Mindray Medical's 2025 Performance: Net Profit of RMB 83.34 Million, Turning Loss into Profit

Mindray Medical 2025 Performance: Net Profit of RMB 83.34 Million, Turning Loss into Profit

On March 26, 2026, Mindray Medical (06609.HK) announced its 2025 performance report. In 2025, the company's revenue was RMB 408 million, a year-on-year increase of 46.9%, and net profit was RMB 83.34 million, achieving a significant turnaround from a loss of approximately RMB 13.62 million in the previous year. This transformation was mainly due to the rapid revenue growth achieved by the company in the three major business segments of ischemic stroke, hemorrhagic stroke, and interventional access, while the company's operational efficiency further improved.

In 2025, the company's ischemic stroke business revenue increased by 31.8% year-on-year, primarily due to: (1) the company's intracranial thrombus aspiration catheter with differentiated competitive advantages gained widespread clinical recognition; large-lumen aspiration and cascade aspiration technology (CATCH) was included in the "Chinese Expert Consensus on Endovascular Treatment for Acute Ischemic Stroke 2025"; the product entered over 450 hospitals for use, rapidly increasing revenue scale; (2) after mature products were included in centralized procurement, sales volume grew rapidly.

In the hemorrhagic stroke business, the company has built a complete aneurysm treatment solution. The company's intracranial stent (recognized as an innovative medical device by NMPA) entered approximately 500 hospitals for use cumulatively in its first commercial year, driving rapid growth in the market share of embolization coils. Meanwhile, the company's flow diverter was approved for market launch by NMPA in 2025, achieving clinical promotion and application. Based on the aforementioned reasons, the company's hemorrhagic stroke business revenue increased by 223.2% year-on-year in 2025.

In the interventional access business, the company's star product, the vascular closure device, has cumulatively entered over 1,800 hospitals for use, with annual clinical usage in terminal hospitals exceeding 200,000 units, achieving single-product revenue exceeding RMB 100 million in 2025. At the same time, the company is promoting the development and commercialization of the second-generation vascular closure device to continue expanding market share.

The company's gross profit margin increased from 65.4% in 2024 to 70.9% in 2025, mainly due to the increased proportion of revenue from high-margin innovative products and the effective implementation of cost-reduction measures such as continuous production process improvements and supply chain optimization promoted by the company. The continuously improving product portfolio and ongoing cost reduction and efficiency enhancement efforts enable the company to maintain high product quality and outstanding profitability even in the face of intense market competition. While expanding its business scale, the company achieved significant results in expense control, with the sales and administrative expense ratio decreasing from 49.6% in 2024 to 45.8%.

During the reporting period, the company incurred R&D expenses of RMB 40.76 million, mainly used for the development of innovative products such as neuro-interventional medical devices and brain-computer interfaces. To date, the company has made the following progress:

(1) In the field of ischemic stroke, the company has obtained registration certificates for intracranial thrombus aspiration catheters, stent retrievers, and supporting access products. The company's self-expanding intracranial drug-eluting stent has completed a controlled clinical trial, and the registration application has been accepted by NMPA. According to public information search results, no similar products are currently approved for market launch globally, and the company leads the industry in the R&D progress of such products. In the field of carotid artery stenosis, the company is promoting clinical trial work for carotid artery stents;

(2) In the field of hemorrhagic stroke, the company is the most comprehensively certified domestic company, achieving a complete portfolio of intracranial stents (recognized as an innovative medical device by NMPA), flow diverters, embolization coils, and neurovascular occlusion balloon catheters;

(3) Meanwhile, the company is actively advancing the R&D of innovative products such as interventional brain-computer interfaces. This product effectively extracts brain signals for human-computer interaction while ensuring surgical safety and the long-term stability of product implantation, and is expected to conduct its first human clinical trial in 2026.

In 2025, the company's overseas market revenue increased by 101.3% compared to 2024, which is mainly attributed to the company's rapidly advancing overseas product registration and promotion efforts. In overseas markets, the company's stent retrievers, occlusion balloon catheters, distal access catheters, and microcatheters have obtained CE or FDA certifications, and 56 registration certificates have been obtained in 13 other countries or regions. To date, the company is also conducting over 130 product registration projects in 29 other countries or regions, expanding sales channels and laying the foundation for achieving long-term goals in overseas sales.

In 2025, the company's operating cash flow was RMB 155 million, and book cash and deposits were RMB 786 million, indicating a stable overall financial position. Relying on solid financial strength, the company completed a share repurchase of HKD 39.36 million in 2025 and will continue to advance share repurchase work to actively safeguard the interests of all shareholders. Furthermore, the company plans to submit an application for A-share listing on the STAR Market in 2026, leveraging access to the domestic capital market to further enhance shareholder returns and stock market liquidity.