8月27日晚间，迈瑞医疗（300760.SZ）发布2025年半年度报告。报告期内，公司实现营业收入167.43亿 元，实现归属于上市公司股东的净利润50.69亿元，经营活动产生的现金流量净额39.22亿元。 同时，公司推出2025年第二次中期分红方案，拟10派13.10元（含税），合计派发现金股利将达15.88亿 元，加上第一次17.10亿元（含税）的中期分红，迈瑞医疗2025年累计现金分红将至32.98亿元（含 税），占2025年半年度净利润的65.06%。实际上，自上市以来，公司已连续七年进行分红，累计分红 总额将达到357亿元（包含回购股份20亿元），6倍于IPO募资额59.34亿元。 值得注意的是，报告期内，迈瑞医疗的国际业务实现收入83.32亿元，占整体收入的比重进一步提升至 50%，其中发展中国家维持快速增长的趋势。公司监护仪、麻醉机、呼吸机、除颤仪、血球、超声产品 在全球的市场占有率继续维持市场前三的地位。 国内业务方面，受去年医疗设备招标延迟连带的收入确认周期拉长的影响，使得2025年上半年国内业务 同比下滑幅度较大。但随着2025年上半年医疗设备招标活动的复苏，国内市场将在第三季度如期迎来拐 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth, alongside a robust commitment to R&D and international expansion [1][2][3]. Financial Performance - The company achieved operating revenue of 16.743 billion yuan and a net profit of 5.069 billion yuan for the first half of 2025 [1]. - The net cash flow from operating activities was 3.922 billion yuan [1]. - The total cash dividend for 2025 is projected to reach 3.298 billion yuan, representing 65.06% of the net profit for the period [1]. International Business Growth - International business revenue reached 8.332 billion yuan, accounting for 50% of total revenue, with a year-on-year growth of 5.39% [3]. - Revenue from developing countries was 5.435 billion yuan, maintaining a two-thirds share of international business revenue [3]. - The company expects accelerated growth in international business in the second half of 2025, driven by local platform development and high-end customer acquisition [3]. Domestic Market Dynamics - Domestic business revenue was 8.411 billion yuan, impacted by delayed medical equipment tenders from the previous year, but is expected to recover in the third quarter of 2025 [2][6]. - The company anticipates a significant improvement in domestic market conditions due to the revival of medical equipment tender activities [6]. R&D Investment - The company maintained high R&D investment of 1.777 billion yuan, representing 10.61% of total revenue for the first half of 2025 [2][8]. - The company has filed a total of 12,240 patents, with 8,818 being invention patents, indicating a strong focus on innovation [2]. Product Line and Market Position - The company has a comprehensive product line across three main business areas: in vitro diagnostics, life information and support, and medical imaging [3][4]. - The in vitro diagnostics segment generated revenue of 6.424 billion yuan, with international business showing double-digit growth [4]. - The life information and support segment achieved revenue of 5.479 billion yuan, with international business contributing 67% of the total [5]. Future 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]. - The company is well-positioned to capitalize on market opportunities through innovation and strategic expansion [10].