中信建投证券日前研报指出，鱼跃医疗Q2收入及扣非归母净利润符合预期，归母净利润略超预期，主 要由于上半年非经常性损益中政府补助增加较多。家用呼吸机、CGM、急救业务快速增长，家用健康 检测业务增长稳健。展望下半年，随着国内消费需求复苏和公司市占率的持续提升，公司国内业务有望 延续稳健增长趋势，海外业务有望增速提升。公司持续推进国际化、智能化、可穿戴化战略，公司新产 品的持续迭代和丰富，AI赋能下有望打造家用器械平台化生态体系，进一步巩固家用医疗器械平台型 龙头地位。维持"买入"评级。 ...

Core Insights - The rehabilitation equipment industry in China is rapidly growing, with the market size expected to reach approximately 714.6 billion yuan in 2024, an increase of 98.9 billion yuan from 2023 [1][6] - The largest market share within the rehabilitation equipment sector is held by rehabilitation therapy devices at 15%, followed by rehabilitation training devices at 4%, and rehabilitation assessment devices at 1% [6] - The market is projected to grow further, reaching an estimated 815 billion yuan by 2025, driven by an aging population and increasing demand for rehabilitation services [1][6] Industry Definition and Classification - Rehabilitation medical devices are defined as equipment used for the prevention, assessment, treatment, training, or compensation of functional disabilities [3] - The main categories of rehabilitation medical devices include rehabilitation aids, rehabilitation therapy devices, rehabilitation training devices, rehabilitation assessment devices, and other rehabilitation equipment [3] Current Development Status - The rehabilitation equipment market in China is predominantly composed of domestic brands, which account for 97.9% of the market, while imported brands make up about 3% [6] - The industry has seen significant expansion in both market size and application areas due to rapid economic development [6] Industry Chain - The upstream of the rehabilitation equipment industry includes raw materials and software systems, while the midstream involves the manufacturing of rehabilitation devices [8] - The downstream applications primarily serve hospitals, community rehabilitation centers, nursing homes, and other medical institutions catering to populations with functional disabilities [8] Market Environment and Policies - The Chinese government has shown strong support for the rehabilitation equipment industry through various policies aimed at promoting its development, such as the "14th Five-Year" National Health Plan and guidelines for enhancing the welfare of the elderly [11] Competitive Landscape - Major companies in the rehabilitation medical device sector include Yuyue Medical, Kefu Medical, and Xiangyu Medical, with Yuyue Medical leading the market in terms of capital and revenue [12] - The industry exhibits a tiered competitive structure, with leading companies in the first tier and several others in subsequent tiers [12] Future Trends - The rehabilitation equipment industry is expected to experience significant growth opportunities, particularly in home settings, driven by an aging population and increasing chronic disease prevalence [13] - The industry is anticipated to evolve towards high-quality development, supported by technological advancements and favorable government policies [13]

（文章来源：证券日报） 证券日报网讯鱼跃医疗10月9日在互动平台回答投资者提问时表示，公司已将人工智能等前沿技术融入 CGM产品的开发中。目前公司积极开展AI智能穿戴医疗设备的研发工作，围绕健康关怀，公司更注重 可穿戴产品在健康领域的专业定位，致力于打造具有品牌特色和差异化竞争力的产品。同时，公司也正 在对鱼跃AIAgent应用程序与现有的"鱼跃健康管家"平台进行整合升级，以更好地连接用户与现有及后 续推出的产品，打造一体化的健康管理生态体系。 ...

Core Viewpoint - Yuyue Medical is accelerating its globalization strategy, with significant actions taken in September 2023, including the establishment of a subsidiary in Indonesia and participation in major medical exhibitions across nine countries, highlighting its commitment to expanding its international presence [1][2]. Group 1: Financial Performance - In the first half of 2023, Yuyue Medical reported a revenue of 4.659 billion yuan, representing a year-on-year growth of 8.16%, with overseas business revenue reaching 607 million yuan, up 26.63%, accounting for 13.03% of total revenue [1]. Group 2: Market Expansion - The establishment of the Indonesian subsidiary marks a strategic move following success in the Thai market, targeting the Southeast Asian region where approximately 90% of medical devices are imported, and the market is projected to grow at a compound annual growth rate of 10.8% from 2021 to 2026 [2]. - Yuyue Medical aims to strengthen collaboration with medical institutions, build distribution networks, and enhance after-sales service in Indonesia, leveraging its experience from the Thai market [2]. Group 3: Product Innovation and Strategy - The company is focusing on three core directions: globalization, digitalization, and wearability, with over 30 innovative products launched, including IoT-enabled devices and AI health management solutions [2]. - Yuyue Medical plans to establish branches in Europe, South America, and the Middle East, and is set to create its first shared service center in the Netherlands to improve global operational efficiency [3]. Group 4: Industry Outlook - The global medical device market is expected to reach $899.2 billion by 2030, while the home healthcare device market is projected to exceed $80.37 billion by 2033, indicating significant growth opportunities for Yuyue Medical [3].

