On September 3rd, Interbrand, a global brand strategy management consulting and design company, released the "2024 China's Best Brands Ranking". Mindray Medical was selected and maintained a strong upward trend for the second consecutive year, ranking 34th on the list with a brand value of 11.541 billion yuan, an increase of 18% compared to last year.

Under the dual tests of economic cycles and market competition, the total value of the brands listed in the "2024 China's Best Brands Ranking" maintained a slight increase, reaching 3371.26 billion yuan, showing an overall stable trend. Among them, over 60% of brands have achieved value growth, demonstrating strong brand resilience and innovation drive, including Mindray Medical.

It should be emphasized that Mindray Medical is also the top ranked medical device brand on this list. So, what exactly did Mindray Medical rely on to achieve this result? In the process of promoting the upward development of the brand, how has Mindray Medical laid out its layout?

Mindray's brand growth path of expanding outward and strengthening leadership
At the time of releasing the list, Interbrand summarized four new paths for the value growth of Chinese brands: outward extension, deep decline, precise outreach, and strengthened leadership, based on the commonalities and differences in the development of the listed brands.

Taking Mindray Medical as an example, Interbrand believes that Mindray has outstanding performance in both strengthening leadership and expanding outward.

Mindray combines innovative technology and AI with core industry technologies to build a "device+IT+AI" medical digitalization ecosystem, which innovates the diagnosis and treatment value and management value of medical institutions, breaks down intangible barriers between departments, hospitals, and regions, enhances medical accessibility and affordability, and fulfills the brand promise of "life technology is so close", leading the digital transformation of China's medical device industry and setting off a new wave of industry.

At present, the To B brand is ushering in a new wave of transformation, constantly converting To B into To C and strengthening the expression of To C on the brand side. This can further promote the deep integration of business between the B-end and C-end, assist in the complementary growth of B+C-end business, and bring greater market influence. In the process of expanding outward, Mindray Medical teamed up with international authoritative experts to propose the concept of "innovation to the world" and successfully stood at the forefront of the global stage.
Specifically, Mindray has collaborated with overseas high-end medical institutions and authoritative experts to carry out extensive academic exchanges, including in-depth discussions in cutting-edge fields such as microscopy imaging and multi parameter joint diagnosis, helping Mindray to establish a foothold in the international medical market while also demonstrating Mindray's innovation and leadership in the global medical field.

Leading brand development, Mindray's latest performance continues to grow
In the measurement of brand value this time, in addition to brand power and brand strength, Interbrand will also use financial performance as a dimension standard for measurement.

Recently, Mindray Medical released its 2024 interim report. The report shows that Mindray Medical achieved a revenue of 20.531 billion yuan, an increase of 11.12% compared to the same period last year; Realize a net profit attributable to the parent company of 7.561 billion yuan, an increase of 17.37% compared to the same period last year; Excluding the impact of foreign exchange gains and losses, it increased by 22.13% compared to the same period last year, while revenue and net profit attributable to shareholders still maintained double-digit growth.

Specifically in the three major business areas, Mindray Medical's emerging businesses and high-end product growth are significant. In the first half of this year, Mindray Medical's life information and support business achieved a revenue of approximately 8 billion yuan, with minimally invasive surgery growing by over 90%, hard mirror systems doubling in growth, and high-value consumables businesses such as ultrasonic knives gradually increasing in volume; The in vitro diagnostic business achieved a revenue of 7.658 billion yuan, a year-on-year increase of 28.16%, of which the chemiluminescence business grew by over 30%; The medical imaging business achieved a revenue of 4.274 billion yuan, a year-on-year increase of 15.49%, with high-end and above ultrasound models growing by over 40%.

Mindray Medical pointed out that the rectification of the medical industry in the Chinese market has gradually become normalized, and the impact on hospital bidding and procurement will also fade. Mindray's true competitiveness will be more prominent in a more transparent and standardized procurement environment.

Currently, under the dual tests of global economic fluctuations and market competition, Chinese brands are demonstrating unprecedented resilience and innovation, going against the current and exploring diversified development paths. However, domestic medical device leaders represented by Mindray Medical continue to achieve steady growth.

With the gradual release of demand for medical equipment procurement, the long-term improvement in the clinical use of consumables due to aging population, and the acceleration of breakthroughs in overseas markets, medical devices are one of the most confident incremental industries to cross the cycle. So, how will Mindray Medical showcase its leading international brand exploration capabilities in the future? We will continue to monitor.

Source：http://qixieke.com/Font/index/detailPage.html?id=3176-19