Mindray Medical's revenue in 2025 is 33.282 billion yuan, with international business accounting for 53%. R&D investment is 3.929 billion yuan, and the company's total patent count exceeds 12,000.

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On March 30, Mindray Medical (300760.SZ) released its 2025 annual report. During the reporting period, the company achieved operating revenue of RMB 33.282 billion and net profit of RMB 8.451 billion.

In the fourth quarter, Mindray Medical achieved operating revenue of RMB 7.448 billion, up 2.86% year over year. Non-GAAP net profit (after deducting the impact of financial expenses and income tax expenses) was RMB 836 million, up 16.65% year over year. The company’s net operating cash flow, net of amounts, was RMB 2.872 billion, up 111.31% year over year.

During the reporting period, the international business achieved operating revenue of RMB 17.650 billion, up 7.40% year over year, and accounted for 53% of the company’s total revenue. Among them, the European market delivered further 17% growth in 2025 on the basis of the high growth achieved in 2024. At the same time, international emerging businesses recorded growth of nearly 30% year over year.

In 2025, Mindray Medical’s full-year R&D investment reached RMB 3.929 billion, accounting for 11.80% of total operating revenue, with the share once again increasing. With such substantial investment, Mindray Medical’s four major areas—In Vitro Diagnostics, Life Information & Support, Medical Imaging, and Emerging Businesses—continued to break through advanced technologies, driving the company’s sustained development. Based on its smart and digital medical ecosystem, the company has continued to advance an integrated strategy of “devices + IT + AI,” driving the ongoing evolution of its solution and product ecosystem. It has gradually transformed from a supplier of single medical device products into a service provider that enhances the overall diagnosis and treatment capabilities of medical institutions.

Worth noting is that, along with the annual report disclosure, the company also released its 2025 profit distribution proposal. The company’s total cash dividends for 2025 are expected to reach RMB 5.310 billion, with a cash dividend payout ratio of 65.27%. Since the company went public in 2018, it has not conducted any refinancing. After seven consecutive years of dividends, together with the planned 2025 dividend distribution, the cumulative dividend total is expected to reach RMB 37.712 billion (including RMB 2.0 billion for share repurchases), more than 6 times the IPO proceeds of RMB 5.934 billion.

According to procurement and bidding data statistics by Guotou Securities, from December 2025 to February 2026, Mindray Medical’s awarded contract value is up 12% year over year. This has also injected a strong dose of confidence into the industry market warming up. Looking ahead to 2026, Mindray Medical expects that its international business is likely to return to rapid growth. Developing countries and the European market are expected to lead growth, and the share of international business revenue in the company’s overall revenue will also further increase. Meanwhile, the company’s domestic business is also expected to achieve positive growth in 2026, and after 2027, the company will enter a more stable phase of accelerating growth.

**　　The annual report puts forward the “four major product lines” for the first time, and emerging businesses are developing rapidly**

In this annual report, Mindray Medical for the first time positions emerging businesses side by side with the traditional three core businesses (In Vitro Diagnostics business, Life Information & Support business, and Medical Imaging business), signaling that Mindray Medical is extending beyond its former “three-carriage model” into broader domains.

Specifically, the company’s first product line—In Vitro Diagnostics—achieved operating revenue of RMB 12.241 billion in 2025. Its revenue accounted for 36.78% of the group’s total revenue, making it the company’s largest product line. In the domestic revenue structure, the revenue share of the In Vitro Diagnostics business reached 48%, demonstrating strong development resilience.

Considering that the domestic market’s average penetration for the company’s core In Vitro Diagnostics businesses—such as immunoassays, biochemistry, and coagulation—is only around 10%, there is still significant room for improvement. The company’s goal is, within 3 years, to raise the market penetration of the above core In Vitro Diagnostics businesses to 20%. As one of the fields with one of the lowest localization rates among business segments, the expansion of domestically produced In Vitro Diagnostics is just getting started, and it will also become one of the company’s most important long-term growth drivers in the domestic market.

In the international market, during the reporting period, the company installed more than 20 sets of MT 8000 fully automated intelligent laboratory production lines, making it the first year of batch breakthroughs for MT 8000 in the Asia-Pacific and CIS markets. In addition to production line installation breakthroughs, the company is also accelerating its installations across customer groups such as major centralized procurement projects, overseas high-end private medical groups, and third-party chain laboratories. At the same time, the company continues to strengthen localization platform build-outs such as production and manufacturing, logistics and distribution, clinical support, and IT services. DiaSys product integration, regional logistics warehousing, and related initiatives are progressing smoothly.

Meanwhile, the Life Information & Support business achieved operating revenue of RMB 9.837 billion. Of this, the share of international revenue within the entire product line further increased to 74%. According to a report by Frost & Sullivan, the market shares of its patient monitors, defibrillators, anesthesia machines, and ventilators have all ranked among the top three globally. However, it is worth noting that the average localization penetration of the Life Information & Support business in overseas markets is still significantly lower than in the domestic market. In the future, the international Life Information & Support business is expected to sustain steady and fast growth over the long term.

