Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223.SZ) [4] Core Views - The company's Q3 revenue growth has returned to positive territory, with a year-on-year increase of 2.21% in Q3, despite a decline in net profit [1] - The core business segments are showing continuous improvement in market share, particularly in the diabetes care and sleep respiratory machine sectors [1] - The company is increasing its R&D investment and significantly raising sales expenses to enhance brand promotion and new product launches [1] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 6.028 billion yuan, a year-on-year decrease of 9.53%, while net profit attributable to shareholders was 1.532 billion yuan, down 30.09% [1] - Q3 revenue reached 1.720 billion yuan, with a net profit of 411 million yuan, reflecting a 40.95% decline year-on-year [1] - The gross profit margin for the first three quarters of 2024 decreased by 1.43 percentage points to 50.13% [1] Business Segments - The respiratory therapy segment is gradually recovering, with the impact of high base effects from the previous year diminishing [1] - The diabetes care segment continues to grow rapidly, with an increasing market share for BGM-related products and ongoing development of new CGM products [1] R&D and Expenses - R&D expenses accounted for 6.72% of total revenue, an increase of 0.76 percentage points year-on-year, while sales expenses rose to 15.44%, up 2.61 percentage points [1] - Overall, the period expense ratio increased by 4.16 percentage points compared to the previous year [1] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised down to 2.040 billion, 2.323 billion, and 2.723 billion yuan respectively, reflecting decreases of 15.74%, 13.77%, and 12.05% from previous estimates [1] - The report highlights the potential for overseas business growth as product registrations and local team setups progress [1]

证券时报e公司讯，鱼跃医疗近日接受机构调研时表示，后续公司CGM将会有几款新产品在国内推出， 进一步和BGM形成血糖产品矩阵，为客户提供更多选择。 海外市场，在未来公司同样有多类型的CGM产品供院内外不同客户选择，同时也在积极推进CGM产品 欧洲的注册，目前已经获得CT3注册证，产品品质在不断提升，生产良品率逐步优化，相信也会开始逐 步带来销售业绩。 从当前在国内外注册证落地工作以及业务拓展情况来看，公司对明年血糖业务的发展充满信心。 ...

时间的推演四季度和明年我们中优的这个增长慢慢会恢复起来那么明年我们这个底线我认为是十个点的增长那么我们目标是十五个点的增长明白好的那我这边问题问完了那么下面有请华泰政权老师进行提问尊敬的上市公司贵宾大家好我是华泰的医药控制员我这边有两个问题 第一个问题是针对于CCM在我们CCM在海外的整个发展策略第二个就是不知道领导是否能帮我们下概率去查分一下前三季度国内的这种线上的收入占比以及增速以及未来的发展策略谢谢CCM在海外今年我们目前是大概30003000多万的一个销售就是现在3000万可能2500到3000 主要是在欧洲的一些东欧的个别国家还有像欧洲西欧的意大利还有包括俄罗斯这块都有销售那么目前来说我们主要的销售款型在欧洲还是CT2-A因为这款产品因为我们主要是销售欧洲的医院渠道那么医院对于可校准的需求也是比较有需求的 目前这个产品的稳定性包括它的校准功能都是符合欧洲一些医院的要求所以这一块的话它的每个月的进货都是比较稳定的而且呈现一个增长的趋势电商的话因为我们三级报倒没有去具体统计也没有必要去具体统计这个零售的占比但是目前来讲的话这个电商依旧是我们国内市场 健康业务这边的大头占比是超过50%的所以电商这块还是占 ...

证券代码：002223 证券简称：鱼跃医疗 江苏鱼跃医疗设备股份有限公司投资者关系活动记录表 编号：2024-10-26 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223.SZ) [2] Core Views - The company's revenue returned to positive growth in Q3 2024, with a significant increase in marketing investment [2] - The diabetes care segment is accelerating, with steady progress in CGM product development [2] Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 6.028 billion yuan, down 10% year-on-year; net profit attributable to shareholders was 1.532 billion yuan, down 30% year-on-year; and non-recurring net profit was 1.274 billion yuan, down 24% year-on-year [2] - In Q3 2024, revenue reached 1.720 billion yuan, up 2% year-on-year; net profit attributable to shareholders was 411 million yuan, down 41% year-on-year; and non-recurring net profit was 310 million yuan, down 25% year-on-year [2] Operational Analysis - The company saw a return to positive revenue growth in Q3, with expectations that respiratory therapy, blood glucose management, and home medical devices have returned to normal operating conditions [2] - Sales expenses in Q3 were 317 million yuan, up 30.5% year-on-year, with a sales expense ratio of 18.4%, up 4.0 percentage points year-on-year, indicating increased investment in brand and new product promotion [2] Marketing Strategy - The company has established a professional marketing system with over 1,000 personnel in channels, online terminals, and foreign sales teams, enhancing its direct sales capabilities [2] - The online sales and marketing efforts are leading in the industry, with flagship stores on major e-commerce platforms [2] Diabetes Care Segment - The diabetes care solutions business is making breakthroughs, with market share for BGM-related products continuing to rise and customer base expanding [2] - The CGM products have seen rapid sales growth since their domestic launch, with ongoing development of next-generation products [2] Profit Forecast and Valuation - The company is expected to achieve net profits of 2.004 billion yuan, 2.316 billion yuan, and 2.723 billion yuan for 2024-2026, with year-on-year changes of -16%, +16%, and +18% respectively [2] - The current price corresponds to a PE ratio of 17, 15, and 13 times for 2024, 2025, and 2026 respectively, maintaining a "Buy" rating [2]

