2025年12月31日，迈瑞医疗披露接待调研公告，公司于10月31日至12月31日接待淡水泉（北京）投资管 理有限公司、MY．Alpha Management HK Advisors Limited、Neuberger Berman、Nine Masts Capital Limited、Nordea Investment Management、OLP Capital Management Ltd．等205家机构调研。 调研情况显示，迈瑞医疗表示国内市场受多重因素影响暂时承压，但IVD市场存在进口替代历史性机 遇，计划三年内化学发光、生化、凝血领域市占率翻倍，数智化解决方案可提升赢单率并避免低价竞 争；长期看，微创外科、微创介入等新兴业务市场容量大于IVD，随手术量和渗透率增长潜力显著，预 计2026年国内业务实现正增长，2027年后增速有望提速并维持盈利稳定。 针对超声市场竞争，迈瑞医疗指出该行业具有高专业壁垒和细分特点，公司凭借近30年积累，已建立全 面领先的产品线与专科解决方案、深刻的临床洞察与智能化融合生态、全球化平台与品牌效应三大核心 优势，将持续技术创新巩固领先地位；启元系大模型已在浙大一院、仁济医 ...

深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 证券代码：300760 证券简称：迈瑞医疗 编号：2025-008 深圳迈瑞生物医疗电子股份有限公司 投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 路演活动 | | 活动类别 | 现场参观 | | | 其他 电话会议、券商策略会等 | | 参与单位名 | | | 称及人员姓 | 家机构 名参与人员，详见附件清单。 204 484 | | 名 | | | | 年 月 日、11 月 日、11 月 日、11 月 日、11 月 2025 10 31 4-7 10-14 17-21 | | 时间 | 月 月 月 月 日、 24-28 日、12 1-5 日、12 9-11 日、12 16-19 日、12 22-26 | | | 月 日 12 29-31 | | | 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦 | | 地点 | 投资人办公室、券商策略会会场 | | 上市公司接 | 董事会秘书 李文楣 | | 待人员姓名 | 投资者关系团队 ...

Core Insights - The chairman of Mindray Medical, Li Xiting, completed a share buyback plan amounting to 200 million RMB, acquiring 1,005,381 shares, which represents 0.08% of the company's total shares [1][2] - The buyback was funded entirely by Li Xiting's personal funds, with a lock-up period of six months following the completion of the buyback [1] - Mindray Medical reported a year-on-year revenue growth of 1.53% in Q3 2025, indicating a turning point for the company [3] Group 1 - The buyback plan was initiated on November 27, 2025, with an average purchase price of 196.86 RMB per share, and was completed within 12 trading days [2] - The buyback reflects Li Xiting's confidence in the company's intrinsic value and future growth potential, aligning with the company's commitment to high-quality development in the capital market [2][3] - Mindray Medical has previously executed two share repurchase programs totaling 1 billion RMB each, demonstrating ongoing confidence in future growth [2] Group 2 - The company believes that the most challenging period for its domestic business has passed and is focusing on increasing market share, particularly in the IVD sector [4] - Mindray Medical is investing resources in high-value consumables and international markets, with significant growth potential in these areas [4] - The company aims to rank among the top 20 global medical device manufacturers, maintaining a leading market position in various product categories [4]

迈瑞医疗认为，展望国内市场，短期的行业扰动无法避免，公司已经及时地调整了应对策略。首先，公 司认为国内业务最艰难的时刻已经过去；第二，当前的市场环境给了迈瑞加速国产扩容和加快行业集中 度提升这一历史性机遇，因此公司将国内业务考核的重心放在了市场份额上，尤其是重点考核IVD业务 大规模突破大样本量客户，国内各项业务的市占率均在稳步提升；第三，公司持续倾斜资源投入在流水 型业务和国际市场。微创外科中的高值耗材超声刀、腔镜吻合器有望从今年开始在国内放量，这部分业 务的市场容量远比传统生命信息与支持业务要大，同时未来的成长性也要比传统业务更强，并且得益于 海外高端客户的加速突破，国际业务后续的增长也将提速。 目前，迈瑞医疗正全力冲击全球医疗器械排名前20的目标。公司的监护仪、麻醉机、呼吸机、除颤仪、 血球、超声产品在全球的市场占有率维持前三的地位。随着"国际化""数智化""流水化"战略的发展，公 司有望向更高的市场地位发起冲击。 实际上，增持之初，李西廷就已公布了后续计划——未来6个月内，以自有资金继续在深交所以集中竞 价交易方式增持公司股份，拟增持计划总金额为2亿元，且增持不设价格区间，锁定期为增持计划实施 完成后 ...

