Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Views - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, and a net profit drop of 24.63% to RMB 1.81 billion. However, Q1 2025 showed a revenue increase of 9.17% to RMB 2.44 billion, indicating a potential recovery [1][8]. - The report highlights the impact of high base effects on revenue, particularly in respiratory solutions, while noting strong growth in glucose management and emergency solutions [9][10]. - Strategic investment in Inogen is expected to enhance overseas expansion and brand strength, with export revenue growing by 30.42% in 2024 [11]. Financial Summary - Revenue for 2024 is projected at RMB 7.57 billion, with a forecasted increase to RMB 8.46 billion in 2025, representing an 11.9% growth [2]. - Net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, up from RMB 1.81 billion in 2024 [2]. - The company’s EPS forecast for 2025 is revised to RMB 1.98, with a new estimate for 2027 at RMB 2.64 [1][2]. Business Segments - Respiratory solutions revenue decreased by 22.42% in 2024 to RMB 2.60 billion, affected by fluctuations in public demand [9]. - Glucose management and POCT solutions saw a significant revenue increase of 40.20% to RMB 1.03 billion, driven by product upgrades and market expansion [10]. - Emergency solutions revenue grew by 34.05% to RMB 239 million, reflecting strong demand for newly certified products [10]. Strategic Initiatives - The strategic investment in Inogen aims to accelerate international market penetration and enhance the company's export capabilities [11]. - The company is focusing on building trust and cooperation with overseas clients, which is expected to yield comprehensive progress in key regions [11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Insights - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, with a net profit attributable to shareholders of RMB 1.81 billion, down 24.63% [1][8]. - In Q1 2025, the company reported a revenue increase of 9.17% to RMB 2.44 billion, while net profit decreased by 5.26% to RMB 625 million [1][8]. - The EPS forecast for 2025 and 2026 has been lowered to RMB 1.98 and RMB 2.28, respectively, with a new forecast for 2027 set at RMB 2.64 [1][8]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.57 billion, with a net profit of RMB 1.81 billion and a recurring net profit of RMB 1.39 billion [2]. - The revenue growth rates for the upcoming years are expected to be 11.9% in 2025, 13.2% in 2026, and 12.9% in 2027 [2]. - The net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, with a growth of 9.8% [2]. Business Performance - The respiratory solutions segment saw a revenue decline of 22.42% in 2024, totaling RMB 2.60 billion, primarily due to high base effects from 2023 [4][9]. - The glucose management and POCT solutions segment experienced significant growth, with revenue increasing by 40.20% to RMB 1.03 billion in 2024 [10]. - The company’s export revenue reached RMB 949 million in 2024, marking a year-on-year increase of 30.42%, supported by strategic investments and enhanced overseas channels [11].

Group 1: Company Overview - Yuyue Medical held a product launch event themed "AI + Health Future" to enhance home health management through AI technology [1] - In the 2024 financial report, the company reported R&D investment of 547 million yuan, an increase of 8.39% year-on-year, accounting for 7.23% of revenue, with a five-year compound annual growth rate of 18.39% [1] - Yuyue Medical has drafted four national standards and one local standard, completed two major national key R&D projects, and received 200 new patent authorizations in the year [1] Group 2: Product Innovations - Yuyue Medical launched five new products in the diagnostic monitoring sector, including the S series atrial fibrillation blood pressure monitor and a multi-functional home vital signs monitor [1][2] - The new home vital signs monitor integrates six measurement functions, addressing accessory storage and data management issues for chronic disease patients [2] Group 3: AI Integration - The company is focusing on integrating AI technology into health management, with the S series blood pressure monitor featuring a dual measurement design for precise screening of blood pressure and atrial fibrillation [3] - Yuyue Medical introduced the Yuyue AI Health Manager, which combines its product matrix with an intelligent health management ecosystem, allowing users to easily collect, analyze, and manage health data [3] Group 4: Future Vision - The chairman of Yuyue Medical emphasized that AI wearable medical devices will transform health management and optimize medical services, aligning with the company's mission to alleviate patient suffering and enhance physician skills [4] - The company aims to explore a fully integrated intelligent system for monitoring, warning, and intervention, enhancing health benefits for families through technological advancements [4]

