Summary of Yuyue Medical Conference Call Company Overview - **Company**: Yuyue Medical - **Industry**: Medical Devices, specifically focusing on wearable medical devices and AI technology Key Points and Arguments AI Technology Impact - AI technology has significantly improved operational efficiency and reduced labor costs within Yuyue Medical's operations [3][5] - The company is developing AI-based wearable medical devices, including rings, watches, and bracelets, expected to launch in the second half of this year, aiming for non-invasive detection [3][5] - Yuyue Medical has created a customized AI product called UL Agent, which will enhance the connectivity of its products, targeting a 30% IoT connection rate this year and 50% next year [3][6] Product Development and Market Strategy - The company is focusing on the medical field, holding FDA and CFDA certifications, which is a core competitive advantage [3][11] - Yuyue Medical's CGM (Continuous Glucose Monitoring) business aims to double or triple its revenue this year, targeting close to 500 million yuan [3][20] - The company has seen significant growth in Southeast Asia, with Thailand growing by 40% and Indonesia by 30% last year [3][32] Future Directions - Yuyue Medical plans to shift from hardware-driven to software-driven development, expanding the application of UL Agent to a broader health audience [3][8] - The company is also working on new CGM software and respiratory device software, with plans to launch in September or October [3][19] Market Position and Competition - Yuyue Medical differentiates itself from larger companies like Huawei by focusing solely on medical wearable devices, rather than consumer electronics [3][11][12] - The company is not overly concerned about competition from larger firms, emphasizing collaboration over competition [3][35][36] International Expansion - Yuyue Medical has been expanding internationally for a year and a half, focusing on local talent acquisition in Southeast Asia and Europe [3][32] - The company expects to see significant growth in overseas markets, with last year's growth exceeding 30% [3][33] Regulatory and Compliance - The company is actively involved in data standardization for home medical devices and is working on compliance with international data protection regulations [3][27][24] Financial Outlook - The company anticipates that investments in AI wearable devices will initially increase costs but ultimately enhance efficiency and profit margins [3][25] User Engagement - Yuyue Medical currently has 18,000 to 19,000 daily active users for its customer data management system, with a goal to exceed 50,000 this year [3][23] Government Support - The company is expanding its provincial presence to qualify for more government subsidies, having established several new provincial branches this year [3][28] Additional Important Information - Yuyue Medical is developing a new respiratory device that is progressing through the FDA registration process, with expectations to receive certification this year [3][29] - The company is focused on providing personalized health management services through data analysis from its IoT devices, leveraging user data for disease modeling [3][21]

本公司及董事会全体成员保证公告内容的真实、准确和完整，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"）于近日收到了 TÜV SÜD Product Service GmbH的通知，公司申请的自动体外除颤器（以下简称"AED"） 获得符合欧盟《医疗器械第 2017/745 号法规》（Medical Devices Regulation（EU） 2017/745，简称"MDR"）要求的 III 类医疗器械 CE 认证证书，现将具体情况 公告如下： 证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-008 江苏鱼跃医疗设备股份有限公司 关于自动体外除颤器（AED）获得欧盟 MDR 认证的公告 一、MDR 认证基本信息 二、对公司的影响 本次公司自主研发的 AED 产品符合欧盟 MDR 要求，具备欧盟市场的最新 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 | 产品名称 | 自动体外除颤器（AED） Automated External Defibrillator | | --- | --- | | 制造商名称 | 江苏鱼跃医疗设备股份有限公司 | | 证书编号 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The report suggests that against the backdrop of an aging population, the demand for health management and home care is increasing, leading to a gradual expansion of the home medical device market. As a leading domestic manufacturer in this sector, the company is expected to enhance its market share and maintain steady growth due to an expanding product pipeline and increasing brand influence [5][15]. Summary by Relevant Sections 1. Company Overview - The company has been deeply engaged in the home medical device sector for over 20 years, leveraging both self-research and acquisitions to establish a leading position. It has developed over 600 product types and has a significant market presence [18]. - The Wu family holds over 42% of the company, with a new generation of management taking the helm, indicating a transition into a new growth phase [21]. - Revenue and profit have been growing rapidly, with expectations for continued improvement in profitability [24]. 