Core Points - The Shanghai Composite Index opened lower and fluctuated, while the CSI All Index for Healthcare Equipment and Services decreased by 0.16%, closing at 14,029.54 points with a trading volume of 15.519 billion yuan [1] - Over the past month, the CSI All Index for Healthcare Equipment and Services has increased by 0.23%, and over the past three months, it has risen by 2.65%, with a year-to-date increase of 2.65% [1] - The index reflects the overall performance of listed companies in the healthcare sector, selected from the CSI All Index, with a base date of December 31, 2004, set at 1,000.0 points [1] Index Composition - The top ten weighted companies in the CSI All Index for Healthcare Equipment and Services are: Mindray Medical (9.28%), Aier Eye Hospital (8.07%), United Imaging (6.7%), Aimeike (3.56%), Huatai Medical (3.16%), New Industry (3.09%), Yuyue Medical (2.83%), Meinian Onehealth (2.33%), Jiuan Medical (2.16%), and Shandong Pharmaceutical Glass (2.05%) [1] - The market share of the index's holdings is 61.07% from the Shenzhen Stock Exchange and 38.93% from the Shanghai Stock Exchange [1] - The index's holdings are entirely composed of the pharmaceutical and healthcare sector, with a 100.00% allocation [1] Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, typically remaining fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances [2] - Public funds tracking the healthcare index include various funds from Southern Fund, Tianhong Fund, and others, specifically designed to follow the CSI All Index for Healthcare Equipment and Services [2]

江苏鱼跃医疗设备股份有限公司（以下简称"公司"）控股子公司江苏鱼跃 凯立特生物科技有限公司近日收到了国家药品监督管理局颁发的关于持续葡萄 糖监测系统（以下简称"CGM"）的《医疗器械注册证》。现将具体情况公告如 下： | 产品名称 | 持续葡萄糖监测系统 | | --- | --- | | 注册人名称 | 江苏鱼跃凯立特生物科技有限公司 | | 注册证编号 | 国械注准 20253070727 | | 注册分类 | III 类 | | 注册证有效期 | 2025 年 4 月 1 日至 2030 年 3 月 31 日 | | 型号、规格 | Anytime 5、Anytime 5Pro、Anytime 5P、Anytime 5H Pro、Anytime | | | 5H、Anytime 5h、Anytime 5h Pro、Anytime 5H SE | | 结构及组成 | 由传感器（探头）、发射器、助针器、软件（手机版发布版 3、 | | | 手表版发布版本 1）组成。 | | 适用范围 | 该产品可用于糖尿病成年患者（≥18 岁）的组织间液葡萄糖水 | | | 平的连续或定期监测，产品可提供并存储实时葡萄糖值 ...

Core Viewpoint - The China Securities Index for the medical industry has shown a slight decline over the past month, quarter, and year-to-date, indicating a stable but slightly negative trend in the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry is currently at 566.67 points [1]. - Over the past month, the index has decreased by 0.49%, while it has seen a minimal decline of 0.02% over the past three months and year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.12%) - Aier Eye Hospital (8.91%) - United Imaging Healthcare (7.39%) - Aimeike (3.93%) - Huatai Medical (3.48%) - New Industries (3.41%) - Yuyue Medical (3.12%) - Shanghai Pharmaceuticals (3.04%) - Meinian Onehealth (2.57%) - Jiuan Medical (2.39%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (57.38%) and the Shanghai Stock Exchange (42.62%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.29% - Medical Consumables: 23.16% - Pharmaceutical Commerce: 15.33% - Medical Services: 14.26% - In Vitro Diagnostics: 12.95% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Yuyue Medical, indicating a decline in revenue and net profit for the third quarter of 2024 compared to the previous year [1][2] - As of April 1, Yuyue Medical's stock closed at 35.68 yuan, with a PE ratio of 20.59 times, and a total market capitalization of 35.768 billion yuan [1] - The average PE ratio for the medical device industry is 46.46 times, with a median of 33.07 times, positioning Yuyue Medical at the 40th rank within the industry [1][2] Group 2 - For the third quarter of 2024, Yuyue Medical reported an operating income of 6.028 billion yuan, a year-on-year decrease of 9.53%, and a net profit of 1.532 billion yuan, down 30.09% year-on-year [2] - The company's sales gross margin stands at 50.13%, indicating a relatively stable profitability despite the decline in revenue and net profit [2] - Yuyue Medical specializes in the research, manufacturing, and sales of medical devices, focusing on areas such as respiratory oxygen, diabetes care, infection control solutions, and home electronic testing [1]

