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

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul><li>Mindray reported 1Q26 revenue of RMB8.35bn (+1.4% YoY) and attributable net profit of RMB2.3bn (-11.3% YoY), largely in line with our expectations.</li><li>Overseas business remains the major growth driver with robust momentum in Europe and developing markets.</li><li>Domestic business still faced near-term headwinds from channel destocking in 1Q26. </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 1Q26 revenue of RMB8.35bn (+1.4% YoY) and attributable net profit of RMB2.3bn (-11.3% YoY), largely in line with our expectations.Overseas business remains the major growth driver with robust momentum in Europe and developing markets.Domestic business still faced near-term headwinds from channel destocking in 1Q26. 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) - 1Q26 in Line; Overseas and Emerging Businesses Driving Growth

<ul><li>Mindray reported revenue of RMB33.3bn (-9.4% YoY) and attributable net profit of RMB8.1bn (-30.3% YoY) in 2025, 2%/ 12% below our estimates, respectively.</li><li>The weak domestic business was the primary drag, which was attributable to domestic hospital budget constraints and policy pressures in IVD market.</li><li>Attributable NPM dropped 7.3ppts YoY in 2025, reflecting domestic price cuts, FX losses, and higher overseas selling expenses. </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 revenue of RMB33.3bn (-9.4% YoY) and attributable net profit of RMB8.1bn (-30.3% YoY) in 2025, 2%/ 12% below our estimates, respectively.The weak domestic business was the primary drag, which was attributable to domestic hospital budget constraints and policy pressures in IVD market.Attributable NPM dropped 7.3ppts YoY in 2025, reflecting domestic price cuts, FX losses, and higher overseas selling expenses. 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) - Navigating Near-Term Pressures; Expect Growth to Resume in 2026E

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).</li>
<li>The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization</li>
<li>As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.</li>
</ul>


Mindray is facing the dilemma of sluggish growth as previous strong incentive policy dividends have vanished. It’s difficult to return to a high growth of 20+% in short term (2025-2026).
The domestic business recovery would be more obvious in 2026. In the medium and long term, it is expected to achieve a growth rate of nearly 20% through successful internationalization
As YoY revenue growth would decrease from 20+% in previous years to around 15%, valuation of about 25-30x PE is reasonable. 20-25x PE will offer a higher margin of safety.


Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.</li>
<li>Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.</li>
<li>The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.


Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

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.

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Mindray (300760 CH) - 1Q26 in Line; Overseas and Emerging Businesses Driving Growth

Mindray reported 1Q26 revenue of RMB8.35bn (+1.4% YoY) and attributable net profit of RMB2.3bn (-11.3% YoY), largely in line with our expectations.

CMB International

Mindray (300760 CH) - Navigating Near-Term Pressures; Expect Growth to Resume in 2026E

Mindray reported revenue of RMB33.3bn (-9.4% YoY) and attributable net profit of RMB8.1bn (-30.3% YoY) in 2025, 2%/ 12% below our estimates,...

CMB International

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...

Xinyao (Criss) Wang

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

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Mindray (300760 CH) - 1Q26 in Line; Overseas and Emerging Businesses Driving Growth

Mindray reported 1Q26 revenue of RMB8.35bn (+1.4% YoY) and attributable net profit of RMB2.3bn (-11.3% YoY), largely in line with our expectations.

CMB International

Mindray (300760 CH) - Navigating Near-Term Pressures; Expect Growth to Resume in 2026E

Mindray reported revenue of RMB33.3bn (-9.4% YoY) and attributable net profit of RMB8.1bn (-30.3% YoY) in 2025, 2%/ 12% below our estimates,...

CMB International

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

​Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...

Xinyao (Criss) Wang

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

​Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

Mindray faces sluggish growth, making it difficult to return to 20+% growth. Recovery expected by 2026, with about 20% growth in mid-to-long term...

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...