2. Core Business Growth - The respiratory therapy and diabetes care segments are driving strong growth. Revenue from respiratory therapy has increased from 29.24 million yuan in 2005 to 3.371 billion yuan in 2023, with a compound annual growth rate (CAGR) of 30.18% [6][15]. - The diabetes care segment, bolstered by the acquisition of Zhejiang Kailite, saw revenue rise to 457 million yuan in 2023, a year-on-year increase of 70.5% [6][15]. 3. New Growth Opportunities - The company is diversifying into high-potential areas such as AEDs and ophthalmic devices, which are expected to create new growth points. The acquisition of German company Pumekang enhances its competitive edge in the emergency response market [7][15]. - The company has also made strategic investments in the ophthalmic sector, positioning itself for future growth [7][15]. 4. Brand and Sales Network - The company is enhancing its brand through increased marketing efforts and has established a comprehensive sales network across OTC, hospitals, e-commerce, and overseas markets. E-commerce sales have grown from 667 million yuan in 2015 to 3.42 billion yuan in 2024, with a CAGR of 19.92% [8][16]. - The brand's value has significantly improved, with products performing well in both domestic and international markets, strengthening customer loyalty and market position [8][16]. 5. Financial Forecasts - The company forecasts revenues of 7.805 billion yuan, 8.975 billion yuan, and 10.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -2.1%, 15.0%, and 15.9% [9]. - Net profits are expected to be 1.904 billion yuan, 2.304 billion yuan, and 2.76 billion yuan for the same years, with growth rates of -20.5%, 21.0%, and 19.8% [9].

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The report suggests that against the backdrop of an aging population, the demand for health management and home care is increasing, leading to a gradual expansion of the home medical device market. As a leading domestic manufacturer, the company is expected to enhance its market share and maintain steady growth due to an enriched product pipeline and increasing brand influence [5][15]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the home medical device sector, leveraging both self-research and acquisitions to establish a leading position. It has expanded its product range to over 600 types and nearly 10,000 specifications, achieving significant brand value and market presence [18][21]. - The Wu family holds over 42% of the company, with a new generation of management taking the helm, indicating a transition into a new growth phase [21][22]. - Revenue and profit have seen rapid growth, with expectations for continued improvement in profitability [24][28]. 2. Core Business Growth - The respiratory therapy and diabetes care segments are driving strong growth. Revenue from respiratory therapy has increased from 29.24 million yuan in 2005 to 3.371 billion yuan in 2023, with a compound annual growth rate (CAGR) of 30.18% [6][37]. - The diabetes care segment, bolstered by the acquisition of Zhejiang Kailite, saw revenue grow to 457 million yuan in 2023, a year-on-year increase of 70.5% [6][15]. 3. New Growth Opportunities - The company is diversifying into high-potential areas such as AEDs and ophthalmic devices, which are expected to provide new growth drivers. The acquisition of German company Pumekang enhances its competitive edge in the emergency equipment market [7][15]. - The company has also invested in the ophthalmic sector through acquisitions, positioning itself for future growth [7][15]. 4. Brand and Sales Network - The company has strengthened its brand and established a comprehensive sales network across OTC, hospitals, e-commerce, and overseas markets. E-commerce sales have grown from 667 million yuan in 2015 to 3.42 billion yuan in 2024, with a CAGR of 19.92% [8][16]. - The brand's value has significantly increased, enhancing customer loyalty and solidifying its leading position in the home medical device market [8][16]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.805 billion yuan, 8.975 billion yuan, and 10.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -2.1%, 15.0%, and 15.9% [9][15]. - Corresponding net profits are expected to be 1.904 billion yuan, 2.304 billion yuan, and 2.76 billion yuan, with growth rates of -20.5%, 21.0%, and 19.8% [9][15].

