招银国际：迈瑞医疗（300760）-1H26inline;overseasmomentumanddomesticrecoveryintact

迈瑞医疗(300760) profitdecreased3.6%YoYtoRMB5.05bn,mainlyduetoFXlosses.ExcludingFXimpact,netprofitgrew8.7%YoYin1H26.Weleaveour2026E-28Erevenueforecastslargelyunchanged,whichcontinuetoassumearecoveryinthedomesticbusinessandsustainedsolidgrowthoverseas.Welowerour2026Eearningsforecasttoreflectnear-termFXheadwinds,whilekeepingour2027E-28Eearningsestimatesbroadlyunchanged. OverseasbusinessesremainedstrongledbyEuropeandemergingmarkets.OverseasrevenuereachedRMB9.5bn(+13.7%YoY;+18.4%inUSDterms),accountingfo