External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

<ul><li>Mindray reported 9M25 revenue of RMB25.8bn, down by 12.4% YoY.</li><li>Revenue in 3Q25 reached RMB9.1bn, up by 1.5% YoY, indicating a turnaround driven by accelerating overseas growth and mild domestic recovery.</li><li>Overseas revenue rose 12% YoY to RMB4.6bn in 3Q, with revenue from Europe up by 29%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray reported 9M25 revenue of RMB25.8bn, down by 12.4% YoY.Revenue in 3Q25 reached RMB9.1bn, up by 1.5% YoY, indicating a turnaround driven by accelerating overseas growth and mild domestic recovery.Overseas revenue rose 12% YoY to RMB4.6bn in 3Q, with revenue from Europe up by 29%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray (300760 CH) - Overseas Strength Offsets Domestic Softness

<ul><li>In 2024, Mindray reported revenue of RMB 36.7bn (+5.1% YoY) and attributable net profit of RMB 11.7bn (+0.7% YoY).</li><li>GPM dropped by 1.1 ppts YoY to 63.1%, primarily due to 1) pricing pressure on IVD reagents and mid- to low-end medical equipment, 2) weaker IVD testing demand following DRG 2.0 implementation and inter-hospital recognition of test results.</li><li>The proportion of revenue from IVD reagent declined in 4Q24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2024, Mindray reported revenue of RMB 36.7bn (+5.1% YoY) and attributable net profit of RMB 11.7bn (+0.7% YoY).GPM dropped by 1.1 ppts YoY to 63.1%, primarily due to 1) pricing pressure on IVD reagents and mid- to low-end medical equipment, 2) weaker IVD testing demand following DRG 2.0 implementation and inter-hospital recognition of test results.The proportion of revenue from IVD reagent declined in 4Q24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray (300760 CH) - Awaiting domestic demand rebound

<ul><li>Mindray reported 9M24 revenue of RMB29.5bn, up by 8.0% YoY. Attributable net profit increased by 8.2% YoY to RMB10.6bn.</li><li>Revenue in 3Q24 grew by 1.4% YoY to RMB9.0bn while attributable net profit decreased by 9.3% YoY to RMB3.1bn.</li><li>The slowdown in revenue growth can primarily be attributed to lackluster procurement activities in domestic public hospitals and weakened demand for IVD testing, particularly in lower-tier hospitals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray reported 9M24 revenue of RMB29.5bn, up by 8.0% YoY. Attributable net profit increased by 8.2% YoY to RMB10.6bn.Revenue in 3Q24 grew by 1.4% YoY to RMB9.0bn while attributable net profit decreased by 9.3% YoY to RMB3.1bn.The slowdown in revenue growth can primarily be attributed to lackluster procurement activities in domestic public hospitals and weakened demand for IVD testing, particularly in lower-tier hospitals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray (300760 CH) - Expect Domestic Business to Rebound from 2025

<ul><li>Mindray achieved a revenue of RMB20.5bn in 1H24, marking an 11.1% increase YoY, and reported an attributable net profit of RMB7.6bn, up 17.4% YoY.</li><li>Despite the ongoing regulatory adjustments in the healthcare industry and the delay in medical equipment renewals projects, which have led to a cautious approach towards bidding and procurement activities in public hospitals, the revenue from domestic equipment business decreased by 12% YoY.</li><li>However, thanks to the rapid growth of the IVD business and the domestic high-end/ultra-high-end ultrasound business, Mindray still demonstrated strong resilience and steady growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray achieved a revenue of RMB20.5bn in 1H24, marking an 11.1% increase YoY, and reported an attributable net profit of RMB7.6bn, up 17.4% YoY.Despite the ongoing regulatory adjustments in the healthcare industry and the delay in medical equipment renewals projects, which have led to a cautious approach towards bidding and procurement activities in public hospitals, the revenue from domestic equipment business decreased by 12% YoY.However, thanks to the rapid growth of the IVD business and the domestic high-end/ultra-high-end ultrasound business, Mindray still demonstrated strong resilience and steady growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray (300760 CH) - Robust Performance in a Challenging Industry Environment

<ul><li>Bloomberg reported (15 Apr) that the European Union is set to launch an IPI investigation into China’s procurement of medical devices, seeking to address concerns about the policy’s unfair favouritism towards domestic suppliers in China.</li><li>According to anonymous sources, the investigation could be announced as early as mid-April and may result in restricting Chinese companies’ access to tenders in the EU.</li><li>In May 2023, the US-European Union Trade and Technology Council (TTC) issued a statement indicating that the US and EU were exploring possible coordinated actions to address China’s non-market policies and practices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bloomberg reported (15 Apr) that the European Union is set to launch an IPI investigation into China’s procurement of medical devices, seeking to address concerns about the policy’s unfair favouritism towards domestic suppliers in China.According to anonymous sources, the investigation could be announced as early as mid-April and may result in restricting Chinese companies’ access to tenders in the EU.In May 2023, the US-European Union Trade and Technology Council (TTC) issued a statement indicating that the US and EU were exploring possible coordinated actions to address China’s non-market policies and practices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mindray (300760 CH) - Firmly Implement the Globalization Strategy

China

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Mindray (300760 CH) - Overseas Strength Offsets Domestic Softness

Revenue in 3Q25 reached RMB9.1bn, up by 1.5% YoY, indicating a turnaround driven by accelerating overseas growth and mild domestic recovery.

CMB International

Mindray (300760 CH) - Awaiting domestic demand rebound

In 2024, Mindray reported revenue of RMB 36.7bn (+5.1% YoY) and attributable net profit of RMB 11.7bn (+0.7% YoY). GPM dropped by 1.1 ppts YoY to...

CMB International

Mindray (300760 CH) - Expect Domestic Business to Rebound from 2025

Mindray reported 9M24 revenue of RMB29.5bn, up by 8.0% YoY. Attributable net profit increased by 8.2% YoY to RMB10.6bn. Revenue in 3Q24 grew by...

CMB International

Mindray (300760 CH) - Robust Performance in a Challenging Industry Environment

Mindray achieved a revenue of RMB20.5bn in 1H24, marking an 11.1% increase YoY, and reported an attributable net profit of RMB7.6bn, up 17.4% YoY.

CMB International

Mindray (300760 CH) - Firmly Implement the Globalization Strategy

Bloomberg reported (15 Apr) that the European Union is set to launch an IPI investigation into China’s procurement of medical devices, seeking to...

CMB International

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