更重要的是，医疗器械从低端到高端的技术突破是一个逐步积累的过程，不存在弯道超车的现象，因此 更加需要公司在研发上踏踏实实地做好每一步。公司未来将持续加大研发创新，通过开发更高性能的试 剂、成像更清晰的影像设备来尽早发现疾病，通过更精准易用的微创或介入器械让疾病在早期就能得到 治愈，通过数智化解决方案提高医疗水平均质化的同时，帮助医院提质增效、控费降本等等，最终将优 质的生命关怀惠及到更多人。 近期有投资者在互动易平台问到，"迈瑞医疗是否有进一步加大研发投入的计划？" 迈瑞医疗认为，医疗器械的创新研发和其他行业很不一样，即使创造出了新的技术路径，首先技术需要 成熟、原理清晰，其次在全球顶级专家认可、临床验证、产品注册等环节中仍需要经历非常漫长且复杂 的过程。 迈瑞医疗回应称，"多年来，迈瑞医疗坚持研发高投入，即使在营收规模快速增长的情况下，依然坚持 将每年营收的约10%投入研发，研发投入比例和规模均在医疗器械企业中处于领先地位。截至2025年三 季度末，公司自2018年登陆A股以来累计研发投入已达到215.56亿元，为公司的未来发展筑牢核心研发 支撑。" 迈瑞医疗在互动易中表示，"公司的除颤仪从研发到上市共经历 ...

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]

中国深圳，在大沙河即将汇入深圳湾处，水面倒映着南山粤海街道的天际线。河畔，迈瑞医疗总部大厦 静静伫立，如同一位沉稳的水手，见证着"中国制造"向"中国智造"转型升级的磅礴浪潮。如今，迈瑞医 疗奔向更广阔的水域——11月10日晚间，迈瑞医疗发布公告称，公司已于当日向香港联交所递交了发行 境外上市外资股（H股）并在香港联交所主板挂牌上市的申请。 在李西廷看来，与之前两次上市不同，迈瑞医疗此次赴港上市有着深刻的战略考量。回顾过往：2006 年，迈瑞成功赴美上市，募资2.7亿美元，成为中国首家在美股上市的医疗器械企业，初步拓展了全球 渠道；2018年回归A股，募资约60亿元，创下当时创业板最大IPO纪录。 李西廷称，此次选择赴香港上市，是多重因素综合考量的结果：首先，香港作为国际金融中心，其资本 市场更加国际化，有利于提升公司在国际市场的品牌形象和信任度；其次，国际资本加持将为公司全球 化布局提供更便捷的融资平台；此外，香港市场的灵活激励机制有助于吸引国际顶尖人才。 "要在国际市场发展，没有国际资本的加持，国际化是不完整的。"李西廷认为，特别是在当前全球环境 下，香港资本市场展现出更强韧性。近期，国际资金持续流入香港市 ...

截至2025年11月14日收盘，迈瑞医疗(300760)报收于207.7元，下跌0.24%，换手率0.43%，成交量5.17万 手，成交额10.8亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出646.51万元；游资资金净流入483.43万元；散户资金净流入163.08万元。 大宗交易 投资者： 联影医疗去年的研发投入占收入比为17%，国外如直觉外科为13.5%，世界排名第十的波士顿 科学为11%，其它友商基本都在10%以上，公司做为医疗高科技领域的追赶者，想要5年内冲进世界前 十，困难重重，不加大研发投入是根本不可能的，目前10%左右的研发投入是否太少了，公司是有进一 步加大研发投入的计划？ 董秘： 您好，谢谢关注。迈瑞是全球领先、创新驱动的世界级医疗器械企业及医疗数智化引领者。我 们始终坚持以研发创新为核心驱动力，持续加大投入，依托深厚的技术实力以及对临床需求的深刻洞 察，不断引领并推出契合市场的前沿产品。公司坚持研发高投入，即使在营收规模快速增长的情况下， 依然坚持将每年营收的约10%投入研发，研发投入比例和规模均在医疗器械企业中处于领先地位。截至 2025年三季度末，公司自2018 ...

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].

Core Viewpoint - Mindray Medical (300760), a leading domestic medical device company, has submitted its application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, with joint sponsors being Huatai International and JPMorgan [1] Group 1: IPO and Fundraising - The IPO will combine public offerings in Hong Kong with international placements, with the specific issuance scale to be determined based on market conditions [1] - The funds raised will primarily be used to enhance global R&D investment, innovate products and digital solutions, explore potential global mergers and collaborations, and improve global sales networks and supply chain capabilities [1] Group 2: Business Performance and Market Position - Mindray Medical is the only Chinese company among the top 30 global medical device firms, with a comprehensive product line that includes monitoring devices, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound equipment, all ranking in the top three globally [1] - 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, and a net profit CAGR exceeding 24% [2] Group 3: Competitive Advantages - In the in-vitro diagnostics sector, Mindray is the largest provider in China and the second largest globally for blood cell diagnostics, as well as the largest domestic provider of chemical luminescence immunoassays [3] - The company holds significant market shares in various categories, including being the largest provider of monitoring devices in China and the second largest globally [3] Group 4: R&D and Innovation - Mindray has invested approximately 12.8 billion yuan in R&D, employing 5,200 specialized R&D personnel across 12 global centers, and has filed over 12,240 patents [4] - The company emphasizes its commitment to independent innovation, continuously increasing R&D investment to meet international standards [4] Group 5: Strategic Directions - Mindray is transitioning towards a sustainable growth model centered on recurring revenue from consumables and digital services, while maintaining its leadership in equipment sales [5] - The company plans to enhance its presence in minimally invasive surgery and intervention fields, aiming to shift from one-time equipment sales to a sustainable, repeat-purchase revenue model [5] Group 6: Future Growth and Market Expansion - By the first half of 2025, recurring revenue from consumables is expected to account for about 40% of total revenue, with significant growth potential in the domestic market [6] - The IPO is seen as a strategic move to bolster investments in digitalization, recurring revenue, and internationalization, which are critical for future growth [6]

