mindray Medical - **Date**: September 26, 2025 Key Industry Insights - **Market Recovery**: The domestic medical device tendering has shown signs of recovery, but the revenue recognition cycle has lengthened, and the uneven distribution of last year's base has led to limited improvement in the third quarter [2][4] - **Strategic Focus**: Mindray Medical is accelerating import substitution and increasing industry concentration to enhance market share [2][4] Core Strategic Directions - **Digitalization**: Emphasis on AI-enabled devices to enhance customer stickiness and solve clinical problems [2][5] - **Streamlined Operations**: Focus on consumables business growth, including in vitro diagnostic reagents, minimally invasive surgical consumables, and cardiovascular consumables [2][5] - **Internationalization**: Replicating successful experiences and advancing localization to expand sales teams and channels [2][6][8] High-Potential Business Areas - **Minimally Invasive Surgery**: Achieved over 10% market share in the domestic market, with products covering 4K, 3D, and fluorescence technology [2][7] - **Animal Healthcare**: Equipped with necessary products for three major production lines, with international revenue exceeding 80% in the first half of the year [2][7][8] - **Cardiovascular Sector**: Acquisition of Huatai has injected vitality into the business, with the establishment of the electrophysiology division and clinical progress of products like DBA and RFA [2][7][9] Market Performance and Factors - **Third Quarter Performance**: Significant improvement noted, attributed to the gradual easing of multiple factors affecting domestic market growth, including healthcare reform and industry regulation [4] - **Revenue Recognition Delays**: The transition from public tendering to revenue recognition has been significantly prolonged, impacting the timing of revenue realization [4] Additional Insights - **Huatai's Contribution**: The independent operation of Huatai has enhanced the performance of Mindray's cardiovascular business, with successful clinical entry of products and improved operational efficiency [3][9] - **International Market Growth**: Strong performance in international markets, particularly in the high-end pet hospital sector, with a focus on expanding product offerings [8]