Core Viewpoint - Yuyue Medical has signed a strategic cooperation agreement with Inogen, a leading portable oxygen machine manufacturer in the U.S., marking a new phase in its North American market expansion and supporting its global strategy [1] Group 1: Company Overview - Founded in 1998, Yuyue Medical has become a leader in the domestic medical device industry, breaking the foreign brand monopoly through over 20 years of technological advancements [2] - The company offers a wide range of products across various fields, including respiratory oxygen, diabetes care, home testing, emergency care, traditional Chinese medicine, rehabilitation, disinfection, and ophthalmology, with over 600 product types and nearly 10,000 specifications [2] - Yuyue Medical serves 300,000 medical institutions globally, covering over 90% of top-tier hospitals in China and operating in 131 countries and regions [2] Group 2: Global Strategy and Market Expansion - In the first half of 2024, Yuyue Medical's overseas revenue reached 479 million yuan, a year-on-year increase of 30.19% [3] - The company has established over 50 channel agents in regions such as Southeast Asia, the Middle East, North Africa, and Europe and North America, creating a comprehensive R&D, production, marketing, and service network covering over 130 countries and regions [3] - Yuyue Medical has become a significant exhibitor at major international medical device exhibitions, enhancing the global perception of Chinese medical device brands [3] Group 3: Product Quality and Certifications - Yuyue Medical has accelerated the acquisition of overseas market access qualifications, obtaining 64 overseas registrations in 2023 and 52 in the first half of 2024 [4] - Key products have received certifications from the U.S. FDA, EU MDR, and Korea KGMP, establishing a solid foundation for market expansion [4] - The company's automated external defibrillator (AED) recently passed the EU's Class III medical device CE certification, facilitating rapid growth in its emergency business in the EU and other countries recognizing EU MDR certification [4] Group 4: Innovation and Future Outlook - Yuyue Medical emphasizes strict quality control and continuous innovation as the foundation of its successful global strategy [4] - The company is advancing digital transformation by introducing leading smart production lines and establishing national-level smart manufacturing factories to ensure product quality through comprehensive data management [4] - Yuyue Medical plans to continue focusing on user needs, increasing R&D investment, and enhancing product quality and service capabilities to achieve greater breakthroughs in the global market [5]

Core Viewpoint - The article highlights the issues surrounding the accuracy of Yuwell's blood pressure monitors, which have led to consumer dissatisfaction and declining financial performance for Yuwell Medical, the parent company. Financial Performance - Yuwell Medical reported a revenue of 6.028 billion yuan for the first nine months of 2024, a year-on-year decline of 9.53% [10] - The net profit for the same period was 1.532 billion yuan, down 30.09% year-on-year, while the net profit after deducting non-recurring items was 1.274 billion yuan, a decrease of 23.74% [10] - The company’s market capitalization as of March 31, 2025, was 34.966 billion yuan, significantly below its target of 100 billion yuan in revenue and 1 trillion yuan in market value by 2025 [11] Consumer Feedback - A survey on Weibo indicated that 50.4% of respondents believed Yuwell's blood pressure monitors were "not very accurate" or "completely inaccurate," while only 5.5% found them "very accurate" [1] - Consumers reported significant discrepancies in blood pressure readings, with some experiencing measurement errors as high as 20-30 mmHg [4][5] Company Background - Yuwell Medical was founded in 1998 and has grown through a series of acquisitions, expanding its product range to include over 600 types of medical devices [6][7] - The company has faced increasing scrutiny over product quality, with numerous complaints and regulatory penalties in recent years [8] Strategic Challenges - The company is experiencing a decline in revenue and profit, attributed to a saturated market and increased competition in the medical device sector [2][10] - Yuwell Medical's R&D expenditure as a percentage of revenue is relatively low at 6.26%, ranking 48th among 59 listed healthcare equipment companies, indicating a potential weakness in innovation [10] Future Outlook - Yuwell Medical aims to focus on core business areas such as respiratory therapy, diabetes care, and home testing, while emphasizing innovation and R&D to drive future growth [10]

