Core Viewpoint - The domestic market for sleep breathing machines is still a blue ocean, with leading companies like Ruimai Te and Yuyue Medical showing significant strength in this niche sector [1][3][17]. Group 1: Market Overview - The market for sleep breathing machines is expanding due to increasing awareness of sleep-related health issues, particularly obstructive sleep apnea (OSA) [1][3]. - Ruimai Te ranks first in China and second globally in market share for home breathing machines, indicating strong competitive positioning [3][17]. - The company has seen a surge in consumer interest, with nearly half of the population starting to explore and purchase these devices online [3][17]. Group 2: Company Performance - Ruimai Te's stock price has increased by approximately 29% in 2025, reversing a three-year decline, with a peak above 100 yuan before stabilizing around 80 yuan [4][18]. - The company reported a revenue of 2.66 billion yuan in Q1 2025, a 38.11% increase year-on-year, and a net profit of approximately 601.9 million yuan, up 44.11% [4][18]. - For the first nine months of 2025, Ruimai Te achieved a revenue of 5.21 billion yuan, a 39.07% increase, with consumables revenue growing by 27.26% [23]. Group 3: Product Innovation - Ruimai Te has introduced advanced home breathing machines equipped with a smart algorithm that can accurately identify various respiratory events and adjust pressure in real-time [24][25]. - The company’s G3X model has received FDA approval and is expected to meet the needs of high-end customers in North America, contributing to a 133.85% increase in revenue from the U.S. market [5][19]. - The smart algorithm enhances user experience by synchronizing with the user's breathing rhythm, providing a comfortable treatment experience [24][25]. Group 4: Competitive Landscape - Yuyue Medical is a key competitor in the market, offering various models of non-invasive breathing machines, including continuous positive airway pressure (CPAP) devices [11][27]. - Both companies are engaged in healthy competition, driving growth in the medical device sector, with a focus on product effectiveness and user comfort [28]. - The market is characterized by a growing number of manufacturers, but only Ruimai Te and Yuyue Medical are publicly listed, indicating a concentrated competitive environment [28].

Group 1 - The core focus of the collaboration between Yuyue Medical and Fudan University Affiliated Obstetrics and Gynecology Hospital is on blood glucose management for key populations such as pregnant women, newborns, and women in menopause [1][3] - The partnership aims to enhance the precision of prevention and treatment of related health issues, contributing to comprehensive health management for women and children [1][3] - Yuyue Medical possesses a complete product line and technological expertise in blood glucose monitoring, including fingertip blood glucose monitoring, continuous glucose monitoring, and instant testing, providing a comprehensive solution for health management [3] Group 2 - The collaboration is seen as a significant exploration of integrating cutting-edge technology with clinical needs, which has positive social implications [3][4] - The partnership is expected to provide important evidence for clinical guidelines and practices, enhancing the application of precise blood glucose management in obstetrics and gynecology [4] - Both parties aim to contribute to the "Healthy China" strategy in the field of maternal and child health through their joint efforts in technological empowerment [4]

这一年，从实验室到临床，从企业到社区，竞争维度已从单纯的技术或规模，拓展至创新生态、社会责 任与可持续发展能力的综合比拼，一场以 "健康新潮，价值共生" 为核心的深刻变革正在发生。 当时间的指针即将划过2025年的刻度，回望中国医疗健康产业，已然在技术突破、模式创新与社会责任 的交织中，完成了一场深刻而系统的价值演进。 一个明显的趋势是，传统医疗与大健康消费市场正在加速融合。 因此，财经网希望通过此次2025年财经网创新经济评选，与行业分享过去一年那些以长期主义心态，支 持创新、守护生命，在时代的浪潮中定义医疗健康新未来的企业和案例。 创新策源地位移：中国研发走向全球定义 一个显著的趋势是，中国正从全球最大的医疗应用市场，转变为前沿创新的策源地与解决方案孵化器。 GE医疗在进博会完成全球首秀的超高端ExpertX新量子CT，由中国研发团队主导定义，其毫秒级心脏成 像能力代表了影像诊断从"捕捉瞬间"到"解析全程"的范式跃迁。 同样，恒瑞医药（600276）累计超500亿元的研发投入、石药集团在mRNA与ADC等前沿平台的布局、 信达生物国产减重药临床研究登上《新英格兰医学杂志》——这些标志性事件共同印证，中国医 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

