截至2025年7月18日收盘，鱼跃医疗(002223)报收于35.13元，上涨0.66%，换手率0.78%，成交量7.35万 手，成交额2.57亿元。 投资者： 在海外哪些国家有销售 董秘最新回复 投资者： 请问公司最近一期的股东人数是多少？谢谢 董秘： 您好，截至2025年7月10日公司股东总户数为40000多户，谢谢。 投资者： 1、最近欧洲关于医疗器械的投标限制是否对贵司有影响呢？ 董秘： 您好，感谢您的关注。欧盟成员国依据《国际采购工具》（IPI）投票决定，中国企业未来5年将 被限制参与价值超过500万欧元的欧盟医疗器械公共招标项目。目前该政策对公司在欧盟地区的业务未 产生影响。公司在欧洲市场已构建多元化销售渠道，在非公共医疗渠道通过药房零售、与医疗器械终端 销售商合作等方式，该部分收入占欧洲业务整体销售收入比重较高；在公共医疗渠道通过与商业伙伴合 作等形式参与。公司将持续关注该政策动态，密切注意市场风险并规划应对预案，确保海外业务有序推 进，谢谢。 投资者： 鱼跃医疗IR，你好。欧盟最近宣布，限制采购中国医疗器械和设备。请问对公司业务在近期 及中长期，会产生什么影响？谢谢。 董秘： 您好，感谢您的关 ...

Core Viewpoint - The 2025 Global MedTech Top 100 (GMT100) list highlights the dominance of major players in the medical technology industry while showcasing the rise of Chinese and Asia-Pacific companies in the global market [3][4][5]. Global Overview - The top 10 companies continue to dominate the market, with Medtronic leading at a revenue of 239.45 billion RMB for 2024. The total revenue of the top 10 exceeds 1.6 trillion RMB, accounting for over 60% of the total revenue of the list [5][14]. - The list reflects a "pyramid" structure in the medical technology industry, where smaller companies focus on niche markets but show significant innovation and growth potential [10][11]. Regional Distribution - North American companies hold a significant share of the list, with the top 10 generating over 16 trillion RMB in revenue. Asian companies, particularly from China, are increasingly making their presence felt [11][14]. - Chinese companies have shown remarkable performance, with 12 firms making it to the top 100, collectively generating over 200 billion RMB in revenue for 2024, marking a further increase from the previous year [4][14]. Industry Concentration and Future Outlook - The medical technology industry exhibits a "Matthew Effect," where the top 10 companies control over 60% of the market share, while emerging companies challenge traditional players with innovative technologies [13][14]. - The future of the industry is expected to witness significant technological changes and market reshuffling, with the GMT100 serving as a record of these developments [13][14].

内容概要：医疗气垫床通过循环充气原理，规律性改变患者身体受压点，可有效降低局部组织平均压强 峰值，是临床预防压疮的常用手段。近年来，我国医疗气垫床的市场规模持续上涨，2024年行业市场规 模达到20亿元，同比上涨11%。这一方面得益于人口老龄化的影响，医院慢性病患者增多，进而扩大了 医疗气垫床的需求；另一方面，随着中国经济的发展，中国消费者的购买能力也在不断提高，加之人们 对家庭护理服务认可度的不断提升，使得医疗气垫床在家庭领域的需求不断增加。此外，行业技术不断 革新，新材料、新工艺的应用使得产品更加舒适、安全、智能化，也进一步推动行业发展。 一、医疗气垫床行业相关概述 医疗气垫床，又叫做防褥疮床垫，是预防长期卧床人员发生褥疮的床垫。其核心优势在于能有效分散卧 床者的皮肤体压，减轻局部压力，从而降低细胞坏死的风险。同时，它还能保持皮肤干燥，减少汗液浸 渍，进而预防因局部皮肤浸润损伤而导致的褥疮。医疗气垫床主要适用于长期卧床、活动受限的高危人 群，包括术后患者、瘫痪病人、烧伤患者等。 相关上市企业：鱼跃医疗（002223）、可孚医疗（301087）等。 相关企业：北京神鹿腾飞医疗科技有限公司、石家庄大桥医疗器械 ...