Core Insights - Yuyue Medical (002223.SZ) reported a revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan for 2024, with a cash dividend plan of 0.4 yuan per share, totaling 800 million yuan, which is 44.4% of the net profit [2][3] - The company focuses on home medical devices, clinical products, and related services, with key revenue sources in respiratory therapy, blood glucose management, and POCT [2][4] Financial Performance - For Q1 2025, Yuyue Medical achieved a revenue of 2.436 billion yuan, a year-on-year increase of 9.17%, with a net profit of 625 million yuan [2] - Over the past five years, the company has distributed a total of 3.162 billion yuan in cash dividends [2] Market Position and Growth - Yuyue Medical is a leading domestic manufacturer of home medical devices, benefiting from the growing demand for health management and home care due to an aging population [3][4] - The company’s core business segments contributed 68.62% of total revenue in 2024, with respiratory therapy solutions generating 2.597 billion yuan, blood glucose management 1.03 billion yuan, and POCT 1.564 billion yuan [4] Product Innovation and Development - The company has maintained a leading position in the oxygen machine market since 2006, with a projected market size of 8.38 billion yuan by 2030 [4] - Yuyue Medical is also focusing on the home respiratory machine market, which is expected to exceed 3.33 billion yuan by 2025, driven by increasing respiratory diseases [5] Strategic Expansion - In 2024, the emergency solutions segment achieved a revenue of 239 million yuan, a growth of 34.05%, indicating strong growth potential [6] - The company is actively expanding its global market presence, with overseas revenue reaching 949 million yuan in 2024, a year-on-year increase of 30.42% [10][11] Research and Development - Yuyue Medical invested 547 million yuan in R&D in 2024, accounting for 7.23% of its revenue, with a compound annual growth rate of 18.39% over the past five years [7] - The company is advancing towards smart, wearable, and integrated home medical devices, with significant breakthroughs in continuous glucose monitoring technology [8][9] Marketing and Sales Strategy - The company has established a professional sales team of over 1,000 members and is enhancing its online presence through flagship stores on major e-commerce platforms [9] - Yuyue Medical is also focusing on localizing its operations in international markets, having obtained 103 overseas registration certificates in 2024 [11]

Group 1 - The company, Jiangsu Yuyue Medical Equipment Co., Ltd., will hold an online performance briefing for the 2024 fiscal year on May 9, 2025, from 15:00 to 17:00 [1] - The performance briefing aims to provide investors with a deeper understanding of the company's operational status following the release of the 2024 annual report on April 26, 2025 [1] - Key personnel attending the briefing include the Chairman/General Manager Wu Qun, Vice General Manager/CFO Zhang Yong, and independent directors [1] Group 2 - The company is soliciting questions from investors in advance of the performance briefing to enhance communication and address common concerns [2] - Investors can submit their questions until May 8, 2025, at 15:00 through a designated webpage [2] - The company encourages active participation from investors in the upcoming performance briefing [2]

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [2][10] Core Views - The company reported a better-than-expected Q1 2025 performance, with revenue of 2,436 million yuan, a year-on-year increase of 9.2%, and a net profit of 625 million yuan, a decrease of 5% [10] - The report highlights the company's product strength enhancement and accelerated overseas expansion as key growth drivers [10] - The company experienced a decline in revenue from COVID-related products in 2024, but other product lines showed growth, particularly in blood glucose management and emergency medical devices [10] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7,566 million yuan, with a year-on-year decline of 5.1%, while the forecast for 2025 is 8,730 million yuan, representing a growth of 15.4% [9][11] - The net profit for 2024 is expected to be 1,806 million yuan, down 24.6%, with a forecasted increase to 1,956 million yuan in 2025, reflecting an 8.3% growth [9][11] - The report provides a detailed breakdown of revenue growth across various product lines, indicating a strong performance in blood glucose management and emergency medical devices [10]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-022 出席本次年度业绩说明会的人员有：公司董事长/总经理吴群先生、公司副总 经理/首席财务官张勇先生、公司财务负责人刘丽华女士、公司独立董事钟明霞女 士、公司独立董事万遂人先生、公司董事/董事会秘书王瑞洁女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 8 日（星期四）15:00 前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征 集专题页面。公司将在 2024 年度业绩说明会上，对投资者普遍关注的问题进行回 答。欢迎广大投资者积极参与本次业绩说明会。 （问题征集专题页面二维码） 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 二〇二五年五月六日 江苏鱼跃医疗设备股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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"）已于 2025 年 4 月 26 ...

