In 2025, Mindray Medical's overseas revenue exceeded 50% for the first time, reACHing 53% (RMB 17.65 billion) of total revenue, marking a new phase in the company's globalization strategy. In November 2025, the company filed for a secondary listing on the Hong Kong Stock Exchange to fund global R&D and expand its international sales network and supply chain. In 2026, the company is actively investing in embodied AI and has deployed the Kaiyuan large language model in clinical settings, transforming from a medical device supplier to an intelligent total solution provider.
Company Overview (Updated April 2026)
Shenzhen Mindray Bio-Medical Electronics Co.,Ltd is a leADINg global provider of medical devices and solutions headquartered in Shenzhen, China. Founded in 1991 by Li Xianting, Xu Hang, Cheng Minghe, and four other former employees of Anke Biological, the company started as a distributor of imported medical equipment before transitioning to independent R&D. The company successfully listed on the Shenzhen Stock Exchange ChiNext board in October 2018 (ticker: 300760.SZ).
Mission: To provide advanced medical devices and solutions that improve healthcare delivery worldwide, making quality healthcare more accessible and affordAble through technological innovation and integrated solutions.
Corporate History and Development
Early Years (1991-2000)
- 1991: Founded in Shenzhen by Li Xianting, Xu Hang, Cheng Minghe, and four others; initially operated as a distributor of imported medical equipment
- 1992: Launched china's first Pulse oximeter, marking the beginning of independent R&D
- 1993: Introduced China's first multi-parameter patient monitor (MEC-509); recognized as a Shenzhen High-Tech Enterprise
- 1997: Secured $2 million venture capital from Walden International, initiating international expansion
Rapid Expansion (2001-2010)
- 2006: Listed on the New York Stock Exchange, becoming the first Chinese medical device company to go public overseas
- 2008: Acquired Datascope's patient monitoring business for $220 million, entering the international monitoring market
- 2013: Acquired Zonare Medical Systems (USA), enhancing high-end product development capabilities
Return to A-Share Market (2016-Present)
- 2016: Completed privatization and delisted from NYSE
- 2018: Successfully listed on Shenzhen Stock Exchange ChiNext board (300760.SZ)
- 2021: Acquired HyTest (Finland) for €545 million, strengthening IVD upstream raw material capabilities
- 2023: Acquired DiaSys (Germany) and launched Resona A20 ultra-high-end ultrasound system
- November 2025: Filed for secondary listing on the Hong Kong Stock Exchange
Financial Performance (2025 and Q1 2026)
Full Year 2025 Results
Key Financial Metrics:
- Revenue: RMB 33.282 billion (down 9.38% year-over-year)
- Net Profit Attributable to Shareholders: RMB 8.136 billion (down 30.28%)
- Non-GAAP Net Profit: RMB 8.069 billion (down 29.48%)
- Q4 Revenue: RMB 7.448 billion (up 2.86% quarter-over-quarter)
- 2025 Dividends: RMB 5.31 billion (including tax), representing 65.27% of net profit; three dividend distributions implemented during the year
Q1 2026 Performance
- Revenue: RMB 8.237 billion (down 12.12% year-over-year)
- Net Profit: RMB 2.629 billion (down 16.81% year-over-year)
- International Revenue Share: Approximately 47%
Business Segments (The "Four Major Product Lines")
In its 2025 annual report, Mindray restructured its business disclosure into four major product lines, ending the traditional three-segment structure:
1. In-Vitro Diagnostics (IVD)
- Revenue: RMB 12.241 billion (down 9.41%), becoming the company's largest revenue source for the first time
- Revenue Share: 36.78%; domestic revenue accounts for 48%
- Core Products: Hematology analyzers, chemiluminescence immunoassay analyzers, biochemical analyzers
- Milestone: MT 8000 fully automated biochemical immunoassay pipeline—over 20 units installed overseas, over 360 new orders signed domestically with nearly 270 units already deployed
2. Life Support & Monitoring
- Revenue: RMB 9.837 billion (down 19.80%)
- International Share: 74%
- Core Products: Patient monitors, ventilators, defibrillators, anesthesia machines
- Recovery Trend: Monthly medical equipment bidding data has shown continuous improvement since December 2024
3. Medical Imaging
- Revenue: RMB 5.717 billion (down 18.02%)
- International Share: 65% (continuously increasing)
- Core Products: Ultrasound diagnostic systems (Resona series), digital X-ray imaging systems
- High-End Breakthrough: Ultra-high-end ultrasound system revenue exceeded RMB 700 million, up over 70% year-over-year
4. Emerging Businesses (First disclosed as fourth major segment)
- Revenue: RMB 5.378 billion (up 38.85%)
- Revenue Share: 16.16%
- Covering Areas: Minimally invasive surgery, minimally invasive intervention, veterinary medical equipment
- Strategic Position: Viewed as an important growth engine to hedge against pressure on traditional main businesses and support future growth
Globalization Strategy and Regional Performance (2025-2026)
Regional Revenue Structure
- Domestic Revenue (China): RMB 15.632 billion (down 22.97%)
- Overseas Revenue: RMB 17.650 billion (up 7.40%), representing 53% of total revenue, exceeding 50% for the first time
- European Market: Year-over-year growth of 17%
- International Emerging Markets: Year-over-year growth of nearly 30% (breakthrough government procurement projects in Brazil, Peru, Turkey, etc.)
