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]

Core Viewpoint - The company is expected to see a turning point in the second half of the year driven by innovation, mergers and acquisitions, and international expansion, with a stable growth rate of around 20% in recent years and high profitability levels [1] Group 1: Financial Performance - The company's revenue and net profit attributable to shareholders are projected to grow at a CAGR of 16.7% and 23.98% respectively from 2014 to 2024 [1] - The anticipated decline in growth rate for 2024 is primarily due to tight local government finances and delays in regular bidding processes [1] - The company is expected to achieve a sequential performance increase in the second half of the year, supported by the rapid growth of medical special bonds and improvements in bidding data [1] Group 2: Business Expansion and Market Presence - By the end of 2024, the company will have covered nearly 110,000 medical institutions in China and over 190 countries and regions globally [2] - The life information and support segment, including products like monitors and anesthesia machines, remains the market leader domestically and ranks among the top three globally, with international business expected to achieve double-digit growth in 2024 [2] - The IVD segment has seen significant growth in international business, with over 30% year-on-year growth driven by deep integration and localization strategies [2] Group 3: Strategic Initiatives - The company is accelerating its AI business layout, integrating and innovating existing products, and developing the "Sanrui" digital solution to enhance product volume and penetrate high-end domestic and international markets [1][3] - The company has established 63 overseas subsidiaries and continues to pursue domestic and international acquisitions to enrich its product matrix and enhance global channel layout [3] - The company is focusing on high-end product upgrades and breakthroughs in high-end customer acquisition, with overseas market share currently at only 3% [3] Group 4: Profit Forecast - The company is projected to achieve revenues of 400.25 billion, 450.05 billion, and 512.66 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.98%, 12.44%, and 13.91% [4] - The net profit attributable to shareholders is expected to reach 125.92 billion, 143.72 billion, and 165.40 billion yuan for the same years, with growth rates of 7.91%, 14.13%, and 15.09% respectively [4]

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 国家倡导的创新，旨在推动各行业掌握核心技术，为国家发展贡献力量。 迈瑞将继续秉持这一理念，努力提升自身实力，为国家的医疗事业和科技进 步做出更大贡献，同时争取早日实现医疗器械全球排名前十的市场地位。 问：公司究竟有什么独特的"绝招"和卓越的经营能力，能够在激烈的市 场竞争中取得出色的成绩，并保持这种差异化优势？这种优势是否能够长期 维持？ 证券代码：300760 证券简称：迈瑞医疗 编号：2025-004 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 | | □分析师会议 特定对象调研 | | --- | --- | | | □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 | | | 投资者开放日、券商策略会等 其他 | | 参与单位名 382 称及人员姓 | 家机构 名参与人员，详见附件清单。 713 | | 名 | | | 2025 时间 | 年 月 日、5 月 日、6 月 日、6 月 日、6 月 5 19-23 26-30 3-5 12-13 18-20 | | 日、6 | ...

