智通财经APP获悉，据港交所11月10日披露，深圳迈瑞生物医疗电子股份有限公司(以下简称：迈瑞医 疗,300760.SZ)递表港交所主板，华泰国际、摩根大通为其联席保荐人。 该公司是医疗数智化领域的引领者。凭借该公司广泛的全球装机基础及与领先医疗机构的长期合作关 系，该公司积累及消化了大量高质量数据。这使该公司拥有全球规模最大的硬件生态系统及最有价值的 数据资源，为该公司的设备+IT+AI生态系统奠定了独特优势。通过与临床医生的密切合作，该公司不 断深化对多个科室及场景中真实实践的理解，这进而推动迈瑞数智医疗生态系统的持续升级。与此同 时，该公司成功发布了启元重症医学大模型，这是全球首个真正实现临床落地的重症医学大模型，并于 近期发布了启元围术期医学大模型、启元医工大模型、启元妇产大模型和启元乳腺大模型。顺应人工智 能与医疗数智化快速发展的浪潮，该公司正加速迈向世界领先的医疗器械企业。 财务资料 收入： 2022年至2024年以及截至2025年6月30日止六个月，该公司收入分别约为303.66亿元、349.32亿元、 367.26亿元及167.43亿元人民币。 据招股书，该公司是全球领先、创新驱动的世界级医疗 ...

Core Insights - Mindray Medical is making significant strides in the global medical device market, with international business revenue expected to reach nearly 50% by mid-2025, marking a crucial milestone in the company's development [1] - The company has successfully balanced its domestic and international operations, achieving a "50-50" split in revenue distribution by mid-2025, which helps mitigate risks from macroeconomic and industry changes [1] - Mindray's three core business areas—In Vitro Diagnostics, Life Information and Support, and Medical Imaging—are performing well in overseas markets, with international revenue shares for Life Information and Support and Medical Imaging reaching 67% and 62% respectively, while In Vitro Diagnostics accounts for 29% of international revenue [1] International Market Expansion - In the overseas market, Mindray has made breakthroughs with over 160 new high-end clients and more than 50 existing high-end clients in the In Vitro Diagnostics sector in the first half of 2025 [2] - The Life Information and Support business also showed strong performance, acquiring over 100 new high-end clients and nearly 390 existing clients for additional products [2] - Key clients include renowned medical institutions such as Spain's HM Group and Italy's Policlinico Universitario Sant'Andrea-La Sapienza [2] Localization Strategy - Mindray's success in international markets is largely attributed to its deep localization strategy, with local production projects established in 14 countries, 11 of which are already in production, primarily focusing on In Vitro Diagnostics products [2] - Following the acquisition of Germany's DiaSys in 2020, Mindray has positioned it as a "bridgehead" for localized operations in Europe, resulting in an 18% year-on-year revenue growth in the European In Vitro Diagnostics business in the first half of 2025, with DiaSys contributing 40% of localized product revenue [2] Digital Transformation - Mindray is actively promoting digital transformation by building a "Device + IT + AI" smart medical ecosystem, integrating medical IoT and device innovation [3] - The company has developed specialized information systems, including "Rui Zhi, Rui Jian, Rui Ying," and launched the Qiyuan perioperative medical model in 2025 to enhance critical care capabilities [3] - This smart medical ecosystem is expected to improve overall diagnostic capabilities for global medical institutions and increase the company's penetration and brand loyalty among high-end clients [3] Market Outlook - Pacific Securities indicates that Mindray's international market growth and high-end breakthroughs are ongoing, with expectations for strong performance in the three core business lines in the second half of the year, maintaining a "buy" rating [3]

Core Insights - The fourth quarter market for A-shares is beginning, with overseas institutions conducting research that outlines a clear investment roadmap [1] - A total of 164 overseas institutions have surveyed 15 listed companies since October, focusing primarily on the power equipment and electronics sectors [1] Industry Focus - Overseas institutions favor three main industries: power equipment, electronics, and machinery, with 5, 3, and 3 companies surveyed respectively [1] - The computer and pharmaceutical biotechnology sectors follow, with 2 companies each receiving attention from overseas institutions [1] Company Highlights - Mindray Medical (300760) leads in overseas institution surveys with 124 institutions, followed by Rongbai Technology with 8, and Guangli Micro with 7 [2] - Mindray Medical has made significant advancements in its AI medical ecosystem, with the launch of its "Qiyuan" AI model for critical care expected in December 2024 [2][3] - Rongbai Technology has established production capacity for ternary cathode materials in South Korea and Poland, with a 6000-ton annual capacity in South Korea [3][4] - Zhiyu Technology, part of the power equipment sector, has made progress in robotics, achieving a 22.5% weight reduction in its third-generation products [6] Market Performance - Stocks surveyed by overseas institutions have performed well this year, with an average increase of 70.12%, and 14 stocks showing gains [4] - Notable performers include Zhiyu Technology, with a 243.48% increase, and Hot Scene Biology, with a 186.74% increase [4] Financing Trends - As of October 15, 11 stocks have received net financing inflows, with Mindray Medical, Zhiyu Technology, and Dike Co. leading in net buy amounts [6]

