Mindray(300760)2025-03-29 14:02Market Outlook - The international market is expected to continue rapid growth, with developing countries leading the way, accounting for two-thirds of international revenue [2][3] - The average market share of the company's three major product lines in developing countries is still in the high single digits, significantly lower than in the domestic market [2][3] - The company anticipates that developing countries will remain a key driver of growth for a considerable time [2][3] Domestic Market Recovery - Factors that hindered growth in the domestic market last year, such as industry regulation and insufficient local government funding, are expected to see a turnaround this year [3] - The company won 160 out of 200 ultrasound units in a centralized procurement project initiated by the Hainan Provincial Health Commission, indicating improved bidding success [3] - The issuance of local government special bonds for hospital renovations and equipment procurement is accelerating, which is expected to support domestic business recovery [3] AI Applications in Medical Imaging - The company has made significant advancements in AI applications across various medical imaging fields, including cardiovascular and obstetrics [4][5] - The newly launched Nuewa A20 aims to provide a comprehensive ultrasound solution covering all workflow stages, enhancing clinical application effectiveness [4][5] - AI features such as early pregnancy volume recognition and obstetric section identification significantly improve examination efficiency and reduce clinical workload [5][6] Impact of Centralized Procurement - Increased procurement centralization in certain regions may affect profitability, but the company maintains that the impact on profit margins is manageable [7][8] - The focus on compliance and transparency in procurement is expected to reduce unreasonable price increases while ensuring reasonable profits for manufacturers [7][8] - Continuous high R&D investment and innovative capabilities are expected to strengthen the company's market position despite competitive pressures [7][8]