Core Viewpoint - Yuyue Medical announced the election of Ms. Zhang Jinyan as the employee representative director of the company's sixth board of directors [2] Group 1 - The announcement was made on the evening of November 20 [2] - The election reflects the company's governance structure and employee representation [2]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-046 江苏鱼跃医疗设备股份有限公司 关于董事辞职暨选举职工代表董事、补选战略委员会委员的公 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、董事辞职情况 江苏鱼跃医疗设备股份有限公司（以下简称"公司"）近日收到董事、副总 经理郑洪喆先生的辞职报告，因公司治理结构调整，郑洪喆先生申请辞去公司董 事及董事会战略委员会委员职务，辞任后仍担任公司副总经理职务。郑洪喆先生 担任公司董事的原定任期为 2023 年 11 月 24 日至 2026 年 11 月 23 日，根据《中华 人民共和国公司法》（以下简称"《公司法》"）及《公司章程》等有关规定， 郑洪喆先生的辞任不会导致公司董事会成员低于法定最低人数，其辞职不会影响 公司董事会的正常运作，辞任报告自送达公司董事会之日起生效。 截至本公告披露日，郑洪喆先生通过公司 2021 年度第一期员工持股计划、2023 年度员工持股计划间接持有公司股份，不存在未履行完毕的公开承诺事项。郑洪 喆先生将继续严格按照《上市公司股东减持股份管理暂行办法》《深圳证券交易 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-044 江苏鱼跃医疗设备股份有限公司 2025年第二次临时股东大会决议公告 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。 特别提示 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 通过深圳证券交易所互联网投票系统投票的时间为2025年11月20日上午9:15至下午 3:00期间的任意时间。 4、召开地点：江苏省南京市玄武区玄武大道708号鱼跃7号楼会议室 一、会议召开和出席情况 1、召集人：公司董事会 2、召开方式：现场投票方式、网络投票方式 3、会议召开时间： 现场会议时间：2025年11月20日下午14:00 网络投票时间：2025年11月20日 通过深圳证券交易所交易系统进行网络投票的时间为2025年11月20日9:15~9:25， 9:30~11:30，13:00~15:00； 5、主持人：公司董事长、总经理吴群先生。 6、本次会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》《深圳证券交易所股票上市规则》 ...

Group 1 - The core point of the news is that Yuyue Medical (SZ 002223) held a temporary board meeting on November 20, 2025, to discuss the election of new members to the strategic committee of the board [1] - As of the report date, Yuyue Medical has a market capitalization of 35.6 billion yuan [2] Group 2 - For the first half of 2025, Yuyue Medical's revenue composition is as follows: respiratory therapy solutions accounted for 35.93%, clinical instruments and rehabilitation solutions for 24.35%, home health testing solutions for 21.77%, blood glucose management and POCT solutions for 14.48%, and emergency solutions and others for 2.92% [1]

上海市通力律师事务所 关于江苏鱼跃医疗设备股份有限公司 2025 年第二次临时股东大会的法律意见书 致: 江苏鱼跃医疗设备股份有限公司 上海市通力律师事务所(以下简称"本所")接受江苏鱼跃医疗设备股份有限公司(以下 简称"公司")的委托, 指派本所蔡丛丛律师、韩宇律师(以下简称"本所律师")根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范 性文件(以下统称"法律法规")及《江苏鱼跃医疗设备股份有限公司章程》(以下简称"公 司章程")的规定就公司 2025 年第二次临时股东大会(以下简称"本次股东大会")相关事 宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章 ...

第六届董事会第十四次临时会议决议公告 证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-045 江苏鱼跃医疗设备股份有限公司 三、备查文件 1、第六届董事会第十四次临时会议决议。 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。 一、董事会会议召开情况 2025 年 11 月 20 日，江苏鱼跃医疗设备股份有限公司（以下简称"公司"）以通讯 表决的方式召开了第六届董事会第十四次临时会议。公司于 2025 年 11 月 14 日以书面 送达及电子邮件方式向公司全体董事发出了召开公司第六届董事会第十四次临时会议 的通知以及提交审议的议案。会议应出席董事 9 名，实际出席会议董事 9 名。本次会议 的召集、召开及表决等程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 和《公司章程》的有关规定，会议决议合法、有效。会议由董事长吴群先生主持，经与 会董事充分讨论，审议通过了如下议案： 二、董事会会议审议情况 1、 关于《补选第六届董事会战略委员会委员》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 根据《公司法》《公司章程》《战略委员会 ...