Core Viewpoint - The announcement of Mindray Medical's plan to issue H-shares and list on the Hong Kong Stock Exchange marks a significant step in its globalization strategy, transitioning to a new phase of capital platform development [2][4]. Strategic Logic - Mindray's H-share listing is not merely a financing action but an upgrade of its international strategy, indicating a new phase of "business and capital synergy" [4]. - The company has established a solid foundation for international business, with overseas revenue exceeding 50% and significant market presence in key medical device sectors [5][6]. Market Environment and Timing - The decision to initiate the H-share listing is based on a favorable market environment and a critical point in business expansion, as the global medical device industry undergoes significant transformation [8]. - The Hong Kong market offers favorable financing conditions and valuation premiums for high-quality assets, enhancing Mindray's flexibility in global competition [8]. Investor Concerns and Company Responses - Investors are particularly interested in the reasons for the listing, the intended use of raised funds, and potential geopolitical risks [9]. - Mindray aims to enhance its international influence, attract global talent, and optimize its shareholder structure through this listing [11][12][13]. Financial Performance - In the first half of 2025, Mindray achieved revenue of 20.53 billion yuan, a year-on-year increase of 11.12%, with net profit rising by 17.37% [5]. - The company reported a decline in revenue and net profit for the latest reporting period compared to the previous year, indicating challenges in the domestic market [5]. Long-term Impact - The H-share listing is expected to enhance Mindray's international brand influence, broaden financing channels, and accelerate global business expansion [14]. - This move is seen as a reflection of a broader trend in the Chinese medical technology industry, where leading companies leverage international capital markets for simultaneous technological innovation and global competitiveness [23].

Core Viewpoint - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is conducting a significant investor survey involving 183 institutions and 343 participants, indicating strong interest in the company's internationalization strategy and upcoming H-share IPO [1][2]. Group 1: Investor Survey Details - The investor survey includes various activities such as targeted research, roadshows, site visits, and conference calls, scheduled from September 1 to October 14, 2025 [1]. - Notable participating institutions include 3W Fund Management Limited and Principal Financial Group, Inc., showcasing the involvement of prominent investment firms [1]. Group 2: Internationalization Strategy - The upcoming overseas listing is a key initiative in the company's internationalization strategy, aimed at enhancing global influence and facilitating business and capital globalization [2]. - The company anticipates that the current market environment is favorable for international capital operations, with expectations of positive revenue growth in Q3 2025 [2]. Group 3: IPO Details and Fund Utilization - The H-share IPO is progressing well, with plans to issue no more than 10% of the total share capital post-issue, along with a 15% overallotment option [2]. - Proceeds from the IPO will be used to advance internationalization, increase R&D investment, and supplement operational funds, with potential future overseas acquisitions [2]. Group 4: Business Impact and Strategies - A successful listing in Hong Kong is expected to enhance international visibility, broaden financing channels, and accelerate overseas business expansion [2]. - The company has proactively addressed U.S. tariff challenges since 2018, ensuring continued market growth and profitability in the U.S. [2]. Group 5: Shareholder Interests and AI Product Highlights - The company is committed to protecting minority shareholder interests through performance growth, stable dividends, and transparent information disclosure, with a plan for cash dividends to be at least 65% of distributable profits annually from 2025 to 2027 [2]. - The launch of the AI-based perioperative medical model and new IVD products is expected to enhance operational efficiency and increase installed capacity [2].

Group 1: Purpose of Overseas Listing - The overseas listing aims to strengthen international influence and align with the company's global development strategy, as it ranks among the top 30 global medical device companies with nearly half of its revenue from international business [2][3] - The listing will enhance the company's ability to connect with overseas market resources, providing strong capital support for competition with international giants [3][4] - It will facilitate the design and implementation of global employee incentive plans, attracting top talent for sustainable development [3][4] Group 2: Timing and Market Conditions - The current period is deemed the best strategic window for overseas listing due to significant changes in the global medical industry, driven by factors like aging populations and technological advancements [4][5] - The stable capital market environment in Hong Kong is favorable for high-quality assets, making it an opportune time for international capital operations [5][6] Group 3: Financial Projections and Growth - The company expects a positive year-on-year growth in overall revenue by Q3 2025, with international business growth accelerating due to ongoing localization efforts [5][6] - Domestic market recovery is anticipated, although the revenue recognition cycle has lengthened, indicating a gradual improvement starting in Q3 [5][6] Group 4: Use of Funds from IPO - The funds raised from the IPO will be allocated to advancing international strategies, enhancing R&D investments, and supporting operational needs [8][9] - The company emphasizes a focus on self-research and development, with acquisitions serving as a supplementary strategy to enhance core competitiveness [9][10] Group 5: Shareholder Value and Communication - The company is committed to protecting minority shareholders' interests through performance growth, stable dividends, and transparent information disclosure [11][12] - A profit distribution policy has been established, ensuring at least 65% of distributable profits are allocated to dividends, with a total dividend payout of 35.7 billion CNY since its IPO [12][13] Group 6: Innovations in Medical Technology - The launch of new AI models and high-speed biochemical analysis systems aims to enhance clinical decision-making and improve operational efficiency [13][14][15] - The new systems are designed to address common challenges in testing, significantly improving speed and accuracy, thereby supporting market share growth [15][16]