在ESG逐步迈向制度化治理的当下，如何穿透披露表象、识别企业真实的责任履行与价值底色，正成为 资本市场的重要课题。继北京、上海、广东三地榜单相继发布后，近日，济安金信正式公布《江苏省上 市公司ESG-V评级榜单》，对江苏辖内621家上市公司展开全维度评级，为观察中国制造业重地的责任 治理与投资价值提供了一份系统性报告。 本次评级沿用ESG-V体系，在环境（E）、社会（S）、督导（G）之外，创新融入企业价值（V）维 度。其中，环境维度关注全产业链绿色影响，社会维度坚守合规经营底线，督导维度拓展至利益相关方 协同，价值维度则依托经市场验证的"济安定价"模型，评估企业长期投资潜力。该体系旨在通过"可持 续性+投资性"的双重视角，为责任投资提供兼顾伦理与回报的评估框架。 本次发布的《江苏省上市公司ESG-V评级榜单》显示，在参评的621家公司中，恒瑞医药、华泰证券、 鱼跃医疗三家企业荣获最高综合评级AAA，分别来自医药制造、金融服务与医疗器械三大板块，呈现 出"合规扎实 + 价值稳健"的双优特征，成为本地ESG-V实践的领军样本。 此外，25家AA级与97家A级企业共同构成江苏地区的"优等生"阵营，累计占比超过20% ...

Core Insights - Yuyue Medical has integrated several health devices, including blood glucose meters, blood pressure monitors, and ventilators, with Ant Group's health management system, allowing automatic synchronization of monitoring data to users' personal health records for better health management [1] - The company has launched AI smart assistants such as "Yuyue Anai Sugar," "Yuyue Breathing Steward," and "Yuyue Blood Pressure Steward," which provide personalized health management advice based on user health data through the Ant Group application [1] - For the period from January to September 2025, Yuyue Medical reported a revenue of 6.545 billion yuan, representing a year-on-year increase of 8.58% (adjusted), while the net profit attributable to shareholders decreased by 4.28% (adjusted) to 1.466 billion yuan [1]

Core Viewpoint - Jiangsu Yuyue Medical Equipment Co., Ltd. has announced the initiation of foreign exchange hedging business, authorized management to exercise decision-making power for 12 months, and provided a feasibility analysis report for this business [1]. Group 1 - The sixth board of directors held a temporary meeting on December 24, 2025, to review and approve the proposal for foreign exchange hedging business [1]. - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association, with all nine directors present and voting unanimously in favor [1]. - The board authorized the management to make decisions regarding the foreign exchange hedging business, with the finance department responsible for the specific operations [1]. Group 2 - The feasibility analysis report for the foreign exchange hedging business was also approved during the meeting, providing a basis for decision-making [1]. - Detailed information regarding the foreign exchange hedging business can be found in the announcement published on December 25, 2025, on various financial news platforms [2].

（文章来源：证券日报） 证券日报网讯 12月24日，鱼跃医疗发布公告称，公司第六届董事会第十五次临时会议审议通过《关于 〈公司开展外汇套期保值业务〉的议案》。 ...

Core Viewpoint - Yuyue Medical (SZ 002223) announced a temporary board meeting on December 24, 2025, to discuss the feasibility report on foreign exchange hedging business [1] Group 1: Company Financials - 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] - As of the report, Yuyue Medical's market capitalization is 36.9 billion yuan [1]

鱼跃医疗公告称，为防范汇率及利率波动风险，公司及控股子公司拟开展外汇套期保值业务，涉及美 元、欧元等币种，业务包括远期结售汇、外汇掉期等。额度使用期限内任一时点交易金额不超3亿美元 或等值人民币，业务保证金上限2000万美元或等值人民币，有效期12个月，资金来源为自有等合法资 金。该事项已获董事会通过，无需股东会审议，不构成关联交易。同时，公司提示了市场、流动性等风 险，并制定了相应控制措施。 ...