Industry Overview - Rehabilitation devices are defined as medical equipment or assistive tools used in rehabilitation to assess, train, and treat patients, helping them improve functionality and recover bodily functions or compensate for deficiencies [1] - The rehabilitation device industry can be categorized into rehabilitation medical aids, rehabilitation therapy equipment, rehabilitation training devices, and assessment instruments [1] Industry Chain Analysis - The upstream of the rehabilitation medical device industry mainly consists of raw materials and software systems, with raw materials being the core element affecting product quality and manufacturing efficiency [2] - The midstream involves the production of rehabilitation assessment instruments, training devices, therapy equipment, and other rehabilitation devices [2] - The downstream consumer segment primarily includes elderly, chronic disease, and disabled groups [2][5] Industry Development History - The Chinese rehabilitation device industry has gone through three stages: initial phase (1980-1989), transformation phase (1990-2011), and rapid growth phase (2012-present), with significant policy support and market expansion in the latter phase [7][8] Policy Background - Recent national policies have promoted high-level standardization and integration of rehabilitation devices with technologies like AI, IoT, and 5G, creating favorable conditions for high-quality industry transformation [10][11] Current Industry Status - The number of registered rehabilitation device products in China has seen explosive growth since 2019, with projections indicating 1,167 registrations by 2024 [14] - The market size for rehabilitation devices in China is expected to reach approximately 21.1 billion yuan in 2024, driven by an aging population and increasing chronic diseases [15] - Rehabilitation aids dominate the market, accounting for 82.15% of the total market size in 2024 [17] - The elderly care segment is projected to account for about 67% of the application structure in 2024 [18] Competitive Landscape - The competitive landscape of the rehabilitation device industry shows a concentration of core manufacturing enterprises in eastern coastal provinces like Jiangsu, Guangdong, and Shandong, while central and western regions focus on raw material supply [21] - The top three companies in the rehabilitation device market by share in 2024 are Kefu Medical, Yuyue Medical, and Xiangyu Medical, with market shares of 6.47%, 6.18%, and 3.51% respectively [24] Future Development Outlook - By 2030, the market size of the rehabilitation device industry is expected to exceed 47 billion yuan, driven by the aging population and increased demand for rehabilitation services [26] - The industry is predicted to grow at a compound annual growth rate (CAGR) of around 14% from 2025 to 2030 [26] Industry Trends - The rehabilitation device industry is experiencing a trend towards smart technology and product diversification, with the integration of AI, IoT, and 3D printing technologies [28] - The aging population and the rise in chronic diseases are expected to sustain the growth of rehabilitation demand, supported by favorable policies and market expansion [28]

Core Insights - The company reported a revenue of 6.545 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.58%, while the net profit attributable to shareholders decreased by 4.28% to 1.466 billion yuan due to increased sales investments [1] - The company experienced significant overseas revenue growth, particularly in Southeast Asia, Europe, and North America, with a focus on localizing its market approach and enhancing brand influence [2] - Increased investment in R&D, brand building, and global network expansion is evident, with a strategic focus on digital and wearable products [3] - The overall gross margin remained stable at 50.35%, while the sales expense ratio increased, indicating a rise in operational costs [4] - The company maintains a "buy" rating based on projected revenue and profit growth for 2025-2027 [5] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 6.545 billion yuan, an increase of 8.58% year-on-year, while the net profit attributable to shareholders was 1.466 billion yuan, down 4.28% [1] - In Q3 2025, the revenue was 1.886 billion yuan, reflecting a growth of 9.63%, but the net profit dropped by 35.99% to 263 million yuan [1] Overseas Growth - The company’s overseas revenue showed strong growth, particularly in Thailand, with plans to replicate this success in Indonesia and Vietnam [2] - Rapid growth was also noted in the European market, especially in respiratory therapy products, supported by the establishment of a scientific advisory committee [2] - Significant revenue growth was recorded in North America, with ongoing strategic collaboration with Inogen [2] Investment and Expenses - Increased expenses were noted in R&D, brand development, and global network expansion, with a focus on digital and wearable products [3] - The company is enhancing its continuous glucose monitoring product market share through comprehensive brand building [3] Profitability Metrics - The gross margin for the first three quarters of 2025 was 50.35%, a slight increase of 0.22 percentage points year-on-year [4] - The sales expense ratio rose to 18.83%, reflecting a 3.39 percentage point increase [4] - The overall net profit margin for Q3 2025 was 13.96%, down 9.22 percentage points from the previous year [4] Future Projections - Revenue projections for 2025-2027 are 8.453 billion, 9.559 billion, and 10.823 billion yuan, with year-on-year growth rates of 11.73%, 13.08%, and 13.22% respectively [4] - Net profit forecasts for the same period are 1.861 billion, 2.259 billion, and 2.680 billion yuan, with growth rates of 3.07%, 21.39%, and 18.63% respectively [4]

