来源：人民日报微信公众号 "有人晕倒了！快来人啊！" 12月16日早晨8点40分，江苏省中医院门诊大厅外，一声急促的呼救声打破了周围宁静。这声呼喊，如 同一道发令枪，启动了一场黄金三小时的生命救援接力。 门诊门口的紧急驰援 "一大早 我们突然听到门口传来呼喊 来不及多想 我和护士长就冲了出去" 江苏省中医院门诊部副主任陈虎 回忆起当时的场景 依然历历在目 赶到现场时 只见一名身着环卫工作服的男性 生死瞬间 正脸朝下趴在地上 情况不明 陈虎与护理部科护士长刘志敏 第一时间上前查看 "我们先询问了周围群众 确认他是慢慢倒下的 排除了脊髓损伤的风险后 小心翼翼地将他翻转为仰卧位" 起初 患者尚有呼吸，面色正常 立即实施心肺复苏 刘志敏护士长予以开放患者气道 医护人员立即开始判断意识 检查生命体征 然而就在判断过程中 意外突然发生—— 患者面色瞬间青紫 意识丧失，呼吸骤停 "不好，心跳停了！" 陈虎快速判断 患者颈动脉搏动消失后 并在旁密切观察患者状态 "当时脑子里只有一个念头 一定要把他救回来！" 陈虎前后实施了 两轮标准的胸外心脏按压 每一次按压都凝聚着希望 终于，经过心肺复苏后 患者的自主呼吸和心跳逐渐恢复 为 ...

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 medical device industry has not yet reached a turning point, and the "BD moment" is still awaited. Despite the declining stock prices, the chairman of Mindray Medical, Li Xiting, has initiated a share buyback to bolster confidence in the company [1][3]. Group 1: Company Actions - Mindray Medical's chairman, Li Xiting, purchased 152,300 shares for nearly 30 million yuan, with plans to invest an additional 200 million yuan in the next six months [1]. - This marks the first share buyback by Li Xiting since Mindray Medical's listing in A-shares in 2018 [1]. Group 2: Financial Performance - As of the latest closing, Mindray Medical's stock price has fallen below 200 yuan, with a total market value of 240.9 billion yuan, reflecting a decline of over 20% this year and a market value loss exceeding 300 billion yuan from its peak [3]. - For 2024, Mindray Medical is projected to achieve revenues of 36.73 billion yuan and a net profit of 11.67 billion yuan, with growth rates of 5.14% and 0.74%, respectively, indicating a significant slowdown compared to previous years [3][7]. - In the first three quarters of this year, Mindray Medical experienced negative growth, with revenue and net profit declines of 12.38% and 28.83%, respectively [3]. Group 3: Industry Context - The medical device industry has historically been supported by government policies, but the introduction of centralized procurement in 2021 has ended a long-standing period of industry benefits, leading to increased price competition [7][8]. - Mindray Medical's core business includes the production of life information and support devices, in vitro diagnostics, and medical imaging equipment [6]. Group 4: Market Challenges - The gross margins for Mindray Medical's three main business segments have declined, with in vitro diagnostics dropping from 64.98% to 59.5%, life information and support from 66.12% to 60.56%, and medical imaging from 69.59% to 65.07% [9]. - The overall gross margin for Mindray Medical decreased from 64.87% to 61.95%, and the net profit margin fell from 36.3% to 30.25% [9]. Group 5: Strategic Moves - To counter domestic market pressures, Mindray Medical is focusing on international expansion, having established production bases in 14 countries, with 11 already operational [11]. - The company has initiated plans for a listing on the Hong Kong Stock Exchange to raise funds for its international strategy and global business expansion [12].

Core Viewpoint - Company maintains a strong commitment to R&D investment, allocating approximately 10% of annual revenue to R&D, which is among the highest in the medical device industry [1][2] Group 1: R&D Investment - Cumulative R&D investment reached 21.556 billion yuan since the company went public in 2018, reinforcing the core R&D foundation for future development [1] - Company emphasizes the importance of R&D innovation as a core driving force, continuously increasing investment to lead the market with cutting-edge products [1] Group 2: Product Development Challenges - The development of medical devices, such as defibrillators, involves a lengthy process, taking ten years from R&D to market, with five years dedicated to establishing certification standards [2] - Company adopts a steady approach to R&D, respecting life and ensuring responsible innovation, while maintaining a leading position in global R&D investment [2] Group 3: Future R&D Directions - Future R&D efforts will focus on developing higher-performance reagents, clearer imaging devices, and more precise minimally invasive instruments to enhance early disease detection and treatment [2] - The company aims to improve healthcare quality and efficiency through digital solutions, ultimately extending quality healthcare to a broader population [2]

Core Viewpoint - Company maintains a strong commitment to R&D investment, allocating approximately 10% of annual revenue to R&D, which is among the highest in the medical device industry [1][2] Group 1: R&D Investment - Cumulative R&D investment reached 21.556 billion yuan since the company went public in 2018, reinforcing its core R&D capabilities for future growth [1] - The company emphasizes the importance of R&D innovation as a driving force, continuously increasing investment to develop market-relevant products [1] Group 2: Industry Challenges - The development of medical devices, such as defibrillators, involves a lengthy process, taking up to ten years from R&D to market launch, with five years dedicated to establishing certification standards [2] - The company acknowledges that technological breakthroughs in medical devices require a gradual accumulation of knowledge and cannot be achieved through shortcuts [2] Group 3: Future Directions - The company plans to enhance R&D innovation by developing higher-performance reagents and clearer imaging devices for early disease detection, as well as more precise and user-friendly minimally invasive instruments [2] - The goal is to improve healthcare quality and efficiency while reducing costs, ultimately extending quality healthcare to a broader population [2]

Core Viewpoint - Mindray Medical is pursuing an H-share listing in Hong Kong to enhance its global strategy and capitalize on international market opportunities, aligning with China's "14th Five-Year Plan" for high-level openness and innovation in medical devices [1][2][3] Group 1: Listing Strategy - The primary goal of the Hong Kong listing is to establish an international capital platform to support the company's globalization strategy, rather than merely raising funds [2] - Mindray aims for international market revenue to account for 70% of total income, with domestic revenue at 30%, indicating a shift towards a more balanced international revenue structure [2][3] - The company has a strong financial position, with cash reserves of 17.13 billion yuan as of September 2025, and has maintained a high dividend payout ratio since its A-share listing in 2018 [1] Group 2: Global Market Position - Mindray Medical is currently among the top 30 global medical device companies and aims to break into the top 20, with a long-term goal of reaching the top 10, necessitating annual revenues of at least 10 billion USD [3][4] - The global medical device market is approximately 4 to 5 times the size of the Chinese market, presenting significant growth opportunities [3][4] Group 3: Innovation and R&D - The company emphasizes innovation as its core driver, with over 5,000 R&D engineers and annual R&D spending exceeding 10% of revenue [5][6] - Mindray has developed a digital healthcare ecosystem integrating equipment, IT, and AI, aimed at extending quality medical resources to underserved areas [5][6] - The company is committed to addressing key healthcare challenges in China, such as accessibility and affordability, through technological advancements [6] Group 4: Future Outlook - Mindray plans to leverage its Hong Kong listing as a new starting point to deepen its domestic market presence while accelerating its global expansion [6] - The company aims to achieve a 70% international revenue share and establish itself as a leading player in the high-end manufacturing sector globally [6]

Core Viewpoint - On November 14, 2025, Mindray Medical (300760) closed at 207.7 yuan, experiencing a slight decline of 0.24% with a turnover rate of 0.43% and a trading volume of 51,700 shares, amounting to a transaction value of 1.08 billion yuan [1] Trading Information Summary - On the same day, the net outflow of main funds was 6.4651 million yuan, while speculative and retail investors saw net inflows of 4.8343 million yuan and 1.6308 million yuan, respectively [2][4] - A significant block trade occurred on November 14, with a discount of 14.89%, totaling 5.4625 million yuan [2][4] Company Responses - In response to investor inquiries regarding the negative discount rates in block trades, the company stated that such transactions are based on shareholders' financial arrangements and are not directly related to the company's future development [2] - Regarding R&D investment, the company emphasized its commitment to innovation, maintaining an annual R&D investment of approximately 10% of revenue, which is considered leading in the medical device industry. Cumulative R&D investment since its A-share listing in 2018 has reached 21.556 billion yuan [2] - The company highlighted the lengthy and complex process of medical device innovation, citing that the development of its defibrillator took ten years, including five years to establish certification standards in collaboration with national experts [2]

Core Viewpoint - The company, Mindray Medical, has submitted its application for a Hong Kong IPO, aiming to enhance its global presence and innovation capabilities through the raised funds [1][4]. Group 1: IPO and Fund Utilization - The IPO will combine public offerings in Hong Kong with international placements, with the specific scale to be determined based on market conditions [1]. - The funds raised will primarily be used for increasing global R&D investment, exploring potential global mergers and acquisitions, and enhancing the global sales network and supply chain capabilities [1][4]. Group 2: Business Development and Market Position - Mindray Medical is a leading global medical device company, covering multiple product lines and holding a significant market share in various segments [2]. - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024 [2]. Group 3: R&D and M&A Strategy - As of June 30, 2025, the company plans to invest approximately 12.8 billion yuan in R&D, with over 5,200 specialized R&D personnel and a significant number of patents filed [3]. - Mindray has actively pursued acquisitions since its A-share listing, including notable purchases of companies in Finland, Germany, and China to enhance its product offerings and supply chain [3]. Group 4: Globalization and Market Opportunities - The global medical device market is expected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1% [5]. - Mindray has established a comprehensive global network, with localized production in 11 countries and a significant international workforce, enhancing its operational resilience and market responsiveness [6]. Group 5: Competitive Position and Future Outlook - Mindray's international revenue reached 16.4 billion yuan in 2024, with over 50% of its revenue coming from international markets as of Q3 2025 [6]. - The company has improved its global ranking in the medical device industry, moving from 36th in 2020 to 23rd in 2023, indicating a positive trajectory in market competitiveness [7].