New Stock News | Shenzhen Mindray Bio-Medical Electronics (300760.SZ) once again submits application to Hong Kong Stock Exchange, aiming to become the leading company in China's medical equipment industry.

According to the disclosure by the Hong Kong Stock Exchange on May 11th, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (referred to as Shenzhen Mindray Bio-Medical Electronics (300760.SZ)) has submitted an application to the main board of the Hong Kong Stock Exchange for listing, with Huatai International and J.P. Morgan as joint sponsors. The company had previously applied to the Hong Kong Stock Exchange on November 10, 2025. Company Profile According to information from Frost & Sullivan, Shenzhen Mindray Bio-Medical Electronics is a leading enterprise in the Chinese medical device industry, ranking first in revenue among all domestic enterprises for five consecutive years. Based on revenue in 2024, the company ranks 23rd among the top global medical device companies, with continuous advancement in rankings. It is the only Chinese company listed among the top 30 global medical device companies and one of the youngest participants among the top 30 companies. According to the same information, the company is the only global top medical device company covering multiple clinical scenarios from emergency, operating room, intensive care unit, general ward, to surgery, cardiology, pathology, and ultrasound departments. Based on 2024 revenue, the company is leading in multiple fields, with market shares in six product categories ranking in the top three globally, and market shares in nine product categories ranking first in China. Strategically diversifying its product lines, the company is the only top medical device company among the top 30 global device manufacturers to cover multiple product lines such as in vitro diagnostics, life information and support, medical imaging, minimally invasive surgery, and minimally invasive interventions. The product matrix covers equipment, reagents, consumables, and digital solutions, forming a comprehensive and synergistic product and service system. Building on this, the company is accelerating its strategic transformation in business layout, moving towards a sustainable growth model centered on flow-through businesses. By focusing on the core ecosystem of "equipment + IT + AI," the company continuously expands flow-through businesses represented by reagents, high-value consumables, and digital services, creating growth momentum characterized by high repeat purchase frequency and strong customer stickiness. While maintaining its leading position in equipment business, the company is actively deepening its strategic layout in emerging fields such as minimally invasive surgery and minimally invasive interventions, enabling the company to enhance its research and development, registration, production, and clinical promotion capabilities through a combination of "organic growth + external expansion." Aligned with the minimally invasive business direction, the company will continue to expand new consumable categories and clinical application scenarios, promoting the upgrade of the group's business structure from one-time equipment sales to sustainable, repeat revenue models. The company is one of the few globally capable of providing fully integrated laboratory diagnostic solutions and simultaneously mastering the core upstream raw materials, quality control products, and diagnostic reagent development capabilities. The company's IVD solutions include diagnostic instruments and reagents in areas such as fully automated intelligent laboratory lines, chemiluminescent immunological analyzers, biochemical analyzers, blood cell analyzers, coagulation analyzers, urine analyzers, microbiological diagnostic systems, glycosylated hemoglobin analyzers, and flow cytometers. The company is one of the few globally possessing a complete product system and a digital overall solution in core clinical scenarios such as emergency, intensive care, anesthesia, surgery, and general care. The company's life information and support product portfolio include monitors, anesthesia systems, ventilators, defibrillators, infusion pumps, surgical lights, operating tables, and medical pendants. The company's medical imaging product system covers ultrasound diagnostic systems and digital X-ray imaging systems. The company provides comprehensive ultrasound solutions to various clinical specialties such as radiology, obstetrics and gynecology, cardiology, interventions, emergency, anesthesia, intensive care, and liver fibrosis for various medical institutions globally. In the digital X-ray imaging field, the company provides mobile, double-column, and suspension configurations precisely and flexibly for radiology, ICU, and emergency departments. Driven by clinical demands, the company focuses on customer needs with acute strategic insights, providing diversified and integrated medical solutions, actively expanding into emerging business sectors such as minimally invasive surgery, minimally invasive interventions, and animal health. With outstanding product performance, a globalized channel and service network, a solid brand and trust advantages, as well as scale effects, supply chain management, and merger integration capabilities, the company continues to consolidate and expand its leading position in emerging fields, driving diversified and sustainable growth. The overall revenue in 2025 exceeds RMB 5.4 billion, the revenue contribution ratio exceeds 16%, and is expected to continue expanding into more new areas. Revenue Details by Product Line: Financial Data Revenue: In the financial years of 2023, 2024, and 2025, the company's revenue was approximately RMB 34.932 billion, RMB 36.726 billion, and RMB 33.282 billion, respectively. Profit: In 2023, 2024, and 2025, the company's annual profit was approximately RMB 11.578 billion, RMB 11.740 billion, and RMB 8.451 billion, respectively. Gross Profit Margin: In 2023, 2024, and 2025, the company's gross profit margin was approximately 64.2%, 63.1%, and 60.3%, respectively. Industry Overview The global medical device market is estimated to grow from USD 456.6 billion in 2020 to USD 623 billion in 2024, with a CAGR of 8.1% from 2020 to 2024. It is expected to reach USD 869.7 billion in 2030 and USD 1.1576 trillion in 2035, with CAGRs of 6.0% from 2025 to 2030 and 5.7% from 2031 to 2035. From 2020 to 2024, the Chinese medical device market grew from RMB 729.8 billion to RMB 941.7 billion, with a CAGR of 6.6%. It is