Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 48.99 [8][9]. Core Views - The company is expected to see a gradual improvement in performance as the high base effect from the previous year diminishes, leading to better growth rates in the future [1]. - The revenue and profit figures for 2024 are projected to be RMB 75.66 billion and RMB 18.06 billion respectively, reflecting a year-on-year decline of 5.1% and 24.6% [1]. - The first quarter of 2025 showed a revenue increase of 9.2% year-on-year, although net profit decreased by 5.3% [1]. Revenue Performance - The company's core segments showed varied performance in 2024: - Respiratory treatment solutions generated RMB 26.0 billion, down 22.4% year-on-year due to high base effects, while home respiratory devices and nebulizers saw positive growth [2]. - Blood glucose and POCT products achieved a revenue of RMB 10.3 billion, marking a significant increase of 40.2%, with CGM products more than doubling in revenue [2]. - Clinical instruments and rehabilitation revenue remained stable at RMB 20.9 billion, with some product categories experiencing growth while others faced declines due to high base effects [2]. Other Product Performance - Other product categories exhibited mixed results: - Home care products generated RMB 15.6 billion, slightly down by 0.4%, with electronic blood pressure monitors showing over 10% growth [3]. - Emergency products saw a robust growth of 34.1%, with the self-developed AED product M600 contributing to this increase [3]. Cost and Profitability - The sales expense ratio increased year-on-year, reflecting the company's ongoing investment in expanding its domestic and international market presence [4]. - The gross margin for 2024 and Q1 2025 was reported at 50.14% and 50.30% respectively, showing a slight year-on-year improvement [4]. Financial Forecasts - The company has adjusted its revenue expectations for respiratory and infection control products downward while increasing the expense ratio forecast. The projected net profits for 2025-2027 are RMB 19.6 billion, RMB 22.7 billion, and RMB 26.2 billion, respectively, indicating year-on-year growth of 8.8%, 15.5%, and 15.3% [5]. - The earnings per share (EPS) estimates for the same period are RMB 1.96, RMB 2.26, and RMB 2.61 [5].

在数智化浪潮奔涌的新时代,鱼跃医疗展现出敏锐的行业洞察力,准确把握未来健康行业发展趋势。通过 技术+模式+生态的多重创新,全方位、多维度推动国产医疗器械加速转型升级,稳步迈向高端化。基于此, 鱼跃医疗不仅锚定高质量发展新航道,为医疗器械全产业链整合与重构提供新路径,更凭借其卓越的表现 赢得了社会各界的高度认可。 鱼跃医疗聚焦医疗装备与智慧医疗体系创新协同,入选国家级榜单 在数智科技与医疗健康产业加速融合的背景下,高端医疗设备、高效体外诊断、人工智能医疗器械等重 点领域,逐渐成为行业主攻方向。为此,鱼跃医疗聚焦高端医疗装备与智慧医疗体系创新协同发展,正积极 探索未来健康产业新业态、新模式。 在工信部近日公布的"2024年未来产业创新发展优秀典型案例",鱼跃医疗凭借其在创新与实践方面取得 的卓越成果,成功入选这一国家级榜单,跻身未来健康领域领军企业行列。 作为医疗器械领域的创新先锋,鱼跃医疗在强化自主研发能力的同时,积极联合上下游创新型企业、专业 医疗机构、高校与科研机构等生态伙伴,携手踏上高端医疗设备国产替代这条充满挑战但又意义重大的 道路。 具体来看,鱼跃医疗全面聚焦高端呼吸机传感器、自适应精准人工胰脏闭环系 ...

