ab 19 September 2025 Global Research Mindray Bio-Med APT Medical: Key growth driver Initiated coverage of APT Medical, Mindray's subsidiary, with a Buy rating We initiated on APT Medical (note), a Mindray subsidiary, with a Buy rating and a PT of Rmb428. APT is a leading manufacturer of electrophysiology (EP) and vascular interventional (VI) products in China, which may have robust 14%/10% CAGRs in 2024- 30, based on Frost & Sullivan/UBS estimates. We think APT is well positioned for above- market growth, m ...