On the evening of October 29, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (300760.SZ) released its third-quarter report for 2025. The report shows that the company achieved revenue of 9.091 billion yuan in Q3, a year-on-year increase of 1.53%, marking an anticipated inflection point with a sequential growth of 6.88%. Net profit attributable to shareholders of the listed company was 2.501 billion yuan, down 18.69% YoY but up 2.50% quarter-on-quarter. Operating cash flow surged 30.02% YoY to 3.351 billion yuan. For the first three quarters of 2025, the company’s total revenue reached 25.834 billion yuan, with net profit attributable to shareholders at 7.570 billion yuan.
Notably, contract liabilities stood at 2.263 billion yuan by the end of the reporting period, up 31.45% YoY. As a "revenue reservoir," this growth provides strong support for future income recognition. Preliminary estimates suggest that Q4 revenue growth will accelerate compared to Q3.
Behind this inflection point lies accelerated international market expansion. In Q3, Mindray’s overseas business grew 11.93% YoY, with Europe outperforming at over 20% growth, while the CIS and Middle East-Africa regions also achieved double-digit growth.
Mindray remains committed to shareholder returns, maintaining frequent dividends while balancing long-term development. On October 28, the board approved its third interim profit distribution plan for 2025, offering 1.35 yuan per share (totaling 1.637 billion yuan). Cumulative dividends now stand at 37.336 billion yuan—six times its IPO fundraising of 5.934 billion yuan.
Amid operational improvements and shared investor benefits, Mindray continues to advance its global strategy. In October, the company announced plans to issue H-shares and list on the Hong Kong Stock Exchange’s main board, aiming to strengthen its international capital platform and further global expansion.
**Inflection Point Achieved: International Business Accelerates** As anticipated, domestic recovery and overseas momentum drove growth across all three core businesses, with rising international contributions.
- **Life Information & Support**: Q3 revenue of 2.952 billion yuan (+2.60% YoY), led by over 25% growth in minimally invasive surgery. International sales accounted for 70% of the segment’s revenue in the first three quarters. - **Medical Imaging**: Q3 revenue of 1.689 billion yuan (flat YoY), with high-single-digit international growth. Overseas sales represented 61% of the segment, while premium ultrasound revenue doubled. - **In-Vitro Diagnostics (IVD)**: Q3 revenue of 3.634 billion yuan, with double-digit international growth. Overseas contributions rose to 37%, supported by market share gains in chemiluminescence, biochemistry, and coagulation. Domestic lab automation installations reached 180 units, nearing 2024’s total, while international sales exceeded 20 units, surpassing annual targets.
**Globalization and Localization Drive Growth** Mindray’s international revenue grew 11.93% YoY in Q3, fueled by high-end client breakthroughs, localized platform enhancements, and balanced regional performance—especially in Europe, CIS, and Middle East-Africa. Since 2000, the company has expanded its global footprint, establishing production bases in 14 countries (excluding the U.S.), including FDA-certified facilities, to bolster supply chain resilience.
**R&D Focus: Advancing Digital and Intelligent Solutions** Mindray invests ~10% of revenue in R&D annually, with 2.686 billion yuan spent in the first three quarters of 2025 (10.40% of revenue). The company holds 12,513 patent applications (9,034 inventions) and 6,355 granted patents (3,246 inventions).
Recent innovations include: - **IVD**: High-sensitivity cardiac troponin T, D-dimer, and free testosterone assay kits. - **Life Support**: Perioperative decision-assist systems, 4K 3D imaging platforms, and new ventilators. - **Medical Imaging**: The Eagus TEX20 intraoperative ultrasound system.
Mindray’s "Device + IT + AI" ecosystem integrates IoT, specialty information systems (e.g., "RuiZhi," "RuiJian," "RuiYing"), and its proprietary AI model, "Qiyuan," enabling breakthroughs in smart healthcare. The company recently launched an AI-powered critical care decision system and is exploring AI applications in emergency, anesthesia, imaging, and lab medicine.
**Future Outlook** Aligned with its "Digital, Streamlined, Global" strategy, Mindray will deepen R&D, enhance localized overseas operations, and target high-end hospitals and large-scale labs. By expanding its product matrix and ecosystem, the company aims to deliver tailored digital solutions, elevating global healthcare standards and reinforcing its premium market presence.
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