建行扬州分行在获悉企业优化资金管理的需求后，迅速组建客户经理团队深入艾迪药业开展实地调研。 团队系统梳理了企业国内采购环节的支付流程优化空间，针对多渠道支付体系建设提出改进方案；基于 企业全生命周期资金需求特征，包括采购付款节奏、生产运营资金配置、销售回款周期等要素，引入智 能化供应链金融工具，助力企业实现支付流程的自动化升级，资金周转效率显著提升，通过弹性授信机 制为企业业务扩张提供了灵活的资金支持，有力推动了企业高质量发展目标的实现。 2025年3月，在建行扬州分行协助下，艾迪药业成功通过供应链产品支付货款1000万元，不仅保障了原 材料的稳定供应，让生产线能够持续高效运转，还进一步巩固了企业与供应商之间的合作关系，提升了 企业在供应链中的信誉和地位。当月，艾迪药业向建行扬州分行申请的流动资金贷款4000万元也获批到 账，并被及时投入新药研发和生产设备升级等关键生产经营环节。 目前，建行扬州分行与艾迪药业在资金结算、IPO资金托管等多个领域开展业务合作，信贷余额超5000 万元，为企业"出海"提供了高质量金融支撑和服务保障。 跨境金融服务持续升级 助力企业突破海外市场壁垒 在国内的医药产业强省江苏，"走出 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a slight increase of 0.39% recently, reflecting the overall performance of listed companies in the healthcare sector [1] Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services is currently at 13,682.83 points with a trading volume of 18.089 billion [1] - Over the past month, the index has decreased by 0.83%, while it has increased by 2.95% over the last three months, and has seen a year-to-date decline of 0.43% [1] Group 2: Index Composition - The index is composed of listed companies that correspond to the healthcare theme, with a base date of December 31, 2004, set at 1,000.0 points [1] - The top ten weighted companies in the index include: Mindray Medical (9.44%), United Imaging (8.04%), Aier Eye Hospital (7.55%), Aimeike (3.41%), Huatai Medical (3.23%), New Industry (2.81%), Yuyue Medical (2.7%), Lepu Medical (2.54%), Meinian Onehealth (2.05%), and Shandong Pharmaceutical Glass (1.91%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.09%) and the Shanghai Stock Exchange (39.91%) [1] - The healthcare sector accounts for 100% of the index's holdings [1] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple financial institutions [2]

Industry Overview - The non-invasive ventilator market in China is experiencing continuous growth due to an aging population, increasing chronic respiratory disease patients, and heightened health management awareness among residents [1][9] - In 2024, the production of non-invasive ventilators in China is projected to reach 672,200 units, a year-on-year increase of 2.50%, while the demand is expected to be 602,700 units, growing by 8.20% [9][11] - The transformation of home non-invasive ventilators from "medical devices" to "health consumer products" aligns with the trend of consumption upgrades [1][9] Industry Development History - The development of the non-invasive ventilator industry in China has gone through four stages: initial stage (1980s-1990s), independent research and development (2000-2010), localization (2010-2020), and the current stage focusing on intelligence and personalization [4][5] - The initial stage saw domestic companies introducing foreign technology but faced challenges such as high production costs and low market share [4] - The current stage emphasizes smart, portable designs, with products like the AI medical product "E5 series" launched by companies like Yihua Jiaye [5] Market Size - The market size of the non-invasive ventilator industry in China is projected to reach 4.856 billion yuan in 2024, reflecting a year-on-year growth of 8.61% [11] - The competitive landscape is shifting, with domestic brands like Ruimaite and Yihua Jiaye gaining market share against international brands [11] Key Companies - Beijing Ruimaite Medical Technology Co., Ltd. ranks among the top five global non-invasive ventilator companies, with over 830 patents and products in more than 180 countries [16] - Jiangsu Yiyue Medical Equipment Co., Ltd. is a leading domestic medical device manufacturer, with a strong presence in the non-invasive ventilator market [18] Industry Trends - The industry is witnessing a wave of technological innovation and product upgrades, with advancements in AI and IoT leading to smarter and more portable non-invasive ventilators [20] - Market demand is expected to continue growing due to the aging population and increasing prevalence of chronic respiratory diseases [21][22] - The competitive landscape is characterized by domestic companies narrowing the gap with international brands, with potential for greater global market share [23]

