Mindray (300760) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was ¥16.74 billion, down 18.45% year-over-year; net profit attributable to shareholders was ¥5.07 billion, down 32.96% year-over-year.

• International business grew 5.39% year-over-year, now accounting for about 50% of total revenue, while domestic business declined over 30% due to delayed tender cycles and a high base effect.

• The company accelerated its transformation to a digital and intelligent healthcare solutions provider, launching the world's first clinically deployed critical care medical large AI model.

• Major product lines include in vitro diagnostics, life information and support, and medical imaging, with continued expansion into minimally invasive surgery and cardiovascular segments.

Financial highlights

• Operating cash flow was ¥3.92 billion, down 53.83% year-over-year.

• Basic EPS was ¥4.1840, down 33% year-over-year; weighted average ROE was 13.26%, down 7.43 percentage points.

• Total assets at period end were ¥58.77 billion, up 3.76% from year-end 2024; net assets attributable to shareholders were ¥39.04 billion, up 8.88%.

• Non-recurring profit and loss items contributed ¥119 million, mainly from asset disposals and government grants.

Outlook and guidance

• Management expects a return to year-over-year revenue growth in Q3 2025, with sequential improvement in quarterly revenue.

• International business is expected to accelerate in the second half, especially in in vitro diagnostics, with developing markets maintaining rapid growth.

• Domestic market is anticipated to recover in Q3 as equipment tenders and hospital upgrades resume.