Core Insights - Yuyue Medical (002223.SZ) is enhancing its health management ecosystem by integrating its AI Agent application with the "Yuyue Health Manager" platform, allowing various medical devices to connect and improve user experience [1][3] Group 1: Product Integration - The company currently offers several models of blood glucose meters, blood pressure monitors, pulse oximeters, ventilators, and oxygen concentrators that can connect to the "Yuyue Health Manager" [1] - Future upgrades and iterations of the AI Agent application will focus on creating a more integrated health management system [1] Group 2: User Feedback and Functionality - Investors have expressed interest in the range of devices supported by the new "Yuyue Health Manager" app, suggesting that it should include more Yuyue products beyond just CGM and blood pressure monitors [3] - There are concerns regarding the AI used for health services, questioning whether it is developed in-house or sourced from other internet AI, and suggesting improvements in health knowledge sharing [3]

Core Viewpoint - Yuyue Medical is facing significant challenges in achieving its ambitious targets of 10 billion revenue and 100 billion market value by 2025, as evidenced by its recent financial performance and market conditions [1][4]. Financial Performance - For the first three quarters of 2025, Yuyue Medical reported revenue of 6.545 billion, an increase of 8.58% year-on-year, while net profit attributable to shareholders was 1.466 billion, a decrease of 4.28% [1][6]. - In Q3 2025, the company achieved revenue of 1.89 billion, up 9.6% year-on-year, but net profit fell by 36% to 263 million, indicating a clear trend of increasing revenue without corresponding profit growth [1][6]. Business Expansion - Yuyue Medical, founded in 1998, has expanded significantly since its IPO in 2008, acquiring multiple companies and diversifying its product offerings, which now include over 100 types of products and nearly 600 product registration certificates [2][3]. - The company has made strategic acquisitions, including brands like "Huatuo" and "An'er iodine," to enhance its market presence in various medical fields [2][3]. Market Challenges - The core business segments of Yuyue Medical have seen a decline, particularly in the respiratory treatment sector, which reported a revenue drop of 22.42% [4]. - The company is facing intense competition in the home medical device market, with foreign brands penetrating the mid-to-low-end segments, leading to pricing pressures on its products [7]. Cost Management - Yuyue Medical's sales expenses surged by 33.15% year-on-year to 1.233 billion, significantly outpacing revenue growth, primarily due to increased spending on e-commerce platform fees and advertising [7]. - The company has been investing heavily in new product development and marketing to counteract declining profits, but this has led to a squeeze on overall profitability [6][7]. Regulatory and Quality Issues - Yuyue Medical has faced regulatory challenges, including the cancellation of its pre-bid qualification due to alleged violations, and has been fined for price gouging during the pandemic [8]. - The company has received over 460 complaints regarding product quality and service issues, indicating potential reputational risks that could impact future sales [8].

Group 1 - Yuyue Medical held a temporary board meeting on November 4, 2025, to review documents including the expansion of business scope and amendments to the company's articles of association [1] - For the first half of 2025, Yuyue Medical's revenue composition was as follows: respiratory therapy solutions accounted for 35.93%, clinical instruments and rehabilitation solutions 24.35%, home health testing solutions 21.77%, blood glucose management and POCT solutions 14.48%, and emergency solutions and others 2.92% [1] Group 2 - Yuyue Medical's market capitalization is currently 35.2 billion yuan [2] - The industry is experiencing a surge in overseas orders, which have increased by 246%, covering over 50 countries and regions [2] - Concerns have been raised about potential vicious competition in the industry, as some companies are reportedly selling at a loss [2]

江苏鱼跃医疗设备股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护江苏鱼跃医疗设备股份有限公司(以下简称"公司")及公司股东 的合法权益, 明确股东会的职责权限, 提高股东会议事效率, 保证股东 会依法行使职权, 根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公 司股东会规则》、、《上市公司治理准则》等法律、法规和规范性文件以 及《江苏鱼跃医疗设备股份有限公司章程》(以下简称"《公司章程》") 的规定, 制定本规则。 第二章 股东会的性质和职权 第二条 股东会性质: 股东会是公司的最高权力机构。 第三条 股东会依法行使下列职权: (一) 选举和更换非由职工代表担任的董事, 决定有关董事的报酬事 项; (二) 审议批准董事会的报告; (三) 审议批准公司的利润分配方案和弥补亏损方案; (四) 对公司增加或者减少注册资本作出决议; (五) 对发行股票、可转换公司债券、优先股以及中国证券监督管理 委员会(以下简称"中国证监会")认可的其他证券品种作出决议; (六) 对公司合并、分立、解散、清算或者变更公司形式作出决议; (七) 修改公司 ...

