10月29日晚间，迈瑞医疗（300760.SZ）发布2025年第三季度报告。报告显示，公司2025年第三季度实 现营业收入90.91亿元，同比增长1.53%，如期迎来拐点，环比增长6.88%；实现归属于上市公司股东的 净利润25.01亿元，同比下降18.69%，环比增长2.50%；实现经营性现金流33.51亿元，同比增长 30.02%。2025年前三季度，公司实现营业收入258.34亿元，实现归属于上市公司股东的净利润75.70亿 元。 值得一提的是，公司截至报告期末的合同负债达22.63亿元，同比增长31.45%。合同负债作为"收入蓄水 池"，其增长为公司的后续收入确认提供有力支撑。经迈瑞医疗初步测算，2025年第四季度营业收入同 比增长相较2025年第三季度有所提速。 拐点背后，公司国际市场增长提速。第三季度公司国际业务同比增长11.93%，其中欧洲市场表现突 出，同比增长超过20%，独联体及中东非地区实现了双位数增长。 迈瑞医疗高度重视投资者回报，在兼顾全体股东共同利益和公司长远发展的基础上，持续保持一年多次 分红。10月28日，公司董事会审批通过2025年第三次中期利润分配方案，向全体股东每10股派发 ...

Core Insights - The company reported a revenue of 9.091 billion yuan for Q3 2025, marking a year-on-year increase of 1.53% and a quarter-on-quarter increase of 6.88% [1] - The net profit attributable to shareholders for Q3 2025 was 2.501 billion yuan, a year-on-year decrease of 18.69% but a quarter-on-quarter increase of 2.50% [1] - Operating cash flow reached 3.351 billion yuan, reflecting a year-on-year growth of 30.02% [1] Revenue Breakdown - The international business grew by 11.93% year-on-year in Q3 2025, with significant performance in the European market, which saw over 20% growth [2] - The life information and support segment generated 2.952 billion yuan in revenue, up 2.60% year-on-year, with minimally invasive surgery business growing over 25% [2] - The medical imaging segment's revenue was 1.689 billion yuan, remaining stable year-on-year, while international medical imaging saw high single-digit growth [2] - The in-vitro diagnostics segment achieved 3.634 billion yuan in revenue, with international in-vitro diagnostics growing at double-digit rates [2] R&D Investment - The company invests approximately 10% of its revenue in R&D, with Q3 2025 R&D expenditure reaching 2.686 billion yuan, accounting for 10.40% of revenue [3] - As of September 30, 2025, the company has filed 12,513 patents, including 9,034 invention patents, with 6,355 patents granted [3] Product Innovation - The company launched several new products in Q3 2025, including high-sensitivity cardiac troponin T assay kits and D-dimer assay kits in the in-vitro diagnostics segment [4] - In the life information and support field, new products include perioperative decision support systems and advanced anesthesia systems [4] - The medical imaging sector introduced the multifunctional intraoperative visualization ultrasound system [4] Strategic Direction - The company is advancing towards high-end and intelligent solutions, establishing a digital healthcare ecosystem that integrates "equipment + IT + AI" [5] - The global medical device market is expanding, and the company aims to enhance its innovative capabilities while focusing on internationalization and local platform development [5] - The company is committed to contributing comprehensive solutions to global clients through a diverse product matrix and high-quality ecosystem [5]

风险提示 并购整合不及预期风险；汇率波动风险；研发进展不及预期风险；市场竞争加剧风险；集采降价超预期 风险等。 三大业务线逐步恢复，核心业务市占率稳步提升。分产线来看，生命信息与支持产线第三季度实现收入 29.52 亿元，同比+2.60%，其中微创外科业务增长超过25%。医学影像产线第三季度实现收入16.89 亿 元，同比基本持平，重点产品超高端超声前三季度收入实现翻倍增长。体外诊断产线第三季度实现收入 36.34 亿元，同比-2.81%，虽然国内体外诊断行业规模出现明显萎缩，但公司化学发光、生化、凝血等 重点业务市占率仍在稳步提升，前三季度国内流水线装机180 套，装机量已接近去年全年水平，国际流 水线销售超过20 套。 维持高研发投入，创新产品持续迭代。前三季度公司研发投入26.86 亿元，占营业收入比重10.40%。第 三季度公司在体外诊断领域推出高敏心肌肌钙蛋白T 测定试剂盒、D-二聚体测定试剂盒、游离睾酮测定 试剂盒等化学发光免疫分析试剂3 项；在生命信息与支持领域，公司推出了瑞智围术期决策辅助系统、 瑞智设备管理信息系统、4K 三维全域荧光智能影像平台、SV50 呼吸机、手动腔镜直线型切割吻合器和 ...

