Shenzhen Mindray Bio-Medical Electronics Co., Ltd. 2025 Annual Report
Dear shareholders, partners, and employees:
As the new season unfolds, we find ourselves at the intersection of a new technological era and the tide of de-globalization. On one hand, the rapidly developing AI technology is reconstructing every aspect of medical services at an unprecedented pace, making the goal of "high-quality healthcare accessible to all" technically feasible for the first time. On the other hand, de-globalization is no longer a marginal policy disturbance but a profound upheaval in the international order, with global supply chains gradually restructuring towards "regionalization." Trade barriers and standard fences are becoming increasingly stringent, and turbulence and uncertainty have become the backdrop of this era. The collision of these two waves has brought unprecedented challenges while opening a window to define the future.
Over the past year, Mindray has achieved a leap in thinking and a technological upgrade based on prior practical experience and technological accumulation, constructing a comprehensive "Qiyuan Ecosystem" that empowers clinical practices and encompasses various large models. Today, "medical digitalization" is no longer a forward-looking concept in Mindray's hands; it has become a significant driving force in disrupting clinical diagnosis and treatment processes and reshaping the medical value system, profoundly impacting the global healthcare market landscape.
Our past practices have reinforced our judgment that digitalization is the inevitable answer to solving the "impossible triangle" of healthcare, and to some extent, it is the "deciding factor" for the future level of medical development. De-globalization is not the end of globalization but the beginning of a new type of globalization characterized by decentralization, high localization, and digital intelligence. The rules are changing, the forms are changing, but the residents' desire for high-quality medical resources has never changed. At this intersection of a century's collision, Mindray's choice has become increasingly clear: to use digitalization as the engine, localization as the foundation, and ecological co-construction as the bridge, safeguarding life with an open and inclusive posture amidst the tide of de-globalization.
This is a global migration of China's medical digitalization achievements and the starting point for us to redefine the global landscape of medical devices together with all parties. To achieve this goal, Mindray has made several preparations over the past few years. Among them, the digital leap gradually accumulated from breakthroughs and innovations in underlying technologies is the engine that leads us into the future.
I have always emphasized that digitalization is never a castle in the air. Internally, we divide digitalization into five levels. The first level is to ensure that each product is well-made, enhancing diagnosis and treatment quality through breakthroughs and innovations in underlying technologies. The second level is equipment integration innovation, improving diagnosis and treatment efficiency and reducing human errors. The third level is to establish an interconnected ecosystem of devices, creating value from data flow and enhancing operational efficiency. The fourth level is the Qiyuan Ecosystem we are striving to build, which transforms massive clinical data into visualized, actionable professional auxiliary diagnosis and treatment decision systems using AI large models specific to the medical field.
Currently, we have accumulated a wealth of leading products at the first and second levels, completely shedding the label of "follower." In just the past two years, a series of disruptive products have been launched, such as the newly introduced SEMS platform in the field of in vitro diagnostics, which has elevated Mindray's immunoassay detection levels in hormone and bone metabolism projects to the industry gold standard of "mass spectrometry-level" performance. The anti-interference capability of high-sensitivity cardiac troponin hs-cTnI has improved by 20 times, reducing the perplexing risks of false positives or false negatives from 2-3 cases per week to 2-3 cases per year, reaching a new industry height.