迈瑞医疗(300760) - 2025年10月31日-12月31日投资者关系活动记录表

Market Overview - The domestic market for medical devices has experienced a contraction over the past two years, impacting various business lines, although market share has been steadily increasing [2][3] - The IVD (In Vitro Diagnostics) sector is expected to lead growth among three major product lines, with significant market opportunities remaining, particularly in high-end hospital segments [3][4] Business Growth Projections - The domestic business is projected to achieve positive growth in 2026, with IVD driving this growth, while emerging businesses are expected to grow rapidly [3][4] - By 2024, the overall scale of emerging businesses is anticipated to reach approximately RMB 3.9 billion, contributing over 10% to total revenue [12][13] Competitive Landscape - The ultrasound imaging market is characterized by high specialization and significant barriers to entry, requiring extensive strategic investment and technological accumulation [4][5] - The entry of competitors like United Imaging is seen as a sign of a vibrant industry, with the market for ultrasound imaging expected to continue growing [4][5] Technological Innovations - The company has developed AI-driven solutions for chronic disease management, utilizing wearable sensors for continuous monitoring and data integration [6][7] - The launch of multiple AI models across various medical specialties has positioned the company as a leader in the medical AI domain, with applications in critical care and perioperative settings [10][11] Strategic Acquisitions - The integration of Huatai Medical is progressing as planned, with collaborative efforts in the cardiovascular field yielding positive results, including the development of a new atrial fibrillation solution [8][9] - The acquisition is expected to enhance the company's capabilities in the cardiovascular sector, leveraging existing strengths in medical imaging and diagnostics [15][16] Emerging Business Segments - The minimally invasive surgery market is projected to grow significantly, with a market size of approximately USD 33.8 billion globally and RMB 37.3 billion in China by 2024 [13][14] - The animal healthcare sector is also expanding, with a projected market size of nearly USD 4.4 billion in 2024, driven by the company's established technology and product offerings [16][17]