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Mindray's 2025 performance experienced a rare significant decline since its listing. The contraction in domestic medical device procurement, combined with policy pressures in the in-vitro diagnostics industry, led to a substantial drop in both the company's revenue and net profit. Despite this, the company's international business maintained its growth momentum, emerging businesses expanded rapidly, and management holds an optimistic outlook for the recovery of domestic business to positive growth in 2026.
According to the company's 2025 annual report, the full-year operating revenue reached 33.282 billion yuan, a year-on-year decrease of 9.38%; the net profit attributable to shareholders of the listed company was 8.136 billion yuan, representing a significant year-on-year decrease of 30.28%. The company proposes to distribute a cash dividend of 3.10 yuan (including tax) per 10 shares to all shareholders.
The core pressure leading to the performance decline stems from the domestic market. The company's domestic business revenue for the full year was 15.632 billion yuan, a sharp year-on-year decrease of 22.97%. In-vitro diagnostic reagents faced a significant contraction in market size due to the combined impact of multiple policies, including DRG/DIP payment reforms, centralized volume-based procurement, and mutual recognition of test results, leading to declines in both reagent usage and prices.
Concurrently, international business revenue reached 17.650 billion yuan, a year-on-year increase of 7.40%, accounting for 53% of the group's overall revenue. The European market achieved a growth of 17%. The company anticipates that domestic business is expected to achieve positive growth in 2026 and enter a more stable phase of sustained rapid growth from 2027 onwards.
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<h2>Domestic Business: Policy Pressure Persists, Weak Recovery Pattern Continues</h2>
The significant decline in the domestic market was the primary drag on this period's performance. The company stated that although the medical device industry has weathered the most difficult period of three consecutive years of deep adjustment, hospitals are still generally facing overall procurement budget reductions due to operational pressures, and the industry as a whole is in a stage of weak recovery.
The in-vitro diagnostics business was the first to be affected. This business achieved revenue of 12.241 billion yuan for the full year, a year-on-year decrease of 9.41%, accounting for over 36% of the group's overall revenue and ranking first among all product lines for the second consecutive year. Domestic in-vitro diagnostics revenue accounted for approximately 48% of domestic business revenue and was simultaneously suppressed by multiple policies, including DRG/DIP reforms, reagent centralized procurement, mutual recognition of test results, and governance of medical service prices.
The company assesses that while these policies cause short-term industry fluctuations, they effectively regulate diagnostic behavior and improve the efficiency of medical insurance payments in the medium term, creating opportunities for companies with innovation capabilities to gain market share.
The company's biochemical business market share has increased to over 18%. In the centralized procurement of tumor markers and thyroid function tests in 25 provinces, Mindray's intended share reached 14% and 13%, ranking second only to Roche. The company also aims to increase the domestic market share of its core businesses, including chemiluminescence, biochemistry, and coagulation, from approximately 10% to 20% within three years.
The life information and support business generated revenue of 9.837 billion yuan for the full year, a year-on-year decrease of 19.80%. The medical imaging business revenue was 5.717 billion yuan, a year-on-year decrease of 18.02%. Both were directly impacted by the reduction in capital expenditure by domestic hospitals.
<h2>International Business: Europe Leads, Breakthroughs Among High-End Clients Accelerate</h2>
The international market became a significant support for the current period's performance. The company's international business revenue reached 17.650 billion yuan, a year-on-year increase of 7.40%, with the proportion of international revenue further increasing to 53%. The European market achieved a further 17% growth in 2025 on top of its high growth in 2024; international emerging businesses grew by nearly 30% year-on-year.
Breakthroughs among high-end clients are the core highlight of the internationalization progress during this period. During the reporting period, the company newly broke into nearly 90 international key strategic clients, including 17 of the world's top 100 hospitals and 5 hospitals that are ranked first in their respective countries. Additionally, 160 existing strategic clients achieved horizontal product breakthroughs.
In the field of life information and support, the company newly broke into over 210 high-end clients, including:
Hopital Necker-Enfants Malades in France (ranked seventh globally for pediatric specialization), London Chest Hospital in the UK (affiliated with Barts Health Trust, the largest NHS trust in the UK), and Hospital Clinico, the top public research hospital in Chile.
At Switzerland's Lindenhof gruppe AG, the company deployed a total of 300 sets of monitoring systems and infusion systems. At Hopital Necker-Enfants Malades in France, the company implemented nearly 300 sets of high-end monitoring equipment and hospital-wide IT solutions, covering 31 clinical departments.
