Medical-Device Maker Mindray Returns to Growth as Overseas Sales Jump
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Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (300760.SZ) reported its first quarterly revenue growth since last year, as stronger overseas sales helped offset domestic weakness. But profits remained under pressure amid China’s health care reforms.
The country’s top medical-device maker posted third-quarter revenue of just over 9 billion yuan ($1.3 billion), up 1.5% from a year earlier, according to an earnings filing on Oct. 30. The result ends a streak of declining sales that began in the fourth quarter of 2024. Net profit fell 18.7% to 2.5 billion yuan, compared with a 44.6% drop in the second quarter.
The modest rebound was driven largely by international markets. Overseas revenue rose 11.9% year-on-year, accelerating from the first half of the year. Sales in Europe surged 29%, as hospitals facing staffing shortages and constrained procurement budgets amid geopolitical tensions sought to improve clinical and operational efficiency, the company said at an earnings briefing on Oct. 30.
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- Mindray’s Q3 revenue rose 1.5% year-on-year to over 9 billion yuan, ending a streak of sales declines, but net profit fell 18.7%.
- Overseas sales grew 11.9%, outpacing domestic performance, with Europe up 29% and other key regions seeing double-digit gains.
- Profitability remains pressured by China’s healthcare reforms, falling prices, and anti-corruption campaigns; Mindray is focusing on expanding in international markets.
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (300760.SZ) is China's leading medical-device maker. It saw its first quarterly revenue growth since 2024, driven by stronger overseas sales, particularly in Europe, the Middle East, Africa, and India. Despite this, profits remain under pressure due to healthcare reforms and anti-graft campaigns in China. The company is strategically expanding into international markets and reportedly considering a secondary listing in Hong Kong.
- China International Capital Corp. Ltd.
- China International Capital Corp. Ltd. (CICC) has lowered its profit forecasts for Mindray for both 2025 and 2026. This adjustment is due to intensified competition and falling prices impacting Mindray's profitability in the first nine months of the year.
- 2023：
- A widespread anti-corruption campaign was launched, extending procurement cycles at public hospitals.
- 2024：
- A government trade-in program for medical equipment was launched, causing buyers to suspend bidding as they await policy details.
- As of 2024：
- Mindray’s overseas market share in developing countries reached just over 8%.
- Fourth quarter of 2024：
- Mindray began experiencing a streak of declining sales, which ended with the third quarter of 2025.
- First half of 2025：
- Overseas revenue growth accelerated compared to this period, as referenced in the article.
- January–September 2025：
- CICC cited that Mindray’s revenue and profit fell 12.4% and 28.8%, respectively, during this period.
- Oct. 30, 2025：
- Mindray reported third-quarter revenue of just over 9 billion yuan, up 1.5% year-on-year, and net profit fell 18.7% to 2.5 billion yuan; the company also cited a 44.6% drop in net profit for the second quarter of 2025 in their earnings filing.
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