# Shenzhen Mindray Bio-Medical Electronics (300760.SHE)

Canonical: https://gigainvestors.com/s/300760.SHE

Analysis as of: 2026-10-16T07:34:19.488Z. Financial observations: FY2014–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 167.00 per share; close as of 2026-10-15.

Estimated value: low CNY 141.43 per share, central CNY 199.72 per share, high CNY 232.23 per share. Buy at or below the central value CNY 199.72 per share. Valuation as of 2026-10-16T07:34:19.488Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.26×

- FY2018: 0.31×

- FY2019: 0.32×

- FY2020: 0.35×

- FY2021: 0.36×

- FY2022: 0.36×

- FY2023: 0.37×

- FY2024: 0.36×

- FY2025: 0.30×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 96.7%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 64.2%

- Recent gross margin (lower of latest and 3-year median): 60.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 74.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 81.5%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: 96.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 47B

- Net income, five-year total: CNY 49B

- Return on incremental invested capital: 78.6%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 14.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.93×

- FY2024: 0.98×

- FY2025: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 141.6% vs 123.4%

- Per-share earnings: 1.61 to 9.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.7%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: CNY 112B

- Cumulative retained earnings: CNY 25B

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.9%

- Per-share value change: CNY 7.95

- Per-share value, starting three-year median: CNY 1.61

- Per-share value, ending three-year median: CNY 9.56

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 16B

- Cumulative net income, 10 years: CNY 68B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.61

- FY2017: CNY 2.36

- FY2018: CNY 3.41

- FY2019: CNY 3.85

- FY2020: CNY 5.48

- FY2021: CNY 6.59

- FY2022: CNY 7.94

- FY2023: CNY 9.56

- FY2024: CNY 9.63

- FY2025: CNY 6.71

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.1%

- FY2017: -4.9%

- FY2018: -1.5%

- FY2019: -0.2%

- FY2020: -6.6%

- FY2021: -2.6%

- FY2022: -5.4%

- FY2023: 1.1%

- FY2024: -1.3%

- FY2025: -3.4%

## Holders

## Price story

Down 56% since Dec 2021 · sales -9.4%

Story as of 2026-10-16T10:00:00.105Z; price observation 2026-10-15.

Price needs cash profits to grow 5.1% a year for ten years

### Sales · FY2024–2025

sales -9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 9.0B 

- FY2017: CNY 11B 

- FY2018: CNY 14B 

- FY2019: CNY 17B 

- FY2020: CNY 21B 

- FY2021: CNY 25B 

- FY2022: CNY 30B 

- FY2023: CNY 35B 

- FY2024: CNY 37B 

- FY2025: CNY 33B 

### Gross margin · FY2025

gross margin 60.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 63.7% 

- FY2017: 66.9% 

- FY2018: 66.4% 

- FY2019: 65.0% 

- FY2020: 64.5% 

- FY2021: 64.5% 

- FY2022: 63.9% 

- FY2023: 63.4% 

- FY2024: 63.1% 

- FY2025: 60.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are CNY 33.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2025: revenue 33282159404; grossProfit 20074321232; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300760.SHE: Shenzhen Mindray Bio-Medical Electronics Co., Ltd. provides medical devices and solutions in China and internationally. The company offers various products, including patient monitoring, ultrasound, radiology, AED, defibrillation system, anesthesia, CLIA, chemistry, hematology, ventilators, electrocardiograph, endoscope camera system, operating tables, surgical lights, medical supply units, accessories, infusion system, orthopedics, IT Products, cardiovascular intervention, animal medical, and OEM products. It also provides various solutions, such as M-connect IT, M-connect ER, M-connect ICU, M-connect OR, and M-connect CCU solutions; advanced patient monitoring and intelligent ventilation, emergency ultrasound solutions, and fast defibrillation; customized pendant and critical care ultrasound solutions; precise anesthesia, minimally invasive surgery, infusion system, surgical lights, and anesthesia ultrasound solutions; laboratory diagnostics, medical imaging, and cybersecurity solutions. The company was founded in 1991 and is headquartered in Shenzhen, the People's Republic of China.

### Why customers stay

Margins ranged from 60.3% to 63.4% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2023: grossProfit / revenue = 63.4%.

- Source: https://static.cninfo.com.cn/finalpage/2026-03-31/1225059012.PDF (filed 2026-10-16T07:34:19.488Z); FY2024: grossProfit / revenue = 63.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2025: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); 10-year return on capital observations [[2016,0.8147435495394506],[2017,1.415880647593954],[2018,1.684067232810921],[2019,1.5586528443802181],[2020,1.0577276282120842],[2021,1.0693168820766208],[2022,17.0218483756636],[2023,1.23381773017753],[2024,1.424091178784271],[2025,0.9674468834264276]]; median 1.324849188885742. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 64% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); Gross margin observations: [[2021,0.645147103942879],[2022,0.6392092326446296],[2023,0.6344968743613467]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2016: growth capex 223646833; upkeep 189889400; owner earnings 1600457000. Growth capex / owner earnings = 0.1397393575709938.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2017: growth capex 162563332; upkeep 304166335; owner earnings 2589154751. Growth capex / owner earnings = 0.06278625560608679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2018: growth capex 346859908; upkeep 331417278; owner earnings 3719236169. Growth capex / owner earnings = 0.09326106013140356.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2019: growth capex 382553275; upkeep 394307479; owner earnings 4680646750. Growth capex / owner earnings = 0.08173085802725873.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2020: growth capex 710590322; upkeep 472120371; owner earnings 6657676062. Growth capex / owner earnings = 0.1067324867390041.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2021: growth capex 786022907; upkeep 616471000; owner earnings 7971123483.8. Growth capex / owner earnings = 0.0986087981948169.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2022: growth capex 1105289689.7964609; upkeep 810238666.2035391; owner earnings 9548187811.396461. Growth capex / owner earnings = 0.11575910650576193.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2023: growth capex 978975902.8015597; upkeep 1709692087.1984403; owner earnings 10732360368.20156. Growth capex / owner earnings = 0.09121720378511744.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2024: growth capex 403317862.77861524; upkeep 1556130392.2213848; owner earnings 11392893407.278576. Growth capex / owner earnings = 0.03540082824973572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); FY2025: growth capex 0; upkeep 2037744137; owner earnings 7787821886.733603. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); Dividend observations: [[2016,6518176208],[2017,611316684],[2018,949229104],[2019,1215691266],[2020,1823536899],[2021,3039228165],[2022,4232874562],[2023,10669617132],[2024,8742501634],[2025,5614614437]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 56.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300760.SHE SharesStats.PercentInsiders = 56.13399999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.1% yearly over ten years; actual growth was 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:19.488Z); Ten-year compound average after fade. Initial solved rate 0.07164690442917684. Price 167; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6462274187657185 → FY2025 6.427332051083397. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2018-10: CNY 99.00 per share

