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 1H26 revenue of RMB17.75bn (+6.0% YoY) with 2Q26 growth accelerating to 10.5% YoY, broadly in line with our expectations.</li><li>Attributable net profit decreased 3.6% YoY to RMB5.05bn, mainly due to FX losses.</li><li>Excluding FX impact, net profit grew 8.7% YoY in 1H26. </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 1H26 revenue of RMB17.75bn (+6.0% YoY) with 2Q26 growth accelerating to 10.5% YoY, broadly in line with our expectations.Attributable net profit decreased 3.6% YoY to RMB5.05bn, mainly due to FX losses.Excluding FX impact, net profit grew 8.7% YoY in 1H26. 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) - 1H26 in Line; Overseas Momentum and Domestic Recovery Intact

<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

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

Mindray (300760 CH) - 1H26 in Line; Overseas Momentum and Domestic Recovery Intact

Mindray reported 1H26 revenue of RMB17.75bn (+6.0% YoY) with 2Q26 growth accelerating to 10.5% YoY, broadly in line with our expectations.

CMB International

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)