Core Insights - Yuyue Medical's stock closed at 35.48 yuan, down 1.11%, with a rolling PE ratio of 20.48 times and a total market capitalization of 35.568 billion yuan [1] - The average PE ratio for the medical device industry is 45.22 times, with a median of 32.57 times, placing Yuyue Medical at the 42nd position in the industry ranking [1] - As of February 28, 2025, Yuyue Medical had 40,000 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Company Overview - Jiangsu Yuyue Medical Equipment Co., Ltd. specializes in the research, manufacturing, and sales of medical devices, along with providing related solutions [1] - The company's product range includes respiratory oxygen, diabetes care, infection control solutions, home electronic testing, in vitro diagnostics, emergency and clinical rehabilitation devices [1] - Yuyue Medical owns several major brands, including "Yuyue," "Jiefuro," "Huatuo," "Jinzhong," "An'er iodine," "Primedic," and "Liuliu Vision," with significant brand value and advantages due to effective brand communication and product performance [1] Financial Performance - In the latest quarterly report for Q3 2024, the company reported revenue of 6.028 billion yuan, a year-on-year decrease of 9.53%, and a net profit of 1.532 billion yuan, down 30.09% [2] - The sales gross margin for the company stands at 50.13% [2] - The PE ratio (TTM) for Yuyue Medical is 20.48, while the industry average is 45.22, indicating a significant valuation gap [2]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-009 江苏鱼跃医疗设备股份有限公司 关于与专业投资机构共同投资的进展公告 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、本次投资的概述 江苏鱼跃医疗设备股份有限公司（以下简称"本公司"、"公司"）与上海 盛宇股权投资基金管理有限公司（以下简称"盛宇投资"）、丹阳盛宇高鑫股权 投资合伙企业（有限合伙）、上海锍晟投资中心（有限合伙）（以下简称"锍晟 投资"）、江苏中盈投资管理有限公司、上海松江创业投资管理有限公司等参与 方共同投资设立南京盛宇黑科新智造创业投资合伙企业（有限合伙）（以下简称 "合伙企业"或"基金"），基金的普通合伙人及基金管理人为盛宇投资。基金 认缴规模为人民币 30,000 万元，其中，本公司以自有资金出资认缴不超过人民 币 10,000 万元。合伙企业已经完成工商备案登记，收到了南京市雨花台区行政 审批局颁发的营业执照，并已在中国证券投资基金业协会完成备案手续，取得《私 募投资基金备案证明》。 2025 年 1 月 11 日，公司披露了《关于与专业投资机构共同投资的进展公 告》 ...

Investment Rating - The industry investment rating is "Outperform the Market" [3][28] Core Viewpoints - The report emphasizes the potential of AI in healthcare, particularly through the DeepSeek model, which accelerates the implementation of AI in medical settings, enhancing diagnostic efficiency and resource allocation [7][23][27] - The industry is expected to transition from scale expansion to higher-level development, focusing on high-quality growth and long-term investment opportunities [28] Summary by Sections Industry Overview - The medical device sector has shown a monthly increase of 8.67%, outperforming the pharmaceutical sector and the CSI 300 index by 2.26 and 6.04 percentage points respectively [11][15] - The average PE ratio for the medical device sector is 28.93, which is a 9.74% premium over the pharmaceutical sector and a 154.06% premium over the CSI 300 index [15][21] Key Stocks - Major companies highlighted include: - Mindray Medical: EPS of 9.55 in 2023, rated "Buy" [4] - Weili Medical: EPS of 0.66 in 2023, rated "Add" [4] - New Industry: EPS of 2.10 in 2023, rated "Add" [4] - Yuyue Medical: EPS of 2.39 in 2023, rated "Add" [4] - Kefu Medical: EPS of 1.22 in 2023, rated "Add" [4] AI Medical Applications - AI in healthcare is categorized into several applications, including drug development, medical imaging, healthcare robotics, and health management, all aimed at improving service efficiency and quality [25][24] - The report suggests that AI will help address the growing medical demand and resource distribution issues in China, enhancing early disease detection and treatment [24][26] Investment Recommendations - The report recommends focusing on companies with strong innovation capabilities and international expansion potential, such as Mindray Medical, Union Medical, and Weili Medical [28] - It also highlights the importance of AI models like DeepSeek in improving medical efficiency and resource optimization, suggesting attention to companies like BGI and Shengxiang Biological [28]

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]