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]

Market Overview - The overall sentiment in the pharmaceutical sector remains optimistic, with low valuations and public fund allocations to the sector at a low point. The industry is expected to see growth driven by macroeconomic factors and significant product demand by 2025 [7][8]. - The CITIC pharmaceutical index increased by 1.08%, underperforming the CSI 300 index by 0.03 percentage points, ranking 18th among 30 primary sectors [4]. Key Stocks Performance - Top-performing stocks this week include: - Rejuve Bio: 34.39% - Berry Genomics: 25.72% - Anbiping: 19.90% - Aidi Pharmaceutical: 18.17% [3][4]. - Underperforming stocks include: - Jiangsu Wuzhong: -14.47% - Baili Tianheng: -12% - S*ST Longjin: -10% [4]. Investment Themes - **Innovative Drugs**: The domestic innovative drug sector is transitioning from quantity to quality, focusing on differentiated and internationalized pipelines. Companies to watch include Hengrui, BeiGene, and others [7]. - **Medical Devices**: The sector is expected to benefit from new equipment update policies, with key players like Mindray Medical and others positioned for growth [7]. - **Chinese Medicine**: The market for essential medicines is anticipated to grow, with companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical highlighted for their potential [12]. - **Pharmacy Sector**: The pharmacy sector is expected to see significant growth due to prescription outflow and market optimization, with companies like YaoBai and YiFeng Pharmacy recommended for investment [12]. - **Medical Services**: The private medical sector is expected to gain competitiveness due to anti-corruption measures and the expansion of commercial insurance [12]. AED Industry Insights - The AED market is projected to grow significantly, with the global market expected to reach 161.2 billion yuan by 2028, driven by increasing cardiovascular disease rates [22]. - In China, the AED procurement amount is expected to rise from 3.95 billion yuan in 2021 to 6 billion yuan in 2024, indicating a strong growth trajectory [25]. - The domestic AED market is seeing a shift from reliance on imports to a higher domestic production rate, with the domestic market share expected to reach 79% by 2024 [27][29]. Policy Support for AED - National policies are increasingly supporting AED proliferation, with guidelines established for public spaces and healthcare facilities to ensure adequate AED availability [16][19]. - Local governments are also implementing specific policies to enhance AED distribution, such as requiring a certain number of AEDs per population in public areas [20]. Competitive Landscape - The AED market has shifted from heavy reliance on imports to a more competitive domestic landscape, with Mindray Medical leading the market with a 47.74% share [36]. - Companies like Yiyue Medical are expanding their AED offerings through acquisitions and product development, enhancing their market presence [37].

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 ...

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 2025年2月25日， 鱼跃医疗 发布公告称，其全资子公司鱼跃（香港）控股有限公司通过认购Inogen定向增发的股票，并与Inogen签署了战略合作协议。具 体情况如下： 股票认购情况 战略合作内容 根据双方签署的《战略合作协议》，合作内容主要围绕以下几个方面展开： # Inogen公司简介 Inogen One系列 ：便携式氧气浓缩器，具有轻巧、高效、低噪音等特点，适合日常使用和旅行。 认购主体 ：鱼跃（香港）控股有限公司。 认购金额 ：以每股10.36美元的价格，使用自有资金2720.98万美元认购2626425股普通股。（约1.98亿人民币） 股权占比 ：约占本次投资完成后Inogen已发行普通股的9.9%。 交易进展 ：截至公告披露日，鱼跃香港已向Inogen全额支付购买价款2720.98万美元，Inogen已向鱼跃香港增发2626425股普通股，交易的交割条件已满 足。 国际分销业务 ： 双方将在美国和欧洲部分区域开展分销合作，涉及鱼跃医疗的台 ...

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]