Core Insights - The company reported a revenue of 9.091 billion yuan for Q3 2025, marking a year-on-year increase of 1.53% and a quarter-on-quarter growth of 6.88%, indicating a turning point in performance [1] - The company's contract liabilities reached 2.263 billion yuan, reflecting a year-on-year growth of 31.45%, which supports future revenue recognition [1] - International business growth accelerated, with a year-on-year increase of 11.93% in Q3, particularly strong in the European market, which saw over 20% growth [1][3] Revenue Breakdown by Business Line - The Life Information and Support segment achieved a revenue of 2.952 billion yuan in Q3, with a year-on-year growth of 2.60%, and the minimally invasive surgery business grew over 25% [2] - The Medical Imaging segment reported a revenue of 1.689 billion yuan, remaining stable year-on-year, while international revenues in this segment grew at a high single-digit rate [2] - The In Vitro Diagnostics segment generated 3.634 billion yuan in revenue, with international sales experiencing double-digit growth [2] International Market Strategy - The company has been expanding its international presence since 2000, focusing on both developed and developing markets through acquisitions and local operations [3] - The company aims to enhance its global supply chain and local production capabilities to support long-term growth in international markets [3] R&D Investment and Innovation - The company consistently invests around 10% of its revenue in R&D, with a total R&D expenditure of 2.68 billion yuan in the first three quarters of 2025 [3] - Recent product innovations include the launch of high-sensitivity cardiac troponin T assay kits and advancements in smart medical solutions [3] - The company is focusing on building a smart ecosystem to provide customized digital solutions for global healthcare institutions [3]

Core Insights - The company reported a revenue of 9.091 billion RMB for Q3 2025, marking a year-on-year increase of 1.53% and a quarter-on-quarter increase of 6.88% [1] - Net profit attributable to shareholders was 2.501 billion RMB, a year-on-year decrease of 18.69% but a quarter-on-quarter increase of 2.50% [1] - Operating cash flow reached 3.351 billion RMB, reflecting a year-on-year growth of 30.02% [1] - The company’s contract liabilities stood at 2.263 billion RMB, up 31.45% year-on-year, indicating strong future revenue support [1] Financial Performance - For the first three quarters of 2025, total revenue was 25.834 billion RMB, with net profit at 7.570 billion RMB [1] - The company approved a cash dividend of 13.50 RMB per 10 shares, totaling 1.637 billion RMB, increasing cumulative dividends to 37.336 billion RMB, six times the IPO fundraising amount [2] International Market Growth - International business grew by 11.93% in Q3, with notable performance in Europe exceeding 20% growth [1][4] - The company’s international revenue share in the life information and support segment reached 70% [3] - The medical imaging segment saw international revenue accounting for 61%, while the in vitro diagnostics segment had 37% from international sales [3] Strategic Initiatives - The company plans to issue H-shares for international listing to enhance capital strength and support globalization efforts [2] - Continuous investment in R&D, with 10.40% of revenue allocated to R&D in the first three quarters, totaling 2.686 billion RMB [5] - The company has established 12 R&D centers globally and holds over 12,513 patents, including 9,034 invention patents [5] Product Development and Innovation - New product launches in Q3 included advanced diagnostic kits and medical systems, enhancing the product portfolio [6] - The company is advancing towards a smart healthcare ecosystem, integrating AI and medical devices to improve service delivery [7] - The introduction of the "Smart Decision Support System" for perioperative care demonstrates the company's commitment to innovation [7] Market Outlook - The global medical device market is expanding, and the company aims to enhance its capabilities in "smart, streamlined, and international" strategies [8] - Focus on high-potential business development and strengthening overseas localized platforms to penetrate global high-end hospitals and laboratories [8]

10月29日晚间，迈瑞医疗（300760）(300760.SZ)发布2025年第三季度报告。报告显示，公司2025年第 三季度实现营业收入90.91亿元，同比增长1.53%，如期迎来拐点，环比增长6.88%；实现归属于上市公 司股东的净利润25.01亿元，同比下降18.69%，环比增长2.50%；实现经营性现金流33.51亿元，同比增 长30.02%。2025年前三季度，公司实现营业收入258.34亿元，实现归属于上市公司股东的净利润75.70 亿元。 值得一提的是，公司截至报告期末的合同负债达22.63亿元，同比增长31.45%。合同负债作为"收入蓄水 池"，其增长为公司的后续收入确认提供有力支撑。经迈瑞医疗初步测算，2025年第四季度营业收入同 比增长相较2025年第三季度有所提速。 细究迈瑞医疗三大业务稳步增长驱动力，离不开国际业务的支撑与海外高端客户的加速突破。 2025年三季报显示，公司国际业务表现亮眼，第三季度公司国际业务同比增长11.93%。得益于公司海 外高端客户群的持续突破、本地化平台能力建设的逐步完善，以及全球各主要地区收入的均衡分布，特 别是在欧洲市场、独联体及中东非地区强劲表现的拉动下 ...