Core Viewpoint - Mindray has submitted its application for listing on the Hong Kong Stock Exchange, revealing that nearly 50% of its revenue comes from overseas, while also highlighting 11 global risks associated with its international operations [3][4]. Group 1: Listing Application and Revenue Breakdown - Mindray submitted its application for H-share listing on November 10, 2025, to the Hong Kong Stock Exchange [4]. - As of H1 2025, overseas revenue accounted for 49.8% of total revenue, with Europe contributing 9.4%, North America 7.9%, and Latin America 8.3% [5][6]. - The company has achieved a gross profit margin exceeding 60% in H1 2025, positioning it among the top global scientific instrument companies [7]. Group 2: Financial Performance - The total revenue for Mindray in 2022 was approximately RMB 30.37 billion, increasing to RMB 34.93 billion in 2023, and projected to reach RMB 36.73 billion in 2024 [8]. - The gross profit for the same periods was RMB 18.88 billion in 2022, RMB 22.42 billion in 2023, and is expected to be RMB 23.18 billion in 2024 [8]. - The net profit for H1 2025 is projected to be RMB 6.25 million, following a net profit of RMB 9.61 billion in 2022 and RMB 11.58 billion in 2023 [8]. Group 3: Global Risks - Mindray faces various risks in its global operations, including unfamiliarity with overseas regulations and compliance requirements [9]. - Political and economic changes in specific countries or regions, such as instability, inflation, and trade barriers, pose additional risks [9]. - The company also faces challenges related to product liability lawsuits and regulatory scrutiny in international markets [9]. Group 4: Implications for the Industry - The 11 identified risks are highly relevant and serve as significant warnings for other domestic instrument manufacturers looking to expand internationally [10].

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company reported a revenue of 519 million yuan for the first three quarters of 2025, representing a year-on-year increase of 13.84%. The net profit attributable to the parent company was 26 million yuan, marking a turnaround from losses [1]. - In Q3 2025, the company achieved a revenue of 211 million yuan, a year-on-year increase of 32.59% and a quarter-on-quarter increase of 21.46%. The net profit attributable to the parent company was 25 million yuan, showing a significant year-on-year increase of 1033.18% and a quarter-on-quarter increase of 280.36% [2]. - The gross margin for the first three quarters of 2025 was 49.10%, an increase of 1.65 percentage points year-on-year. The gross margin for Q3 2025 was 47.98%, a slight decrease of 0.14 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 519 million yuan, with a year-on-year growth of 13.84%. The net profit attributable to the parent company was 26 million yuan, indicating a recovery from previous losses [1]. - In Q3 2025, the company achieved a revenue of 211 million yuan, reflecting a year-on-year increase of 32.59% and a quarter-on-quarter increase of 21.46%. The net profit attributable to the parent company reached 25 million yuan, a year-on-year increase of 1033.18% [2]. Business Segments - The industrial testing instruments and solutions segment continues to focus on product leadership in the new energy sector while exploring growth opportunities in semiconductors and overseas markets. A joint laboratory agreement was signed with the Hefei Comprehensive National Science Center for the development of key vacuum measurement equipment [4]. - The online monitoring instruments and solutions segment is gradually transitioning to digitalization, focusing on pollution source and environmental monitoring, with new opportunities in air stations and industrial processes [4]. - The laboratory analysis instruments and solutions segment is concentrating on drinking water testing and has made significant progress in earthquake system layouts. The company is also actively participating in equipment updates for universities [4]. - The medical instruments and solutions segment has made breakthroughs in minimally invasive surgical instruments and high-value consumables, with successful registrations for ultrasound surgical devices [7]. Market Expansion - The company has successfully expanded its products to over 20 countries and regions globally, establishing a presence in Thailand and developing a network of overseas distributors. The overseas business revenue for H1 2025 was 8.72 million yuan, a year-on-year increase of 59.13% [8]. Earnings Forecast - The company maintains its earnings forecast for 2025-2027, expecting revenues of 854 million yuan, 1.02 billion yuan, and 1.21 billion yuan, representing year-on-year growth rates of 15.4%, 19.4%, and 19.0% respectively. The net profit attributable to the parent company is projected to be 59 million yuan, 79 million yuan, and 106 million yuan for the same period, with significant growth rates [9].