Mindray (300760) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB 27.10bn, up 4.89% YoY; attributable net income was RMB 7.18bn, down 5.10%, and operating cash flow was RMB 8.30bn, up 14.08%.

• At constant exchange rates, 9M revenue grew 7.38%; excluding FX effects, net income rose 6.29% and adjusted net income rose 8.83%.

• Q3 revenue grew 2.85% YoY; attributable net income declined 4.55%, while adjusted attributable net income declined 1.62%.

Financial highlights

• 9M consolidated net income was RMB 7.56bn, down 3.19% YoY; adjusted consolidated net income was RMB 7.63bn, down 0.81%.

• Q3 consolidated net income was RMB 2.52bn, down 2.47% YoY; adjusted consolidated net income was RMB 2.60bn, up 0.60%.

• 9M basic EPS was RMB 5.9285, down 5.12% YoY; attributable weighted average ROE was 17.80%, down 1.84 percentage points.

• Period-end total assets were RMB 62.01bn, up 4.63% from year-end; equity attributable to shareholders was RMB 41.20bn, up 8.16%.

Outlook and guidance

• Full-year international revenue is expected to sustain relatively fast growth, led by Europe, Latin America and Asia-Pacific, with international mix expected to rise further.

• Domestic revenue is expected to return to growth in 2026; from 2027 onward, domestic business is expected to enter a sustained, steady high-quality growth phase.

• International life information and support is expected to maintain steady, fast long-term growth; overseas medical imaging growth is targeted through premium ultrasound expansion.