Has Mindray Medical's revenue declined for the first time in 11 years? Can it turn things around with its current cards?

Ask AI · Overseas revenue surpasses domestic for the first time, how is Mindray Medical leveraging the opportunity to break through?

At 35 years old, Mindray must create a new imagination in the overseas market

Text | Ling Xin Li Yi

Editor | Wang Xiao

Image / Visual China

After 11 consecutive years of revenue growth, Mindray Medical experienced its first annual revenue decline.

Mindray Medical’s annual report shows that in 2025, revenue was 33.28B yuan, down 9% year-on-year; net profit fell even more, down 30% to 8.14B yuan.

This is a report card that is worse than what investment institutions expected.

A month ago, the minimum forecast for Mindray Medical’s net profit margin in 2025 was 8.58B yuan, but the actual profit level was even lower.

After the earnings were announced, on April 7, 2026, Mindray Medical’s stock price fell to a nearly five-year low, at 157.36 yuan per share, with a total market value dropping below 200 billion yuan, returning to levels before the COVID-19 pandemic at the end of 2019.

Almost all business lines saw revenue decline. Among them, life information and support products declined the most, by 31%. The only segment that did not decline was the “emerging business” outlined in 2025, which has no data from the previous year for reference.

The only bright spot is overseas revenue, which reached 17.65 billion yuan, a 7% increase. This also marked the first time overseas revenue exceeded mainland China, accounting for 53% of total revenue.

Looking now, overseas revenue may also be Mindray Medical’s hope for 2026.

No.1

Weak domestic recovery, is it achievable?

With full-year revenue and profit “double decline,” Mindray Medical largely depends on the hospital market.

“The current and near-future hospital procurement budgets are still broadly shrinking due to operational pressures,” Mindray Medical stated in its annual report, “and the equipment industry is still in a weak recovery stage.”

From this statement, it appears that achieving positive growth in China’s domestic business in 2026 will not be easy.

“This market heavily depends on the operational status of healthcare institutions themselves,” a medical device industry analyst told Caijing. The total number of hospital beds is an intuitive indicator of operational health. After five consecutive years of expansion, the total hospital beds in 2025 decreased by 280k compared to 2024.

During the previous five-year expansion, healthcare institutions underwent multiple rounds of “upgrading and replacement,” and although the typical lifespan of medical equipment is marked as five years, actual usage often extends to 8–10 years or longer, reducing the demand for large-scale equipment updates.

On the other hand, Mindray’s four major product lines, except for the newly outlined emerging business, face price reduction pressures in the domestic market, especially in in-vitro diagnostics and medical imaging products.

Chart source: Mindray Medical 2025 Annual Report

In Mindray’s revenue structure, the largest segment is in-vitro diagnostics (IVD), accounting for half of its domestic income. However, this segment experienced its largest procurement volume in 2025.

The procurement results of the 28 provinces (autonomous regions, military regions) led by Anhui Province for tumor markers and thyroid function in-vitro diagnostic reagents were announced, with an average price reduction of about 53%. Mindray Medical stated that starting from 2026, with the implementation of centralized procurement, gross profit margins are expected to be slightly affected.

The in-vitro diagnostics field is seen as a “razor + blade” business model, and investors believe that increasing Mindray’s market share could be a future hope.

In 2025, Mindray’s market share in IVD increased from 10% to 12%. Particularly, the production line installations that will significantly impact reagent usage, with over 360 new orders for the MT 8000 series alone, and nearly 270 new installations. CICC (Hong Kong) wrote in a research report, “Installation volume, as a leading indicator of reagent revenue, lays a foundation for rapid growth of IVD in 2026–2027.”

Based on the announced procurement results, Mindray’s 16 tumor markers and 9 thyroid function items account for about 14% and 13% of the total intended procurement volume, ranking second after Roche.

“Mindray may see some market share gains, but the industry itself remains under considerable pressure,” said the aforementioned medical device analyst. Roche clearly stated during its investor relations activities in late 2025 that maintaining current revenue levels in China would already be considered good.

Therefore, the strong growth of domestic in-vitro diagnostics revenue still requires patience.