Investment Rating - The investment rating for Yuyue Medical is "Buy" [6] Core Views - The business is gradually returning to a normalized trajectory in 2024, with short-term revenue pressure primarily due to high base effects from the previous year. Profit performance is lagging behind revenue due to fluctuations in gross margin and increased expense ratios, as well as high asset disposal gains in the previous year. Increased marketing investments are supporting market expansion for new products. The overseas localization efforts are continuously improving, with significant growth in export revenue, particularly in key products like ventilators [1][2][3]. Summary by Sections Financial Performance - In 2024, Yuyue Medical achieved operating revenue of 7.566 billion yuan, a year-on-year decline of 5.09%. The net profit attributable to the parent company was 1.806 billion yuan, down 24.63% year-on-year. The first quarter of 2025 saw operating revenue of 2.436 billion yuan, an increase of 9.17% year-on-year, while net profit decreased by 5.26% [1][2][4]. Segment Performance - The blood glucose segment led growth with revenue of 1.03 billion yuan, a year-on-year increase of 40.20%. The respiratory therapy segment reported revenue of 2.597 billion yuan, down 22.42% due to previous year's demand fluctuations, although home respiratory devices still showed growth. Clinical instruments and rehabilitation generated 2.093 billion yuan, up 0.24% [3]. Overseas Market Expansion - Export revenue reached 949 million yuan in 2024, a year-on-year increase of 30.42%. The company has over 1,000 personnel in its overseas sales team, enhancing channel expansion and localization efforts. Key products are making significant inroads in overseas markets, particularly in Southeast Asia, Europe, and South America [3]. Profit Forecast and Investment Suggestions - Revenue forecasts for 2025-2027 are 8.459 billion, 9.479 billion, and 10.611 billion yuan, with year-on-year growth rates of 11.8%, 12.1%, and 11.9% respectively. Net profit attributable to the parent company is projected to be 2.006 billion, 2.241 billion, and 2.521 billion yuan, with growth rates of 11.1%, 11.7%, and 12.5% respectively [4][5].

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive growth in recent months and has a diversified portfolio in the healthcare sector [1][3]. - As of April 30, 2025, the latest net value of the fund is 2.5180 yuan, reflecting a growth of 1.82%. The fund's return over the past month is 2.07%, ranking 41 out of 469 in its category. Over the past three months, the return is 11.71%, ranking 45 out of 467, and since the beginning of the year, the return is 10.49%, ranking 44 out of 465 [1]. - The fund's total assets amount to 2.724 billion yuan as of March 31, 2025, and it was established on November 18, 2014. The fund managers are Zhao Bei and Ding Yang [1]. Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant investments in companies such as Heng Rui Pharmaceutical (8.90%), WuXi AppTec (5.12%), and Aier Eye Hospital (4.94%) [1]. - Zhao Bei, the fund manager, has extensive experience in the healthcare sector, having been with ICBC Credit Suisse Asset Management since 2010 and managing the healthcare fund since its inception in 2014. Ding Yang, the co-manager, has a strong academic background and joined the firm in 2017 [2].

Group 1 - The core objective of the "Implementation Plan for the Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" is to achieve significant progress in digital transformation by 2027, enhancing the competitiveness of the pharmaceutical industry and quality management throughout the product lifecycle [1] - The integration of new information technologies with the pharmaceutical industry is expected to drive high-quality and innovative development, with listed companies in the Shenzhen market actively participating in this transformation [1][2] - The rapid development of artificial intelligence is reshaping the pharmaceutical industry, providing unprecedented opportunities for transformation from drug development to health management [2] Group 2 - Companies are focusing on enhancing their research and development capabilities by integrating AI with medical technology, which requires overcoming various interdisciplinary barriers [2][3] - The digital transformation of the pharmaceutical industry involves automating manufacturing processes, unlocking the value of pharmaceutical data, enhancing cybersecurity, and promoting AI across the entire industry chain [3] - Capital markets play a crucial role in supporting the pharmaceutical industry through various funding channels, enabling companies to invest in high-cost areas such as innovative drug development and high-end medical device manufacturing [4][5] Group 3 - The establishment of a transparent corporate governance structure through public listing helps pharmaceutical companies improve internal decision-making processes and risk management capabilities [5] - As of April 29, 2024, 256 companies in the Shenzhen pharmaceutical and biotechnology sector reported a total revenue of 1.13 trillion yuan and a net profit of 67.63 billion yuan, with 37 companies experiencing over 50% net profit growth [5] - Companies plan to continue leveraging capital market support to drive further upgrades in the pharmaceutical industry, focusing on innovation and expanding research boundaries [6]