相关企业：美国卓尔（ZOLL）；日本光电工业株式会社（NIHON KOHDEN CORP.）；飞利浦 （Philips）；深圳市科曼医疗设备有限公司；久心医疗科技（苏州）有限公司；西安瑞新康达医疗科技 有限公司；苏州维伟思医疗科技有限公司等 关键词：产业链；ADE配置率；政策；自动体外除颤仪（ADE）市场规模；竞争格局；重点企业；发 展趋势 一、行业概况 自动体外除颤仪（Automated External Defibrillator，简称AED），又称自动体外电击器、自动电击器、 自动除颤器、心脏除颤器及傻瓜电击器等，是一种便携式的医疗设备，专用于抢救心脏骤停患者。其核 心功能是通过电击除颤恢复心脏正常节律，主要适用于由室颤（心室无规律颤动）或无脉性室速（致命 性心律失常）引发的心脏骤停。在心跳骤停时，只有在最佳抢救时间的"黄金4分钟"内，利用自动体外 除颤仪（AED）对患者进行除颤和心肺复苏，才是最有效制止猝死的办法。AED内置智能分析系统， 可自动检测患者心律并判断是否需要电击，同时通过全程语音引导操作，普通人经过基础培训即可安全 使用。 内容概要：自动体外除颤仪（Automated External ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in its domestic business in 2025 due to the anticipated recovery in local special bonds and monthly bidding for various medical devices, despite short-term impacts from tight local finances and delays in regular tenders [1] - The international market is projected to grow significantly, driven by the company's continued penetration into high-end customer segments and balanced revenue distribution across major global regions, particularly in developing countries and Europe [1] - The company is expected to maintain steady long-term growth, supported by the global medical infrastructure wave and expansion into high-end markets [5] Business Segmentation and Highlights - **Life Information and Support Segment**: Revenue decreased by 11.1% in 2024, with minimally invasive surgery business growing over 30%. Internationally, this segment achieved double-digit growth [2] - **In Vitro Diagnostics Segment**: Revenue grew by 10.8% in 2024, surpassing the Life Information and Support segment for the first time. Internationally, this segment saw growth exceeding 30% [3] - **Medical Imaging Segment**: Revenue increased by 6.6% in 2024, with international business growing over 15%. The high-end ultrasound system Resona A20 generated over 400 million yuan in its first year [3] Profitability Analysis - The company's gross margin for 2024 was 63.1%, a decrease of 3.0 percentage points year-on-year, while the net profit margin was 32.0%, down 1.2 percentage points [4] - Operating cash flow for 2024 was 12.43 billion yuan, a year-on-year increase of 12.4%, representing 102.8% of net operating income [4] - Profitability is expected to improve slightly from 2025 to 2027, driven by an increase in high-end product sales and stable operating expense ratios [4] Financial Forecast and Valuation - The company is projected to maintain stable growth from 2025 to 2027, with expected revenues of 40.33 billion yuan in 2025, 45.76 billion yuan in 2026, and 52.50 billion yuan in 2027, reflecting growth rates of 9.82%, 13.46%, and 14.72% respectively [12] - The estimated earnings per share (EPS) for 2025 is 10.61 yuan, with a price-to-earnings (P/E) ratio of 21.86 [10][12]

Group 1 - The core viewpoint of the article highlights the rise of Mindray Medical as a symbol of the Shenzhen medical device industry's transformation from non-existence to a global leader in medical devices and solutions [1] - Mindray Medical has significantly impacted the supply chain by promoting the localization of core components, with over 80% of its first-tier suppliers being domestic, and collaborating with more than 1,500 suppliers across various sectors [1] - During the surge in demand for ventilators in 2020, Mindray Medical increased its procurement of domestic components and worked closely with suppliers to enhance production capacity and establish quality control standards [1] Group 2 - Mindray Medical is driving the high-end standardization of domestic medical devices, with a reputation for rigorous quality testing, which has elevated the quality control standards across the industry [2] - The company's products are now available in over 190 countries, with a market share in the top three for key products like monitors, anesthesia machines, and ventilators, and international revenue contributing approximately 45% of total income [2] - Mindray Medical's internationalization strategy includes utilizing local talent, with nearly 80% of overseas key employees required to regularly visit the Shenzhen headquarters for knowledge exchange [3] Group 3 - The company has established a robust overseas talent management system, integrating local knowledge with its corporate culture to enhance cohesion and operational effectiveness [3] - Over 90% of Mindray Medical's 3,000 overseas employees are local hires, demonstrating the company's commitment to local integration in global markets [3]

作 者丨韩利明 编 辑丨季媛媛 金珊 据多家媒体报道，5月8日，中国台湾传奇音乐人、《单身情歌》制作人韩贤光在上海参与羽 毛球运动时，突然昏倒、心脏骤停被紧急送往医院抢救。4日后，韩贤光遗属正式发布讣告： 韩贤光运动时因"突发心源性猝死"，经多日抢救无效，于5月1 2日凌晨病逝于上海，享年6 7 岁。 1 2 日 上 午 ， 林 志 炫 在 微 博 发 文 悼 念 ： " 我 的 良 师 益 友 ， 韩 老 师 ， 一 路 好 走 。 没 能 盼 到 您 的 康 复，是我人生中的遗憾。希望您在天上一切安好，您是我人生中的天使。" 这一悲剧并非个例，运动比赛中的突发心脏骤停事件屡见报端，且多以悲剧收场。不过在四年 前的欧洲杯上，丹麦球员埃里克森在无对抗的情况下突然倒地不起，出现了心脏骤停的情况。 丹麦队医在现场心肺复苏急救约1 5分钟后，埃里克森最终转危为安。 不少医学研究和临床实践证明，心肺复苏术是抢救心脏骤停患者的主要手段，如遇有人突然倒 地，判断无呼吸、无意识后，应立即实施心肺复苏术， 抓住"黄金4分钟"，抢救越及时，成功 率越高。AED（自动体外除颤仪）配合心肺复苏术共同使用，可成倍提高心脏骤停的抢救成 ...

