Securities code: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) securities abbreviation: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) No.: 2022004
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760)
Record of investor relations activities
√ specific object research □ analyst meeting
□ media interview □ performance briefing
Investor relations □ press conference √ Roadshow
Activity category □ site visit
□ strategy meeting and teleconference of other securities companies
The names and surnames of the participants are 347, and 613 participants from institutions. See the list in the annex for details. name
Time: February 28 – March 4, March 7 – March 11, March 14 – March 18, 2022
Mairui building, Keji South 12th Road, high tech Industrial Park, Nanshan District, Shenzhen
Grand Hyatt Shanghai
Venue: Mandarin Oriental Hotel Pudong, Shanghai
Swiss International Hotel Xiamen
Investor Office
Chairman Li Xiting
Wu Hao, general manager and director
Senior Deputy General Manager Li Zaiwen
Name of the person to be received by Li Xinsheng, deputy general manager of the listed company Li Wenmei, Secretary of the board of directors
Securities affairs representative Zhang Chi
Investor Relations Specialist Qian Yuhao
Investor Relations (I) interactive questions
Main internal questions of the activity: will the implementation of DRG / dip and mutual recognition of inspection results lead to a decline in the introduction of total inspection capacity in the future?
A: facing the future with the increasing degree of population aging, the core purpose of medical reform is to solve the contradiction between the shortage of medical insurance funds and the people’s pursuit of more and better medical resources, not to simply reduce medical expenditure. On the contrary, on the basis that the proportion of medical investment in GDP and per capita medical resources are still low, the outbreak of covid-19 epidemic has strengthened the country’s determination to increase medical investment, so as to make more people affordable and enjoy better medical services. The implementation of DRG / dip and mutual recognition of test results will only reduce the amount of testing due to excessive diagnosis and treatment. However, based on the phenomenon that China’s penetration rate in physical examination and surgery is still low, and the country is still increasing medical investment, the market space and total testing volume related to testing will continue to grow in the future. The implementation of DRG / Dip not only standardizes the diagnosis and treatment behavior, but also puts forward higher requirements for the diagnosis and treatment ability of medical institutions. Medical institutions pay more and more attention to and improve the ability to see and value patients at one time. The premise of accurate diagnosis and treatment is accurate detection, which will highlight the importance and value of diagnosis and inspection not only in vitro diagnosis, but also in medical imaging and other fields. Even the diagnosis and treatment of many diseases need in vitro diagnosis plus imaging and other joint diagnosis. Therefore, the necessary clinical detection is more important under the DRG / Dip payment system.
Q: please introduce the current competition pattern of developing countries? As an important performance growth point of the company, how can we ensure the long-term growth of developing countries in the future?
A: as an industry strongly related to the level of science and technology, the support behind the mature high-end medical device industry is a strong industrial system, including many industrial chains such as biological raw materials, metal raw materials and precision processing. At present, the regions that meet these conditions in the world are mainly concentrated in the United States, Europe and East Asia, which makes the company’s competitors in developing countries, except for a few Chinese enterprises, most of them are still European, American and Japanese brands.
In order to ensure long-term growth in developing countries in the future, the company has made far-reaching changes in the marketing system and management structure of the whole developing country since 2020. First of all, in order to release the marketing personnel from the tedious daily work of ordering, delivery and logistics in the past, the company has fully launched the global unified and efficient quotation system, cost management evaluation system and dealer independent ordering system, and comprehensively optimized and iterated the business opportunity management system. This year, it will also strengthen the layout of the global warehouse network and improve the logistics efficiency by increasing the construction of overseas warehouses, At the same time, it means to maximize the work efficiency of marketing personnel. Secondly, by replicating the successful marketing management system in China, the unique competitiveness of Chinese marketing “cut carefully, eat thoroughly and tie tightly” is applied in developing countries to establish a multi-dimensional camp
The marketing team will promote the close combination between marketing personnel and clinical customers, enhance customer stickiness, tap more potential clinical and academic needs, and establish a sound dealer management system and system to continuously empower the long-term growth of developing countries in the future.
Q: please introduce the progress of medical short board in overseas market?
A: in the post epidemic era, developing countries and some European countries have run on medical resources to varying degrees during the covid-19 epidemic. As the overseas epidemic situation has basically entered normalization, these countries have issued policies, plans and budgets related to medical shortcomings.
Some European countries, such as Italy and Spain, have introduced plans to increase the construction of ICU Wards. After the difficult years of working together to fight the epidemic, the concept of Mindray brand and product strength in these countries has undergone fundamental changes, which gives the company the opportunity to closely participate in the medical short board project, significantly accelerating the penetration of the company in the high-end market in Europe.