Global Presence
- Global Subsidiaries: 64, covering 40+ countries and regions
- Overseas Localized Production: 11 of 12 projects already in production
- Service Network: Products sold in 190+ countries and regions, serving nearly 110,000 medical institutions
- Domestic Coverage: Over 99% of China's Class III Grade A hospitals use Mindray products
2030 Strategic Goals
- Overseas Revenue Target: Over 70% (53% achieved in 2025)
- Global Ranking Target: Enter top 10 global medical device companies (ranked 23Rd in 2023)
2026 Outlook and Strategic Priorities
Performance Expectations:
- Domestic business expected to achieve positive growth for the full year 2026, with acceleration expected in 2027 and beyond
- International business expected to return to rapid growth in 2026, with emerging markets becoming the Primary growth engine
Strategic Transformation:
- Transitioning from "device supplier" to "intelligent total solution provider"
- Kaiyuan large language model deployed in clinical settings, driving deep integration of AI + healthcare
- Actively investing in embodied AI, exploring medical robotics
- Achieving the leap from single products to departmental-level and hospital-level solutions through digital intelligent ecosystems
R&D Investment and Innovation
- R&D Investment Ratio: Approximately 10% (industry-leading level)
- Global R&D Centers: 8
- Kaiyuan Critical Care LLM: Released in 2025, already deployed in clinical applications
- Technology Innovation Directions: AI diagnosis, intelligent monitoring, automated testing, telemedicine
Capital Operations and Shareholder Returns
- Cumulative Dividends Since IPO: Over RMB 35.3 billion since 2018 listing, nearly 6 times the IPO fundraising amount (RMB 5.934 billion)
- 2025 Dividends: Three distributions totaling RMB 5.31 billion, representing 65.27% of net profit
- 2025 Acquisitions: Acquired equity stake in APT Medical (Huatai Medical) to enter cardiovascular intervention; acquired DiaSys to strengthen IVD overseas supply chain
- Shareholder Structure: Li Xianting holds approximately 26.9%, Xu Hang holds approximately 24.43%, maintaining controlling positions
Corporate Governance
Core Management Team
Chairman: Li Xianting (Co-founder, participated in founding in 1991)
- At age 74 in 2025, Li Xianting addressed succession planning at the shareholders' meeting, mentioning specific candidates including Wu Hao (current President) and Guo Yanmei (Head of R&D)
Co-founder, Vice Chairman: Xu Hang
- Also serves as actual controller of Shenzhen Pengrui Group, developer of the luxury residential project Shenzhen Bay One
President: Wu Hao
Head of R&D: Guo Yanmei
CFO: Wu Hao (concurrent role)
Company Information
Corporate Details
Legal Name: Shenzhen Mindray Bio-Medical Electronics Co.,Ltd
Founded: 1991
Headquarters: Mindray Building, 12th Keji South Road, High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong, China
Stock Exchange: Shenzhen Stock Exchange ChiNext Board (300760.SZ); filed for Hong Kong Stock Exchange secondary listing (November 2025)
Employees: Approximately 18,000-21,000 (global)
Industry: Medical Device Manufacturing and Solutions
Market Cap: Approximately RMB 190-200 billion (April 2026)
Contact Information
Website: www.mindray.com
Investor Relations: ir@mindray.com
Keywords: Mindray Medical, Shenzhen Mindray Bio-Medical Electronics Co.,Ltd, 300760.SZ, medical devices, IVD, in-vitro diagnostics, life support, medical imaging, minimally invasive surgery, Shenzhen, Li Xianting, Xu Hang, Hong Kong IPO, Kaiyuan LLM, embodied AI, globalization, overseas revenue 53%, 1991 founded, four major product lines