During the reporting period, the company’s Medical Imaging business achieved operating revenue of RMB 5.717 billion, and the share of international revenue within the entire product line further increased to 65%. Among them, its ultra-high-end ultrasound product series delivered strong performance: in its second year after launch, it generated revenue of more than RMB 700 million, up 70% year over year.

Although emerging businesses were included by the company as one of the four major product lines for the first time, they have been incubated and cultivated within Mindray Medical’s ecosystem for many years. The business covers high-potential areas such as minimally invasive surgery, minimally invasive interventions, and animal medicine. The growth trend is strong, and it also carries the important engine-function role for the company’s long-term development.

During the reporting period, emerging businesses achieved operating revenue of RMB 5.378 billion, up 38.85% year over year. They accounted for approximately 16% of the company’s total business revenue, and emerging business revenue in China accounted for more than 20% of domestic overall business revenue. The company’s minimally invasive surgery business is built around endoscopic surgery applications, forming a comprehensive product matrix including endoscopy systems, energy platforms, and high-value consumables such as ultrasonic scalpels and staplers, as well as single-use general consumables. It covers key clinical departments such as general surgery, thoracic surgery, gynecology, and urology. In the surgical robot segment, by integrating technological accumulation across endoscopy, energy platforms, and surgical instruments, and leveraging the advantages of a vertically integrated industrial chain and systematic capabilities, the company launched surgical robot products, continuously expanding applications in high-end surgical scenarios. It also integrates advanced technologies such as artificial intelligence to promote the development of surgery toward intelligent and homogenized performance.

In the cardiovascular field, relying on the technology accumulation and channel advantages of MicroPort MedTech in electrophysiology and interventional areas, Mindray Medical is accelerating the R&D and integration of minimally invasive interventional diagnostic and treatment products. It focuses on core tracks such as electrophysiology, coronary access pathways, and peripheral vascular interventions, forming a multi-tier product portfolio led by domestic substitution and independent innovation.

In animal medicine, within a broad market space, based on vertical extensions from In Vitro Diagnostics, Life Information & Support, and Medical Imaging systems, Mindray Medical’s animal medicine business has horizontally expanded into multiple sub-segments shaped by veterinary needs. In the future, the company will still focus on overseas markets for business expansion, while in the domestic market it will work with industry associations and experts to promote the establishment of industry technical standards and support healthy industry development.

Data show that the company’s emerging businesses have demonstrated high-growth potential. The combined revenue of emerging businesses and the In Vitro Diagnostics business represents nearly 70% of domestic business revenue. In the future, with continuous technological innovation and coverage across multiple scenarios, along with the huge growth opportunities in the industries where these businesses operate, emerging businesses are expected to become an important growth engine for the company’s long-term development.

**　　Staying true to the初心 of independent innovation, and smart-digital achievements bloom everywhere**

The core support for the rapid development of Mindray Medical’s four product-line businesses comes from the company’s solid independent innovation capabilities. Over more than 30 years since its establishment, independent innovation has been Mindray Medical’s初心 and also the basic strategy driving the company’s development. Currently, Mindray Medical has built a R&D and innovation platform based on global resource allocation, with strong product engineering and system integration capabilities. It has set up 12 R&D centers, with more than 5,200 R&D engineers. The company’s R&D personnel account for over 24%.

As a leading medical device company in China, the company has established a strong global intellectual property protection system. As of December 31, 2025, the company has applied for 12,983 patents in total, including 9,399 invention patents; it has been granted 6,567 patents in total, including 3,409 invention patents.

In addition, the company has also built multiple internationally leading specialized R&D laboratories, including reliability, standardization, power supply, parameters, gases, probes, thermodynamics, and other dedicated technical labs. Among them, the reliability laboratory and the standardization laboratory have obtained accreditation from the China National Accreditation Service for Conformity Assessment (CNAS); and the reliability testing laboratory has also passed recognition by international third-party organizations such as Intertek, SGS, and TÜV SÜD.

At present, a new round of technological revolution and industrial transformation is accelerating in its evolution. By deeply grasping the development laws of artificial intelligence, and using technology to drive a global smart revolution in the medical ecosystem, this is not only a question that the global medical community needs to address, but also a necessary means to improve human health and well-being.

As early as in 2015, Mindray Medical began exploring the deep integration of independent innovation with the wave of the AI era. It worked to fully build a smart and digital medical ecosystem of “devices + IT + AI,” achieving a leap from product innovation to ecosystem innovation, and accumulating a large number of smart-digital achievements that have proven effective.

Based on a deep understanding of the real conditions faced by frontline clinical settings, Mindray Medical has built the “devices + IT + AI” smart and digital medical ecosystem. This ecosystem is grounded in the company’s broad deployment across multiple product lines, including In Vitro Diagnostics, Life Information & Support, Medical Imaging, minimally invasive surgery, and minimally invasive intervention. It breaks down barriers among devices, information systems, and AI algorithms, enabling a leap from supplying single devices to cross-department collaboration.