- 2018-11: CNY 112.50 per share

- 2018-12: CNY 109.22 per share

- 2019-01: CNY 106.73 per share

- 2019-02: CNY 127.30 per share

- 2019-03: CNY 134.30 per share

- 2019-04: CNY 140.84 per share

- 2019-05: CNY 147.50 per share

- 2019-06: CNY 163.20 per share

- 2019-07: CNY 158.90 per share

- 2019-08: CNY 186.35 per share

- 2019-09: CNY 184.46 per share

- 2019-10: CNY 178.00 per share

- 2019-11: CNY 179.70 per share

- 2019-12: CNY 181.90 per share

- 2020-01: CNY 187.68 per share

- 2020-02: CNY 239.00 per share

- 2020-03: CNY 261.70 per share

- 2020-04: CNY 256.30 per share

- 2020-05: CNY 278.80 per share

- 2020-06: CNY 305.70 per share

- 2020-07: CNY 346.99 per share

- 2020-08: CNY 342.45 per share

- 2020-09: CNY 348.00 per share

- 2020-10: CNY 386.80 per share

- 2020-11: CNY 337.35 per share

- 2020-12: CNY 426.00 per share

- 2021-01: CNY 448.39 per share

- 2021-02: CNY 418.00 per share

- 2021-03: CNY 399.11 per share

- 2021-04: CNY 466.35 per share

- 2021-05: CNY 483.00 per share

- 2021-06: CNY 480.05 per share

- 2021-07: CNY 390.35 per share

- 2021-08: CNY 328.00 per share

- 2021-09: CNY 385.42 per share

- 2021-10: CNY 376.09 per share

- 2021-11: CNY 358.43 per share

- 2021-12: CNY 380.80 per share

- 2022-01: CNY 323.28 per share

- 2022-02: CNY 327.11 per share

- 2022-03: CNY 307.25 per share

- 2022-04: CNY 312.50 per share

- 2022-05: CNY 302.50 per share

- 2022-06: CNY 313.20 per share

- 2022-07: CNY 289.50 per share

- 2022-08: CNY 298.50 per share

- 2022-09: CNY 299.00 per share

- 2022-10: CNY 325.44 per share

- 2022-11: CNY 324.60 per share

- 2022-12: CNY 315.97 per share

- 2023-01: CNY 332.64 per share

- 2023-02: CNY 314.02 per share

- 2023-03: CNY 311.71 per share

- 2023-04: CNY 311.90 per share

- 2023-05: CNY 300.58 per share

- 2023-06: CNY 299.80 per share

- 2023-07: CNY 296.00 per share

- 2023-08: CNY 270.00 per share

- 2023-09: CNY 269.81 per share

- 2023-10: CNY 286.02 per share

- 2023-11: CNY 290.87 per share

- 2023-12: CNY 290.60 per share

- 2024-01: CNY 268.33 per share

- 2024-02: CNY 289.18 per share

- 2024-03: CNY 281.46 per share

- 2024-04: CNY 304.59 per share

- 2024-05: CNY 290.14 per share

- 2024-06: CNY 290.91 per share

- 2024-07: CNY 257.11 per share

- 2024-08: CNY 250.80 per share

- 2024-09: CNY 293.00 per share

- 2024-10: CNY 266.60 per share

- 2024-11: CNY 260.49 per share

- 2024-12: CNY 255.00 per share

- 2025-01: CNY 232.40 per share

- 2025-02: CNY 252.91 per share

- 2025-03: CNY 234.00 per share

- 2025-04: CNY 219.66 per share

- 2025-05: CNY 225.87 per share

- 2025-06: CNY 224.75 per share

- 2025-07: CNY 231.20 per share

- 2025-08: CNY 242.79 per share

- 2025-09: CNY 245.69 per share

- 2025-10: CNY 215.04 per share

- 2025-11: CNY 204.01 per share

- 2025-12: CNY 190.45 per share

- 2026-01: CNY 189.26 per share

- 2026-02: CNY 185.92 per share

- 2026-03: CNY 164.66 per share

- 2026-04: CNY 168.40 per share

- 2026-05: CNY 151.83 per share

- 2026-06: CNY 135.83 per share

- 2026-07: CNY 158.88 per share

- 2026-08: CNY 165.35 per share

- 2026-09: CNY 161.32 per share

- 2026-10: CNY 164.94 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 34.77 per share, central CNY 38.13 per share, high CNY 42.62 per share

- FY2019: low CNY 45.91 per share, central CNY 50.67 per share, high CNY 56.99 per share

- FY2020: low CNY 63.82 per share, central CNY 70.87 per share, high CNY 80.26 per share

- FY2021: low CNY 76.51 per share, central CNY 85.37 per share, high CNY 97.17 per share

- FY2022: low CNY 108.15 per share, central CNY 120.04 per share, high CNY 135.86 per share

- FY2023: low CNY 114.00 per share, central CNY 127.66 per share, high CNY 145.84 per share

- FY2024: low CNY 151.49 per share, central CNY 215.00 per share, high CNY 250.42 per share

- FY2025: low CNY 137.45 per share, central CNY 194.22 per share, high CNY 225.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.