Investment Rating - The report maintains a "Buy" rating for Yuyue Medical, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Views - Yuyue Medical reported a revenue of 6.028 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.53%, with a net profit attributable to the parent company of 1.532 billion yuan, down 30.09% year-on-year [1]. - The company is focusing on three core segments: respiratory and oxygen therapy, blood glucose monitoring, and disinfection and infection control, while also expanding into emergency care, ophthalmology, and smart rehabilitation [1]. - Despite short-term pressures in the respiratory treatment segment due to high base effects from the previous year, the company anticipates a gradual recovery in demand driven by aging populations and increased health awareness [1]. - The blood glucose monitoring segment is expected to see continued market share growth, supported by new product launches and enhanced competitiveness [1]. - The company is actively exploring overseas markets for home electronic products, aiming to improve product performance based on local needs [1]. Financial Summary - For the first three quarters of 2024, the gross profit margin was 50.13%, a decrease of 1.43 percentage points year-on-year, while the net profit margin was 25.44%, down 7.23 percentage points year-on-year [1]. - The report forecasts revenues of 8.062 billion yuan, 9.305 billion yuan, and 10.730 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1%, 15%, and 15% [3]. - The projected net profit attributable to the parent company for the same years is 2.007 billion yuan, 2.311 billion yuan, and 2.657 billion yuan, with a year-on-year decrease of 16% in 2024, followed by increases of 15% in the subsequent years [3]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 17, 15, and 13 for 2024, 2025, and 2026 respectively [1][3].

时间的推演四季度和明年我们中优的这个增长慢慢会恢复起来那么明年我们这个底线我认为是十个点的增长那么我们目标是十五个点的增长明白好的那我这边问题问完了那么下面有请华泰政权老师进行提问尊敬的上市公司贵宾大家好我是华泰的医药控制员我这边有两个问题 第一个问题是针对于CCM在我们CCM在海外的整个发展策略第二个就是不知道领导是否能帮我们下概率去查分一下前三季度国内的这种线上的收入占比以及增速以及未来的发展策略谢谢CCM在海外今年我们目前是大概30003000多万的一个销售就是现在3000万可能2500到3000 主要是在欧洲的一些东欧的个别国家还有像欧洲西欧的意大利还有包括俄罗斯这块都有销售那么目前来说我们主要的销售款型在欧洲还是CT2-A因为这款产品因为我们主要是销售欧洲的医院渠道那么医院对于可校准的需求也是比较有需求的 目前这个产品的稳定性包括它的校准功能都是符合欧洲一些医院的要求所以这一块的话它的每个月的进货都是比较稳定的而且呈现一个增长的趋势电商的话因为我们三级报倒没有去具体统计也没有必要去具体统计这个零售的占比但是目前来讲的话这个电商依旧是我们国内市场 健康业务这边的大头占比是超过50%的所以电商这块还是占 ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223.SZ) [4] Core Views - The company's Q3 revenue growth has returned to positive territory, with a year-on-year increase of 2.21% in Q3, despite a decline in net profit [1] - The core business segments are showing continuous improvement in market share, particularly in the diabetes care and sleep respiratory machine sectors [1] - The company is increasing its R&D investment and significantly raising sales expenses to enhance brand promotion and new product launches [1] Summary by Sections Financial Performance - For the first three quarters of 2024, total revenue was 6.028 billion yuan, a year-on-year decrease of 9.53%, while net profit attributable to shareholders was 1.532 billion yuan, down 30.09% [1] - Q3 revenue reached 1.720 billion yuan, with a net profit of 411 million yuan, reflecting a 40.95% decline year-on-year [1] - The gross profit margin for the first three quarters of 2024 decreased by 1.43 percentage points to 50.13% [1] Business Segments - The respiratory therapy segment is gradually recovering, with the impact of high base effects from the previous year diminishing [1] - The diabetes care segment continues to grow rapidly, with an increasing market share for BGM-related products and ongoing development of new CGM products [1] R&D and Expenses - R&D expenses accounted for 6.72% of total revenue, an increase of 0.76 percentage points year-on-year, while sales expenses rose to 15.44%, up 2.61 percentage points [1] - Overall, the period expense ratio increased by 4.16 percentage points compared to the previous year [1] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised down to 2.040 billion, 2.323 billion, and 2.723 billion yuan respectively, reflecting decreases of 15.74%, 13.77%, and 12.05% from previous estimates [1] - The report highlights the potential for overseas business growth as product registrations and local team setups progress [1]