Summary of Earnings Call Transcripts Companies and Industries Involved - **福斯特 (Foster)** - **联泓新科 (Lianhong Xinke)** - **阳光电源 (Sungrow Power)** - **帝尔激光 (Dier Laser)** - **比亚迪 (BYD)** - **三棵树 (Sankeshu)** - **五粮液 (Wuliangye)** - **新产业公司 (New Industry Company)** - **鱼跃医疗 (Yuyue Medical)** Key Points and Arguments 福斯特 (Foster) - 2025 overseas production capacity for solar films is expected to increase, with overseas gross margin around 20%, higher than domestic margins, leading to expanded profitability [1][5] - Q1 2025 net profit reached 4.01 billion, a 710% increase QoQ, despite a 9% YoY decline in solar film shipment [3] - Forecasted net profits for 2025-2027 are 17.4 billion, 20.2 billion, and 23.6 billion respectively, with corresponding PE ratios of 18x, 16x, and 13x [5] 联泓新科 (Lianhong Xinke) - Q1 2025 revenue was 15.4 billion, a 3% YoY increase, with net profit of 0.7 billion, up 39% YoY [6] - New production lines for EVA and POE are planned for 2025-2026, with revised profit forecasts of 3.02 billion, 5.96 billion, and 7.38 billion for 2025-2027 [8] 阳光电源 (Sungrow Power) - 2024 net profit was 110 billion, a 17% YoY increase, with Q1 2025 profit of 38 billion, an 83% YoY increase [9] - Operating cash flow for 2024 was 121 billion, up 73% YoY, indicating strong operational quality [10] - Forecasted net profits for 2025-2027 are 144 billion, 172 billion, and 207 billion respectively, with PE ratios of 8x, 7x, and 6x [10] 帝尔激光 (Dier Laser) - 2024 revenue was 20 billion, a 25% YoY increase, with a net profit of 5 billion, up 14% YoY [11] - Q1 2025 revenue was 6 billion, a 25% YoY increase, with a net profit of 2 billion [12] 比亚迪 (BYD) - Q1 2025 sales reached 1.001 million vehicles, a 60.3% YoY increase, with revenue of 1,703.6 billion, up 36.3% YoY [16] - Export volume exceeded 200,000 vehicles, a 110% YoY increase, with overseas net profit per vehicle around 20,000 [18] - 2025 sales target is 5.5 million vehicles, with net profit expected between 55 billion and 60 billion [20] 三棵树 (Sankeshu) - Retail wall paint growth rate for 2024 is projected at 13%, with Q1 2025 gross margin up 2.7 percentage points YoY [21][22] - Cash flow improved significantly, with Q1 2025 net inflow of 1.1 billion compared to a negative 2.6 billion YoY [23] 五粮液 (Wuliangye) - 2024 revenue was 892 billion, a 7% YoY increase, with net profit of 318 billion, up 5% YoY [24] - Q1 2025 sales collection reached 382 billion, a 76% YoY increase [25] 新产业公司 (New Industry Company) - 2024 revenue was 45.35 billion, a 15% YoY increase, with net profit of 18.28 billion, up 11% YoY [27] - Forecasted revenue for 2025-2027 is 21.48 billion, 26.48 billion, and 32.09 billion respectively, with growth rates of 18%, 23%, and 21% [27] 鱼跃医疗 (Yuyue Medical) - 2024 revenue was 75.66 billion, a 5% YoY decline, with net profit of 18.06 billion, down 25% YoY [28] - Q1 2025 revenue was 24.36 billion, a 9% YoY increase, with net profit of 6.25 billion, down 5% YoY [30] Other Important but Possibly Overlooked Content - Foster's competitive advantage is highlighted by its ability to maintain profitability amidst industry losses, indicating a strong market position [5] - BYD's strategy includes optimizing cost structures and leveraging significant R&D investments to maintain competitive pricing [19] - The cash flow improvements across multiple companies suggest a trend towards better operational efficiency and financial health in the industry [10][23]