Among them, the company’s RuiZhi ecosystem, RuiJian ecosystem, and RuiYing ecosystem focus respectively on the three core business areas of Life Information & Support, In Vitro Diagnostics, and Medical Imaging. They have become key initiatives for Mindray Medical to empower clinical practice and drive the smart-digital transformation.

In December 2024, Mindray Medical released the world’s first clinically deployable severe illness medical large model—Qiyuan Severe Illness Medical Large Model—to help clinicians comprehensively improve diagnostic and treatment accuracy and quality. During the reporting period, the company successively released a series of vertical medical large models, including the Qiyuan perioperative medicine large model, the Qiyuan medicine-engineering large model, the Qiyuan obstetrics and gynecology large model, and the Qiyuan laboratory medicine large model, covering multiple clinical scenarios from severe illness monitoring and perioperative management to laboratory medicine and obstetrics and gynecology.

At present, leveraging fusion innovation and cross-device interconnectivity, Mindray Medical enables real-time aggregation and analysis of multi-source clinical data. By using AI-driven intelligent quality control, risk identification, and decision support, Mindray Medical’s solutions can help healthcare professionals complete clinical decision-making in less time, and reduce repeated examinations and errors. In the future, the company will also contribute new ideas to the development of medical economics by alleviating workforce pressure on medical institutions and improving operational efficiency through smart-digital resource scheduling and process optimization.

**　　Anchoring three major strategies and moving toward the global medical device TOP10 goal**

Decades of innovative development have enabled Mindray Medical to gradually transform from a supplier of single medical device products into a comprehensive service provider that enhances the overall diagnosis and treatment capabilities of medical institutions. It has also completed the build-out of a smart-digital medical ecosystem of “devices + IT + AI,” and now has the capability to provide customized, hospital-wide smart-digital comprehensive solution packages.

Starting from a brand-new beginning, Mindray Medical has clear strategic plans for the future. In its annual report, Mindray Medical clearly stated that it will continue to focus on three strategic directions—smart-digitalization, internationalization, and streamlining/“flow-based” operations—while precisely leveraging outbound M&A to deploy emerging fields. In the medium and long term, Mindray Medical will focus on cultivating emerging businesses including minimally invasive surgery, minimally invasive interventions, and animal medicine. Breakthroughs in these business capabilities will greatly expand the company’s addressable market and growth resilience, laying a solid foundation for the company’s long-term development.

In the smart-digitalization domain, Mindray Medical is committed to driving the global medical industry’s smart-digital transformation by building a smart-digital medical ecosystem of “devices + IT + AI,” led by technological innovation. Based on devices that cover fields such as In Vitro Diagnostics, Life Information & Support, Medical Imaging, and emerging businesses, IT is used to break down data silos across multiple departments and across different hospital campuses, and AI technologies represented by the “Qiyuan” series of medical large models are introduced to empower clinical decision-making and hospital management. The purpose of this ecosystem is to overcome the “impossible triangle” where medical quality, efficiency, and costs are difficult to balance. By doing so, the company upgrades from being a single-device supplier to becoming a leader in co-creating overall diagnosis and treatment solutions and long-term value.

In the international market, Mindray Medical adopts a differentiated development strategy. In mature international markets, relying on a rich product portfolio and smart-digital capabilities to break through the top medical institutions, it builds a world-class brand. In emerging markets, it empowers local medical infrastructure build-outs and clinical research capabilities through one-stop solutions. Supporting this strategy is the company’s overseas localization development strategy—Mindray Medical is accelerating comprehensive localization of its overseas supply chain, manufacturing, R&D, and marketing (with overseas local employees accounting for more than 90%). It establishes a rapid and efficient response mechanism and supply chain, converting the scale advantages of “Made in China” into competitive barriers rooted in global local presence.

Mindray Medical believes that in the next decade, overseas emerging market countries will be a tailwind for the rapid development of medical devices. In emerging market countries, the company has already established a broad marketing network. By replicating management and marketing experience accumulated in China, and combining it with capabilities in localized platform build-outs, market share and brand position are expected to rise quickly. Emerging market countries are expected to take over from China as a new engine that drives the group’s sustained growth. In the wave of new global medical infrastructure in the future, the company will use emerging market countries as its main growth driver, while continuing to cultivate brand awareness and influence in developed countries to accelerate global penetration.

While consolidating its advantages in devices, Mindray Medical is also actively optimizing its revenue structure, taking highly sticky and high-frequency “flow-based businesses” (such as IVD reagents and high-value consumables used in minimally invasive surgery and interventions) as the core growth engine for long-term development. Through a coordinated closed loop of “devices + consumables,” and a smart-digital ecosystem that continuously strengthens customer stickiness.

At present, Mindray Medical has already fully transitioned in the global medical device industry from being a pioneer to becoming a challenger. Some mature businesses have entered the stage of being leaders. The company’s future development goal is to enter the top 10 on the global medical device ranking list, and to keep pushing forward while fully progressing along the path to becoming a leader.

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