Mindray Medical - Short-term performance under pressure, emerging businesses perform remarkably well

In 2025, the company achieved operating revenue of 33.28B yuan, down 9.38% year over year; attributable net profit to shareholders was 8.14B yuan, down 30.28% year over year; and non-recurring items adjusted attributable net profit was 8.07B yuan, down 29.48% year over year. In the fourth quarter of 2025, the company recorded operating revenue of 7.45B yuan, up 2.86% year over year; attributable net profit to shareholders was 566M yuan, down 45.15% year over year; and non-recurring items adjusted attributable net profit was 606M yuan, down 39.72% year over year. The company’s international business is steadily advancing, domestic business is stabilizing and rebounding, and rapid development of new businesses combined with increased momentum from digitalization and intelligentization leads us to expect the company’s performance to resume rapid growth.

International business is steadily advancing, while domestic business is stabilizing and rebounding. The company’s international business achieved revenue of 17.65B yuan, up 7.40% year over year, and the revenue share further increased to 53%. The company continues to accelerate penetration with high-end strategic customers and the construction of localized platforms. In particular, the European market, on the basis of high growth in 2024, further achieved 17% growth in 2025. Meanwhile, the company’s international emerging businesses achieved year-over-year growth of nearly 30%. The company’s domestic business achieved revenue of 15.63B yuan, down 22.97% year over year. Affected by operating pressure at hospitals, the equipment industry is still in a weak recovery phase. Driven by multiple policy impacts, including the reform of DRG/DIP payment methods and centralized volume-based procurement for reagents, the in vitro diagnostics (IVD) industry has entered an adjustment and contraction period, and the company’s IVD business market share has increased against the trend. Domestic emerging businesses show high-growth potential, and the combined revenue of these businesses as a proportion of domestic business revenue reaches nearly 70%; these businesses will be an important driver for long-term rapid growth in China. Going forward, as the company’s overseas internationalization business continues to break through and domestic business continues to stabilize and rebound, the company’s performance is expected to further recover to rapid growth.

Emerging business is developing rapidly and is expected to become an important growth driver. From a breakdown of segments, the company’s in vitro diagnostics business achieved operating revenue of 12.24B yuan, down 9.41% year over year, with revenue share exceeding 36%. More than 20 TLA production-line units have been installed for the international market, and in 2026 the overseas installation volume is expected to continue to grow significantly. For the domestic market, new orders for TLA production lines exceed 360 units, and new installations are nearly 270 units. Currently, the average market share of the company’s IVD core businesses such as immunology, biochemistry, and coagulation in the domestic market is only around 10%, leaving substantial room for improvement. The company’s life information and support business achieved operating revenue of 9.84B yuan, down 19.80% year over year; among this, the share of international revenue within the overall revenue of this product line further increased to 74%. Currently, the product line’s average market share in overseas markets is still below the level in China; in the future, international PMLS is expected to maintain stable and rapid growth over the long term. At the same time, the company is accelerating its digitalization and intelligentization strategy. The RuiZhi severe illness decision support system & Qiyuan severe illness medical large model have been installed in 30 hospitals. The company’s medical imaging business achieved operating revenue of 5.72B yuan, down 18.02% year over year, and the share of international revenue within the overall revenue of this product line further increased to 65%; the ultra-high-end series ultrasound products already achieved revenue of over 0.7 billion yuan in the second year after listing, up more than 70%. The company’s ultrasound business overseas currently has a market share at the single-digit level, leaving significant room for further improvement; in the domestic ultra-high-end market, the localization rate for domestically produced products is expected to rise comprehensively. The company’s emerging business (including minimally invasive surgery, minimally invasive interventions, and animal healthcare, etc.) achieved revenue of 5.38B yuan, up 38.85% year over year, accounting for 16% of group revenue and more than 20% of domestic revenue. The company’s domestic emerging business maintains strong growth potential and is expected to further become a new growth driver.

Investment recommendation

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