No matter from the extent of the run on medical resources during the epidemic, or from the perspective of per capita medical investment and equipment ownership, the market opportunities for developing countries to make up for medical shortcomings in the future will be much greater than those in European countries.
Although the epidemic had a serious impact on the economies of these countries, their economies began to recover gradually after the normalization of the epidemic. The world bank also launched relevant financial support to help these countries increase medical investment. As the only Chinese medical device company to enter the world bank procurement platform, Mindray will actively participate in the short board project in the future.
At the same time, the company also observed that in the post epidemic era, private hospitals, as the main force of the overseas medical market, have also opened the road of integration and gradually concentrated on the head. With perfect multi product solutions, it solutions and cost-effective advantages, Mindray will obtain greater development opportunities in the overseas private hospital market in the future.
Q: how do you view the periodicity of procurement in the medical equipment industry? For example, affected by covid-19 epidemic, the demand for ventilator and other related anti epidemic equipment will burst in 2020. Will it overdraft the demand for this product in the coming years?
A: the company does not think that there is a cyclical situation in the medical equipment industry. The fluctuation of production capacity and demand leads to the imbalance of production capacity and supply,
Thus, there is a cyclical problem in the purchase of products in this market. The medical equipment industry has maintained balanced and stable growth on both the supply side and the demand side. From the supply side, the complex and diverse basic disciplines, the underlying technology is stable, but the continuous iterative R & D path of products, the manufacturing process of high-end precision instruments, the accumulation of many years of clinical experience and other factors have made the moat of the medical equipment industry very deep, and the list of the world’s top 50 has always remained stable. Even during the epidemic period, the production capacity of medical equipment is difficult to expand rapidly and on a large scale. From the demand side, excluding the impact of extreme situations such as the epidemic, the demand for medical treatment is essentially brought by the aging population and the people’s pursuit of more and better medical resources. This demand will grow steadily and sustainably, but will not break out in a short time. Therefore, there is no problem of procurement periodicity in the medical equipment industry.
For the short-term outbreak of ventilator demand due to the epidemic, although a large number of purchases were made worldwide in 2020, the clinical application of ventilator has also been more widely recognized, and the scale of ventilator market has been permanently expanded. At the same time, thanks to China’s large-scale new medical infrastructure and the continuous recovery of overseas conventional procurement, the company’s ventilator business still achieved good results last year under the pressure of the high base in 2020. The excellent performance of ventilator in performance and quality also helped the company win high recognition from more than 700 high-end blank customers in the international market in 2020. Taking this opportunity, these customers continued to bring a large number of non anti epidemic orders to the company in 2021, making a qualitative leap in the company’s brand influence.
Q: will the recent rise in commodity prices affect the company’s production costs? A: the recent rise in the prices of some bulk commodities is not expected to have an impact on the company’s production costs, mainly for the following reasons:
(1) Medical devices are at the top of the whole supply chain pyramid, and the impact of price rise of some bulk commodities will be gradually digested among suppliers at all levels;
(2) The company’s supply chain has a high localization rate, and continues to promote domestic substitution at the supply end, realize the backup of multiple suppliers of single raw materials, and help the company obtain better purchase prices while ensuring stable supply;
(3) About 30% of the company’s annual R & D investment is used for listed products. One of the important purposes of this part of investment is to optimize the cost structure;
(4) The continuous and stable income growth is reflected in the continuous expansion of the company’s large-scale advantages, which makes the company have a certain bargaining power and plays a positive role in the optimization of cost structure.
For the list of annexes, please refer to the annex list of participants (if any)
Annex: list of participants
Company name company name
3W Fund Management Limited Ping An Asset Management Co., Ltd
Aberdeen standard investments (Hong Kong) Limited Puyin AXA Fund Management Co., Ltd
About capital management Qianhai open source Fund Management Co., Ltd
AEZ capital Qianhai Life Insurance Co., Ltd
Alliance Bernstein Qingdao Chengming Asset Management Co., Ltd
Ariose Capital Management Limited Qingli Investment Management (Shanghai) Co., Ltd
Arisaig partners (Asia) Pte Ltd Qingrong Asset Management Co., Ltd
Baringasset Management Co., Ltd
Blackrockasset management Ruizhi Capital Co., Ltd
Brilliance Asset Management Limited Samsung asset application Co., Ltd
ChinaAlpha Fund Management (
