1、基本情况 江苏鱼跃医疗设备股份有限公司（以下简称"公司"或"鱼跃医疗"）的控股子公 司江苏讯捷医疗科技有限公司（以下简称"讯捷医疗"）为进一步健全和完善治理结构， 建立长期有效的激励机制，增强核心员工对实现讯捷医疗持续、健康发展的责任感、使 命感，有效地将股东利益、讯捷医疗利益和员工个人利益结合在一起，拟实施员工股权 激励计划（以下简称"本次激励计划"）。 本次激励计划的激励对象拟通过丹阳飞鱼企业管理合伙企业（有限合伙）（讯捷医 疗股东之一，由公司控制，以下简称"持股平台"）认购期权数量 433.9491 万份，对应 持股平台认缴出资额 433.9491 万元，间接持有讯捷医疗 2.3289%的股权；其中关联人荆 伟先生拟以不超过人民币 250.1148 万元出资，通过持股平台认购期权数量不超过 62.5287 万份，对应持股平台认缴出资额 62.5287 万元，间接持有讯捷医疗 0.3356%的股 权。 本次激励计划完成后，公司直接持有持股平台认缴出资额比例由 99.00%减少至不 低于 70.07%，公司通过持股平台间接持有的讯捷医疗股权比例由 7.97%减少至不低于 5.64%，讯捷医疗注册资本及公 ...

江苏鱼跃医疗设备股份有限公司 独立董事专门会议 2024 年第三次会议决议 独立董事专门会议同意本次控股子公司实施股权激励计划暨关联交易事项 并同意提交公司第六届董事会第五次临时会议审议。 江苏鱼跃医疗设备股份有限公司 独立董事：于春、钟明霞、万遂人 二〇二四年七月二十九日 二、独立董事专门会议审议情况 1、关于《控股子公司实施股权激励计划暨关联交易》的议案 表决结果：同意：3 票；反对：0 票；弃权：0 票 经审核，我们认为本次股权激励符合公司及江苏讯捷医疗科技有限公司战略 发展规划，将充分激发子公司管理层、核心员工的积极性，可进一步建立健全子 公司的激励机制，符合公司的整体利益。本次关联交易不构成《上市公司重大资 产重组管理办法》规定的重大资产重组、重组上市的情形，定价按照公平、合理 原则经双方协商确定，不存在损害公司及中小股东利益的情况，符合相关法律法 规和《公司章程》的规定，不会影响公司的独立性，对公司本期及未来财务状况、 经营成果不会构成重大影响。 一、独立董事专门会议召开情况 2024 年 7 月 29 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独立董事专门会议 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-021 江苏鱼跃医疗设备股份有限公司 第六届董事会第五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 7 月 31 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五次临时会议。公司于 2024 年 7 月 26 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五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《控股子公司实施股权激励计划暨关联交易》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 公司的控股子公司江苏讯捷医疗科技有限公司（以下简称"讯捷医疗"）为进一步健 全和完善治理结构，建立长期有效的激励机制，增强核 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-022 江苏鱼跃医疗设备股份有限公司 1、第六届监事会第二次临时会议决议。 第六届监事会第二次临时会议决议公告 本公司及监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、监事会会议召开情况 江苏鱼跃医疗设备股份有限公司（以下简称"公司"）于 2024 年 7 月 26 日 以书面送达及电子邮件形式向公司全体监事发出了召开公司第六届监事会第二 次临时会议的通知。会议于 2024 年 7 月 31 日以通讯表决的方式召开，会议应到 监事 7 人，实到监事 7 人。本次会议的召集、召开符合《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。会议由公司监事会主席吕英 芳先生主持，经与会监事充分讨论，审议通过了如下议案： 二、监事会会议审议情况 1、关于《控股子公司实施股权激励计划暨关联交易》的议案 表决结果：同意：7票；反对：0票；弃权：0票 经审议，我们认为：本次股权激励定价遵循公平、公正、合理的原则，不存 在损害公司、全体股东，特别是损害中小股东利益的情形。本次控股子公司股权 激励暨关联 ...

