证券研究报告 | 2025年08月26日 鱼跃医疗（002223.SZ） 优于大市 呼吸治疗业务企稳回升，血糖管理业务表现亮眼 公司 2025H1 收入及利润重回增长轨道。2025H1 公司实现营业收入 46.59 亿元，同比增长 8.2%；归母净利润 12.03 亿元，同比增长 7.4%。25Q2 单 季度公司实现营收 22.23 亿元，同比增长 7.1%；归母净利润 5.78 亿元，同 比增长 25.4%。受益于公司 CGM、家用呼吸机等产品的快速放量，公司营 收与利润端重回稳健增长状态。 销售费用率维持较高水平，利润端保持同比稳定。2025H1 公司销售费用率 17.4%（+3.1pp），主要因 CGM 等新品市场费用投入较多，导致销售人员 费用、电商平台费以及业务宣传费有较大提升；管理费用率 4.7%（-0.1pp）； 财务费用率-2.2%（+0.2pp）；研发费用率 6.3%，同比基本持平；公司目前 正处于市场投入扩张及产品迭代的加速期，预计销售费用与研发费用规模将 持续提升。公司 2025H1 毛利率 50.4%（+0.3pp），净利率 25.7%（-0.4pp）， 后续随着高毛利产品的放量，公司 ...

Core Insights - Yuyue Medical is focusing on global expansion and the integration of advanced technologies like artificial intelligence to enhance its product offerings in the home medical device market [1][2] - The company's overseas revenue reached 607 million yuan in the first half of 2025, marking a year-on-year growth of 26.63% and accounting for 13.03% of total revenue [1] Group 1: Global Strategy - The chairman of Yuyue Medical emphasized a long-term vision and global perspective, aiming to become a leading player in the OOH (Out of Hospital) medical device sector [2] - The global medical device market is rapidly growing, providing significant opportunities for Chinese companies to expand internationally with innovative products [2] Group 2: Localization Efforts - Localization is a key strategy for Yuyue Medical to effectively expand in international markets, allowing for better product development and supply chain optimization [3] - The company has successfully implemented a localized approach in Thailand, transitioning from merely exporting products to building an ecosystem [3] Group 3: Product Registration and Market Expansion - Yuyue Medical has made significant progress in international product registrations, with 85 certifications obtained across various regions, supporting global product promotion [4] - The company's emergency medical products have seen a 30.54% revenue growth in the first half of the year, with successful EU MDR certifications for key product lines [4][5] Group 4: Future Growth Areas - The company is focusing on expanding its blood glucose monitoring systems as a key area for overseas market growth, targeting regions like the Middle East, Europe, and South America [5] - Yuyue Medical's commitment to a multi-category and multi-region strategy is expected to enhance its international influence and support its goal of becoming a leading global OOH medical device company [5]

Summary of Key Points Core Viewpoint - On August 25, a total of 200 stocks received buy ratings from brokerages, with 34 stocks announcing target prices, indicating a positive sentiment in the market [1]. Group 1: Stock Performance - The stocks with the highest target price increases are Yuyue Medical, CRRC Corporation, and Juchip Technology, with target price increases of 56.27%, 41.85%, and 41.85% respectively [1]. Group 2: Rating Adjustments - Out of the 200 stocks, 196 maintained their ratings, while 4 stocks received their first ratings. Additionally, 28 stocks attracted attention from multiple brokerages [1]. Group 3: Brokerage Attention - Yuyue Medical, Hualu Hengsheng, and Huadian Technology received the most ratings, with 4, 3, and 3 brokerages respectively providing ratings [1]. Group 4: Industry Analysis - The sectors with the highest number of stocks receiving buy ratings are Materials II, Capital Goods, and Semiconductors and Semiconductor Equipment, with 37, 34, and 22 stocks respectively [1].

证券研究报告 梁裕 liangyu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 25 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.66 | | | 一 内 / 最 低 | 最 | 高 | | | | 42.08/30.05 | 年 | | （元） | | | | | | | | | 总市值（百万元） | | | | | | 37,753.28 | | | 流通市值（百万元） | | | | | | 35,406.36 | | | 总股本（百万股） | | | | | | 1,002.48 | | | 资产负债率（%） | | | | | | 18.81 | | | 每股净资产（元/股） | | | | | | 13.27 | | | 资料来源：聚源数据 | | | | | | | | 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 刘闯 SAC：S13505240 ...

鱼跃医疗股价报37.66元，较前一交易日上涨1.06元。开盘价为37.23元，最高触及38.12元，最低下探 37.21元，成交量为218971手，成交金额达8.26亿元。 鱼跃医疗属于医疗器械板块，公司专注于医疗设备的研发、生产和销售。产品涵盖呼吸治疗、糖尿病护 理、感染控制等多个领域，致力于将数智科技与医疗设备深度融合。 公司8月23日接待了博远基金等多家机构调研，就数字化和可穿戴领域的布局进行交流。养老基金二季 度新增持有鱼跃医疗市值超1亿元，进入公司前十大流通股东名单。 8月25日主力资金净流出4090.38万元，近五日主力资金净流入7303.39万元。 风险提示：市场有风险，投资需谨慎。 来源:金融界 ...

