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China's largest medical-device maker, selling patient monitors, in-vitro diagnostics analyzers and ultrasound systems worldwide.
China's largest medical-device maker, selling patient monitors, in-vitro diagnostics analyzers and ultrasound systems worldwide.
Sells equipment to hospitals through distributors and direct teams, and earns repeat income in diagnostics from the reagents that must be bought for each test its analyzers run. A large share of revenue comes from outside China. It was taken private from New York in 2016 and relisted in Shenzhen in 2018, with founders Li Xiting and Xu Hang as controlling shareholders.
In one line: China's GE HealthCare/Philips Healthcare.
Moat: narrow (scale, brand, distribution). Leading domestic medtech brand with global distribution and a large installed device base.
Headquarters: Shenzhen, China · Founded: 1991 · Employees: 21,288
Size Shenzhen Mindray Bio-Medical Electronics (300760.SZ) is a China Health Care company (Medical Specialties) with a market value of $33.4B, the 55th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥184.15 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against +28.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +8.5%); the operating margin is 27.9% (peer median 20.1%).
Valuation It trades at 27.1× forward earnings against a peer median of 26.7× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥34.3B | CN¥33.0B | CN¥37.1B | CN¥35.3B | CN¥30.0B |
| Revenue growth | — | -11% | +5% | +18% | — |
| Gross profit | CN¥20.7B | CN¥18.6B | CN¥22.4B | CN¥22.0B | CN¥18.5B |
| EBITDA | n/a | CN¥11.0B | CN¥13.9B | CN¥13.3B | CN¥11.3B |
| Net income | CN¥7.75B | CN¥8.14B | CN¥11.7B | CN¥11.6B | CN¥9.61B |
| Free cash flow | CN¥10.8B | CN¥8.11B | CN¥10.5B | CN¥8.53B | CN¥10.4B |
| Capital expenditure | CN¥2.08B | CN¥2.04B | CN¥1.96B | CN¥2.69B | CN¥1.92B |
| Total debt | CN¥301M | CN¥349M | CN¥330M | CN¥375M | CN¥389M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300760.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | +10.5% | 7th highest of 21 |
| 6-month return | +9.3% | +28.7% | 3rd lowest of 21 |
| Distance from 52-week high | -18.6% | -7.6% | 5th lowest of 21 |
| Revenue growth (TTM) | +4.8% | +8.5% | 6th lowest of 21 |
| Operating margin | 27.9% | 20.1% | 5th highest of 21 |
| Forward P/E | 27.1× | 26.7× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.9% | 17.1% | 2nd least demanding of 20 |
| Growth delivered (Del g) | +9.7% | +8.7% | 9th highest of 20 |
| Hurdle (Req g minus delivered) | -8.8 pp | +6.8 pp | least demanding of 20 |
| ROIC minus cost of capital | +21.1 pp | +4.1 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |