Mindray Medical's revenue in 2025 decreased by 9.4% year-over-year, net profit dropped by 30.3%, and emerging businesses grew by 30% | Financial Report Insights

Mindray’s 2025 performance suffered a rare, sharp decline since its listing. Shrinking domestic procurement of medical devices, combined with policy pressure on the in vitro diagnostics industry, led to a significant drop in both the company’s revenue and net profit. Despite this, the company’s international business has maintained a growth momentum, with its emerging businesses expanding rapidly. Management holds an optimistic outlook that domestic business will return to positive growth in 2026.

According to the company’s published 2025 annual report, full-year operating revenue was CNY 33.282 billion, down 9.38% year over year. Net profit attributable to shareholders of listed companies was CNY 8.136 billion, down 30.28% year over year. The company plans to distribute a cash dividend of CNY 3.10 per 10 shares to all shareholders (including tax).

The core pressures behind the performance decline come from the domestic market. The company said that while the medical device industry has already passed the most difficult period of three consecutive years of deep adjustment, hospitals are still generally facing business pressure, resulting in an overall reduction in procurement budgets. The overall medical device industry remains in a weak recovery phase.

In vitro diagnostics is hit first. This business recorded revenue of CNY 12.241 billion for the full year, down 9.41% year over year. Its share in group revenue exceeded 36%, marking the second consecutive year it remained the top among all production lines. Domestic in vitro diagnostics revenue accounts for about 48% of domestic business revenue. It has been simultaneously suppressed by multiple policy measures, including DRG/DIP reforms, centralized procurement for reagents, mutual recognition of laboratory results, and governance of medical service prices, causing both reagent volumes and prices to fall and the market size to contract significantly.

At the same time, the company believes that while the above policies cause industry volatility in the short term, in the medium term they will effectively standardize diagnostic and treatment behaviors and improve the efficiency of medical insurance payments, providing a window for companies with innovation capabilities to capture market share.

The company’s market share in the biochemistry business has risen to over 18%. In the tumor marker and immunology (thyroid function) reagent centralized procurement in 25 provinces, Mindray’s intended reporting/quote share reached 14% and 13%, ranking second only to Roche. The company also targets raising the domestic market share of core businesses such as chemiluminescence, biochemistry, and coagulation from about 10% to 20% within three years.

Life information and support business recorded full-year revenue of CNY 9.837 billion, down 19.80% year over year. Medical imaging business revenue was CNY 5.717 billion, down 18.02% year over year. Both were directly pressured by reduced capital expenditure by domestic hospitals.

International business: Europe leads, breakthroughs with high-end customers accelerate

The international market became an important support for this period’s performance. The company’s international business revenue was CNY 17.650 billion, up 7.40% year over year, and the share of international revenue increased further to 53% from the previous year. In Europe, after a high-growth base in 2024, 2025 again achieved 17% growth; international emerging businesses grew by nearly 30% year over year.

The breakthrough with high-end customers is the key highlight of the company’s internationalization progress this period. During the reporting period, the company achieved nearly 90 new breakthroughs with key international strategic customers, including 17 of the top 100 hospitals globally, and another 5 hospitals that are ranked #1 in their respective countries. In addition, 160 existing strategic customers achieved horizontal product breakthroughs.

In the life information and support area, the company made over 210 new breakthroughs with entirely new high-end customers, including:

Hospital Necker-Enfants Malades in France (ranked seventh worldwide among pediatric specialist hospitals), London Chest Hospital in the UK (affiliated with Barts Health Trust, the largest NHS hospital trust in the UK), and Hospital Clinico, a public research/teaching hospital ranked #1 in Chile.

At Lindenhof gruppe AG in Switzerland, the company delivered a total of 300 sets of monitoring systems and infusion systems. At Hospital Necker-Enfants Malades in France, it delivered nearly 300 sets of high-end monitoring equipment and a full-hospital IT solution, covering 31 clinical departments.

In the in vitro diagnostics segment, the company broke through nearly 300 new high-end customers during the reporting period and installed MT8000 full-lab intelligent production lines at multiple hospitals in Thailand. During the reporting period, MT8000 had over 20 global installations, and the company expects the number of installations in 2026 to achieve a large year-over-year increase.

In North America, Mindray has covered about 80% of IDN healthcare systems in the United States and more than 2,100 IDN hospitals. In January 2026, Mindray US and Medtronic reached a strategic cooperation, extending the collaboration in the patient monitoring field to outpatient surgery centers.

Emerging businesses: High growth makes the brightest standout segment

Emerging businesses (including minimally invasive surgery, minimally invasive interventions, and animal healthcare) became the fastest-growing segment in this period. Full-year revenue was CNY 5.378 billion, up 38.85% year over year. Their share of the company’s total business revenue is about 16%, and within that, the revenue from domestic emerging businesses accounts for more than 20% of total domestic business revenue.

For minimally invasive surgery, the company has already built a comprehensive product matrix consisting of endoscopy systems, energy platforms, and high-value consumables. In 2025, its ultrasonic knife achieved bid wins in 272 hospitals across 14 provinces, with hospitals ranked “Class A tertiary” and above accounting for more than 70%; for anastomosis devices, it won bids across the board in a union centralized procurement in 7 provinces, entering more than 100 leading hospitals.

The company also disclosed that it will integrate its technological accumulation across three major areas—endoscopy, energy platforms, and surgical instruments—to launch surgical robot products.

In minimally invasive interventions, the company is accelerating its deployment relying on its controlling subsidiary, Well Lead Medical. During the reporting period, the 3D atrial fibrillation PFA (pulsed field ablation) and RFA (radiofrequency ablation) systems and related consumables obtained NMPA approval and successfully entered clinical procedures. In September 2025, through block transactions, the company increased its stake in Well Lead Medical to a total holding of 26.54%.

In the animal healthcare business, overseas revenue already accounts for about 80%, and the company says the international market still offers ample room for growth.

Digital and intelligent transformation: AI foundation models move from the lab to the clinic

The company continues to advance the construction of a “devices + IT + AI” digital intelligent healthcare ecosystem, and during the reporting period it achieved clinical deployment of multiple AI foundation models, becoming the core path for it to form long-term customer lock-in.

In the “Qiyuan” series of foundation models, the company expanded into multiple fields in this period: the Qiyuan critical care medical model has completed installation in 30 hospitals, including top medical institutions such as the First Affiliated Hospital of Zhejiang University School of Medicine and Renji Hospital affiliated with Shanghai Jiao Tong University School of Medicine. It can organize a patient’s 24-hour condition within 5 seconds and generate a digital profile, assisting in completing about 70% of medical record writing.

The Qiyuan perioperative medicine foundation model has been deployed in 2 hospitals; the Qiyuan laboratory diagnostics foundation model has been deployed at the Southern Medical University Shenzhen Hospital, enabling an average sample review time improvement of about 30 times, with a report review accuracy rate exceeding 90%.

As of the end of 2025, the “RuiJian Ecosystem” solutions had accumulated nearly 1,100 hospital installations, of which about 80% are tertiary hospitals. In 2025, there were more than 500 new installations. The “RuiZhi Ecosystem” had accumulated installations in the domestic market in over 1,000 hospitals; international signed projects accumulated to over 880; and in 2025, it added 230 new installations. The “RuiYing Ecosystem” has accumulated over 20,100 sets installed, covering 31 provinces, autonomous regions, and municipalities nationwide.

For the full year, the company’s R&D expenditure was CNY 3.929 billion, accounting for 11.80% of operating revenue. As of the end of 2025, it had cumulatively applied for 12,983 patents.

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