Mindray (300760) H2 2024 earnings summary

Executive summary

• 2024FY revenue reached 36.7 billion RMB, up 5.1% year-over-year, with net profit attributable to shareholders at 11.7 billion RMB, up 0.7%.

• Net operating cash flow for 2024FY was 12.4 billion RMB, a 12.4% increase year-over-year.

• 2025Q1 saw revenue of 8.2 billion RMB, down 12.1% year-over-year, and net profit attributable to shareholders of 2.6 billion RMB, down 16.8%.

Financial highlights

• Gross margin for 2024FY was 63.1%, down 1.07 percentage points year-over-year.

• Net margin for 2024FY was 31.77%, down 1.38 percentage points year-over-year.

• Total assets at 2024 year-end were 56.6 billion RMB, up 18.2% year-over-year; shareholders' equity rose 22.2% to 40.8 billion RMB.

• Dividend payout ratio for 2024FY reached 65.1%, with total cash dividends of 7.6 billion RMB, up 8.1% year-over-year.

Outlook and guidance

• Revenue in 2025 is expected to follow a typical pattern of a lower first half and higher second half, with a major turning point in year-over-year growth anticipated from Q3.