公司核心创始人连续增持的背后，包含了对于迈瑞医疗未来发展的信心。从经营数据来看，尽管 2025年前三季度迈瑞医疗业绩因高基数等因素承压，但第三季度单季营收已实现同比增长1.53%，如期 迎来拐点。公司近期在互动易平台表示，预计明年国内业务有望恢复正增长，2026年利润增速或将转 正。在这一背景下，核心创始人以自有资金增持，向市场释放了对未来业绩回暖与长期增长的坚定信 心。 迈瑞医疗认为，展望国内市场，短期的行业扰动无法避免，公司已经及时地调整了应对策略。首 先，公司认为国内业务最艰难的时刻已经过去；第二，当前的市场环境给了迈瑞加速国产扩容和加快行 业集中度提升这一历史性机遇，因此公司将国内业务考核的重心放在了市场份额上，尤其是重点考核 IVD业务大规模突破大样本量客户，国内各项业务的市占率均在稳步提升；第三，公司持续倾斜资源投 入在流水型业务和国际市场。微创外科中的高值耗材超声刀、腔镜吻合器有望从今年开始在国内放量， 这部分业务的市场容量远比传统生命信息与支持业务要大，同时未来的成长性也要比传统业务更强，并 且得益于海外高端客户的加速突破，国际业务后续的增长也将提速。 目前，迈瑞医疗正全力冲击全球医疗器械排名 ...

Core Viewpoint - The approval of ultrasound products by United Imaging Healthcare (联影医疗) for NMPA registration enhances the company's medical imaging product matrix and is expected to drive new revenue growth opportunities [1] Company Summary - The newly approved ultrasound products cover a full range of categories including ultra-high-end, high-end, mid-range, and economical models, applicable in various departments such as cardiology, obstetrics, and emergency care [1] - The company is anticipated to see significant revenue growth in Q4, supported by a high level of industry bidding activity and the recognition of domestic orders from the first three quarters [1] - The introduction of high-end products like 5.0T MR, uMI Panorama, and photon-counting spectral CT is expected to contribute to steady revenue and net profit growth in the coming year [1] Industry Summary - The medical imaging industry is projected to maintain a favorable outlook due to ongoing equipment upgrade projects and strong growth in overseas markets [1] - The overall profit margin for the company is expected to improve significantly throughout 2025, driven by the anticipated performance in Q4 and beyond [1]