Core Viewpoint - The performance of the CSI All Index for Medical Care Equipment and Services has shown mixed results, with a slight increase on the day but a decline over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI All Index for Medical Care Equipment and Services rose by 0.21% to 13,548.3 points, with a trading volume of 19.92 billion [1]. - Over the past month, the index has decreased by 1.41%, by 2.78% over the past three months, and by 1.24% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the medical care sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base point of 1,000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: Mindray Medical (9.65%), United Imaging (8.18%), Aier Eye Hospital (7.43%), Aimeike (3.42%), Huatai Medical (3.23%), Yuyue Medical (2.81%), New Industry (2.79%), Lepu Medical (2.69%), Meinian Onehealth (2.06%), and Shandong Pharmaceutical Glass (1.9%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.10%) and the Shanghai Stock Exchange (39.90%) [1]. - The entire sample of the index is focused on the pharmaceutical and healthcare sector, with a 100% allocation [1]. Group 5: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the index include various Southern and Tianhong funds, as well as ETFs from multiple asset management companies [2].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to high base effects from 2023 and adjustments in the respiratory therapy business, while showing growth in certain segments in Q1 2025 [1][2]. Financial Performance - For 2024, the company achieved revenue of 7.566 billion yuan (-5.09%), net profit attributable to shareholders of 1.806 billion yuan (-24.63%), and operating cash flow of 1.816 billion yuan (-14.61%) [1]. - In Q1 2025, the company reported revenue of 2.436 billion yuan (+9.18%), net profit of 625 million yuan (-5.26%), and operating cash flow of 658 million yuan (+2.64%) [1][2]. Business Segment Analysis - The respiratory therapy segment generated revenue of 2.597 billion yuan, with certain products experiencing declines due to high base effects, while home respiratory devices and nebulizers showed growth [2]. - The blood glucose management and POCT business achieved revenue of 1.03 billion yuan (+40.21%), with significant growth in CGM products [2]. - The home health measurement segment reported revenue of 1.564 billion yuan (-0.41%), with some products declining due to high base effects, while others like electronic blood pressure monitors saw double-digit growth [2]. - The clinical and rehabilitation business generated revenue of 2.093 billion yuan (+0.24%), with good growth trends in acupuncture needles and wheelchairs, but a decline in infection control products due to demand fluctuations [2]. - The emergency business reported revenue of 239 million yuan (+34.05%), with self-developed AED products achieving certification and further technical upgrades [2]. Strategic Initiatives - The company made a strategic investment of $27.21 million in Inogen, acquiring a 9.9% stake, to expand its market presence in Europe and the US, leveraging Inogen's established production bases and market share [3]. - The partnership with Inogen will focus on distribution cooperation for various respiratory products and aims to enhance product exports and collaborative R&D efforts [3]. Dividend Policy - In 2024, the company distributed a total dividend of 802 million yuan, representing 44.40% of net profit attributable to shareholders, reflecting a strong commitment to investor returns and long-term confidence [3]. Investment Outlook - The company is positioned as a leader in home medical devices, focusing on respiratory and oxygen therapy, blood glucose management, and infection control, with an improving product structure and brand advantages [4]. - Forecasts for net profit from 2025 to 2027 are adjusted to 2.341 billion yuan, 2.699 billion yuan, and 3.104 billion yuan, reflecting year-on-year growth of 29.63%, 15.29%, and 15.03% respectively [4].

Core Insights - Ant Group has launched an AI health application named AQ in collaboration with Yuyue Medical and Vivo, aiming to create a comprehensive healthcare ecosystem that integrates diagnosis, services, and health management [1][2]. Group 1: Collaboration and Integration - Yuyue Medical will leverage its expertise in medical devices to enhance the health service model through AQ, focusing on creating a more complete health management system for users [2]. - The partnership will integrate Yuyue's products, such as respiratory machines and blood glucose monitors, with AQ's core functionalities, facilitating a full-cycle healthcare process from remote consultations to medical services [4]. Group 2: Strategic Vision and Goals - Yuyue Medical aims to redefine the boundaries of medical hardware and extend professional healthcare services to every household, aligning with Ant Group's vision of simplifying healthcare access for the public [4]. - Yuyue Medical has set a strategic goal to become one of the top three players in the global home medical device market, focusing on globalization, digitalization, and wearable technology [5]. Group 3: Global Reach and Impact - Yuyue Medical's services currently reach over 300,000 medical institutions across more than 100 countries and regions, benefiting approximately 300 million families worldwide [5]. - The collaboration with Ant Group is expected to create a new healthcare ecosystem that enhances service accessibility for global users [5].