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-007 江苏鱼跃医疗设备股份有限公司 关于 2021 年度第一期员工持股计划 存续期即将届满的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 （一）员工持股计划的存续期 1、本次员工持股计划的存续期为 48 个月，自公司公告最后一笔标的股票过户至本 次员工持股计划名下之日起算。本次员工持股计划在存续期届满时如未展期则自行终止。 2、本次员工持股计划的存续期届满前 2 个月，如持有的公司股票仍未全部出售或 过户至员工持股计划份额持有人，经出席持有人会议的持有人所持 2/3 以上（含）份额 同意并将相关议案报送董事会审议通过后，本次员工持股计划的存续期可以延长。 江苏鱼跃医疗设备股份有限公司（以下简称"鱼跃医疗"或"公司"）2021 年度第 一期员工持股计划（以下简称"本次员工持股计划"）存续期将于 2025 年 8 月 26 日届 满，根据《关于上市公司实施员工持股计划试点的指导意见》《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》的相关规定，现将相关情况公告如下： 一 ...

江苏鱼跃医疗设备股份有限公司（以下简称"公司"）与 Inogen, Inc.（以下 简称"Inogen"）将共同构建长期战略合作关系。公司拟通过公司全资子公司鱼跃 （香港）控股有限公司（以下简称"鱼跃香港"）认购 Inogen 定向发行的股票， 2025 年 1 月 25 日，鱼跃香港与 Inogen 共同签署了《证券购买协议》，鱼跃香港 拟按照 10.36 美元/股的价格，以自有资金 2,720.98 万美元认购 Inogen 定向增发 的 2,626,425 股普通股，约占本次投资完成后 Inogen 已发行普通股的 9.9%；同 时，公司与 Inogen 共同签署《战略合作协议》约定开展业务合作。具体内容详见 2025 年 1 月 27 日公司刊登于《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于认购 Inogen 发行的股票并签署战略合作协议的 公告》（公告编号：2025-002）。 二、进展情况 截至本公告披露日，根据《证券购买协议》约定，本次交易的交割条件已满 足，公司全资子公司鱼跃香港已向 Inogen 全额支付购买价款 2,720.98 万美元， Inog ...

Summary of Yuyue Medical Conference Call Company Overview - Yuyue Medical focuses on three core areas: respiratory therapy, diabetes management, and POCT infection control, with strategic acquisitions like Kellyte to enter the CGM market and expand into ophthalmology and emergency fields [2][3][4] Financial Performance - The company experienced significant growth during the pandemic, with a revenue increase of 12% in 2023. However, growth is expected to be under pressure in 2024, with a potential recovery in 2025 [2][5] - The optimization of product structure has led to an increase in the proportion of high-margin businesses like CGM and respiratory therapy, contributing to steady growth in overall gross and net profit margins [2][6] Market Potential - The home respiratory machine market in China is projected to reach 3.33 billion RMB by 2025 and 4.8 billion RMB by 2030. Yuyue's products are competitively priced compared to imported brands and have received FDA and CE certifications [2][7] - The global CGM market is expected to grow to 36.5 billion USD by 2030, with the Chinese market projected to exceed 10 billion RMB. Yuyue's acquisition of Kellyte positions it to break the import monopoly [2][9] Product Development - Yuyue's respiratory therapy solutions include various devices such as ventilators and oxygen concentrators, with significant growth driven by increased demand in ICU settings. The global market for home respiratory machines reached 2.65 billion USD in 2023 [2][7] - The diabetes management segment includes BGM and CGM products, with the CGM market expected to grow significantly, driven by a large diabetic population in China [9][10] Infection Control Solutions - The infection control solutions business, led by subsidiary Shanghai Zhongyou, has a diverse product line and is expected to grow as global infection control needs increase. The market is projected to reach 600.484 billion RMB by 2029 [4][13] Emerging Business Areas - Yuyue is actively developing its ophthalmology business, targeting a growing patient population and expanding its product offerings through acquisitions [14] - The emergency and smart rehabilitation sectors are also being targeted, with a focus on AEDs and advanced rehabilitation products [15] International and E-commerce Growth - Yuyue has seen a 30% increase in overseas revenue in the first half of 2024, and its e-commerce channels have significantly contributed to sales, achieving over 500 million RMB in sales during the 2024 Double Eleven shopping festival [16][17] Profit Forecast - Profit projections for 2024 to 2026 are estimated at 2.1 to 2.3 billion RMB, with expected growth of 14.7% and 15.2% in 2025 and 2026, respectively. The company is transitioning to a more focused and refined development strategy [18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Insights - Yuyue Medical, as a leading domestic home medical device platform company, has shown steady growth in performance due to its focus on respiratory oxygen, blood glucose, disinfection control, and home electronic testing. The aging population in China presents a significant market opportunity for home medical devices, and the company is expected to leverage its brand and channel advantages to increase market share domestically and expand its overseas business [4][13][20]. Summary by Sections 1. Company Overview - Yuyue Medical was established in 1998 and has developed a strong brand in home medical devices, including wheelchairs, oxygen machines, and blood pressure monitors. The company has expanded its business through acquisitions and has focused on three core growth areas: respiratory, blood glucose, and home POCT [26][27]. - The management team has extensive experience in the home medical device industry, with a stable shareholding structure [27][30]. 