Group 1 - Mindray Medical has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International and JPMorgan serving as joint sponsors [1] - Mindray's six major product lines, including monitors, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound imaging equipment, rank among the top three in the global market [1] - The listing aims to build an international capital platform, with funds raised to enhance R&D and overseas expansion, potentially accelerating penetration into emerging markets and breakthroughs in high-end markets [1] Group 2 - Insilico Medicine has announced a strategic drug development collaboration with Eli Lilly, leveraging Insilico's AI drug discovery platform and Eli Lilly's expertise in drug development and disease research [2] - This collaboration signifies an upgrade in the partnership, building on a previous software licensing agreement established in 2023 [2] Group 3 - YuanDa Pharmaceutical has received a drug registration certificate from the National Medical Products Administration for its innovative drug, Laitling, which treats allergic rhinitis in adults and children [3] - Laitling was approved by the U.S. FDA in January 2022 and has also been approved in multiple countries, including Australia, Russia, South Korea, the UK, and the EU [3] - As a compound formulation, Laitling offers patients a more convenient and effective treatment option, improving patient compliance [3]

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]

Core Viewpoint - Mindray Medical has announced its plan for a secondary listing in Hong Kong to enhance its international strategy and capital strength, aiming to further its global presence and operational capabilities [1][2] Group 1: Business Development - Mindray Medical has established three main business segments: in vitro diagnostics, life information and support, and medical imaging, covering various sub-sectors including IVD consumables and high-value medical devices [1] - The company has achieved significant advancements in research and development, leading to a competitive edge in multiple niche markets, solidifying its position as a leader in the domestic medical device industry [1] Group 2: Global Expansion - Mindray has expanded its global footprint with production bases in 14 countries and 64 overseas subsidiaries, employing over 3,000 staff, more than 90% of whom are local employees [1] - The company has successfully penetrated over 190 countries and regions, establishing a comprehensive global network for research, production, sales, and after-sales service [1] Group 3: Strategic Acquisitions - Through high-quality acquisitions of renowned overseas companies such as Datascope and DiaSys, Mindray has enhanced its global competitiveness and completed a transformation from a technology follower to a global competitor [2] - The company maintains a top-three market share in various product categories, including monitors and anesthesia machines, indicating a solid foundation for its global business layout [2] Group 4: Financial Performance - Mindray's overseas revenue has consistently grown for seven consecutive years, with overseas business revenue accounting for 50% of total revenue in the first half of this year, marking a significant milestone in its globalization strategy [2] Group 5: Strategic Goals - The upcoming Hong Kong listing is expected to facilitate the synergy between "business globalization" and "capital globalization," enhancing the company's ability to connect with overseas market resources and increasing its global influence [2] - The listing will also help convey Mindray's positioning as a "world-class medical device enterprise and leader in intelligent healthcare" to global investors, thereby boosting its brand recognition and impact in the international capital market [2]

Core Viewpoint - Mindray Medical has initiated its third IPO journey by announcing plans to list in Hong Kong, marking a significant strategic shift from merely seeking financing to establishing a dual capital platform with a strong financial foundation [1][5]. Group 1: Company History and Financial Performance - Mindray Medical has a notable history, having listed on the NYSE in 2006, returned to A-shares in 2018, and now pursuing a Hong Kong listing, reflecting the evolution of China's medical device industry [3]. - Since its A-share listing, Mindray has not engaged in further financing and has maintained a high dividend payout ratio, distributing a total of 33.7 billion yuan, which is 5.7 times its initial fundraising of 5.93 billion yuan [4]. - In the first half of 2025, Mindray reported a revenue of approximately 16.743 billion yuan, a decrease of 18.45% year-on-year, and a net profit of 5.069 billion yuan, down 32.96% year-on-year, marking its first negative growth since listing [6][8]. Group 2: Business Challenges - The company's three main business segments faced significant pressure, with the in-vitro diagnostics segment generating revenue of 6.424 billion yuan, down 16.11%, and the life information and support segment seeing a revenue drop of 31.59% to 5.479 billion yuan [8]. - The decline in revenue is attributed to intensified competition and ongoing healthcare reforms, impacting both the volume and pricing of diagnostic tests [8]. Group 3: Globalization Strategy - Mindray's internationalization began in 2000, evolving from relying on agents to establishing direct subsidiaries in key overseas markets, supported by strategic acquisitions to enhance its technology and market presence [9][10]. - The company aims for overseas revenue to account for over 70% of its total, with current international business revenue at 50%, indicating significant growth potential in global markets [10]. - The Hong Kong listing is seen as a strategic move to create a global capital platform, facilitating overseas acquisitions and business development, particularly in a mature healthcare financing ecosystem [10][11].