11月10日，国产医疗器械行业龙头迈瑞医疗（300760）递交港股上市申请书。 2025年前三季度，公司的研发投入达26.86亿元，超过10%的营收占比。据统计，自A股上市以来，公司 累计的研发投入超过200亿元，研发人员占比常年保持在30%左右，远高于行业平均水平。 而在外延并购方面，公司登陆A股以来并购动作不断。2021年，迈瑞医疗收购芬兰HyTest，解决耗材上 游核心原材料"卡脖子"的问题，提升IVD耗材质量；2023年，收购德国DiaSys，继续深化IVD相关业务 布局，完善海外供应链、丰富产品类别；2024年收购科创板上市医疗企业惠泰医疗，进入电生理与心血 管器械及相关耗材领域，为公司未来发展带来了新的增长点。 根据招股书披露，本次港股发行采用香港公开发售与国际配售相结合的方式，具体发行规模将结合市场 情况综合确定，而公司的募资用途主要有：加码全球研发投入，加强产品及数智化解决方案的创新；探 索潜在的全球并购和合作，加速核心业务增长，拓展升级流水型业务；进一步提升全球销售网络及供应 链能力等。 多年来，迈瑞医疗依托"自主研发"与"外延并购"不断强化核心竞争力。当前，公司现已跻身全球Top30 医疗 ...

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]

NO.3远大医药新药获批上市 远大医药宣布，全球创新药莱特灵近日获得国家药监局颁发的药品注册证书，用于治疗成人和儿童过敏 性鼻炎。该产品于2022年1月获美国食品药品监督管理局批准上市，此外，该产品已在澳大利亚、俄罗 斯、韩国、英国和欧盟等多个国家和地区获批上市。 NO.2英矽智能与礼来达成药物研发合作 英矽智能宣布与礼来达成药物研发战略合作。双方将充分发挥英矽智能自主研发的AI制药平台的前沿 技术优势，结合礼来在药物开发及疾病研究领域积淀，共同加速创新疗法的发现与开发。 点评：此次合作标志着双方伙伴关系的进一步升级。早在2023年，英矽智能与礼来已基于AI平台达成 软件授权合作，为本次战略合作打下坚实基础。 丨 2025年11月11日 星期二丨 NO.1迈瑞医疗向港交所提交上市申请 港交所11月10日披露，迈瑞医疗向港交所提交上市申请，华泰国际和摩根大通担任联席保荐人。据悉， 迈瑞医疗的六大产品系列监护仪、麻醉系统、呼吸机、除颤仪、血球、超声影像设备在全球市场稳居前 三。 点评：迈瑞医疗赴港上市，搭建国际化资本平台，募资将加码研发与海外布局，同时上市后有望加速新 兴市场渗透与高端市场突破。 点评：作为复方制 ...

Core Insights - The article highlights the approval of eight innovative medical devices by NMPA, indicating a growing trend in the medical technology sector in China [1] Group 1: Company Profiles - Shanghai Xinhong Life Science Co., Ltd. focuses on innovative ultrasound cardiovascular medical technology, leveraging a team with extensive experience in R&D and commercialization [2] - Beijing Bairen Medical Technology Co., Ltd. specializes in high-value medical devices derived from animal sources, with a strong portfolio of 17 approved Class III medical devices [3] - Suzhou Meichuang Medical Technology Co., Ltd. is dedicated to developing innovative medical devices for peripheral vascular and tumor intervention, utilizing proprietary ePTFE materials [4] - Suzhou InnoCore Medical Technology Co., Ltd. is focused on absorbable magnesium alloy materials and advanced orthopedic devices, holding multiple core technologies [4] - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is the largest medical device manufacturer in China, reporting a revenue of 16.743 billion yuan in the first half of 2025, a decrease of 18.45% year-on-year [6] - Beijing Aikang Yicheng Medical Equipment Co., Ltd. is a pioneer in the commercialization of additive manufacturing technology for orthopedic implants, with several products having received NMPA registration [7] - Chunfeng Huayu (Suzhou) Intelligent Medical Technology Co., Ltd. focuses on innovative spinal surgery robotics, enhancing surgical efficiency through automation [8] - Jingyu Medical Technology (Suzhou) Co., Ltd. specializes in deep brain stimulation systems, with products approved for various neurological conditions [9] Group 2: Market Trends - The approval of innovative medical devices reflects the increasing emphasis on advanced medical technologies in China, addressing clinical pain points and enhancing patient care [1][2][3][4] - The performance of established companies like Mindray indicates a challenging market environment, with significant revenue declines amidst ongoing industry adjustments [6] - The emergence of startups in the medical technology space, such as Chunfeng Huayu and Jingyu Medical, showcases the potential for innovation and growth in specialized medical fields [8][9]

Core Viewpoint - Suzhou Mediston Medical Technology Co., Ltd. (referred to as "Mediston") reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 28.33 million yuan, compared to a loss in the same period last year [1] Financial Performance - The company achieved operating revenue of 135 million yuan and a total profit of 31.14 million yuan during the reporting period [1] - The net profit attributable to shareholders was 28.33 million yuan, marking a return to profitability compared to the previous year [1] Technological Advancements - Mediston completed the domestic software localization and innovation transformation, ensuring compatibility with major domestic hardware and software platforms, meeting national technology requirements [1] - The products are now compatible with Huawei's Kunpeng series servers and support various domestic operating systems, including Tongxin UOS and Kylin [1] - The company has optimized its database compatibility with major domestic databases, ensuring efficient and stable operation in a secure environment [1] AI and Product Development - The company upgraded its anesthesia, critical care, and emergency systems with AI integration and deep fusion with the DeepSeek model [1] - The intelligent doctor assistant module provides clinical decision support, helping doctors formulate precise treatment plans based on patient history and examination data [1] Strategic Collaborations - Mediston's health and wellness robot project has initiated strategic collaborations with multiple medical institutions, focusing on the application of embodied intelligent robots in the health and elderly care sectors [2]