Credit Brief — Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (迈瑞医疗)
300760.SZ · Shenzhen ChiNext · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 李西廷
- Registered address: 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦1-4 层
- Office address: 深圳市南山区高新技术产业园区科技南十二路迈瑞大厦1-4 层
- Controlling shareholder: None (stated in the filed report)
- Actual controller: 李西廷先生及徐航先生（共同控制）
- Employees: 21,288
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 23,185.7 | 18,787.2 | 16,644.1 | 17,690.4 | 18,699.3 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 250.5 | 75.6 |
| Accounts receivable | 2,658.7 | 3,295.1 | 3,219.3 | 3,408.1 | 3,753.8 |
| Other receivables | 149.1 | 195.1 | 205.5 | 201.3 | 256.5 |
| Inventories | 4,024.9 | 3,978.6 | 4,757.4 | 5,003.7 | 5,649.7 |
| Long-term equity investments | 60.8 | 66.6 | 197.2 | 179.7 | 196.1 |
| Fixed assets | 4,261.0 | 5,489.6 | 7,086.2 | 7,670.1 | 7,930.2 |
| Construction in progress | 1,802.7 | 2,461.3 | 2,674.8 | 3,154.3 | 3,342.9 |
| Intangible assets | 1,976.7 | 2,225.0 | 6,722.7 | 6,390.3 | 5,961.2 |
| Total assets | 46,745.2 | 47,940.0 | 56,643.5 | 59,266.8 | 60,786.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | — | 7.7 | 5.4 | 0.3 | 0.2 |
| Notes payable | 0.0 | 0.0 | 0.0 | — | — |
| Accounts payable | 2,290.6 | 2,690.4 | 2,792.5 | 3,242.3 | 4,039.5 |
| Contract liabilities | 4,142.8 | 1,973.4 | 2,165.8 | 3,000.6 | 3,386.3 |
| Other payables | 1,901.4 | 2,041.1 | 2,053.4 | 1,997.3 | 1,724.0 |
| Current portion of non-current liabilities | 97.2 | 104.7 | 115.4 | 123.7 | 126.2 |
| Long-term borrowings | — | 1.4 | 0.3 | 4.1 | 0.2 |
| Bonds payable | 0.0 | 0.0 | 0.0 | — | — |
| Total liabilities | 14,746.1 | 14,594.0 | 15,885.4 | 16,255.4 | 15,483.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,212.4 | 1,212.4 | 1,212.4 | 1,212.4 | 1,212.4 |
| Capital reserve | 7,508.9 | 7,090.8 | 6,751.7 | 6,080.8 | 5,990.5 |
| Retained earnings | 23,760.7 | 24,680.3 | 27,620.7 | 30,142.6 | 33,048.2 |
| Equity attributable to owners of the parent | 31,980.8 | 33,085.4 | 35,856.4 | 38,093.3 | 40,556.2 |
| Minority interests | 18.3 | 260.7 | 4,901.8 | 4,918.0 | 4,746.5 |
| Total equity | 31,999.1 | 33,346.0 | 40,758.2 | 43,011.3 | 45,302.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 30,365.6 | 34,931.9 | 36,725.7 | 33,282.2 | 17,747.0 |
| Cost of sales | 10,885.3 | 11,820.7 | 13,547.5 | 13,207.8 | 6,950.9 |
| Selling expenses | 4,801.6 | 5,702.9 | 5,282.8 | 5,145.1 | 2,516.2 |
| Administrative expenses | 1,320.1 | 1,523.7 | 1,599.7 | 1,550.7 | 696.3 |
| Finance costs | -451.0 | -854.9 | -400.0 | 0.0 | — |
| Investment income | 0.3 | — | 69.4 | 115.0 | 20.0 |
| Operating profit | 10,990.5 | 13,069.9 | 13,111.8 | 9,794.9 | 5,566.3 |
| Profit before tax | 10,953.6 | 13,010.9 | 13,019.7 | 9,674.0 | 5,556.1 |
| Net profit | 9,610.7 | 11,578.4 | 11,740.0 | 8,451.5 | 5,046.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.60x | 2.66x | 2.46x | 2.36x | 2.36x |
| Quick ratio | 2.26x | 2.27x | 2.00x | 1.93x | 1.90x |
| Debt-to-asset ratio | 31.5% | 30.4% | 28.0% | 27.4% | 25.5% |
| Total debt / EBITDA | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x |
| EBITDA interest coverage | 26.96x | 17.76x | 714.51x | 439.33x | 535.41x |
| Gross margin | 64.2% | 66.2% | 63.1% | 60.3% | 60.8% |
| Net margin | 31.6% | 33.1% | 32.0% | 25.4% | 28.4% |
| Return on equity (ROE) | 30.0% | 34.7% | 28.8% | 19.6% | 11.1% |
| Revenue growth | — | 15.0% | 5.1% | -9.4% | -46.7% |
| Net profit growth | — | 20.5% | 1.4% | -28.0% | -40.3% |
| Receivable days | 32 | 34 | 32 | 37 | 77 |
| Cash received / revenue | 113.9% | 100.9% | 109.3% | 110.8% | 109.0% |
| Operating CF / net profit | 1.26x | 0.96x | 1.06x | 1.20x | 0.97x |
| Free cash flow | 14,500.1 | 17,986.6 | 9,312.8 | 10,145.0 | 4,877.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.27 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 557.5 vs -557.5 CNY mn (deviation 200.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 1,115.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 69.4 vs 5.4 CNY mn (deviation 92.27%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 64.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 8,884.8 vs 7,878.7 CNY mn (deviation 11.32%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 1,006.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -305.2 vs -4,398.5 CNY mn (deviation 93.06%, severity mid)
Sources: 2023年年度报告.pdf p.235 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.224 「货币资金」. CF-statement figure above the balance-sheet movement by 4,093.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -3,760.7 vs -2,143.1 CNY mn (deviation 43.01%, severity mid)
Sources: 2024年年度报告.pdf p.206 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.194 「货币资金」. CF-statement figure below the balance-sheet movement by 1,617.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
6 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 17,690.4 | 2025年年度报告.pdf | 208 | 货币资金 | 17690372308.0 (元) |
| Total assets | 2025 | 59,266.8 | 2025年年度报告.pdf | 208 | 资产总计 | 59266767707.0 (元) |
| Accounts receivable | 2025 | 3,408.1 | 2025年年度报告.pdf | 208 | 应收账款 | 3408119891.0 (元) |
| Fixed assets | 2025 | 7,670.1 | 2025年年度报告.pdf | 208 | 固定资产 | 7670128102.0 (元) |
| Short-term borrowings | 2025 | 0.3 | 2025年年度报告.pdf | 209 | 短期借款 | 328106.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.