2. Market Growth Drivers - The aging population in China is increasing, with projections indicating that by around 2032, the elderly population will exceed 20% of the total population. This demographic shift is expected to drive demand for home medical devices [14][40]. - The domestic market for home medical devices is projected to reach approximately 2,343 billion yuan in 2023, maintaining a double-digit growth rate [14][42]. 3. Business Segments - The respiratory oxygen segment is expected to see continued growth, with the global home respiratory device market projected to reach $5.58 billion by 2025, driven by an increasing prevalence of chronic respiratory diseases [15][46]. - The blood glucose management segment is also growing rapidly, with the number of diabetes patients in China expected to rise, creating a significant market for related medical devices [62]. 4. Financial Projections - Revenue projections for Yuyue Medical from 2024 to 2026 are estimated at 81.59 billion yuan, 93.69 billion yuan, and 106.83 billion yuan, with year-on-year growth rates of 2.36%, 14.82%, and 14.03% respectively. Net profit is projected to be 20.20 billion yuan, 23.09 billion yuan, and 26.54 billion yuan for the same period [16][19]. - The estimated reasonable stock price based on absolute valuation methods is 46.99 yuan, and the target price is set at 46.07 yuan based on a 20x PE ratio for 2025 [16][19].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for the stock to outperform the benchmark index by more than 20% [11]. Core Insights - The company plans to invest approximately $27.21 million in Inogen, acquiring 2,626,425 shares at a price of $10.36 per share, which will represent about 9.9% of Inogen's total shares post-investment [1]. - A strategic cooperation agreement has been signed between the company and Inogen, focusing on international distribution, trademark licensing, joint research and development, and supply chain optimization [2][3]. - The company has received regulatory approval for a new Continuous Glucose Monitoring (CGM) system, enhancing its product offerings in diabetes care [4]. Summary by Sections Investment and Strategic Cooperation - The investment in Inogen is aimed at expanding the company's international business and leveraging Inogen's established market presence in Europe and the US [2]. - The strategic partnership will involve collaboration in various areas, including international distribution of oxygen machines and non-invasive respiratory devices [3]. Product Development - The newly approved CGM product will cater to both medical institutions and home use, reflecting the company's commitment to enhancing its diabetes care solutions [4]. Financial Projections - The company forecasts total revenues of 79.10 billion, 89.47 billion, and 101.65 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of -0.8%, +13.1%, and +13.6% [5]. - The projected net profits for the same years are 19.41 billion, 22.07 billion, and 25.37 billion yuan, with corresponding price-to-earnings ratios of 16.27 and 14.16 for 2025 and 2026 [5].

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-005 江苏鱼跃医疗设备股份有限公司 关于聘任高级管理人员的公告 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"鱼跃医疗"或"公司"）于 2025 年 2 月 14 日召开第六届董事会第十次临时会议，审议通过了《关于聘任公司高级管理人员 的议案》，现将相关情况公告如下： 根据《中华人民共和国公司法》（以下简称"《公司法》"）《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 1 号——主板上市公司规范运 作》和《公司章程》等相关规定，经公司董事长、总经理吴群先生提名，董事会提名委 员会审核，并经董事会审议通过，同意聘任于才皓先生（简历附后）为公司副总经理， 负责公司电商业务管理工作。任期自第六届董事会第十次临时会议审议通过之日起至第 六届董事会届满之日止。 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 二〇二五年二月十五日 附件：拟聘任公司高级管理人员简历 于才皓先生：1995 年出生，2018 年毕业于南京大学，毕业后加入鱼跃医疗， ...