证券时报e公司讯，鱼跃医疗近日接受机构调研时表示，后续公司CGM将会有几款新产品在国内推出， 进一步和BGM形成血糖产品矩阵，为客户提供更多选择。 海外市场，在未来公司同样有多类型的CGM产品供院内外不同客户选择，同时也在积极推进CGM产品 欧洲的注册，目前已经获得CT3注册证，产品品质在不断提升，生产良品率逐步优化，相信也会开始逐 步带来销售业绩。 从当前在国内外注册证落地工作以及业务拓展情况来看，公司对明年血糖业务的发展充满信心。 ...

时间的推演四季度和明年我们中优的这个增长慢慢会恢复起来那么明年我们这个底线我认为是十个点的增长那么我们目标是十五个点的增长明白好的那我这边问题问完了那么下面有请华泰政权老师进行提问尊敬的上市公司贵宾大家好我是华泰的医药控制员我这边有两个问题 第一个问题是针对于CCM在我们CCM在海外的整个发展策略第二个就是不知道领导是否能帮我们下概率去查分一下前三季度国内的这种线上的收入占比以及增速以及未来的发展策略谢谢CCM在海外今年我们目前是大概30003000多万的一个销售就是现在3000万可能2500到3000 主要是在欧洲的一些东欧的个别国家还有像欧洲西欧的意大利还有包括俄罗斯这块都有销售那么目前来说我们主要的销售款型在欧洲还是CT2-A因为这款产品因为我们主要是销售欧洲的医院渠道那么医院对于可校准的需求也是比较有需求的 目前这个产品的稳定性包括它的校准功能都是符合欧洲一些医院的要求所以这一块的话它的每个月的进货都是比较稳定的而且呈现一个增长的趋势电商的话因为我们三级报倒没有去具体统计也没有必要去具体统计这个零售的占比但是目前来讲的话这个电商依旧是我们国内市场 健康业务这边的大头占比是超过50%的所以电商这块还是占 ...

Group 1: Market Strategy and Product Development - The company aims to increase market share in respiratory and blood glucose monitoring products over the next 2-3 years by enhancing product quality and offering cost-effective options to compete with international peers [3] - The company focuses on the mid-to-high-end market, leveraging product quality, brand strength, and service capabilities to maintain a leading position in multiple product areas [3] - The CGM (Continuous Glucose Monitoring) products are primarily targeted at the European market, with a strong sales trend and compliance with local standards [4] Group 2: Sales and Marketing Initiatives - The company plans to enhance online sales channels while maintaining a strong focus on product quality and brand development to improve public awareness of healthcare products [4] - The company anticipates stable and orderly investment in marketing based on business development and sales rhythm, particularly during promotional events like Double Eleven [5] - The company is actively pursuing registration for its products in overseas markets, which is expected to drive growth in both domestic and international sales [5] Group 3: Financial Performance and Market Outlook - The electronic blood pressure monitor segment has shown positive growth in the first three quarters of the year, with a significant market penetration rate [6] - The company believes that the aging population and the trend of replacing imports will provide further growth opportunities in the domestic market for blood pressure monitors [6] - The management emphasizes a careful approach to expense planning to ensure a good return on investment while aiming to increase market share and brand power [6]