Summary of Yuyue Medical's Conference Call Company Overview - **Company**: Yuyue Medical - **Industry**: Medical Devices Key Financial Performance - **2024 Revenue**: 78.37 billion CNY, a decrease of 24.12% year-on-year [2] - **Q1 2025 Revenue**: 24.36 billion CNY, an increase of 9.17% year-on-year; net profit of 6.25 billion CNY, down 5.26% [2][3] - **Gross Margin**: Approximately 50% for 2024 [2][6] - **R&D Expenses**: 5.47 billion CNY in 2024, up 25% year-on-year [2][6] - **Cash Dividends**: 8.02 billion CNY in 2024, representing 44% of net profit [2][6] Business Segment Performance - **Blood Glucose Management and POCT Solutions**: Revenue of 10.30 billion CNY, up 40.20% year-on-year [5] - **Home Health Testing Solutions**: Revenue of 15.64 billion CNY, down 0.41% [5] - **Respiratory Treatment Solutions**: Revenue of 25.97 billion CNY, showing a decline but recovering post-pandemic [5] - **Emergency Solutions**: Revenue of 2.39 billion CNY, up 34% [5] Strategic Initiatives - **International Expansion**: - 2024 overseas sales revenue increased by 30%, accounting for 12% of total revenue [2][7] - Significant progress in Southeast Asia and Europe, with plans for further team development [2][15] - **R&D and Product Development**: - New products include CT4 and CT5 blood glucose monitoring systems and third-generation sleep apnea machines [4][8] - Plans to launch wearable devices focusing on medical-grade testing [10][13] - **AI Integration**: - Launched AI software for health-related queries and partnered with Deepseek and Tencent for AI model development [4][9][22] Market Trends and Challenges - **Domestic Market Recovery**: Gradual recovery in domestic consumption, with online sales showing significant growth [16][17] - **Impact of DRG Cost Control Policies**: Minimal impact on clinical instruments and rehabilitation segments due to established market positions [19] - **Competition**: Facing competition from both domestic and international players, with a focus on maintaining quality and brand value [31][35] Future Outlook - **Growth Projections**: Confidence in achieving double growth in the next four to five years, with potential for accelerated growth through strategic acquisitions [36][37] - **Product Pipeline**: Upcoming products include portable oxygen machines and advanced monitoring devices, aiming to enhance market competitiveness [10][24][27] Additional Insights - **ESG Commitment**: Released the first ESG report with an MSCI ESG rating of A, indicating strong governance practices [4][8] - **Wearable Device Strategy**: Focus on medical-grade wearable devices, differentiating from consumer electronics [27][28] This summary encapsulates the key points from Yuyue Medical's conference call, highlighting financial performance, strategic initiatives, market trends, and future outlook.

正式报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 鱼跃医疗 发布了2024年年报以及2025一季报。 | | | 2023 年 | | 本年比 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增 | 2022 年 | | | | 2024 年 | | | 视 | | | | | | 调整前 | 调整后 | 调整后 | 调整前 | 调整后 | | 营业收入 | 7.565.819.017.28 | 7.971.734.452.47 | 7.971.734.452.47 | -5.09% | 7.101.679.159.74 | 7.101.679.159.74 | | (元) | | | | | | | | 归属于上市 公司股东的 | 1.805.700.655.26 | 2.395.853.276.49 | 2.395.853.276.49 | -24.63% | 1.595.037.435.14 | 1.595.037.435.14 | | 净利润 | | | | | | ...

Core Viewpoint - Yuyue Medical is focusing on innovation in the healthcare industry by launching new products and forming strategic partnerships to enhance diabetes management and overall health solutions [1][3]. Group 1: Product Launch and Innovation - Yuyue Medical introduced the Anytime 5 series, which is the world's first continuous glucose monitoring (CGM) product capable of monitoring blood glucose for 16 days, featuring a 8.58% MARD accuracy and an integrated design [2]. - The Anytime 5 series leverages AI technology for trend prediction and real-time alerts, aiming to improve diabetes management efficiency and reduce healthcare costs [2]. - The CGM industry is transitioning from a "technical breakthrough" phase to an "ecosystem construction" phase, with the Anytime 5 series expected to lead significant changes in the industry landscape [2]. Group 2: Strategic Partnerships and Market Expansion - Yuyue Medical announced the launch of an OTC retail market leadership plan and deepened strategic partnerships with companies like Wukong Zhili, Jiangsu Mobile, and Jiuzhoutong to enhance market reach and resource integration [3]. - The company introduced the "Anytime Future Partner Recruitment Plan" to involve users in product development, aiming to improve service experience and invest over 10 million yuan in health initiatives [3]. - The spring product launch reflects Yuyue Medical's insight into industry trends and its commitment to providing a new paradigm of "AI + health" for chronic disease management [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 7.566 billion RMB in 2024, a decrease of 5% year-on-year, and a net profit of 1.806 billion RMB, down 24% year-on-year [2]. - The company has shown strong performance in the blood glucose management and emergency response sectors, with a revenue increase of 40.2% in the blood glucose management and POCT solutions business [3]. - The company has entered a strategic partnership with Inogen to accelerate overseas market expansion, achieving a 30.42% increase in export revenue in 2024 [4]. Performance Summary - In Q4 2024, the company achieved a revenue of 1.538 billion RMB, an 18% increase year-on-year, and a net profit of 274 million RMB, a 34% increase year-on-year [2]. - For Q1 2025, the company reported a revenue of 2.436 billion RMB, a 9% increase year-on-year, but a slight decline in net profit by 5% [2]. Revenue Breakdown - The respiratory therapy solutions segment generated 2.597 billion RMB in 2024, down 22.42% year-on-year, while the blood glucose management and POCT solutions segment saw a revenue of 1.030 billion RMB, up 40.2% [3]. - The clinical instruments and rehabilitation business achieved a revenue of 2.093 billion RMB, a slight increase of 0.24% year-on-year [3]. Future Projections - The company is projected to achieve net profits of 2.025 billion RMB, 2.332 billion RMB, and 2.690 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 12%, 15%, and 15% [5][10].

