According to Oriental Securities Research Report, Mindray Healthcare achieved net profit of 5.07 billion yuan to mother in 2025H1. By region, the 25H1 domestic business achieved revenue of 8.41 billion yuan, due to a significant lengthening of the domestic public tendering to revenue confirmation cycle, while the 2025H1 medical equipment bidding activity has gradually recovered, and the domestic market will improve markedly in the third quarter, ushering in an inflection point; 25H1 international business achieved revenue of 8.33 billion yuan. Although there are many challenges in the overseas environment, thanks to measures such as continuous breakthroughs in the company's high-end overseas customer base and gradual improvement of the localization platform, etc., the overseas business performance is good. The company's ultra-high-end ultrasound series have been launched overseas, and the share of international revenue has increased to 62%; in the domestic market, high-end and ultra-high-end ultrasound models account for more than 60% of revenue, and high-end ultrasound has led to an increase in market share. In the field of life information and support and medical imaging, the company launched a variety of new products, such as the plasma electrocutting specialist solution and the mid-range portable ultrasound MX/ME Elite Edition, to stabilize its market position. According to comparable company valuations, the company was given 32 times PE in 2025, and the corresponding target price was 308.48 yuan, maintaining a “buy” rating.

According to Oriental Securities Research Report, Mindray Healthcare achieved net profit of 5.07 billion yuan to mother in 2025H1. By region, the 25H1 domestic business achieved revenue of 8.41 billion yuan, due to a significant lengthening of the domestic public tendering to revenue confirmation cycle, while the 2025H1 medical equipment bidding activity has gradually recovered, and the domestic market will improve markedly in the third quarter, ushering in an inflection point; 25H1 international business achieved revenue of 8.33 billion yuan. Although there are many challenges in the overseas environment, thanks to measures such as continuous breakthroughs in the company's high-end overseas customer base and gradual improvement of the localization platform, etc., the overseas business performance is good. The company's ultra-high-end ultrasound series have been launched overseas, and the share of international revenue has increased to 62%; in the domestic market, high-end and ultra-high-end ultrasound models account for more than 60% of revenue, and high-end ultrasound has led to an increase in market share. In the field of life information and support and medical imaging, the company launched a variety of new products, such as the plasma electrocutting specialist solution and the mid-range portable ultrasound MX/ME Elite Edition, to stabilize its market position. According to comparable company valuations, the company was given 32 times PE in 2025, and the corresponding target price was 308.48 yuan, maintaining a “buy” rating.