Mindray (300760) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 33.28 billion, down 9.38% year-over-year; net profit attributable to shareholders was RMB 8.14 billion, down 30.28%.

• International business grew 7.40% and now accounts for 53% of total revenue; domestic business declined 22.97%.

• The company continues to invest in AI-driven digital healthcare solutions and global expansion, with a focus on high-end and emerging markets.

Financial highlights

• Operating income: RMB 33.28 billion (down 9.38% YoY).

• Net profit attributable to shareholders: RMB 8.14 billion (down 30.28% YoY).

• Operating cash flow: RMB 10.14 billion (down 18.40% YoY).

• Gross margin: 60.33% (down 2.81 percentage points YoY).

• Basic EPS: RMB 6.71 (down 30.31% YoY).

• R&D investment: RMB 3.93 billion, 11.8% of revenue.

Outlook and guidance

• International business expected to return to rapid growth in 2026, led by developing countries and Europe.

• Domestic business anticipated to achieve positive growth in 2026 and enter a stable, fast-growth phase from 2027.

• The company will continue to focus on digital transformation, AI, and high-value consumables, and accelerate global and local supply chain integration.