江苏鱼跃医疗设备股份有限公司 环境、社会和公司治理(ESG)管理制度 第一章 总则 第四章 ESG 报告与信息披露 第十三条 公司各部门及子公司为 ESG 工作配合机构，主要负责开展以下工作： (一) 根据年度 ESG 报告编制要求提交相关工作目标进度及主要举 措; (二) 建立完善 ESG 相关专项管理办法； (三) 执行 ESG 各议题相关管理措施； (四) 根据部门职责，开展利益相关方沟通工作，回应其 ESG 需求； (五) 配合 ESG 信息收集工作，提交相关信息； (六) 配合参与公司 ESG 宣贯、培训等活动； (七) 其他与 ESG 相关的工作职责。 第十四条 公司应当按照本制度的要求，积极履行ESG职责，根据实际情况及ESG 工作需要评估公司 ESG 职责的履行情况，形成 ESG 报告，并根据有 关规定自愿披露。 第十五条 ESG 报告的编制和发布工作应遵守深圳证券交易所及公司信息披露管 理制度的相关规定。报告应经公司董事会审议通过，自愿披露 ESG 报 告的，应在相关指定媒体上公开披露。 第十六条 ESG 报告披露后公司可在业绩说明会、实地调研、路演等投资者关系 活动中进行宣传，也可通过公司 ...

江苏鱼跃医疗设备股份有限公司 关联交易决策制度 第一章 总则 第一条 为规范江苏鱼跃医疗设备股份有限公司(以下简称"公司")的关联交易行为, 保护公 司、股东和债权人的合法权益, 保证公司关联交易决策行为的公允性, 根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《深 圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等法律、法规和 规范性文件和《江苏鱼跃医疗设备股份有限公司章程》(以下简称"《公司章程》") 的有关规定, 制定本制度。 第二章 关联人和关联交易 第二条 关联交易的定义: 关联交易是指公司或者其控股子公司与公司关联人(定义见本制度 第三条)发生的转移资源或义务的事项, 具体包括: (一) 购买资产; (二) 出售资产; (三) 对外投资(含委托理财、对子公司投资等); (四) 提供财务资助(含委托贷款等); (五) 提供担保(含对控股子公司担保等); (六) 租入或租出资产; (七) 委托或者受托管理资产和业务; (八) 赠与或受赠资产; (九) 债权或债务重组; (十) 转让或者受让研究项目; (十一) 签订许可协议; (十二) 放弃权利 ...

江苏鱼跃医疗设备股份有限公司 董事会提名委员会工作细则 第一章 总则 第二章 人员组成 第三章 职责权限 第七条 提名委员会的主要职责包括: 1 第一条 为完善江苏鱼跃医疗设备股份有限公司(以下简称"公司")法人治理结构, 增 强董事会选举程序的科学性、民主性, 优化董事会的组成人员结构, 根据《中 华人民共和国公司法》(以下简称"《公司法》")、《上市公司治理准则》等 有关法律、法规和规范性文件以及《江苏鱼跃医疗设备股份有限公司公司章 程》(以下简称"《公司章程》")的有关规定, 公司董事会特设立提名委员会, 并制定本工作细则。 第二条 提名委员会是董事会下设的专门工作机构, 主要负责对拟任公司董事和经理 人员的人选、条件、标准和程序提出建议, 向董事会报告并对董事会负责。 第三条 提名委员会委员由3名董事组成, 其中独立董事应不少于2名。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一 提名, 并由董事会选举产生。 第五条 提名委员会设主任一名, 提名委员会主任由全体委员的二分之一以上选举产 生, 且须由独立董事委员担任。提名委员会主任负责召集和主持提名委员会会 议, 当提名委 ...

第一章 总则 江苏鱼跃医疗设备股份有限公司 互动易平台信息发布及回复内部审核制度 第一条 为充分利用深圳证券交易所（以下简称"深交所"）搭建的深交所投资者关 系互动平台（以下简称"互动易"）平台，规范江苏鱼跃医疗设备股份有限公司（以下简 称"公司"）通过互动易平台与投资者交流行为，建立公司与投资者良好沟通机制，持续 提升公司治理水平，提高公司质量，根据中国证券监督管理委员会（以下简称" 中国证监 会"）《上市公司信息披露管理办法》及《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》等规定，制定本制度。 第二章 总体要求 第二条 公司在互动易信息发布及回复的总体要求： （一）公司在互动易平台发布信息及回复投资者提问，应当注重诚信，严格遵守有关 规定，尊重并平等对待所有投资者，主动加强与投资者的沟通，增进投资者对公司的了解 和认同，营造健康良好的市场生态； （二）公司在互动易平台发布信息或者回复投资者提问时，应当谨慎、理性、客观， 以事实为依据，保证发布的信息和回复的内容真实、准确、完整。公司信息披露以其通过 符合条件媒体披露的内容为准，不得通过互动易平台披露未公开的重大信息。公司在互动 易平 ...