Mindray Medical: Achieve net profit attributable to parent of 8.14B yuan in 2025, with R&D investment of 3.93B yuan

Reprinted from China Securities Journal · China Securities Network

China Securities Journal China Securities Network News (Reporter Qi Jinzhao) Recently, Mindray Medical released its 2025 annual report. In 2025, the company achieved operating revenue of 33.28B yuan and net profit attributable to the parent of 8.14B yuan. In the fourth quarter of 2025, Mindray Medical achieved operating revenue of 7.45B yuan, a year-on-year increase of 2.86%. Adjusted net profit (excluding financial expenses and income tax effects) was 836 million yuan, a year-on-year increase of 16.65%. The company’s net operating cash flow was 2.87B yuan, up 111.31% year-on-year.

International Business Expected to Return to Rapid Growth

Mindray Medical stated that in 2025, its international business achieved operating revenue of 17.65 billion yuan, a year-on-year increase of 7.40%, accounting for 53% of the company’s total revenue. Among them, the European market, which experienced high growth in 2024, further grew by 17% in 2025. Meanwhile, the company’s emerging international business grew nearly 30% year-on-year.

In 2025, Mindray Medical’s annual R&D investment reached 3.93B yuan, accounting for 11.80% of total operating revenue, with the proportion increasing again. The company said that with substantial investment, it has continuously broken through high-end technologies in four major fields: in vitro diagnostics, life information and support, medical imaging, and emerging businesses, driving sustained business development. Based on a digital medical ecosystem, the company continues to promote an integrated strategy of “equipment + IT + AI,” advancing solution and product ecosystems, gradually transforming from a supplier of single medical devices into a service provider that enhances the overall diagnostic and treatment capabilities of medical institutions.

Mindray Medical disclosed in its 2025 profit distribution plan that the total cash dividends for 2025 will reach 5.31 billion yuan, with a cash dividend payout ratio of 65.27%. Since its listing in 2018, the company has not conducted any refinancing and has implemented dividends for seven consecutive years. Including the planned 2025 dividends, the total dividends distributed will amount to 37.71B yuan.

According to data from Guotou Securities’ procurement and bidding statistics, from December 2025 to February 2026, Mindray Medical’s winning bid amount increased by 12% year-on-year. Looking ahead to 2026, Mindray Medical expects its international business to return to rapid growth, with developing countries and European markets likely leading the growth. The proportion of international revenue in the company’s overall income is expected to further increase. Domestic business is also expected to achieve positive growth in 2026, and after 2027, the company will enter a more stable and accelerated growth phase.

Rapid Development of Emerging Businesses

In the 2025 annual report, Mindray Medical for the first time listed emerging businesses alongside its traditional three main sectors (in vitro diagnostics, life information and support, and medical imaging).

Specifically, the company’s largest product line—In Vitro Diagnostics—achieved revenue of 12.24B yuan in 2025, accounting for 36.78% of the group’s total revenue, making it the largest product line. Meanwhile, the life information and support business achieved revenue of 9.84B yuan, with international revenue further increasing its share to 74%. During the reporting period, the medical imaging business generated revenue of 5.72B yuan, with international revenue accounting for 65% of that line’s total. Notably, the ultra-high-end ultrasound series performed well, achieving over 700 million yuan in revenue in just its second year on the market, a 70% increase year-on-year.

Although emerging businesses are being officially recognized as the fourth major product line for the first time, they have been incubated within the Mindray system for many years. These businesses cover high-potential fields such as minimally invasive surgery, minimally invasive intervention, and veterinary medicine, with rapid growth and serving as important engines for the company’s long-term future development. During the period, emerging businesses achieved revenue of 5.38B yuan, a year-on-year increase of 38.85%, accounting for about 16% of the company’s overall revenue. Among them, domestic emerging business revenue accounted for over 20% of the domestic total.

Mindray Medical stated that its emerging businesses have shown high growth potential, with combined revenue from in vitro diagnostics and emerging businesses accounting for nearly 70% of domestic revenue. Looking ahead, with continuous technological innovation, multi-scenario coverage, and the enormous growth opportunities in these industries, emerging businesses are expected to become a key long-term growth engine for the company.

In the annual report, Mindray Medical explicitly stated that it will focus on the three strategic directions of “digitalization, internationalization, and streamlining,” and will precisely utilize external acquisitions to expand into emerging fields. In the medium and long term, the company will focus on cultivating emerging businesses such as minimally invasive surgery, minimally invasive intervention, and veterinary medicine. Breakthroughs in these areas will greatly expand the company’s accessible market and growth resilience, laying a solid foundation for long-term development.

Mindray Medical said that it has now fully transitioned from a pioneer to a challenger in the global medical device industry. Some mature businesses have already entered the leadership stage. The future goal is to enter the top 10 of the global medical device rankings and to continue advancing toward becoming a leader in the industry.

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