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< ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-032 江苏鱼跃医疗设备股份有限公司 第六届董事会第六次临时会议决议公告 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。 一、董事会会议召开情况 2024 年 10 月 15 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六次临时会议。公司于 2024 年 10 月 10 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六次临时会议的通 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》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《2023 年度员工持股计划预留份额分配》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 根据《公司 2023 年度员工持股计划（草案）》，董事会同意公司本次员工持股计划 的预留份额（对应公司股份 472,9 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-031 江苏鱼跃医疗设备股份有限公司 2024 年半年度权益分派实施公告 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、根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》等相关法律法规的规定，江苏鱼跃医疗设备股份有限公司（以下简称"公 司"）通过回购专用证券账户持有的公司股份 472,942 股不享有参与利润分配的权利。公 司 2024 年半年度权益分派方案为：按公司总股本 1,002,476,929 股，扣除公司回购专户 上剩余股份 472,942 股，以 1,002,003,987 股为基数，向全体股东每 10 股派 4.00 元人民 币现金（含税），不转增不送股，共计派发 400,801,594.80 元。 1、公司于 2024 年 9 月 9 日召开 2024 年第一次临时股东大会审议通过了关于《公 司 2024 年半年度利润分配预案》的议案。股东大会决议公告刊登于 2024 年 9 月 10 日 的《证券时报》和巨潮资讯网（www ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-030 江苏鱼跃医疗设备股份有限公司 2024年第一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。 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：2024年9月9日下午13:30 网络投票时间：2024年9月9日 通过深圳证券交易所交易系统进行网络投票的时间为2024年9月9日9:15~9:25， 9:30~11:30，13:00~15:00； 通过深圳证券交易所互联网投票系统投票的时间为2024年9月9日上午9:15至下午 3:00期间的任意时间。 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 市公司股东大会规则》《深圳证券交易所股票上市规则》以及《江苏鱼跃医疗设备股份 有限公司章程》等相关规定。 7、出席情况 本次股东大 ...

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 2024 年第一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, 指派本所梁茜颖律师、卓海萍律师(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》《上市公司股东大会规则》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 2024 年第一次临时股东大会(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 ...

买入（维持） 所属行业：医药生物/医疗器械 当前价格(元)：32.65 | --- | |----------------------------| | 证券分析师 | | 周新明 | | 资格编号：S0120524060001 | | 邮箱：zhouxm＠tebon.com.cn | 市场表现 鱼跃医疗 沪深300 -26% -17% -9% 0% 9% 17% 26% 34% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -13.19 | -13.16 | -16.17 | | 相对涨幅(%) | -9.59 | -8.10 | -7.23 | 资料来源：德邦研究所，聚源数据 相关研究 1.《——鱼跃医疗 2023 年三季报点评 -鱼跃医疗(002223.SZ)：盈利能力持续 优化，CGM 新品上市带动糖尿病护理 高速增长》，2023.11.10 2.《——鱼跃医疗 23 年半年报点评-鱼 ...