招银国际：迈瑞医疗（300760）-Navigatingnear-termpressures;expectgrowthtoresumein2026E

迈瑞医疗(300760) MindrayreportedrevenueofRMB33.3bn(-9.4%YoY)andattributablenetprofitofRMB8.1bn(-30.3%YoY)in2025,2%/12%belowourestimates,respectively.Theweakdomesticbusinesswastheprimarydrag,whichwasattributabletodomestichospitalbudgetconstraintsandpolicypressuresinIVDmarket.AttributableNPMdropped7.3pptsYoYin2025,reflectingdomesticpricecuts,FXlosses,andhigheroverseassellingexpenses.Lookingahead,weexpectthedomesticbusinesstobottomoutin2026E,whileoverseasbusinessremainsthekeygrowthdriver.Withresiliento