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 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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Inner Mongolia Furui Medical Scie / Index Rebalance

<ul>
<li>The review period ends on 31 October, the changes should be announced on 29 November and will be effective after the close of trading on 13 December.</li>
<li>We forecast 4 potential changes for the index in December where there could be buying of 0.5-3x ADV in the adds and selling of between 0.5-1.3x ADV in the deletes.</li>
<li>The forecast adds have drifted lower versus the forecast deletes following the rally in the markets and the large ETF creations. That could reverse from now till review period end.</li>
</ul>


The review period ends on 31 October, the changes should be announced on 29 November and will be effective after the close of trading on 13 December.
We forecast 4 potential changes for the index in December where there could be buying of 0.5-3x ADV in the adds and selling of between 0.5-1.3x ADV in the deletes.
The forecast adds have drifted lower versus the forecast deletes following the rally in the markets and the large ETF creations. That could reverse from now till review period end.


CSI Medical Service Index Rebalance Preview: Four Potential Changes in December

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> reported double-digit growth in revenue and net profit in 1H24.</li>
<li>In-Vitro diagnostics and medical imaging systems segments drive performance, while patient monitoring and life support lagged.</li>
<li>International market continues to show strength, while China lingers for now.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) reported double-digit growth in revenue and net profit in 1H24.
In-Vitro diagnostics and medical imaging systems segments drive performance, while patient monitoring and life support lagged.
International market continues to show strength, while China lingers for now.


Shenzhen Mindray (300760 CH): Sustained Growth Momentum; China Recovery To Provide Further Filip

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

Shanghai Fosun Pharmaceutical (Group) / Event-Driven

<ul>
<li>The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.</li>
<li>Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.</li>
<li>Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.</li>
</ul>


The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.
Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.
Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.


China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

<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

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) - 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

CSI Medical Service Index Rebalance Preview: Four Potential Changes in December

There could be 4 changes for the CSI Medical Service Index in Dec. Trackers will need to trade between 0.5-3x ADV. The adds have underperformed as...

Brian Freitas

Shenzhen Mindray (300760 CH): Sustained Growth Momentum; China Recovery To Provide Further Filip

Shenzhen Mindray sees double-digit growth in sales and net profit in 1H24, driven by in-vitro diagnostics and medical imaging systems. With 18%...

Tina Banerjee

China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

Business model of medical devices is shifting, leading to potential underperformance. There's a gap between Chinese Biotech and top players....

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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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

CSI Medical Service Index Rebalance Preview: Four Potential Changes in December

There could be 4 changes for the CSI Medical Service Index in Dec. Trackers will need to trade between 0.5-3x ADV. The adds have underperformed as...

Brian Freitas

Shenzhen Mindray (300760 CH): Sustained Growth Momentum; China Recovery To Provide Further Filip

​Shenzhen Mindray sees double-digit growth in sales and net profit in 1H24, driven by in-vitro diagnostics and medical imaging systems. With 18%...

Tina Banerjee

China Healthcare Weekly (Sep.8) - Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria

Business model of medical devices is shifting, leading to potential underperformance. There's a gap between Chinese Biotech and top players....

Xinyao (Criss) Wang

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

Shenzhen Mindray sees double-digit growth in sales and net profit in 1H24, driven by in-vitro diagnostics and medical imaging systems. With 18%...