Core Insights - Yuyue Medical reported a revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan for 2024, with a revenue of 2.436 billion yuan in Q1 2025, representing a year-on-year growth of 9.17% [1][4] - The company launched over 30 innovative products at its spring product launch event, focusing on the integration of AI and healthcare, marking a new era of "hardware + AI + ecosystem" in the medical industry [1][14] Financial Performance - In 2024, Yuyue Medical achieved a revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan, with a non-recurring net profit of 1.393 billion yuan [1] - For Q1 2025, the company reported a revenue of 2.436 billion yuan, showing a year-on-year increase of 9.17% and a net profit of 625 million yuan [1] Product Development and Innovation - The company introduced over 30 new products across key strategic areas such as respiratory therapy, blood glucose management, and home health monitoring solutions [8] - The Anytime5 continuous glucose monitoring system achieved a key technical breakthrough with a mean absolute relative difference (MARD) of 8.58% [8] - The HeartSave H7/H8 series AED features GPS and Beidou positioning, enhancing emergency response capabilities [10] Market Expansion and Strategy - Yuyue Medical's overseas revenue reached 949 million yuan in 2024, marking a year-on-year growth of 30.42%, with significant developments in Europe, South America, and Asia [4] - The company has established R&D centers in Germany, Shanghai, and Shenzhen, and has set up subsidiaries in Thailand and Germany to enhance localized operations [4] - The company is actively pursuing regulatory approvals in various regions, having registered 103 overseas certifications, including EU MDR certification for AED products [4] AI Integration and Future Plans - The launch of the Yuyue Medical AI model aims to enhance health management through data integration and collaboration with Tencent's health ecosystem [14] - The company plans to accelerate the rollout of AI-driven healthcare products and establish an open developer model for its AI health manager [14] - Yuyue Medical emphasizes a long-term vision, focusing on global expansion and continuous innovation in the healthcare sector [3][14]

江苏鱼跃医疗设备股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 3-4 | | 信念中和合分析 官 名 所 上 豆 可 东城 期 北 下 街 版 北 下 街 版 北 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, | | | +86 (010) 6554 7190 | Dongcheng District, Beijing, I | 传真: | | certified public accountants 100027, P.R.China | | facsimile: +86 (010) 6554 7190 | 关于江苏鱼跃医疗设备股份有限公司 2024 年度非经营性资金占用及其他关联资金往 ...

江苏鱼跃医疗设备股份有限公司 2024 年度 内部控制审计报告 索引 页码 审计报告 1-2 内部控制审计报告 XYZH/2025SHAA1B0133 江苏鱼跃医疗设备股份有限公司 江苏鱼跃医疗设备股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了江苏鱼跃医疗设备股份有限公司（以下简称鱼跃医疗公司）2024 年 12 月 31 日财务报 告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是鱼跃医疗公司董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 ...