迈瑞医疗 - 三季度略低于预期；四季度预计基于低基数加速增长

October 29, 2025 02:12 PM GMT Mindray Bio-Medical | Asia Pacific M Update 3Q Slightly Below; 4Q Growth Expected to Accelerate Off Low Base Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS By segment: Margin analysis: 3Q GPM was +0.7ppt y/y to 61.3%, partly due to accounting change. Selling, G&A and R&D ratios were +6.2ppt, +0.7ppt and flat y/y in 3Q, respectively. OPM was -6.7ppt y/y to 35.1 ...