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223.SZ) [2] Core Views - The company's revenue returned to positive growth in Q3 2024, with a significant increase in marketing investment [2] - The diabetes care segment is accelerating, with steady progress in CGM product development [2] Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 6.028 billion yuan, down 10% year-on-year; net profit attributable to shareholders was 1.532 billion yuan, down 30% year-on-year; and non-recurring net profit was 1.274 billion yuan, down 24% year-on-year [2] - In Q3 2024, revenue reached 1.720 billion yuan, up 2% year-on-year; net profit attributable to shareholders was 411 million yuan, down 41% year-on-year; and non-recurring net profit was 310 million yuan, down 25% year-on-year [2] Operational Analysis - The company saw a return to positive revenue growth in Q3, with expectations that respiratory therapy, blood glucose management, and home medical devices have returned to normal operating conditions [2] - Sales expenses in Q3 were 317 million yuan, up 30.5% year-on-year, with a sales expense ratio of 18.4%, up 4.0 percentage points year-on-year, indicating increased investment in brand and new product promotion [2] Marketing Strategy - The company has established a professional marketing system with over 1,000 personnel in channels, online terminals, and foreign sales teams, enhancing its direct sales capabilities [2] - The online sales and marketing efforts are leading in the industry, with flagship stores on major e-commerce platforms [2] Diabetes Care Segment - The diabetes care solutions business is making breakthroughs, with market share for BGM-related products continuing to rise and customer base expanding [2] - The CGM products have seen rapid sales growth since their domestic launch, with ongoing development of next-generation products [2] Profit Forecast and Valuation - The company is expected to achieve net profits of 2.004 billion yuan, 2.316 billion yuan, and 2.723 billion yuan for 2024-2026, with year-on-year changes of -16%, +16%, and +18% respectively [2] - The current price corresponds to a PE ratio of 17, 15, and 13 times for 2024, 2025, and 2026 respectively, maintaining a "Buy" rating [2]

Financial Performance - The company's revenue for Q3 2024 was ¥1,720,240,193.28, representing a 2.21% increase year-over-year, while year-to-date revenue decreased by 9.53% to ¥6,027,852,090.96[2] - Net profit attributable to shareholders for Q3 2024 was ¥411,396,523.81, a decrease of 40.95% compared to the same period last year, and year-to-date net profit decreased by 30.09% to ¥1,531,593,657.16[2] - The basic earnings per share for Q3 2024 was ¥0.4130, down 41.07% year-over-year, with year-to-date earnings per share at ¥1.5374, a decrease of 30.29%[2] - Total operating revenue for the current period is ¥6,027,852,090.96, a decrease of 9.55% compared to ¥6,662,976,651.29 in the previous period[15] - The company's net profit margin is under pressure due to increased sales expenses, which rose to ¥930,620,028.23 from ¥855,049,688.64[15] - The net profit for Q3 2024 was approximately ¥1.53 billion, a decrease of 29.5% compared to ¥2.18 billion in Q3 2023[16] - Operating profit for Q3 2024 was approximately ¥1.75 billion, down 32.8% from ¥2.61 billion in the same period last year[16] - Total comprehensive income for Q3 2024 was approximately ¥1.54 billion, compared to ¥2.18 billion in Q3 2023, indicating a decline of 29.5%[16] Assets and Liabilities - The company's total assets at the end of Q3 2024 were ¥15,494,924,606.69, a decrease of 2.96% from the end of the previous year[2] - The company's cash and cash equivalents decreased to ¥6,682,206,632.31 from ¥7,215,419,322.83, showing a liquidity contraction[12] - Total assets decreased to ¥15,494,924,606.69 from ¥15,967,458,083.34, reflecting a reduction in overall asset base[14] - Total liabilities decreased to ¥2,829,842,688.41 from ¥4,051,960,445.73, indicating a significant reduction in debt levels[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,382,295,411.79, down 20.85% compared to the previous year[2] - The company's investment activities generated a net cash flow decrease of 93.59% year-over-year, mainly due to the maturity of structured deposits in the previous year[6] - Cash flow from operating activities for Q3 2024 was approximately ¥1.38 billion, a decline of 20.9% compared to ¥1.75 billion in Q3 2023[17] - The company recorded a cash inflow from investment activities of approximately ¥102.30 million in Q3 2024, a significant decrease from ¥1.60 billion in Q3 2023[17] - The company’s operating cash inflow decreased to ¥6.31 billion in Q3 2024 from ¥7.12 billion in Q3 2023, a decline of 11.3%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 43,792, with the largest shareholder, Jiangsu Yuyue Technology Development Co., Ltd., holding 24.54% of the shares[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three shareholders alone accounting for 42.58% of the total[9] - The company announced a cash dividend distribution of RMB 4.00 per 10 shares, totaling RMB 400,801,594.80, based on a total share base of 1,002,003,987 shares[11] - The cash dividend distribution will be executed on October 10, 2024, with the record date set for October 9, 2024[11] - Jiangsu Yuyue Medical Equipment Co., Ltd. has a total of 5% or more shareholders, with the largest being China Bank Co., Ltd. holding 2.03%[9] - The company has not reported any changes in the top ten shareholders due to the transfer of shares[9] - The company has not disclosed any related party transactions or agreements among the top shareholders[10] - The total number of preferred shareholders and their holdings has not been applicable for this reporting period[10] - The company has not engaged in any share buyback activities during this reporting period[10] Operational Metrics - Accounts receivable increased by 125.91% compared to the beginning of the period, primarily due to reasonable receivables from normal business operations[5] - The company experienced a 43.02% increase in credit impairment losses year-over-year, attributed to the increase in accounts receivable[5] - Inventory decreased to ¥1,195,113,014.09 from ¥1,412,311,882.61, indicating improved inventory management[12] - Research and development expenses increased to ¥405,052,780.76, compared to ¥397,254,715.93 in the previous period, indicating a continued focus on innovation[15]