江苏鱼跃医疗设备股份有限公司 2024 年第三季度报告 证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-034 江苏鱼跃医疗设备股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 1 江苏鱼跃医疗设备股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|--- ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-032 江苏鱼跃医疗设备股份有限公司 第六届董事会第六次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 2024 年 10 月 15 日，江苏鱼跃医疗设备股份有限公司（以下简称"公司"）以通讯 表决的方式召开了第六届董事会第六次临时会议。公司于 2024 年 10 月 10 日以书面送 达及电子邮件方式向公司全体董事发出了召开公司第六届董事会第六次临时会议的通 知以及提交审议的议案。会议应出席董事 9 名，实际出席会议董事 9 名。本次会议的召 集、召开及表决等程序符合《中华人民共和国公司法》和《公司章程》的有关规定，会 议决议合法、有效。会议由董事长吴群先生主持，经与会董事充分讨论，审议通过了如 下议案： 二、董事会会议审议情况 1、关于《2023 年度员工持股计划预留份额分配》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 根据《公司 2023 年度员工持股计划（草案）》，董事会同意公司本次员工持股计划 的预留份额（对应公司股份 472,9 ...

江苏鱼跃医疗设备股份有限公司监事会 根据《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导 意见》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》等相关法律、法规及规范性文件的规定，监事会对 2023 年度员工持股计 划（以下简称"本次员工持股计划"）预留份额分配事项进行了认真核查，并发 表如下审核意见： 关于 2023 年度员工持股计划预留份额分配事项的审核意见 经审核，公司监事会认为： 1、公司审议本次员工持股计划预留份额分配议案的决策程序合法、有效， 不存在损害公司及全体股东利益的情形。 2、公司员工按照依法合规、自愿参与、风险自担的原则参加本次员工持股 计划预留股份的认购，不存在摊派、强行分配等方式强制员工参与本次员工持股 计划的情形，不存在公司向员工持股计划持有人提供贷款、贷款担保或任何其他 财务资助的计划或安排。 3、本次预留份额的认购对象符合《指导意见》等法律、法规、规范性文件 及《公司 2023 年度员工持股计划（草案）》《公司 2023 年度员工持股计划管理办 法》规定的持有人条件，符合本次员工持股计划规定的持有人范围，其作为公司 本次员工持股计 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-033 江苏鱼跃医疗设备股份有限公司 关于 2023 年度员工持股计划预留份额分配的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 江苏鱼跃医疗设备股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日召开 第六届董事会第六次临时会议，审议通过了《关于公司 2023 年度员工持股计划预留份 额分配的议案》，同意对 2023 年度员工持股计划（以下简称"本次员工持股计划"）的 预留份额进行分配。根据《公司 2023 年度员工持股计划（草案）》《公司 2023 年度员 工持股计划管理办法》的规定，本次预留份额的分配事项在董事会审批权限范围内，无 需提交公司股东大会审议。现将相关事项公告如下： 一、本次员工持股计划实施进展 2023 年 9 月 12 日，公司召开第五届董事会第二十五次临时会议、第五届监事会第 十一次临时会议，并于 2023 年 9 月 28 日召开 2023 年第一次临时股东大会，审议通过 了《关于<公司 2023 年度员工持股计划（草案）及其摘要>的议案》《关于< ...

Investment Rating - Buy rating, first coverage [4] Core Business Focus - The company focuses on three core sectors: respiratory and oxygen therapy, blood glucose and POCT, and disinfection and infection control [4] - The company has over 600 product categories and nearly 10,000 specifications as of June 2024 [4] Respiratory and Oxygen Therapy - The respiratory and oxygen therapy business is expected to benefit from increased awareness and aging population, with domestic market penetration still in early stages [4] - The company's respiratory machines are comparable to imported products in terms of performance, with strong brand advantages in oxygen concentrators [4] - The company's oxygen concentrators have a significant market share, with 28% of the online market in 2022 [40] Blood Glucose and POCT - The traditional blood glucose monitoring (BGM) business is growing steadily, while continuous glucose monitoring (CGM) is seen as the second growth curve [4] - The company's CGM product, CT3 series, was approved in March 2023, which is expected to further enhance market share in the blood glucose sector [4] - The global CGM market is projected to grow from $9 billion in 2022 to $36.5 billion by 2030, with a CAGR of 19.1% [47] Disinfection and Infection Control - The company has a comprehensive product line in disinfection and infection control, with over 400 products by the end of 2023 [4] - The company's subsidiary, Shanghai Zhongyou, achieved revenue of 1.23 billion yuan in 2022, with a growth rate of 33% [56] - The company plans to expand its product line in disinfection and infection control, focusing on hand hygiene, surface disinfection, and air disinfection in hospitals [58] Potential Business Expansion - The company has entered new business areas through acquisitions, such as emergency care and ophthalmology [4] - The company acquired Primedic in 2017, entering the emergency care sector, and Liuliu Vision in 2019, entering the ophthalmology sector [4] - The ophthalmology medical device market in China is expected to reach 51.5 billion yuan by 2030, driven by increased demand and consumption upgrades [66] Overseas Market Growth - The company's products are available in 131 countries and regions, with manufacturing and R&D centers in Germany and Italy [4] - The global home medical device market was valued at $33.6 billion in 2020, and the company is actively seeking strategic partnerships to expand its overseas market presence [5] Financial Performance - The company's revenue grew from 1.68 billion yuan in 2014 to 7.97 billion yuan in 2023, with a CAGR of 19% [11] - Net profit grew from 270 million yuan in 2014 to 2.4 billion yuan in 2023, with a CAGR of 27.6% [11] - The company's gross margin and net margin have been steadily increasing, reaching 51% in 2023 [12] Brand and Channel Advantages - The company has multiple well-known brands, including "Yuwell," "Jiefu," and "Hwato," which have strong performance in both domestic and international markets [4] - The company's online platform has significant platform effects, contributing to its strong market position [4]