CITI'S TAKE We expect Mindray's 3Q25 results on Oct 29th, marking a crucial inflection point with a likely return to positive YoY revenue growth after a challenging 1H25. While we moderate our 2H25 recovery expectations to reflect a lengthened procurement cycle and VBP impact on ultrasound, we believe the recovery is underway, supported by a rebound in domestic tendering and accelerating overseas growth. We believe Mindray's long-term growth story remains intact, driven by the strategic pillars of Digitizat ...