格隆汇8月25日｜平安证券研报指出，鱼跃医疗25H1实现归母净利润12.03亿元，yoy+7.37%，单Q2来看 公司实现归母净利润5.78亿元，yoy+25.43%。业绩增长符合预期，血糖AED等业务表现亮眼；海外业务 稳步推进，成为业绩增长重要动力。公司正逐步打造"硬件+软件+数据"的一体化健康管理生态体系， 25H1推出鱼跃AIAgent应用程序，为提高用户黏性提供重要接口。公司是国内医疗器械行业的领先企 业，产品和质量优势显著，"鱼跃"品牌深入人心，各产品业务规模不断扩大、产品品类不断拓展、公司 综合竞争能力和整体抗风险能力显著提高。考虑到公司综合实力不断增长，新产品不断放量，加上海外 业务处于快速发展期，看好公司持续增长能力，维持"强烈推荐"评级。 ...

平安证券研报指出，鱼跃医疗25H1实现归母净利润12.03亿元，yoy+7.37%，单Q2来看公司实现归母净 利润5.78亿元，yoy+25.43%。业绩增长符合预期，血糖AED等业务表现亮眼；海外业务稳步推进，成为 业绩增长重要动力。公司正逐步打造"硬件+软件+数据"的一体化健康管理生态体系，25H1推出鱼跃 AIAgent应用程序，为提高用户黏性提供重要接口。公司是国内医疗器械行业的领先企业，产品和质量 优势显著，"鱼跃"品牌深入人心，各产品业务规模不断扩大、产品品类不断拓展、公司综合竞争能力和 整体抗风险能力显著提高。考虑到公司综合实力不断增长，新产品不断放量，加上海外业务处于快速发 展期，看好公司持续增长能力，维持"强烈推荐"评级。 ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [2][7] Core Views - The company's H1 2025 performance met expectations, with total revenue of 4.659 billion yuan, a year-on-year increase of 8.16%, and a net profit attributable to shareholders of 1.203 billion yuan, up 7.37% year-on-year [7] - Traditional business remains stable, with significant growth in blood glucose and emergency solutions, while overseas sales are becoming a key growth driver [7] - Continuous investment in R&D and the launch of new products, including the Yuyue AI Agent application, are expected to enhance innovation and market competitiveness [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8.730 billion yuan, with a year-on-year growth rate of 15.4% [6] - Net profit attributable to shareholders is projected to be 1.931 billion yuan for 2025, with a growth rate of 6.9% [6] - The company plans to maintain a gross margin of around 50% and aims for a return on equity (ROE) of approximately 13.9% in 2025 [6]

8月25日，鱼跃医疗今日收盘37.66元，上涨2.90%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到19.99倍，创60天以来新低，总市值377.53亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均55.91倍，行业中值40.36倍，鱼跃医疗排 名第43位。 股东方面，截至2025年8月8日，鱼跃医疗股东户数50000户，较上次增加0户，户均持股市值35.28万 元，户均持股数量2.76万股。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11鱼跃医疗19.9920.912.84377.53亿行业平均 55.9155.975.14123.87亿行业中值40.3640.572.9759.83亿1九安医疗11.7511.890.93198.34亿2英科医疗 16.0417.291.43253.41亿3新华医疗16.2115.031.32103.92亿4山东药玻16.5416.591.90156.48亿5奥美医疗 16.9516.611.7461.24亿6九强生物17.7516.502.1787.89亿7康德莱17.7617.771.4738.26亿8振德医疗 17.8716 ...

Core Insights - The company is focusing on integrating digital technology and wearable devices into its medical equipment, aiming for a systematic layout around digitalization and wearability [1] - The company has seen significant growth in its home respiratory devices, with over 40% year-on-year growth in the first half of the year, driven by product upgrades and enhanced brand strength [2] - The company is leveraging AI technology in the development of Continuous Glucose Monitoring (CGM) products, enhancing user experience and service capabilities [3] Digitalization and Wearable Technology - The company is committed to deep integration of smart technology with medical devices, exemplified by its CGM product that combines hardware, software, and algorithms for comprehensive digital application [1] - New wearable AI medical devices are being developed for global users, focusing on health management across various scenarios such as respiratory therapy and blood sugar management [1] - The integration and upgrade of the Yuyue AIAgent app with the existing "Yuyue Health Manager" platform aims to create a unified health management ecosystem [1] Home Respiratory Devices - The company launched a third-generation sleep apnea machine that significantly enhances performance and comfort, contributing to over 40% growth in home respiratory products [2] - The company is expanding its market presence internationally, with successful registration efforts in Europe and Thailand, which has led to increased sales [2] - Future growth is expected as the company introduces quieter and smarter products, further accelerating the replacement of imported brands in the domestic market [2] Overseas Expansion Strategy - The company is focusing on respiratory products as a leading category for overseas expansion, achieving positive market feedback in Europe, South America, and Southeast Asia [4] - Continuous Glucose Monitoring (CGM) and Blood Glucose Monitoring (BGM) systems are identified as key areas for future overseas market development [4] - The company is enhancing its localized operations in key countries, building a strong team to support sales and service across various regions [4] Emergency Solutions and Growth Drivers - The emergency product matrix is expanding, with smart and portable products being certified, extending the emergency ecosystem into home settings [5] - The company is increasing its brand influence in emergency services by providing medical support for various professional events [5] - There is significant potential for growth in the domestic Automated External Defibrillator (AED) market, which remains underpenetrated compared to international standards [5]