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 - Mindray Medical, known as the "leader in domestic medical devices," has confirmed plans to list on the Hong Kong Stock Exchange to enhance its international strategy and capital operations [2] 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% [2] - 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 decrease of 44.55% year-on-year [2][3] - The international revenue now accounts for approximately 50% of the company's total revenue, with the in-vitro diagnostic product line contributing 29% and high-potential businesses like animal healthcare and minimally invasive surgery making up 12% of international revenue [3] Group 2: Market Outlook - Mindray Medical anticipates that international market business will accelerate growth starting in the third quarter, with developing countries expected to maintain rapid growth [4] - The company expects to see a turning point in the domestic market starting in the third quarter, despite the prolonged cycle from public bidding to revenue recognition [4] Group 3: Strategic Initiatives - The company views the current period as an opportunity to increase its global market share, driven by factors such as aging populations, a shortage of quality medical resources, and advancements in artificial intelligence [5] - The recent U.S. tariffs on Chinese imports are not expected to significantly impact Mindray's international business, as the company had prepared sufficient inventory prior to the tariff implementation [6] - Mindray has established production bases in 14 countries outside the U.S., including FDA-certified factories, to adapt to the increasingly volatile international environment [6]

Core Viewpoint - Mindray Medical, known as the "leader in domestic medical devices," has confirmed its plans to list on the Hong Kong Stock Exchange to enhance its international strategy and capital operations [3][4]. Financial Performance - In the first half of the 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% [5]. - 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 [5]. International Market Growth - Mindray Medical's international revenue now accounts for approximately 50% of its total revenue, with the international in-vitro diagnostic product line contributing 29% and high-potential businesses like international animal healthcare and minimally invasive surgery making up 12% [6]. - The company anticipates that international business will accelerate growth starting in the third quarter, with developing countries maintaining a rapid growth trend [6]. Market Opportunities - The company views the current environment as an opportunity to increase its global market share, driven by factors such as aging populations, a shortage of quality medical resources, and advancements in artificial intelligence [7]. - Mindray Medical emphasizes the urgency of seizing this market window, as geopolitical conflicts create a limited timeframe for expansion [7]. Impact of Tariffs - The recent announcement by the U.S. government to impose new tariffs on Chinese imports is expected to have minimal impact on Mindray Medical's international business, as the company had prepared adequately in advance [8]. - Mindray Medical has established production bases in 14 countries outside the U.S., including FDA-certified factories, providing flexibility to navigate the evolving international landscape [8].

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]

Group 1 - The core viewpoint of the articles highlights the significant decline in the stock price of Kaili Medical, which closed at 34.51 yuan, down 3.20%, with a rolling PE ratio of 792.02 times, indicating a high valuation compared to the industry average [1][2] - The total market capitalization of Kaili Medical is reported at 14.933 billion yuan, ranking 122nd in the medical device industry based on PE ratio, which has an average of 56.95 times and a median of 40.49 times [1][2] - The company experienced a net outflow of main funds amounting to 19.5483 million yuan on August 22, with a total outflow of 39.5799 million yuan over the past five days, indicating a negative trend in investor sentiment [1] Group 2 - Kaili Medical specializes in the independent research, development, production, and sales of medical diagnostic and treatment equipment, with key products including ultrasound diagnostic devices, digestive and respiratory endoscopes, minimally invasive surgical products, and cardiovascular intervention products [1] - For the first half of 2025, Kaili Medical reported an operating income of 964 million yuan, a year-on-year decrease of 4.78%, and a net profit of 47.0303 million yuan, reflecting a significant year-on-year decline of 72.43%, with a sales gross margin of 62.08% [1]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved operating revenue of 964 million yuan, a year-on-year decrease of 4.78% [1] - The net profit attributable to shareholders was 47.03 million yuan, reflecting a significant year-on-year decline of 72.43% [1] Business Overview - The company specializes in the research, development, production, and sales of medical diagnostic and treatment equipment [1] - Key products include medical ultrasound diagnostic equipment, digestive and respiratory endoscopes, minimally invasive surgical products, and cardiovascular intervention products [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kaili Medical, indicating a significant decline in revenue and profit, alongside a high PE ratio compared to industry averages [1][2] - As of August 19, Kaili Medical's stock closed at 34.6 yuan, with a PE ratio of 297.76, marking a new low in 168 days, and a total market capitalization of 14.972 billion yuan [1] - The company experienced a net outflow of 1.0265 million yuan in major funds on August 19, with a total outflow of 59.3642 million yuan over the past five days [1] Group 2 - Kaili Medical specializes in the research, development, production, and sales of medical diagnostic and treatment equipment, with key products including ultrasound diagnostic devices and minimally invasive surgical products [1] - The company has over 20 years of experience in the ultrasound industry and is recognized as a high-tech enterprise, holding leading positions in core technologies for ultrasound equipment in China [1] - In terms of market share, Kaili Medical ranks second among domestic manufacturers and tenth globally in the ultrasound product market, demonstrating strong brand influence and competitiveness [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kaili Medical, indicating a significant decline in revenue and profit in the latest quarterly report [1][2] - As of August 12, Kaili Medical's stock closed at 34.53 yuan, with a PE ratio of 297.16, marking a new low in 163 days, and a total market capitalization of 14.942 billion yuan [1] - The company operates in the medical device industry, which has an average PE ratio of 57.51 and a median of 41.25, placing Kaili Medical at the 120th position in the industry ranking [1][2] Group 2 - For the first quarter of 2025, Kaili Medical reported an operating income of 430 million yuan, a year-on-year decrease of 10.29%, and a net profit of 8.0746 million yuan, down 91.94% [2] - The company's gross profit margin stands at 63.19%, indicating a relatively high profitability despite the decline in revenue and net profit [2] - Kaili Medical specializes in the research, development, production, and sales of medical diagnostic and treatment equipment, with a strong presence in the ultrasound market, ranking second among domestic manufacturers and tenth globally [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Kaili Medical, indicating a significant decline in revenue and net profit in the latest quarterly report [1][2] - As of August 8, Kaili Medical's stock closed at 33.1 yuan, with a rolling PE ratio of 284.85, marking a new low in 43 days, and a total market capitalization of 14.323 billion yuan [1] - The average PE ratio for the medical device industry is 55.70, with a median of 39.08, positioning Kaili Medical at 119th in the industry ranking [1][2] Group 2 - For Q1 2025, Kaili Medical reported an operating income of 430 million yuan, a year-on-year decrease of 10.29%, and a net profit of 8.0746 million yuan, down 91.94% year-on-year, with a gross margin of 63.19% [2] - The company specializes in the R&D, production, and sales of medical diagnostic and treatment equipment, with key products including ultrasound diagnostic devices, endoscopes, minimally invasive surgical products, and cardiovascular intervention products [1] - Kaili Medical has over 20 years of experience in the ultrasound industry, being one of the first domestic companies to develop and master core technologies for color Doppler ultrasound machines and probes, achieving a strong market presence both domestically and globally [1]