Company snapshot
While headlines screamed 'double decline' (2025 revenue RMB 33.3 billion, -9.4%; net profit RMB 8.1 billion, -30.3%), one line was missed: overseas revenue hit RMB 17.65 billion, +7.4%, and for the first time exceeded domestic — 53% of total. Europe grew 17%, emerging markets nearly 30%, and the U.S. covers ~80% of IDN networks. R&D was RMB 3.93 billion (11.8% of revenue, a record).
Why the world is watching
Mindray added 630 high-end overseas customers in 2025 alone, including 17 of the global top-100 hospitals. Its 'Genesis' AI model deploys in 20+ countries. Three moves defined the year: (1) deepening Medtronic ties into U.S. ambulatory surgery centers (ASCs); (2) joining a 'China medical dream team' (Peking Univ, Zhongshan, Renji, West China) at Dubai's first World Health Expo, launching a smart-hospital solution; (3) increasing its stake in Germany's DiaSys to deepen European supply-chain roots.
What a delegation experiences
A Mindray visit via China Innovation Visits can run Shenzhen HQ → Middle East smart-hospital project → European high-end hospital → North American ASC partnership. Delegates see how a Chinese device maker evolved from 'selling boxes' to 'exporting whole solutions' alongside top hospitals, and how local subsidiaries (64 overseas, 3,000 staff, 90% local hires) build durable global footprints. A model case for any firm shifting from domestic pressure to overseas engine.