Investment Rating - Buy rating (首次覆盖) with a target market cap of 56.3 billion yuan, implying a 49% upside from the current market cap of 37.8 billion yuan [5][8] Core Views - The company is a leading domestic medical device company with significant advantages in both online and offline channels and strong brand recognition [4] - The home medical device market is expected to continue growing due to rising income levels, increasing health awareness, and an aging population [4][25] - The company has a clear business segmentation with a focus on high-end products, including respiratory and oxygen therapy, blood glucose and POCT, and disinfection and infection control [4] - The company's core businesses are expected to maintain stable growth, while high-potential businesses such as emergency care, ophthalmology, and smart rehabilitation are in the early stages of development [4] Business Segments Respiratory and Oxygen Therapy - The respiratory therapy segment is the largest revenue contributor, accounting for 42% of total revenue in 2023 [23] - The segment grew 51% YoY in 2023, driven by strong demand for oxygen concentrators and ventilators [36] - Long-term growth is expected due to the aging population and increasing health awareness [37] Blood Glucose and POCT - The blood glucose segment grew 37% YoY in 2023, driven by product upgrades and new product launches [43] - The company has obtained certification for its 14-day calibration-free CGM product, further enhancing its position in the blood glucose market [43] - The domestic blood glucose market has significant growth potential due to low penetration rates and low testing frequency among diabetic patients [41][43] Disinfection and Infection Control - The disinfection segment saw a 36% YoY decline in revenue in 2023 due to the high base effect from the COVID-19 pandemic [45] - However, long-term growth is expected as public health awareness increases and disinfection requirements in public places and hospitals become more stringent [45] Home Electronic Testing and IVD - The home electronic testing segment grew 10.05% YoY in 2023, with electronic blood pressure monitors growing 20% YoY [47] - The segment is expected to benefit from the gradual replacement of mercury-based blood pressure monitors with electronic ones [46] Ophthalmology - The company has completed a comprehensive layout in the ophthalmology sector, including equipment, contact lenses, and care products [56] - The ophthalmology market has significant growth potential due to the high prevalence of myopia among children and adolescents and the increasing incidence of age-related eye diseases [56] Emergency Care - The company has completed the localization of its AED products, which are expected to become an important part of its business in the future [53][54] - The domestic AED market has significant growth potential due to low penetration rates compared to international standards [50][51] Financial Performance - Revenue in 2023 was 7.972 billion yuan, up 12% YoY, while net profit was 2.396 billion yuan, up 50% YoY [22] - The company's gross margin has been steadily increasing, reaching 51.5% in 2023, driven by the high-end transformation of its product structure [24] - Revenue is expected to grow to 8.457 billion yuan in 2024, 9.762 billion yuan in 2025, and 11.233 billion yuan in 2026, with net profit expected to reach 2.154 billion yuan, 2.485 billion yuan, and 2.879 billion yuan, respectively [5][58] Industry Overview - The home medical device market in China grew from 48 billion yuan in 2015 to 152.1 billion yuan in 2020, and is expected to reach 350 billion yuan by 2025 [25] - The market is driven by rising income levels, increasing health awareness, and an aging population [25][26] - The penetration rate of home medical devices in China is still significantly lower than in developed countries, indicating significant growth potential [25]

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、本次关联交易的概述 2024 年 5 月 18 日，江苏鱼跃医疗设备股份有限公司（以下简称"鱼跃医疗"、 "公司"）召开了第六届董事会第四次临时会议，审议通过了关于《与参股公司 签订股份回购协议暨关联交易》的议案，同意 Amsino Medical Group Company Limited（以下简称"美诺医疗"）回购鱼跃医疗持有的美诺医疗普通股 11,879,809 股。详细内容请见 2024 年 5 月 20 日刊登于巨潮资讯网（www.cninfo.com.cn）及 《证券时报》的《江苏鱼跃医疗设备股份有限公司关于与参股公司签订股份回购 协议暨关联交易的公告》（公告编号：2024-017）。 二、本次关联交易的进展情况 证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-020 江苏鱼跃医疗设备股份有限公司 关于与参股公司签订股份回购协议暨关联交易的进展公告 近日，公司已与美诺医疗等相关方共同签署了《股份回购协议》及相关文件。 2024 年 6 月 24 日，美诺医疗已向公司指定账户支付了股 ...

