联影医疗正在杀入迈瑞医疗的腹地。 11月12日，联影医疗宣布3款彩色多普勒超声诊断系统（超声）获药监局批准上市，分别是uSONIQUE Pulse、uSONIQUE Genesis及uSONIQUE Venus，可全面支持在全身、心脏、心内科、产科等多种科室 和应用场景中的使用。 随着此次uSONIQUE系列超声产品的获批上市，联影医疗正式构建起覆盖CT、MR、X线、MI、超声的 全链条医学影像诊断产品矩阵。 补齐在医学影像板块的最后一块拼图后，联影医疗与迈瑞医疗将在超声同一市场展开厮杀。 2023年，迈瑞医疗就位居国内超声设备第一名，优势地位持续迄今。 作为后发者，联影医疗的超声产品核心优势在于智能化，包括自动工作流可以引导操作者按照标准的步 骤进行检查、智能图像的优化可以精确识别组织、自动标记和智能诊断等。 随着此次多款超声产品的上市，联影医疗有望挑战迈瑞医疗第一的宝座。 卖"智能化" 为了推动超声产品线发展，联影医疗已筹备多年。 联影集团董事长薛敏透露，早在10多年前其便筹划超声产品，但期间由于没有找到适合的团队便迟迟未 能开始，直至2019年才开始真正投入研发。 "我们在刚刚起步的10多年前也想做超声 ...

Core Viewpoint - Mindray Medical (300760.SZ) reported strong financial performance for the first half of 2025, with total revenue of 16.743 billion yuan and net profit of 5.069 billion yuan, indicating a robust growth trajectory, particularly in international markets [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 16.743 billion yuan and net profit attributable to shareholders of 5.069 billion yuan, with net cash flow from operating activities reaching 3.922 billion yuan [1] - The company plans to distribute a second interim dividend of 1.31 yuan per share, totaling 1.588 billion yuan, leading to a cumulative cash dividend of 3.298 billion yuan for 2025, which represents 65.06% of the net profit for the first half of the year [1] Group 2: International Business Growth - International business revenue reached 8.332 billion yuan, accounting for 50% of total revenue, with a year-on-year growth of 5.39% [2] - The company has made significant breakthroughs in acquiring over 160 new high-end clients and expanding existing relationships with more than 50 high-end clients [2] - The international in vitro diagnostics business experienced double-digit growth, while the international chemiluminescence business grew by over 20% [2] Group 3: Domestic Market Trends - Domestic revenue for the first half of 2025 was 8.411 billion yuan, reflecting a decline of over 30% year-on-year due to prolonged bidding cycles and the impact of last year's lower bidding activity [4] - The company anticipates a significant improvement in the domestic market in the third quarter of 2025, driven by a resurgence in medical equipment bidding activities [4] - In the ultrasound equipment sector, the company achieved a cumulative bidding amount of 1.742 billion yuan from January to May 2025, representing a year-on-year increase of 116% [4] Group 4: Market Position and Innovation - Mindray Medical maintains a top-three market share position globally for its monitoring devices, anesthesia machines, ventilators, and ultrasound products [3] - The company has solidified its leading position in the domestic ultrasound market, with over 60% of revenue coming from high-end and ultra-high-end models [5] - The company is actively investing in R&D, with total R&D expenditure reaching 1.777 billion yuan, accounting for 10.61% of revenue, and has filed over 12,240 patents [7] Group 5: Future Outlook - The company expects accelerated growth in international business in the second half of 2025, particularly in developing countries, supported by ongoing localization efforts and high-end client acquisitions [3] - The in vitro diagnostics sector presents significant opportunities for market share growth, as the company currently holds only a 10% average market share in key areas [6] - Mindray Medical is preparing to enter the surgical robot market, having established a solid technical foundation in minimally invasive surgery products [8]

Core Insights - The company reported a revenue of 36.726 billion yuan for 2024, representing a growth of 5.14%, with a net profit of 11.668 billion yuan, up by 0.74% [1] - In Q1 2025, the company experienced a decline in revenue to 8.237 billion yuan, down by 12.12%, and a net profit of 2.629 billion yuan, down by 16.81% [1] Domestic Market Performance - In 2024, domestic revenue was 20.29 billion yuan, a decrease of 5.1%, primarily due to weak hospital equipment procurement [2] - Q1 2025 saw a more than 20% year-on-year decline in domestic revenue, although there was a 50% quarter-on-quarter increase, indicating a recovery trend [2] - The domestic market is expected to see a significant turning point starting Q3 2025 as medical equipment procurement improves [2] International Market Performance - The international revenue for 2024 was 16.43 billion yuan, an increase of 21.3%, driven by the expansion of high-end customer bases and improved localization capabilities [3] - In Q1 2025, international business revenue grew by less than 5%, but its share of total revenue increased to approximately 47% [3] - The company anticipates continued growth in international markets, particularly in developing countries [3] Business Segment Analysis - The in-vitro diagnostics segment achieved a revenue of 13.76 billion yuan in 2024, growing by 10.82%, with international sales increasing by over 30% [4] - The medical imaging segment generated 7.5 billion yuan in revenue, up by 6.6%, with international sales also showing strong growth [5] - The life information and support segment faced a decline of 11.11% in revenue, although certain areas like minimally invasive surgery saw growth [6] Financial Metrics - The overall gross margin for 2024 was 63.11%, down by 3.05 percentage points, with a net margin of 31.97%, down by 1.18 percentage points [7] - In Q1 2025, the gross margin was 62.53%, reflecting a further decline, while the net margin was 32.69% [8] - The company is managing expenses effectively, with a sales expense ratio of 14.30% in Q1 2025, down by 1.54 percentage points [8] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 40.49 billion yuan, 46.21 billion yuan, and 52.92 billion yuan, with expected growth rates of 10%, 14%, and 15% respectively [8] - The net profit forecasts for the same period are 12.807 billion yuan, 14.589 billion yuan, and 16.769 billion yuan, with similar growth rates [8]