Core Insights - China's medical equipment industry is rapidly emerging, with exports covering over 9,000 medical institutions in more than 190 countries and regions by 2024 [2] - The industry has seen significant growth, with revenue from large-scale medical equipment enterprises exceeding 540 billion yuan, maintaining a rapid growth trend over the past decade [5] - The approval of innovative medical devices has accelerated, with 45 new devices approved in the first half of the year, marking an 87% year-on-year increase [5] Group 1: Industry Growth and Innovation - The medical equipment market in China has reached a scale of 1.35 trillion yuan, showcasing the country's position as a major application market and production base for medical equipment [5] - Innovative products such as smart bionic hands and advanced imaging systems are being developed, demonstrating the integration of brain-machine interface technology and artificial intelligence [5][9] - The international competitiveness of China's medical equipment industry has been improving, with a compound annual growth rate of 9.4% in import and export trade over the past five years [8] Group 2: Global Expansion and Collaboration - Chinese medical equipment is increasingly being utilized globally, with products like CT scanners and ventilators being exported to serve numerous patients [8] - The shift from single equipment exports to comprehensive professional solutions is evident, as companies like Mindray Medical have developed integrated ecosystems to enhance operational efficiency [8][10] - Collaborative efforts are being made to strengthen the ecosystem of production, education, research, and application, with initiatives from various government bodies to support innovation in the medical field [10][11]

Core Insights - The company reported a revenue of 36.726 billion yuan in 2024, reflecting a growth of 5.14%, with a net profit attributable to shareholders of 11.668 billion yuan, up by 0.74% [1] - In Q4 2024, the company experienced a revenue decline of 5.08% to 7.241 billion yuan, while net profit surged by 40.99% to 1.031 billion yuan [1] - The first quarter of 2025 saw a revenue drop of 12.12% to 8.237 billion yuan, with net profit decreasing by 16.81% to 2.629 billion yuan [1] Financial Performance - The overall gross margin for 2024 was 63.14%, a decrease of 1.08%, primarily due to changes in business structure and product pricing adjustments [2] - The company’s operating cash flow for 2024 was 12.432 billion yuan, an increase of 12.38% [1] - The gross margin for Q1 2025 improved by 6.57 percentage points to 62.53%, indicating that short-term adjustments may have been largely absorbed [2] Business Segments - The Life Information and Support segment generated 13.557 billion yuan in 2024, a decline of 11.11%, but the minimally invasive surgery business grew by over 30% [3] - The In Vitro Diagnostics segment achieved a revenue of 13.765 billion yuan, up by 10.82%, despite domestic challenges due to policy changes [3] - The Medical Imaging segment reported a revenue of 7.498 billion yuan, reflecting a growth of 6.60%, with high-end ultrasound models contributing significantly [3] International Expansion - The company’s international business grew by 21.28% in 2024, accounting for approximately 45% of total revenue, driven by high-end customer acquisition and local platform development [2] - The In Vitro Diagnostics international business saw over 30% growth, with local production projects initiated in 13 countries [3] Research and Development - The company maintained high R&D investment levels, with 4.008 billion yuan in 2024, representing 10.91% of revenue [4] - As of March 31, 2025, the company had applied for approximately 12,000 patents, with 5,973 patents granted [4] Shareholder Returns - The company distributed a total cash dividend of 7.602 billion yuan in 2024, with a cash dividend ratio of 65.15% [4] - A mid-term profit distribution plan for 2025 proposes a cash dividend of 1.710 billion yuan, reflecting strong profitability and commitment to shareholder returns [4]

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月28日，迈瑞医疗发布2024年年报以及2025年第一季度季报。2024年年度营业收入达到 367.3亿元 ，2025年第一季度营业收入达到 82.4亿 元。 公司预计2025年上下半年的收入将回归到 "前低后高" 的历史常态分布，并呈现出逐季度环比改善的趋势，其中营业收入同比增速将从三季度开始迎来重大 拐点。 # 2024年报数据 迈瑞医疗主要产品覆盖三大 业务 领域， 生命信息与支持、体外诊断以及医学 影像， 叠加"三瑞"智慧生态系统和垂域AI大模型，为医疗机构提供提升整体 诊疗能力的数智化方案。 生命信息与支持 报告期内，公司生命信息与支持业务实现营业收入约 135.57亿元 ，同比 减少11.11%， 其中微创外科业务同比增长超过30%，国际生命信息与支持业务实 现了同比双位数增长。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 36,725,749,548.00 | 34,9 ...

Financial Performance - In 2024, the total revenue reached 367.3 billion CNY, with a year-on-year growth of 5.1% [3] - The net profit attributable to shareholders was 116.7 billion CNY, showing a growth of 0.7% after excluding financial expenses [3] - Operating cash flow net amount was 124.3 billion CNY, reflecting a year-on-year increase of 12.4% [3] - For Q1 2025, revenue was 82.4 billion CNY, a decrease of 12.1% compared to Q1 2024 [3] - The net profit for Q1 2025 was 26.3 billion CNY, down 16.8% from Q1 2024 [3] Shareholder Returns - The total dividend amount for 2024 was 76.0 billion CNY, an increase of 8.1% year-on-year [4] - The dividend payout ratio for 2024 was 65.1% [5] - The company plans to distribute 6.8 billion CNY in 2025 and aims for a total of 17.1 billion CNY in the first mid-year profit distribution [4] Business Segments - The in-vitro diagnostics segment generated 137.6 billion CNY in revenue, with a year-on-year growth of 10.8% [6] - The medical imaging segment reported 75.0 billion CNY in revenue, growing by 6.6% [6] - The life information and support segment had revenue of 135.6 billion CNY, down 11.1% year-on-year [6] - International revenue accounted for 44.7% of total revenue, with significant growth in developing countries [6] R&D and Innovation - R&D investment reached 40.1 billion CNY, constituting 10.9% of total revenue [6] - The company holds a total of 5,786 patents, with a focus on innovation in AI and smart healthcare solutions [6] AI and Smart Healthcare Initiatives - The launch of the "Qiyuan Critical Care Medical Model" in December 2024 integrates IoT, cloud computing, and AI to enhance clinical decision-making [8] - The model has been implemented in several top medical institutions, improving efficiency and accuracy in critical care [9] Market Expansion - By the end of 2024, the company had installed equipment in over 1,600 hospitals domestically, with significant growth in tier-3 hospitals [11] - Internationally, the "M-Connect" project has signed contracts with over 650 projects, with 250 new contracts in 2024 [11] - The "Ruiying Cloud ++" platform has been deployed in multiple countries, enhancing remote training and academic exchange [13]