In the field of in-vitro diagnostics, the company broke into nearly 300 new high-end clients during the reporting period and completed the installation of MT8000 fully automated laboratory intelligent pipelines in several hospitals in Thailand. Globally, over 20 MT8000 systems were installed during the reporting period, and the company expects the number of installations to significantly increase year-on-year in 2026.
In North America, Mindray covers approximately 80% of the IDN healthcare systems in the United States and over 2,100 IDN hospitals. In January 2026, Mindray USA and Medtronic reached a strategic cooperation agreement, extending their collaboration in patient monitoring to outpatient surgery centers.
<h2>Emerging Businesses: High Growth Becomes the Brightest Segment</h2>
Emerging businesses (including minimally invasive surgery, minimally invasive intervention, and animal healthcare) became the fastest-growing segment during this period, with annual revenue of 5.378 billion yuan, a year-on-year increase of 38.85%, accounting for about 16% of the company's total business revenue. Domestic emerging business revenue accounted for over 20% of the overall domestic business revenue.
In minimally invasive surgery, the company has established a comprehensive product matrix including laparoscopic systems, energy platforms, and high-value consumables. In 2025, the company's ultrasonic scalpels were awarded bids in 14 provinces across 272 hospitals, with over 70% being tertiary or above hospitals. Anastomatic devices were included in the winning bids of alliance tenders in 7 provinces, entering hundreds of leading hospitals.
The company also disclosed plans to integrate technological expertise in laparoscopic systems, energy platforms, and surgical instruments to launch surgical robot products in the future.
In minimally invasive intervention, the company is accelerating its layout through its holding subsidiary, Huitai Medical. During the reporting period, the 3D pulsed field ablation (PFA) and radiofrequency ablation (RFA) systems and supporting consumables received NMPA approval and have successfully entered clinical use. In September 2025, the company increased its stake in Huitai Medical through a block trade to a total holding of 26.54%.
In animal healthcare, overseas revenue accounts for about 80%. The company states that there is still significant potential in the international market.
<h2>Digital Intelligence Transformation: AI Large Models Move from Laboratory to Clinic</h2>
The company continues to advance the construction of its &#34;Device + IT + AI&#34; digital intelligent medical ecosystem and has achieved clinical implementation of multiple AI large models during the reporting period, which serves as a core path for establishing long-term customer relationships.
The &#34;Qiyuan&#34; series of large models have expanded into multiple fields during this period: The Qiyuan Critical Care Medicine Large Model has been installed in 30 hospitals, including top medical institutions such as the First Affiliated Hospital of Zhejiang University School of Medicine and Renji Hospital affiliated with Shanghai Jiao Tong University School of Medicine. It can process a patient's 24-hour condition within 5 seconds and generate a digital profile, assisting in approximately 70% of medical record writing.
The Qiyuan Perioperative Medicine Large Model has been deployed in 2 hospitals. The Qiyuan Laboratory Medicine Large Model has been deployed at Shenzhen Hospital of Southern Medical University, increasing the average sample review time by approximately 30 times and achieving an accuracy rate of over 90% in report review.
The &#34;Ruijian Ecosystem&#34; solution had cumulative installations in nearly 1,100 hospitals by the end of 2025, with about 80% being tertiary hospitals. Over 500 new installations were added in 2025. The &#34;Ruizhi Ecosystem&#34; has accumulated over a thousand installations domestically, with over 880 international contract projects, and 230 new ones in 2025. The &#34;Ruiying Ecosystem&#34; has cumulative installations exceeding 20,100 sets, covering 31 provinces, cities, and autonomous regions across China.
The company's R&amp;D investment for the full year was 3.929 billion yuan, accounting for 11.80% of its operating revenue. By the end of 2025, it had applied for a cumulative total of 12,983 patents.

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Mindray's 2025 revenue reached 33.282 billion yuan, a year-on-year decrease of 9.38%, with net profit at 8.136 billion yuan, down 30.28%. Domestic policy pressures leading to reduced hospital procurement budgets were the main cause. International revenue surpassed domestic for the first time, with its share rising to 53%, and Europe saw a sharp 17% increase. Emerging businesses such as minimally invasive surgery grew by 38.85%. Management expects domestic operations to return to positive growth in 2026

Mindray's 2025 Revenue Decreased 9.4% Year-on-Year, Net Profit Down 30.3%, Emerging Businesses Grew 30% | Earnings Insights