近日，第111届北美放射学会年会（RSNA 2025）在美国芝加哥举办。在这场全球医学影像盛会上，国产医疗器械龙头 迈瑞医疗携超高端全身应用超声Resona A20等超声创新产品及解决方案重磅亮相，向世界展示了中国医疗器械企业在 超高端影像领域的的创新实力。 值得注意的是，这是迈瑞医疗的超高端超声产品首次在北美地区亮相。依托自主研发的核心技术与全球化的市场布 局，迈瑞医疗的此次亮相不仅彰显了中国医疗科技的硬核实力，还标志着其超声业务在北美市场进入新阶段，为后续 的海外市场发展带来更多可能。 超高端产品跻身全球技术第一梯队 资料显示，迈瑞医疗的超高端全身应用超声Resona A20是业内首款在临床环境下实现超分辨率血流成像的超声设备。 凭借完全自主研发的探头与创新技术，Resona A20将传统超声的毫米级成像能力提升至微米级。而这一技术突破可帮 助医生发现直径小于5毫米的肝脏肿瘤，对肿瘤早期诊断及良恶性鉴别具有重大临床价值。 自2023年国内上市后，Resona A20已陆续获得欧盟CE、美国FDA等认证，其搭载的核心创新技术与突破性性能也获得 全球核心市场的认可，产品在欧洲、中东的高端客户群体中均迅速实现突 ...

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].