Core Viewpoint - Yuyue Medical has a diverse range of products, including influenza virus antigen detection kits, which are currently available for sale [2] Product Range - The company offers a variety of medical devices such as nebulizers, pulse oximeters, disinfection and infection control products, and temperature monitoring devices [2] - These products can be utilized in home health management solutions for diseases including, but not limited to, influenza [2] Usage Guidance - Patients are advised to use medical devices in accordance with medical advice [2]

Core Viewpoint - The recent policies on centralized procurement have significantly impacted the development of the compressed nebulizer industry in China, leading to increased demand but a slowdown in market growth due to price reductions [1][8]. Overview - Compressed nebulizers, also known as jet nebulizers, utilize compressed air to create high-speed airflow that atomizes liquid medication into fine droplets for respiratory treatment [2][3]. - They are commonly used for conditions like asthma and COPD, and are suitable for populations with difficulty swallowing [2]. Market Policy - The compressed nebulizer is classified as a Class II medical device, and the Chinese government has issued various policies to support the development of the medical device industry, ensuring product quality and patient safety [4]. - Key policies include the implementation of centralized procurement and price management for medical consumables, which aim to enhance the efficiency of procurement processes [7]. Industry Chain - The upstream of the compressed nebulizer industry includes suppliers of medical-grade plastics, silicone, and components like piezoelectric ceramics and compressors [6]. - The midstream consists of manufacturing companies, while the downstream includes medical institutions, pharmacies, and e-commerce platforms [6]. Current Development - By the end of 2024, the market size of the compressed nebulizer industry in China is projected to be approximately 3.339 billion yuan, with a growth rate of 1.90% [8]. - The number of medical institutions in China has reached 1.092 million, with a 2.0% year-on-year increase, driving demand for efficient nebulization devices [6]. Competitive Landscape - The market is highly competitive, featuring both foreign brands like Omron and Philips, and domestic companies such as Yuyue Medical and Kefu Medical, which are gaining market share through competitive pricing and localized distribution [8][9]. - Domestic brands are increasingly replacing imports in the high-end market due to their responsiveness to policies and market needs [8]. Representative Domestic Companies - Yuyue Medical reported a total revenue of 4.659 billion yuan in the first half of 2025, with respiratory treatment solutions accounting for 35.93% of total revenue [9]. - Kefu Medical achieved a revenue of 1.496 billion yuan in the same period, with a gross profit margin of 52.49% [10]. Future Trends - The application of IoT technology in nebulizers is expected to grow, enabling remote monitoring and data analysis for better patient management [12]. - Future developments will focus on multi-disease adaptability and advancements in compressor technology, such as oil-free and silent compressors [12].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][48]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 3.29% increase in the biopharmaceutical sector, while the total A-share market declined by 0.09% [1][36]. - The report highlights a significant divergence in performance among different segments of the medical device market, with consumables growing faster than equipment and IVD products [2][19]. - The report emphasizes the long-term growth potential of the Chinese medical device market despite short-term challenges related to pricing and policy [2][20]. Summary by Sections Market Performance - The biopharmaceutical sector outperformed the overall market, with notable increases in various sub-sectors: chemical pharmaceuticals up 4.51%, bioproducts up 2.65%, medical services up 1.81%, medical devices up 1.77%, and traditional Chinese medicine up 4.08% [1][36]. Key Companies and Predictions - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion CNY [4][48]. - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [48]. - WuXi AppTec is recognized for its comprehensive drug development services, poised to benefit from the rapid growth of the global drug development outsourcing market [48]. Investment Strategy - The report suggests focusing on undervalued stocks in the medical device and pharmacy sectors, which have already reflected risks from policies like centralized procurement [46][47]. - It recommends monitoring the clinical progress of innovative drugs overseas and emphasizes the importance of global clinical data for commercialization [47][48]. Recommended Stocks - The report lists several recommended stocks, including Mindray Medical, WuXi AppTec, Aier Eye Hospital, and others, indicating their strong market positions and growth potential [48][49].

Core Insights - The Biotech Index (970038) closed at 2182.31 points, down 0.94%, with a trading volume of 13.462 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 7 stocks rose while 42 stocks fell, with Xinlitai leading the gainers at 0.83% and Hualan Biological leading the decliners at 5.98% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 12.58%, latest price at 204.81, and a decline of 0.92% [1] - Changchun High-tech (sz000661) with a weight of 4.87%, latest price at 102.32, and a decline of 0.27% [1] - Shimeiao (sz002252) with a weight of 4.74%, latest price at 6.70, and a decline of 0.30% [1] - Kanglong Chemical (sz300759) with a weight of 4.55%, latest price at 29.16, and a decline of 1.22% [1] - Tigermed (sz300347) with a weight of 4.54%, latest price at 52.37, and a decline of 2.44% [1] - Shenzhen Technology (sz000021) with a weight of 4.16%, latest price at 23.90, and a decline of 1.77% [1] - Muyuan Foods (sz002714) with a weight of 3.62%, latest price at 48.45, and a decline of 0.31% [1] - Lepu Medical (sz300003) with a weight of 3.19%, latest price at 16.11, and a decline of 1.29% [1] - Aimeike (sz300896) with a weight of 3.16%, latest price at 155.51, and an increase of 0.58% [1] - Yuyue Medical (sz002223) with a weight of 3.07%, latest price at 35.28, and a decline of 0.20% [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 1.382 billion yuan from major funds, while retail investors saw a net inflow of 1.358 billion yuan [1] - Notable capital flows include: - Aimeike (sz300896) had a net inflow of 26.5772 million yuan from major funds, but a net outflow from retail investors of 20.4422 million yuan [2] - Changchun High-tech (sz000661) saw a net inflow of 8.8418 million yuan from major funds, with a slight net inflow from retail investors of 186.25 thousand yuan [2] - Other stocks like Furuisi (sz300049) and Yuyue Medical (sz002223) also showed mixed capital flows with significant net outflows from retail investors [2]