江苏鱼跃医疗设备股份有限公司监事会 根据《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《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》等相关法律、法规及规范性文件的规定，监事会对 2023 年度员工持股计 划（以下简称"本次员工持股计划"）预留份额分配事项进行了认真核查，并发 表如下审核意见： 关于 2023 年度员工持股计划预留份额分配事项的审核意见 经审核，公司监事会认为： 1、公司审议本次员工持股计划预留份额分配议案的决策程序合法、有效， 不存在损害公司及全体股东利益的情形。 2、公司员工按照依法合规、自愿参与、风险自担的原则参加本次员工持股 计划预留股份的认购，不存在摊派、强行分配等方式强制员工参与本次员工持股 计划的情形，不存在公司向员工持股计划持有人提供贷款、贷款担保或任何其他 财务资助的计划或安排。 3、本次预留份额的认购对象符合《指导意见》等法律、法规、规范性文件 及《公司 2023 年度员工持股计划（草案）》《公司 2023 年度员工持股计划管理办 法》规定的持有人条件，符合本次员工持股计划规定的持有人范围，其作为公司 本次员工持股计 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-033 江苏鱼跃医疗设备股份有限公司 关于 2023 年度员工持股计划预留份额分配的公告 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"公司"）于 2024 年 10 月 15 日召开 第六届董事会第六次临时会议，审议通过了《关于公司 2023 年度员工持股计划预留份 额分配的议案》，同意对 2023 年度员工持股计划（以下简称"本次员工持股计划"）的 预留份额进行分配。根据《公司 2023 年度员工持股计划（草案）》《公司 2023 年度员 工持股计划管理办法》的规定，本次预留份额的分配事项在董事会审批权限范围内，无 需提交公司股东大会审议。现将相关事项公告如下： 一、本次员工持股计划实施进展 2023 年 9 月 12 日，公司召开第五届董事会第二十五次临时会议、第五届监事会第 十一次临时会议，并于 2023 年 9 月 28 日召开 2023 年第一次临时股东大会，审议通过 了《关于<公司 2023 年度员工持股计划（草案）及其摘要>的议案》《关于< ...