Mindray (300760) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached ¥8.35 billion, up 1.39% year-over-year; net profit attributable to shareholders was ¥2.33 billion, down 11.37% year-over-year.

• International business grew strongly, with revenue up 15.7% (20% in USD terms), now accounting for 53% of total revenue; domestic business declined 11.13% amid industry headwinds.

• New and emerging business lines grew 18.22% year-over-year, now 17% of total revenue; in vitro diagnostics revenue rose 4.96%, now 38% of total revenue.

• R&D investment was ¥888.65 million, 10.64% of revenue, with continued product innovation and patent growth.

Financial highlights

• Operating income: ¥8.35 billion, up 1.39% year-over-year.

• Net profit attributable to shareholders: ¥2.33 billion, down 11.37% year-over-year.

• Operating cash flow: ¥1.38 billion, down 7.59% year-over-year.

• Basic and diluted EPS: ¥1.9225, down 11.40% year-over-year.

• Total assets at quarter-end: ¥59.61 billion, up 0.59% from year-end 2025.

Outlook and guidance

• International business expected to maintain rapid growth, led by developing countries and Europe.

• Domestic business projected to return to positive growth in 2026, with high-quality, sustained growth from 2027 onward.

• New and emerging businesses anticipated to be key long-term growth drivers.