Due to factors such as delayed hospital procurement, tight hospital construction funds, and low non-rigid medical demand, Shenzhen Mindray Bio-Medical Electronics saw a 9.31% year-on-year decrease in net income in the third quarter.

On Tuesday, October 29, Shenzhen Mindray Bio-Medical Electronics released its third quarter financial report:

1) Key Financial Figures:

• Total revenue in the third quarter: 8.954 billion RMB, a year-on-year increase of 1.43%; total revenue for the first three quarters was 29.489 billion RMB, a year-on-year increase of 7.99%.
• Net income in the third quarter: 3.076 billion RMB, a year-on-year decrease of 9.31%; net income for the first three quarters was 10.637 billion RMB, a year-on-year increase of 8.16%.
• Earnings per share in the third quarter: 2.5364 RMB, a year-on-year decrease of 9.50%; earnings per share for the first three quarters were 8.7808 RMB, a year-on-year increase of 8.12%.
• Net income excluding non-recurring gains and losses in the third quarter: 3.057 billion RMB, a year-on-year decrease of 8.62%.

• Total assets as of the end of the third quarter: 57.601 billion RMB, 47.94 billion RMB by the end of 2023.

Shenzhen Mindray Bio-Medical Electronics is a leading high-tech medical device research and manufacturing company in China, as well as one of the global innovative leaders in medical devices, with products covering four major areas: life information and support, clinical testing and reagents, digital ultrasound, and radiology.

In the first three quarters, Shenzhen Mindray Bio-Medical Electronics' research and development investment accounted for 9.64% of revenue. As of the end of the third quarter, the company had applied for a total of 11,358 patents, with 5,563 patents granted.

For future development, the company stated that it will continue to focus on its core business while allocating more resources to seed businesses, fully strengthen product research and development and innovation capabilities, and focus on enhancing overseas localization platform construction, accelerating breakthroughs in global high-end hospitals and large-scale sample laboratories, continuously enhancing the company's product competitiveness and market penetration.

Today, Shenzhen Mindray Bio-Medical Electronics fell by 2.53%, closing at 271.24 RMB per share, with a market capitalization of 339.37 billion RMB.

The second interim profit distribution for 2024, distributing 16.50 RMB for every 10 shares.

MINDRAY BIO-MEDICAL ELECTRONICS announced today that based on a total share capital of 1,212,441,394 shares as of September 30, 2024, it will distribute cash dividends of RMB 16.50 per 10 shares to all shareholders, totaling planned cash dividends of RMB 2.001 billion (tax inclusive), and the total cumulative dividend amount of the company will further increase to RMB 31.723 billion.

MINDRAY BIO-MEDICAL ELECTRONICS sees impressive growth in the international market.

MINDRAY BIO-MEDICAL ELECTRONICS stated that benefiting from breakthroughs in overseas high-end strategic customers and large-sample laboratories, as well as surges in seed businesses such as animal medical, minimally invasive surgery, and AED, the international market grew by over 18% in the first three quarters, with growth exceeding 30% in both Europe and the Asia-Pacific markets.

In particular, the international in-vitro diagnostics production line grew by more than 30%, mainly driven by accelerated overseas localization production and breakthroughs in large-sample laboratories; the international life information and support production line grew by over 10%, mainly benefiting from the continued breakthroughs of overseas high-end strategic customers.

Due to factors such as delayed hospital procurement, the growth rate of MINDRAY BIO-MEDICAL ELECTRONICS in the domestic market is slower, leading to an increase in market share.

MINDRAY BIO-MEDICAL ELECTRONICS stated that due to various factors such as the restructuring of the medical field and medical equipment renewal projects in China causing delays in hospital procurement, along with tight funds for hospital construction and sluggish non-rigid medical demand, the growth in the domestic market in the first three quarters was less than 2%.

Regarding the medical imaging production line, due to the sluggish state of terminal purchases of domestic ultrasound, the overall market size in China has declined, leading to further increase in the company's market share.

In terms of the life information and support production line, due to the delay in tender procurement, the domestic performance of this line has declined by over 20%, significantly increasing the company's market share as well.