projected to reach RMB 1.326 trillion by 2030, with a CAGR of 6.4% from 2025 to 2030, and further increase to RMB 1.8134 trillion by 2035, with a CAGR of 6.3% from 2031 to 2035. The global in vitro diagnostics market is expected to grow steadily, with varying growth rates in different submarkets. From 2020 to 2024, the market is expected to increase from USD 107.4 billion to USD 126.7 billion, with a CAGR of 4.2%. The market is projected to reach USD 184.7 billion in 2030, with a CAGR of 6.9% from 2025 to 2030, and further increase to USD 261.5 billion in 2035, with a CAGR of 7.1% from 2031 to 2035. From 2025 to 2030, mature markets are expected to increase from USD 79.7 billion to USD 108.1 billion, with a CAGR of 6.3%, maintaining the largest absolute market size. The global PMLS market is expected to maintain stable growth. The market is expected to increase from USD 9.7 billion in 2020 to USD 11.9 billion in 2024, with a CAGR of 5.2% from 2020 to 2024. It is projected to reach USD 15.2 billion in 2030, with a CAGR of 4.4% from 2025 to 2030, and further increase to USD 17.5 billion in 2035, with a CAGR of 2.6% from 2031 to 2035. With investments in healthcare infrastructure accelerating and the expansion of healthcare services, the growth rate in emerging markets is expected to be two to three times faster than in mature markets. From 2025 to 2030, emerging markets are expected to increase from USD 3.5 billion to USD 6 billion, with a CAGR of 11.3%, showing strong growth momentum and being a major source of new demand. From 2025 to 2030, mature markets are expected to increase from USD 7.5 billion to USD 7.9 billion, with a CAGR of 1.3%, although they still maintain the largest market share, the growth rate will slow down. The Chinese PMLS market decreased from RMB 18.5 billion in 2020 to RMB 11.5 billion in 2024, with a CAGR of -11.1%. The decline reflects specific industry factors: in 2022, the rapid increase in ICU "emergency procurement" following the lifting of the epidemic restrictions on respiratory ventilators, monitors, and infusion workstations pushed up the base, leading to a partial decline in the market in 2023 due to destocking and slow recovery in elective surgeries, delaying the demand for new anesthesia machines, and in 2024, intensified anti-corruption efforts resulting in tighter approvals, delays in hospital projects and budgets, exacerbating the decline, DRG/DIP testing and COVID special fund exits limiting capital expenditure, and rapid progress of volume purchases and domestic substitutions accelerating the compression of average selling prices, especially in the areas of monitors and infusions. From 2025 to 2027, as the Chinese PMLS market is highly dependent on government budgets, the market will continue to shrink. Budget tightening will lead to minimal growth in the number of new ICU beds, with growth mainly driven by the replacement of existing ICU equipment. The market is expected to reach RMB 9.3 billion in 2030 and further increase to RMB 11.6 billion in 2035, with a CAGR of 4.2% from 2031 to 2035. The global medical imaging market is an important and growing segment in the healthcare industry. From 2020 to 2024, the global medical imaging market increased from USD 63.8 billion to USD 87.2 billion, with a CAGR of 8.2%, estimated to reach USD 120.6 billion by 2030, with a CAGR of 5.7% from 2025 to 2030, and further increase to USD 154.3 billion by 2035, with a CAGR of 4.9% from 2031 to 2035. From 2025 to 2030, the developed markets are expected to increase from USD 54.5 billion to USD 66.9 billion, with a 4.2% CAGR, maintaining the largest market share in terms of absolute value. From 2025 to 2030, emerging markets are expected to increase from USD 23.7 billion to USD 34.7 billion, with a CAGR of 7.9%, showing the fastest growth rate among regions, and being the primary source of demand for medical imaging. The Chinese medical imaging market decreased from RMB 95 billion in 2020 to RMB 90.5 billion in 2024, with a CAGR of -1.2%. This is mainly due to specific industry factors: from 2020 to 2022, the surge in fever clinic screening demand drove a surge in CT/DR equipment, while the upgrade and installation of large MR/PET-CT equipment were delayed due to site renovations, shielding, and acceptance restrictions; in 2023, the market normalized and destocked, private health examination demand weakened, equipment utilization decreased, delaying equipment replacement; in 2024, a special anti-corruption campaign for radiology/contrast agents, standardized DRG/DIP testing, and intense competition in provincial tenders, coupled with intensified domestic market competition, led to a decrease in average sales prices, especially in ultrasound/DR areas. The market is expected to reach RMB 137.4 billion by 2030, with a 7.4% CAGR from 2025 to 2030, and further increase to RMB 182.8 billion by 2035, with a 5.7% CAGR from 2031 to 2035. Board of Directors Information The company's board of directors consists of 12 directors, including three executive directors, two non-executive directors, and seven independent non-executive directors. The term of office for directors is three years, and they may be re-elected after the term expires. According to relevant Chinese laws and regulations, independent non-executive directors may not serve for more than six consecutive years. Equity Structure According to the Joint Action Agreement, Mr. Li and Mr. Xu must jointly take unified actions on matters requiring approval by the board of directors or shareholders (including but not limited to operational matters) or involving the exercise of their rights as shareholders. Furthermore, as of the last practicable date, Shenzhen Ruifu and Shenzhen Rulong respectively hold approximately 0.23% and 0.10% of the issued shares of the company. Mr. Li and Mr. Xu respectively hold around 47.04% and 42.71% of the limited partnership interests in Shenzhen Ruifu and Shenzhen Rulong. Simple Well Limited owns the remaining 33.68% of Magnifice HK's equity, with Simple Well Limited being controlled by Ms. Jianyao through Simple Well (BVI) Holding Limited. Underwriting Team Joint Sponsors: Huatai Financial Holdings (Hong Kong) Limited, J.P. Morgan Securities (Far East) Limited Company Legal Advisors: Davis Polk & Wardwell for Hong Kong and U.S. law; Fangda Partners for Chinese law Joint Sponsors Legal Advisors: Norton Rose Fulbright for Hong Kong and U.S. law; JunHe LLP for Chinese law Reporting Accountants and Auditors: Ernst & Young Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch