近日，迈瑞医疗发布2025年半年报。其国际业务收入达83.32亿元，占整体营收比重首次达到50%，实 现国内外市场平分秋色。公司体外诊断业务实现营收64.24亿元，其中，国际体外诊断业务同比实现双 位数增长，国际化学发光业务增长超过20%。 而在这份财报发布前不久，国家药监局发布公告，推出优化全生命周期监管支持高端医疗器械创新发展 的一系列举措。明确提出 "支持高端医疗器械企业'出海'发展，完善医疗器械出口销售证明相关政策"， 并积极推动与 "一带一路" 国家的药监合作 —— 政策东风与企业实力的共振，正推动迈瑞医疗在全球医 疗器械市场的蓝海中加速前行。 体外诊断业务乘风破浪 海外市场的竞争，早已不是单一产品的比拼，而是"本地化响应能力"的较量。 而为了打通海外市场的 "最后一公里"，迈瑞医疗持续加码国际体外诊断业务的本地化平台建设，终于 在2025年取得阶段性成效。2025年半年报披露，迈瑞医疗体外诊断业务实现营收64.24亿元，其中国际 体外诊断业务表现尤为抢眼，同比实现双位数增长。 这种"以临床价值为核心"的思路，同时体现在迈瑞的产品创新中。以化学发光业务为例，通过自主研发 与并购整合，迈瑞的心肌标志物 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][14]. Core Views - The company's chemical luminescence business shows strong performance, with rapid installation growth both domestically and internationally [1]. - The company reported a revenue of 2.012 billion yuan in 2024, a year-on-year decrease of 2.02%, primarily due to a significant reduction in COVID-19 related business [4]. - The non-COVID self-produced main business revenue grew by 26.13% year-on-year, reaching 1.672 billion yuan [6]. - The company achieved a gross margin of 65.28% in 2024, an increase of 8.47 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 302 million yuan, down 15.06% year-on-year, mainly due to investment income impacts [4]. - The first quarter of 2025 saw a revenue of 418 million yuan, a decline of 3.13% year-on-year, with a net profit of 10 million yuan, down 84.63% [5]. - The company’s gross margin for non-COVID self-produced business was 71.50%, up 1.50 percentage points year-on-year [6]. Business Growth - The company installed 2,662 self-produced chemical luminescence instruments in 2024, with domestic installations increasing by 2.22% and international installations rising by 80.56% [7]. - The revenue from chemical luminescence diagnostic reagents grew significantly, with specific product lines seeing increases of up to 38.21% year-on-year [7]. Profitability and Forecast - The report forecasts revenues of 2.312 billion yuan, 2.692 billion yuan, and 3.101 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 14.93%, 16.44%, and 15.19% [10]. - The projected diluted earnings per share (EPS) for 2025, 2026, and 2027 are 0.64 yuan, 0.80 yuan, and 0.99 yuan, respectively [10].