Core Viewpoint - Mindray Medical has initiated its IPO process on the Hong Kong Stock Exchange, marking its third listing after previously entering the US and A-share markets. The primary goal of this IPO is to expand its presence in international markets, especially in light of slowing domestic growth and increasing competition from domestic rivals like United Imaging [2][3][4]. Company Overview - Mindray Medical's revenue and net profit for the first three quarters of 2025 were 25.834 billion and 7.570 billion respectively, showing declines of 12.38% and 28.83% year-on-year [8]. - The company has faced challenges due to a slowdown in the domestic medical device market, exacerbated by longer income confirmation cycles following public tenders [10][9]. Market Competition - Mindray Medical's core business segments include in-vitro diagnostics, life information and support, medical imaging, and emerging sectors, where it holds the top position in the domestic market. However, it is now facing intensified competition, particularly in the ultrasound segment from United Imaging, which has recently launched several ultrasound products [12][15][16]. International Expansion Strategy - The IPO is not primarily for financing but aims to enhance Mindray's international brand recognition. The company reported a more than 10% year-on-year growth in international business, with the European market growing over 20% [19][20]. - Mindray's strategy for mature markets focuses on product performance and innovation, while for emerging markets, it emphasizes high-cost performance products to increase market penetration [21][22]. Acquisition Plans - Mindray Medical has a history of successful acquisitions, having completed several between 2021 and 2024 to expand its in-vitro diagnostics and electrophysiology businesses. The company aims to explore potential global acquisition opportunities through this IPO [24][25][26]. Valuation Challenges - Despite its strong market position, Mindray Medical has seen its market value decrease by nearly 20% this year, which may impact its IPO valuation. The current market environment for IPOs in Hong Kong has been challenging, with other companies facing similar issues [5][27].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company's performance meets expectations, with domestic business gradually recovering. In Q3 2025, the company reported revenue of 2.843 billion yuan, a year-on-year increase of 75.41%. Domestic market revenue reached 6.866 billion yuan, growing by 23.70%, driven by the implementation of equipment upgrade policies and a recovery in medical demand [2][6] - The company adheres to a global strategy of "high-profile and multi-wing," with overseas markets continuing to show strong growth. In the first three quarters of 2025, overseas revenue reached 1.993 billion yuan, up 41.97%, with overseas revenue accounting for 22.50% of total revenue [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 8.859 billion yuan, a year-on-year increase of 27.39%. The net profit attributable to the parent company was 1.120 billion yuan, up 66.91%, and the non-recurring net profit was 1.053 billion yuan, increasing by 126.94% [6] - In Q3 2025 alone, the company achieved revenue of 2.843 billion yuan, a 75.41% increase year-on-year, with a net profit of 122 million yuan, up 143.80% [6] Market Strategy - The company is focused on maintaining a stable cost structure, with R&D expenses for the first three quarters of 2025 amounting to 1.250 billion yuan, a decrease of 5.11%. The R&D expense ratio was 14.11%, down 4.83 percentage points [12] - The company plans to launch ultrasound products in November 2025, which are expected to contribute to revenue growth in 2026. The ultrasound business aims for "full coverage, high performance, and intelligentization" [12] Growth Projections - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 2.000 billion yuan, 2.500 billion yuan, and 3.150 billion yuan, respectively. The current stock price corresponds to P/E ratios of 58X, 46X, and 37X for these years [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong quarterly revenue performance, with significant growth potential in overseas markets [5] - The domestic market is stabilizing, while overseas growth is accelerating, particularly in North America and Europe [7] - The company is expected to maintain high revenue growth and profitability in the coming years, supported by a diverse range of imaging equipment and increasing global competitiveness [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 88.59 billion yuan (yoy +27.39%) and a net profit of 11.20 billion yuan (yoy +66.91%) [7] - The revenue for Q3 2025 was 28.43 billion yuan (yoy +75.41%), with a net profit of 1.22 billion yuan (yoy +143.80%) [7] - The company’s gross margin for the first three quarters of 2025 was 47.02%, with a continuous optimization of expense ratios [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 126.04 billion yuan, 151.57 billion yuan, and 182.24 billion yuan, with year-on-year growth rates of 22.37%, 20.25%, and 20.24% respectively [6][7] - Net profit forecasts for the same period are 18.71 billion yuan, 22.87 billion yuan, and 27.86 billion yuan, with growth rates of 48.26%, 22.23%, and 21.85% respectively [6][7] - The current price-to-earnings (P/E) ratios are projected to be 60x, 49x, and 41x for 2025, 2026, and 2027 respectively [6][7]

Core Insights - In Q3 2025, Mindray Medical reported revenue of 909 million yuan, a year-on-year increase of 1.5%, marking a turning point for the company [1] - The net profit attributable to shareholders was 2.5 billion yuan, with operating cash flow reaching 3.35 billion yuan, a 30% increase year-on-year [1] - The company plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international influence and support its global development strategy [3][4] Financial Performance - Q3 2025 revenue was 909 million yuan, with a net profit of 2.5 billion yuan and operating cash flow of 3.35 billion yuan [1] - International market revenue reached 4.6 billion yuan, a year-on-year growth of 11.93%, accounting for 50.6% of total revenue [1][2] - The company anticipates accelerated revenue growth in Q4 2025 compared to Q3 [1] International Expansion - Mindray Medical has established over 64 overseas subsidiaries in more than 40 countries, with products sold in over 190 countries [2] - The company has maintained a top-three market share globally for several product lines, including monitors and anesthesia machines [2] - The international business is expected to continue its rapid growth, supported by a robust global supply chain and localized production [2] Strategic Initiatives - The upcoming Hong Kong IPO aims to strengthen the company's global influence and optimize employee incentives [3][4] - The company emphasizes the importance of talent in its strategic direction, with plans for a global equity incentive program [4] - Mindray Medical's focus on "digitalization, streamlining, and internationalization" is seen as crucial for future growth [4] Market Outlook - The global medical device market is projected to grow from $623 billion in 2024 to $869.7 billion by 2030, with a compound annual growth rate of 5.7% [5] - Mindray Medical's addressable market is estimated at approximately 570 billion yuan, with current international revenue at about 16.4 billion yuan, indicating a low single-digit market share [5] - The company aims to capture more market share in developing countries, where the addressable market is similar to that of China [5][6]