Summary of Yuyue Medical Conference Call Company Overview - **Company**: Yuyue Medical - **Industry**: Home Medical Devices Key Points Business Strategy and Growth Areas - Yuyue Medical focuses on core businesses like wheelchairs and oxygen concentrators for stable income while targeting high-growth areas such as respiratory therapy (sleep apnea machines) and blood glucose management (CGM) [2][3] - The company aims to expand into emergency medical equipment (AED) and has a dual strategy of maintaining existing business while exploring new opportunities [2][3] Financial Performance - From 2018 to 2024, Yuyue Medical has maintained double-digit compound growth [2][8] - In the first half of 2025, revenue reached 4.659 billion yuan, a year-on-year increase of 8.2% [2][8] - The gross margin remains around 50%, with the blood glucose management segment showing the highest margin [2][8] Market Position and Potential - Yuyue Medical holds a 35% market share in the domestic oxygen concentrator market, which is valued at approximately 5 billion yuan and expected to grow at a compound annual growth rate of around 10% [2][10] - The penetration rate of home respiratory machines in China is significantly lower than international levels, indicating substantial growth potential [2][11] Product Development and Innovation - The respiratory therapy segment includes products like oxygen concentrators and sleep apnea machines, with a significant market potential due to the large number of patients suffering from OSA and COPD [9][10] - The blood glucose management segment has seen rapid growth, with online sales during the 618 shopping festival increasing by over 160% [2][13] International Expansion - Yuyue Medical has been actively expanding its overseas market, with a 26.6% increase in overseas revenue in the first half of 2025 [4][16] - The company plans to establish overseas factories and collaborate with leading international companies to enhance its global footprint [4][16] Technological Advancements - The company is investing in AI and smart wearable devices, planning to launch products that monitor sleep and women's health indicators [4][18] - The upgrade of the online health management platform to "Yuyue AI Agent" is expected to enhance patient engagement and product penetration [4][18] Management and Governance - The actual controller of Yuyue Medical, Wu Guangming, and the current chairman, Wu Qun, are father and son, indicating a family-run structure [6] Future Outlook - The company is optimistic about achieving double-digit revenue growth for the year, driven by the full sales cycle of new products [19] - Yuyue Medical's valuation is considered low compared to peers, with a projected PE ratio of 18-19 times for 2025, suggesting over 30% growth potential in market value [19] Other Business Segments - Yuyue Medical also operates in clinical instruments, rehabilitation devices, and emergency equipment, with the latter showing significant growth potential [14][15] Conclusion - Yuyue Medical is well-positioned in the home medical device industry, with a strong focus on growth areas, innovative product development, and international expansion, while maintaining a solid financial performance and market leadership in key segments [2][19]

证券日报网讯 鱼跃医疗9月26日在互动平台回答投资者提问时表示，公司与深圳创达云睿智能科技有限 公司在呼吸治疗相关产品上开展了交流和合作，目前该产品的研发工作正在持续推进中。截至目前，公 司未对深圳创达云睿智能科技有限公司进行投资。 （编辑 任世碧） ...

Group 1 - The company, Yuyue Medical, indicated that its export business in the first half of 2025 will primarily focus on oxygen machines, ventilators, electronic blood pressure monitors, blood glucose testing products, rehabilitation products, and emergency products [1]

Group 1 - The core point of the article is that Yuyue Medical (002223) has signed a cooperation agreement with Intellego Technologies AB to develop ultraviolet disinfection effect monitoring products, which will expand the product line and diversity of the company's disinfection and infection control business [1] Group 2 - The collaboration is set to take place in 2024 through Yuyue Medical's subsidiary, Shanghai Zhongyou Pharmaceutical High-Tech Co., Ltd [1] - This partnership indicates a strategic move to enhance the company's capabilities in the disinfection sector, aligning with current health and safety trends [1]

Core Viewpoint - Yuyue Medical (002223) currently does not hold shares in Ant Group but owns a 4.990% stake in Chongqing Ant Consumer Finance Co., Ltd [1] Company Summary - Yuyue Medical has clarified its investment status regarding Ant Group, confirming no shareholding [1] - The company maintains a minority stake in Chongqing Ant Consumer Finance Co., Ltd, indicating a strategic partnership or investment interest in the financial sector [1]

Core Viewpoint - Yuyue Medical announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Group 1: Dividend Distribution - The company will distribute a cash dividend of 2.00 RMB per 10 shares to all shareholders, based on a total share capital of 1,002,476,929 shares [1] - The record date for the dividend distribution is set for October 10, 2025, while the ex-dividend date is October 13, 2025 [1]