Mindray Medical’s revenue in 2025 decreased by 9.4% year-on-year, net profit dropped by 30.3%, emerging business grew by 30% | Earnings Report News

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Mindray Medical’s 2025 performance saw an unprecedented significant decline since its IPO, as domestic medical equipment procurement shrank and in vitro diagnostics faced policy pressure. This led to a sharp drop in both company revenue and net profit. Nevertheless, the company’s international business maintained growth momentum, emerging businesses expanded rapidly, and management holds an optimistic view for a return to positive domestic business growth in 2026.

According to the company’s 2025 annual report, total revenue for the year was 33.282 billion RMB, down 9.38% year-on-year; net profit attributable to shareholders was 8.136 billion RMB, a significant year-on-year decrease of 30.28%. The company plans to distribute a cash dividend of 3.10 RMB (tax-inclusive) per 10 shares to all shareholders.

The main source of pressure on results was the domestic market. The company’s domestic business generated annual revenue of 15.632 billion RMB, a sharp drop of 22.97% year-on-year. In vitro diagnostic reagents were hit simultaneously by DRG/DIP payment reform, centralized procurement, and mutual recognition of test results, leading to reductions in both reagent usage and prices, and a significant contraction of market size.

At the same time, international business revenue reached 17.65 billion RMB, up 7.40% year-on-year, with the proportion of group revenue rising to 53%. The European market achieved 17% growth. The company expects domestic business to return to positive growth in 2026 and to enter a more stable, sustained period of rapid growth from 2027 onward.

Domestic Business: Policy Pressure Remains, Weak Recovery Continues

The significant decline in the domestic market was the main drag on this period’s performance. The company said that although the medical equipment industry has passed the most difficult phase of three consecutive years of deep adjustment, hospitals still generally face operational pressures that have led to overall procurement budget cuts, so the industry overall is in a stage of weak recovery.

The in vitro diagnostics business was hit first and hardest. This business had revenue of 12.241 billion RMB for the year, down 9.41% year-on-year, accounting for over 36% of total group revenue, ranking top among all segments for the second consecutive year. Domestic in vitro diagnostic revenue made up around 48% of domestic business and faced simultaneous suppression from DRG/DIP reform, centralized reagent procurement, mutual recognition of results, and control of medical service pricing.

The company believes these policy headwinds bring short-term volatility, but in the medium term will standardize medical practices, improve insurance payment efficiency, and give innovative companies a window of opportunity to seize market share.

The company’s share in the clinical chemistry market has exceeded 18%. In the centralized procurement of tumor markers and thyroid function reagents across 25 provinces, Mindray’s intended supply shares were 14% and 13%, second only to Roche. The company also aims to increase its domestic market share in chemiluminescence, clinical chemistry, and coagulation from about 10% to 20% within three years.

Life Information and Support annual revenue was 9.837 billion RMB, down 19.80% year-on-year. Medical imaging business revenue was 5.717 billion RMB, down 18.02%, both directly impacted by reduced hospital capital spending in China.

International Business: Europe Leads, Breakthroughs with High-End Clients Accelerate

The international market became a key performance pillar. International business brought in 17.65 billion RMB, up 7.40% year-on-year, with international share rising further to 53%. On top of strong growth in 2024, Europe again saw a 17% increase in 2025; international emerging business grew nearly 30% year-on-year.

Breakthroughs with high-end clients were the core highlight of internationalization progress this period. During the reporting period, the company newly broke into nearly 90 key international strategic clients, including 17 of the world’s top 100 hospitals and 5 top-ranked hospitals in their countries; 160 existing strategic clients achieved product line expansion horizontally.

In life information and support, the company newly acquired over 210 new high-end clients, including:

Hospital Necker-Enfants Malades in France (ranked 7th among global pediatric hospitals), London Chest Hospital in the UK (part of Barts Health Trust, the UK’s largest NHS trust), and Hospital Clinico in Chile (ranked 1st in the country for public teaching and research hospitals).

In Switzerland’s Lindenhof gruppe AG, the company landed a total of 300 monitoring and infusion systems; at Hospital Necker-Enfants Malades in France, nearly 300 high-end monitors and an IT solution were deployed, covering 31 clinical departments.

In in vitro diagnostics, the company broke into nearly 300 new high-end clients during the reporting period, and installed intelligent MT8000 total laboratory automation lines in several Thai hospitals. Over 20 MT8000 units were installed worldwide during the period, and the company expects the 2026 install base to see sharp year-on-year growth.

In North America, Mindray covers around 80% of the U.S. IDN healthcare systems and over 2,100 IDN hospitals. In January 2026, Mindray America reached a strategic partnership with Medtronic to extend cooperation in patient monitoring into outpatient surgery centers.

Emerging Businesses: High Growth Becomes Highlight of the Year

Emerging businesses (including minimally invasive surgery, interventional therapy, and animal healthcare) became the fastest growing segment this period, with annual revenue of 5.378 billion RMB, up 38.85% year-on-year, accounting for about 16% of total business, with domestic emerging business accounting for over 20% of domestic revenues.

In minimally invasive surgery, the company has built a comprehensive product portfolio of endoscopy systems, energy platforms, and high-value consumables. In 2025, its ultrasonic scalpel was selected in 272 hospitals across 14 provinces, and over 70% were Grade III-A or higher hospitals. The stapler was selected in alliance procurement in 7 provinces, entering over 100 leading hospitals.

The company also disclosed plans to launch surgical robot products by integrating technology from endoscopy, energy platforms, and surgical instruments.

In interventional therapy, the company is accelerating its layout via majority-owned BenQ Medical. During the period, 3D atrial fibrillation PFA (pulsed field ablation) and RFA (radiofrequency ablation) systems and supporting consumables were approved by the NMPA and surgeries have commenced. In September 2025, the company increased its stake in BenQ Medical to 26.54% through block trades.

In animal healthcare, overseas revenue now accounts for about 80%, and the company remains optimistic about international growth.

Smart Digital Transformation: AI Large Models Move from Lab to Clinic

The company continues advancing its “equipment + IT + AI” smart medical ecosystem, achieving clinical deployment of multiple AI large models this period, a core path for building long-term relationships with customers.

The “Qiyuan” series of large models expanded into multiple domains this period: the Qiyuan critical care model completed installations at 30 hospitals— including First Affiliated Hospital of Zhejiang University School of Medicine, Renji Hospital of Shanghai Jiao Tong University School of Medicine—providing digital patient portraits summarizing 24 hours of illness in 5 seconds, assisting in about 70% of medical record writing.

The Qiyuan perioperative medicine model was launched in 2 hospitals; the Qiyuan laboratory model was deployed at Shenzhen Hospital of Southern Medical University, increasing sample review speed by about 30 times and exceeding 90% report review accuracy.

As of the end of 2025, the “Ruijian Ecosystem” solution was installed in nearly 1,100 hospitals—about 80% of them tertiary hospitals, with more than 500 locations added in 2025; “Ruizhi Ecosystem” was installed in over 1,000 domestic hospitals and signed more than 880 projects internationally, with 230 newly signed in 2025; “Ruiying Ecosystem” installations exceeded 20,100 units, covering 31 provinces, cities, and autonomous regions.

Total annual R&D spending was 3.929 billion RMB, accounting for 11.80% of revenue. By the end of 2025, the company had applied for a cumulative 12,983 patents.

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