1 2023 Sustainability Report CONTENTS Empowering healthcare through innovation. Following the new strategy of "reshaping medical devices through innovation," Yuwell Medical puts innovation at the forefront of its development. We consistently increase investment in R&D and explore new areas and create new advantages through technological innovation, delivering more valuable healthcare solutions to society. In 2023, the company made significant strides by capitalizing on its extensive global research and deve ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical, with a target price set based on expected returns exceeding 20% over the next six months [5]. Core Insights - Yuyue Medical reported a revenue of 7.972 billion yuan in 2023, marking a year-on-year growth of 12.3%. The net profit attributable to shareholders reached 2.396 billion yuan, a significant increase of 50.2% compared to the previous year [1][3]. - The company's Q1 2024 revenue was 2.231 billion yuan, reflecting a year-on-year decline of 17.4%, but a substantial quarter-on-quarter increase of 70.48% [1][3]. - The report highlights strong growth in various business segments, particularly in respiratory treatment solutions, which saw a remarkable growth of 50.55% in 2023 [2]. Summary by Sections Financial Performance - In 2023, Yuyue Medical's operating income was 7.972 billion yuan, with a growth rate of 12.25%. The EBITDA was 2.953 billion yuan, and the net profit attributable to shareholders was 2.396 billion yuan, reflecting a growth rate of 50.21% [4][10]. - The company achieved a gross profit margin of 51.49%, an increase of 3.36 percentage points from 2022 [3][10]. Business Segments - The respiratory treatment solutions segment experienced significant growth, with oxygen machine sales increasing nearly 60% and sales of nebulizers growing over 60% [2]. - The diabetes care solutions segment also performed well, with a revenue increase of 37.12% [2]. - The infection control solutions segment faced a decline due to high base effects from the previous year, but the company plans to expand into niche markets [2]. Profitability and Forecast - The report forecasts Yuyue Medical's revenue for 2024 to be approximately 8.661 billion yuan, with net profits expected to be around 2.208 billion yuan [3][4]. - The company is expected to maintain a focus on improving cost efficiency and resource utilization, which should support profitability growth in the coming years [3].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company achieved a revenue of 7.972 billion yuan in 2023, representing a year-on-year growth of 12.25%. The net profit attributable to the parent company was 2.396 billion yuan, up 50.21% year-on-year. However, the fourth quarter of 2023 saw a revenue decline of 34.08% year-on-year [6][8]. - The respiratory therapy segment showed significant growth, with a 50.55% increase in business year-on-year. The diabetes care segment also accelerated, with a revenue growth of 37.12% [6][8]. - The overseas market revenue reached 727 million yuan in 2023, a year-on-year increase of 2.45%, indicating a recovery in growth and potential for further expansion [6][8]. Financial Performance Summary - In 2023, the company reported total revenue of 7.972 billion yuan, with a net profit of 2.396 billion yuan. The first quarter of 2024 showed a revenue of 2.231 billion yuan, down 17.44% year-on-year [6][8]. - The company expects earnings per share (EPS) for 2024 to be 2.16 yuan, with net profits projected at 2.166 billion yuan [7][11]. - The gross margin for 2023 was 51.5%, with a projected gross margin of 51.1% for 2024 [11][12]. Business Segment Analysis - The respiratory therapy solutions segment generated 3.371 billion yuan in 2023, accounting for 42.3% of total revenue, with a year-on-year growth of 50.6% [9][11]. - The diabetes care solutions segment saw a revenue of 726.4 million yuan in 2023, representing a growth of 37.1% year-on-year [9][11]. - The infection control solutions segment experienced a decline of 36.15% year-on-year due to high base effects from the previous year [6][9]. Market Outlook - The company anticipates a reasonable valuation range of 43.21 to 49.69 yuan for 2024, based on a price-to-earnings (PE) ratio of 20-23 times [7][10]. - The company is focusing on expanding its respiratory therapy products in Europe and North America, while also exploring growth opportunities in the diabetes care segment in Latin America, Africa, and Southeast Asia [6][9].

江苏鱼跃医疗设备股份有限公司 关于参加先进制造"创"未来集体业绩说明会的公告 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 2024 年 4 月 27 日发布《2023 年年度报告》全文及摘要，为广大投资者能进一步了解公司经营 情况，公司将于 2024 年 5 月 29 日（星期三）下午 15:00-17:00 参加由深圳证券 交易所（以下简称"深交所"）组织召开的以"先进制造'创'未来"为主题的 系列"上市大厅"集体业绩说明会活动，现将有关事项公告如下： 证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-019 5、投资者参与方式：登录深交所"互动易"平台（http://irm.cninfo.com.cn）， 进入"云访谈"栏目参与本次业绩说明会，或扫描二维码（附后）观看直播及参 与交流。 二、投资者问题征集方式 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向投 资者征集相关问题，广泛听取投资者的意见和建议。投资者可提前登录深交所"互 动易"平台（http://irm.c ...