Investor Research

300760.SZ · A-shares

300760.SZ Mindray: weak hospital recovery

Mindray 2025 revenue RMB 33.28B (-9.4%), NI RMB 8.14B; Q1'26 sales +1.4%. See Hengrui, WuXi AppTec.

Published Updated Open interactive reader

Download MarkdownExport PDF

Cite a section with a deep link, e.g. /en/r/mindray-300760-research#thesis

Snapshot

Price (~12 Aug)
CNY 153.6
Mkt cap (approx)
CNY 186.0B
2025 revenue
CNY 33.3B
Q1'26 revenue
CNY 8.4B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Mindray (300760.SZ): 2025 revenue RMB 33.282B (-9.38%), parent NI RMB 8.136B (-30.3%). Domestic -23%, international +7.4% (53% mix). Q1'26 revenue RMB 8.352B (+1.4%), NI still -11%. Price ~CNY 153.6, cap ~RMB 186B, ~23x TTM.

Hospital-equipment weak recovery, not a V-shape. Same China hospital-budget clock as Hengrui / WuXi AppTec.

Business

Devices + IVD reagents. 2025: IVD RMB 12.24B, life-support RMB 9.84B, imaging RMB 5.72B, emerging RMB 5.38B (+38.9%).

Strategy

Strategy
PillarDetail
国内弱复苏KPI：国内收入 2026 转正指引；IVD 占国内约一半；流水线装机
国际化KPI：国际收入占比 53%→再提升；欧洲 +25%（Q1）
新兴业务KPI：微创外科/介入/动物医疗 2025 +38.9%；Q1 国内新兴 +18%
As of 2026-09-25

Value chain

Hospital tenders. Top-5 customers 5.80%.

Customers

Customers
Account / typeConcentrationNote
前五名客户19.33 亿，占 5.80%高度分散；医院招标
国内医院2025 国内 156.3 亿（-23.0%）预算与 DRG/DIP
海外医院/经销国际 176.5 亿（+7.4%）覆盖全球 Top100 医院中 87 家
结算招标账期 + 试剂耗材跟台IVD 试剂是经常性收入
As of 2026-09-25

Corporate events

Corporate events

Corporate events
DatePhaseEventMeaning
2024-H2 起政策国内设备与 IVD 进入调整年盈利高基数回落
2026-03年报2025 收入 332.8 亿（-9.4%），归母 81.4 亿（-30.3%）上市后首次下滑
2026-04季报Q1 收入 83.52 亿（+1.4%），国内 -11.1%，国际 +15.7%弱复苏起点
2024-07人事多名事业部副总经理晋升（研发条线）组织加深而非换帅
As of 2026-09-25

Valuation

Valuation snapshot

Valuation snapshot
MetricValueNote
市值（约）约 1860 亿153.6 元 × 约 12.1 亿股本（2026-08-12）
TTM P/E约 23x1860/81.4；盈利底部年
2026E P/E（示意）约 20–24x国内转正则分母修复，属估计
P/B（示意）约 6x仍高于普通器械
盈利收益率约 4.4%1/23
股息率约 2% 量级拟每 10 股派 3.1 元
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

Public market indication (QE TTM PE/PB, yield, trailing 12m price return) · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Company quarterlies. FY GM 60.33% (-2.81ppt); quarterly GM series is indicative.

Revenue · last 8 quarters

Interactive chart available in the reader.

Company filings; some early quarters reconstructed from H/FY and labeled · As of 2026-09-25

Gross margin · last 8 quarters

Interactive chart available in the reader.

Filings; some adj. or H-split estimates · As of 2026-09-25

Financial health

Cash RMB 17.69B, OCF RMB 10.15B, EY unqualified.

Financial health

Financial health
ItemValueNote
财务健康总评健康（盈利承压）现金与 OCF 仍强，利润率下滑
经营现金流2025 101.45 亿（-18.4%）Q1'26 13.81 亿（-7.6%）
货币资金176.9 亿净现金结构；有息债很低
流动性强客户分散 5.8% Top5
审计 / 持续经营安永华明标准无保留无持续经营强调
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Segments / financials

Segments / financials
ItemValueYoYNote
体外诊断 2025122.4 亿-9.4%GM 58.3%（-3.9ppt）；市占率仍升
生命信息与支持98.4 亿-19.8%国际占该线 74%；监护仪销量 -30%
医学影像57.2 亿-18.0%GM 63.1%
新兴业务53.8 亿+38.9%微创/介入/动物；GM 63.7%
Q1'26 收入83.52 亿+1.4%国内 39.03 亿（-11.1%）国际 44.49 亿（+15.7%）
As of 2026-09-25

Competition

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer snapshot

Peer snapshot
CompanyPositionGMStrengthWeakness
迈瑞 300760国产综合器械龙头60.3%产品线最全+海外国内资本开支周期
GE / Philips / Siemens全球高端不一品牌与服务中国进口替代
联影医疗影像较高高端影像产品线窄于迈瑞
roche/雅培 IVD试剂全球高装机基数中国集采
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
董事长李西廷创始无
董事、总经理吴昊2020-11无（同时为财务工作负责人）
财务负责人赵云2019-11无
As of 2026-09-25

Li Xiting chair, Wu Hao GM since 2020 — stable.

Outlook

Domestic return-to-growth in 2026 (company). International high-teens possible. Less torque than innovative-drug/CXO.

Scenarios

Scenario Condition Implication
Bull Domestic profit inflection Re-rate
Base Low-single-digit sales Range
Bear Another double-digit domestic drop Cut

Risks

Risks

Risks
RiskLevelNote
国内医院设备采购继续收缩高2025 国内 -23%
IVD 试剂带量与互认高量价齐跌风险
汇率（国际收入 53%）中Q1 汇率中性收入 +2.55%
监护仪等资本品销量下滑中2025 监护仪销量 -30%
海外合规与地缘低相对药明政策风险更低
As of 2026-09-25

Tracking

  1. Next-quarter domestic YoY
  2. International mix
  3. IVD / track installations
  4. GM vs 60%
  5. OCF and dividend

References

  1. 2025 annual — https://disc.static.szse.cn/disc/disk03/finalpage/2026-03-31/1b8ea98b-732d-4f61-afef-f368196b0dbc.PDF
  2. 2026 Q1 — https://disc.static.szse.cn/download/disc/disk03/finalpage/2026-04-29/dae23a9f-ddde-40e5-bbdf-6b1d20b7c694.PDF
  3. Xinhua — http://www.news.cn/health/20260403/df10dc85557b48e79647333f42d35933/c.html
  4. Hengrui · WuXi AppTec · BeOne

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

Comments

Sign in to comment

Loading…