Mindray H1 2026 Revenue Up 6%, Net Profit Down 5.37%, Overseas Share Exceeds 53%

In the first half of 2026, Mindray Medical reported revenue of RMB 17.747 billion, up 6.00% year-on-year, and net profit attributable to shareholders of RMB 4.797 billion, down 5.37%. Excluding the impact of exchange gains and losses, net profit attributable to shareholders rose 7.22% year-on-year, while non-GAAP net profit increased 11.08%. Net operating cash flow reached RMB 4.877 billion, up 24.35% year-on-year, with a ratio of operating cash flow to net profit attributable to shareholders of 102%.

In the second quarter of 2026, the company generated revenue of RMB 9.395 billion, up 10.45% year-on-year, and net profit attributable to shareholders of RMB 2.467 billion, up 1.10%. Domestic revenue in the first half was RMB 8.276 billion, down 1.61% year-on-year, but the decline narrowed from previous periods, with second-quarter revenue up 12% sequentially.

By business line, in-vitro diagnostics (IVD) revenue reached RMB 6.865 billion, up 9.58% year-on-year, accounting for nearly 39% of total revenue. Within IVD, immunology business grew over 15%, and international IVD grew over 20%. Life information and support revenue was RMB 4.811 billion, with international revenue accounting for 77% of that segment. Medical imaging revenue was RMB 2.836 billion, with international ultrasound achieving high single-digit growth; ultra-premium ultrasound revenue approached RMB 500 million, up over 30% year-on-year.

Emerging business revenue reached RMB 3.110 billion, up 19.59% year-on-year, with a gross margin of 65.03%, surpassing medical imaging to become the third-largest business segment. Domestic emerging business accounted for about 24% of domestic revenue. In minimally invasive surgery, the rigid endoscope system ranked second in domestic market share, and domestic consumables revenue more than doubled year-on-year. In minimally invasive intervention, PFA pulse ablation procedures exceeded 7,200 cases in the first half, surpassing the full-year 2025 level. Animal medical business derived over 80% of its revenue internationally.

International revenue reached RMB 9.471 billion, up 13.67% year-on-year (up 18.42% in USD terms), accounting for 53.37% of total revenue. European market revenue grew nearly 25% year-on-year, with the UK, France, and Italy each growing over 30%; Latin America grew nearly 20%, and Asia-Pacific grew 17%. After cumulatively adding over 4,200 new high-end customer accounts from 2020 to 2025, the company filled approximately 200 new overseas high-end customer gaps in the first half of 2026, and about 410 high-end customer accounts achieved horizontal expansion.

In digital intelligence, the Ruijian ecosystem covered nearly 1,450 hospitals, 80% of which were tertiary hospitals, with over 350 new installations in the first half. The Ruizhi ecosystem reached 1,400 cumulative installations, with over 140 new projects in the first half. The Ruiying ecosystem surpassed 29,000 cumulative installations, adding over 3,000 in the first half, with over 79,000 professional users. The Qiyuan critical care large model has been installed in over 40 hospitals, and the Qiyuan laboratory large model achieved a report review accuracy rate of over 90%.