Another flagship product of Mindray—ultrasound equipment—is also one of the categories with the highest procurement volume and the largest price reductions in county-level medical imaging procurement.

Caijing’s review of some winning bids shows that some products Mindray won in 2025 were priced about 50% lower than in 2024, with some reductions exceeding 60%. This led to increased market share but did not offset the impact of price cuts.

The emerging business is the only segment that grew among all lines, mainly including minimally invasive surgery, minimally invasive intervention, and veterinary medicine. This segment achieved approximately 280k yuan in revenue for the year, a 38.85% increase, accounting for over 20% of domestic revenue. However, this segment currently accounts for about 16% of total revenue and cannot yet support an overall business recovery.

No.2

In the “localization” of the global market

The overseas medical device market in 2025 was also complex and volatile, but Mindray Medical still maintained growth.

Geopolitical tensions, high inflation, and local currency depreciation, combined with the global trend of “cost reduction and efficiency increase,” have caused procurement slowdowns in some developing countries, which are regions where Mindray’s revenue share is significant. Despite this, its international business still grew by 7%.

Currently, “overseas business looks very stable, with rapid market share gains in Southeast Asia, and with the US dollar easing this year, 2026 is worth looking forward to,” said the same industry analyst.

As of December 31, 2025, Mindray’s overseas staff exceeded 3,000. “In 2025, leveraging its unique digital and intelligent medical ecosystem, the company successfully entered high-end hospitals and large procurement groups in Europe, Asia-Pacific, Latin America, and the Middle East,” the management team said during the earnings call. This ecosystem and related strategies have helped Mindray “truly grow into a strategic partner for global healthcare systems, breaking out of the ‘price marketing’ trap and achieving a ‘value marketing’ breakthrough.”

This statement has its supporters and skeptics.

The same industry analyst believes that new technologies like digital intelligence are empowering tools that can improve device quality or user experience, “but ultimately, Mindray is a medical device company, not a tech company, so it’s hard to directly link these to performance growth.”

More intelligent, user-friendly devices, along with lower prices and labor costs, are key to breaking into high-end markets in recent years—none can be missing. An industry insider commented, “In markets like the Middle East and Southeast Asia, many doctors studied in Europe or the US and tend to prefer European or American brands. Besides price, you need other compelling reasons, including local adaptation.”

Before 2022, apart from some regions in the US and Europe, Mindray’s overseas model was mainly distribution with some direct sales, more like “selling products.”

“Previously, we relied on small profits and quick sales, but if the equipment’s after-sales service is poor, it also affects the reputation of Chinese manufacturing. To become a top ten global medical device company, Mindray needs not only localized after-sales but also a complete supply chain and academic system,” the industry insider explained. This is also an important step in reducing operational risks amid the current deep geopolitical influences on global device sales.

Now, Mindray proposes to shift from being merely a medical device supplier to “steadily transforming into a strategic partner that empowers global healthcare systems.”

This aligns with the development approach of past multinational medical device giants, which promoted new treatment protocols regionally to change medical and nursing concepts, thereby driving device sales.

In Mindray’s 2025 annual report, a series of cases of digital transformation entering high-end overseas healthcare are listed, all reflecting “value marketing” ideas. For example, in Norway, wearable devices are used to improve monitoring efficiency and reduce the proportion of patients needing transfer to higher-level intensive care, easing healthcare staff workload.

“Similar digital cases are gradually happening in the UK, Germany, France, the Netherlands, Belgium, and other countries,” said the company management during the earnings call.

In Saudi Arabia, remote guidance and consultation by senior experts have become another entry point for digitalization breakthroughs, enabling more equal access to medical resources.

From these cases, it appears that the true “value” may not be just digitalization itself, but rather tailoring solutions to meet different market needs.

By April 2026, five months after Mindray submitted its IPO prospectus to the Hong Kong Stock Exchange, the Chinese medical device leader might re-enter the international capital markets within a month. The company’s management openly stated that this listing “especially focuses on the international market.”

Founded in 1991, at 30 years old, whether Mindray can lead some regional medical technology development in the future, industry insiders believe that full localization in global regional markets is an inevitable choice for Chinese medical device companies like it to go global.