21世纪经济报道记者 韩利明 上海报道 据多家媒体报道，5月8日，中国台湾传奇音乐人、《单身情歌》制作人韩贤光在上海参与羽毛球运动 时，突然昏倒、心脏骤停被紧急送往医院抢救。4日后，韩贤光遗属正式发布讣告：韩贤光运动时因"突 发心源性猝死"，经多日抢救无效，于5月12日凌晨病逝于上海，享年67岁。 这一悲剧并非个例，运动比赛中的突发心脏骤停事件屡见报端，且多以悲剧收场。不过在四年前的欧洲 杯上，丹麦球员埃里克森在无对抗的情况下突然倒地不起，出现了心脏骤停的情况。丹麦队医在现场心 肺复苏急救约15分钟后，埃里克森最终转危为安。 不少医学研究和临床实践证明，心肺复苏术是抢救心脏骤停患者的主要手段，如遇有人突然倒地，判断 无呼吸、无意识后，应立即实施心肺复苏术，抓住"黄金4分钟"，抢救越及时，成功率越高。AED（自 动体外除颤仪）配合心肺复苏术共同使用，可成倍提高心脏骤停的抢救成功率。 近年来，我国逐步加大对AED等急救医疗设备在公共场所的配置力度。在《健康中国行动（2019-2030 年）》中也明确指出，要鼓励、支持社会组织和急救中心等医疗机构开展群众性急救知识培训，普及全 民急救知识，使公众掌握基本必备的急救技 ...

Core Viewpoint - Mindray Medical is leveraging "digital intelligence" to drive globalization and address the challenges posed by the ongoing trend of de-globalization and tariff wars in the medical device sector [1][2]. Financial Performance - In 2024, Mindray Medical achieved a revenue of 36.726 billion yuan, representing a year-on-year growth of 5.14%. The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% [3][4]. - The operating cash flow net amount reached 12.432 billion yuan, up by 12.38%, while the total assets increased by 18.16% to 56.644 billion yuan [4][3]. Industry Context - The overall medical device industry is experiencing a downturn, with a median revenue growth rate of -2.32% and a median net profit growth rate of -16.54% among 43 listed companies in the sector [5][3]. - Despite the industry's challenges, Mindray's proactive global strategy has allowed it to maintain steady growth, particularly in international markets where revenue increased by 21.28% [7][3]. Globalization Strategy - Mindray has established a significant presence in over 190 countries, with a focus on balancing development between domestic and international markets [10][13]. - The company has localized production in 13 countries, including the U.S., enhancing its ability to mitigate risks associated with tariffs and supply chain disruptions [13][10]. Market Opportunities - In 2024, revenue from developing countries exceeded that from developed countries, reaching 10.9 billion yuan, which accounts for approximately 30% of total revenue [15][14]. - The potential market in developing countries is estimated to be around 1.3 trillion yuan, indicating significant growth opportunities for Mindray [16][15]. Research and Development - Mindray continues to invest heavily in R&D, with expenditures amounting to 4.008 billion yuan, representing 10.91% of its revenue [22][23]. - The company has established a global R&D platform with 12 centers and over 5,200 engineers, which supports its innovation and product development efforts [19][21]. Technological Innovation - The launch of the "Qiyuan Critical Care Model" marks a significant advancement in clinical applications, integrating various data sources to enhance patient care [24][26]. - Mindray's commitment to digital transformation is evident in its ongoing development of AI-driven solutions aimed at improving healthcare delivery and accessibility [26][18].