Mindray Medical: Achieve revenue of 33.28 billion yuan by 2025, with international business revenue accounting for 53% of the company's total revenue.

On March 30, Mindray Medical released an announcement stating that the company achieved operating revenue of 3,328,215.94 million yuan, down 9.38% year over year; achieved net profit of 845,147.14 million yuan, down 28.01% year over year; and achieved net profit attributable to shareholders of the listed company of 813,577.54 million yuan, down 30.28% year over year.

During the reporting period, the company’s international business recorded revenue of 1,765,037.52 million yuan, up 7.40% year over year. The international business revenue’s share of the company’s total revenue further increased to 53%. Some developing countries with a relatively higher proportion of revenue saw a certain degree of slowdown in medical device procurement projects, and geopolitical conflicts also added challenges to business expansion in certain international regions. Against this backdrop, the company continued to accelerate penetration of high-end strategic customers and the development of localized platforms, effectively mitigating some negative impacts. Among these, the European market, after achieving high growth in 2024, further delivered 17% growth in 2025.

In the domestic market, during the reporting period, the company’s domestic business achieved revenue of 1,563,178.42 million yuan, down 22.97% year over year. The domestic medical device industry has undergone three consecutive years of deep adjustment, and the most difficult time has already passed. Hospitals are still facing broad operational pressure leading to an overall reduction in procurement budgets in the current period and for the coming period; therefore, the medical device industry remains in a weak recovery phase in the near term. During the reporting period, domestic emerging businesses also demonstrated strong growth potential. The combined revenue of the in vitro diagnostics business accounted for nearly 70% of domestic business revenue. These businesses will be important drivers of long-term and rapid growth in China. For full-year 2026, the company’s domestic business is expected to achieve positive growth. In 2027 and thereafter, it is expected to enter a more stable and sustained phase of rapid growth.

(Mindray Medical announcement)

(Editor: Yang Yan, Lin Chen)

Keywords:

                                                            Medical