Mindray (300760) Q3 2025 earnings summary

Executive summary

• Q3 revenue reached ¥9.09 billion, up 1.53% year-over-year, marking a turnaround after previous declines.

• Net profit attributable to shareholders for Q3 was ¥2.50 billion, down 18.69% year-over-year; YTD net profit fell 28.83%.

• International business in Q3 grew 11.93% year-over-year, with Europe exceeding 20% growth and strong double-digit gains in CIS and Middle East/Africa.

• R&D investment for the first three quarters was ¥2.69 billion, 10.4% of revenue, with continued product innovation and patent growth.

Financial highlights

• YTD revenue was ¥25.83 billion, down 12.38% year-over-year.

• YTD net profit attributable to shareholders was ¥7.57 billion, down 28.83% year-over-year.

• Operating cash flow for Q3 was ¥7.27 billion, down 34.32% year-over-year, mainly due to reduced cash from sales and services.

• Basic EPS for Q3 was ¥2.0641, down 18.62% year-over-year; YTD basic EPS was ¥6.2481, down 28.84%.

• Total assets at Q3-end were ¥59.27 billion, up 4.63% from year-end; equity attributable to shareholders was ¥39.30 billion, up 9.60%.

Outlook and guidance

• Q4 revenue growth is expected to accelerate compared to Q3, with international business momentum and ongoing global supply chain and localization efforts.