Financial Performance - The company's revenue for 2024 reached ¥983,982,436.12, representing an increase of 11.28% compared to ¥884,256,692.63 in 2023[33]. - Net profit attributable to shareholders for 2024 was ¥61,364,226.27, a significant increase of 78.55% from ¥34,367,303.85 in 2023[33]. - The net cash flow from operating activities improved by 60.30%, totaling ¥118,850,136.93 in 2024 compared to ¥74,141,927.21 in 2023[33]. - Basic earnings per share for 2024 were ¥0.2827, up 77.02% from ¥0.1597 in 2023[33]. - Total assets at the end of 2024 were ¥1,512,766,953.89, a decrease of 2.81% from ¥1,556,498,078.53 at the end of 2023[33]. - The weighted average return on equity for 2024 was 6.02%, an increase of 2.67 percentage points from 3.35% in 2023[33]. - The comprehensive gross profit margin improved to 35.07%, an increase of 4.13 percentage points compared to the same period last year[70]. - The main business revenue accounted for RMB 978,024,098.05, with a year-on-year growth of 11.28%[85]. - Home medical products generated RMB 664,736,928.12, showing an 18.51% increase from RMB 560,917,373.07 in the previous year[82]. - Sales expenses increased by 30.87% to ¥93,808,201.62, primarily due to higher sales commission costs[90]. - Management expenses rose by 21.61% to ¥88,443,748.31, mainly due to increased employee stock incentive costs[90]. Market Strategy and Expansion - The company aims to enhance its product competitiveness in overseas markets, focusing on North America, Europe, Australia, Asia-Pacific, and the Middle East, where overseas business revenue constitutes a significant portion of total revenue[10]. - The company acknowledges potential risks from international trade policies and economic conditions that could affect its overseas business expansion[10]. - The company is actively exploring new markets and enhancing customer structure to improve overall profitability[70]. - The company aims to strengthen high-quality growth and maintain steady development of its main business[80]. - The company is focused on expanding its product offerings and market presence in the rapidly growing OTC hearing aid market[92]. - The company is developing a medical-grade hearing aid that offers convenience and high cost-performance for users[92]. - The company is focused on improving user data management through advanced software for ECG data analysis and reporting[102]. Research and Development - The company is committed to improving its research and development capabilities by integrating industry-academia-medical collaborations and enhancing the stability and accuracy of existing products[12]. - The company invested CNY 96.81 million in R&D, accounting for 9.84% of its revenue during the reporting period, demonstrating a strong commitment to innovation and product development[64]. - The company has accumulated 653 domestic patents, including 129 invention patents, and has also registered 34 overseas patents, reflecting its focus on intellectual property and technology advancement[65]. - The company has developed a cardiovascular disease vertical AI model to provide affordable digital chronic disease management services, addressing the growing demand for proactive health management[60]. - The company has established a robust R&D team across multiple locations, ensuring continuous innovation and the ability to quickly adapt to market changes[64]. - The company is developing a new high-precision weighing sensor, aiming for a production efficiency increase of 20%[91]. - The company has completed the R&D of a blood pressure monitor that enhances measurement accuracy and stability, targeting various hypertension types[91]. - The company is developing a standardized platform for blood pressure monitors, which will significantly shorten product development cycles and improve efficiency[92]. Risk Management - The company faces management risks due to rapid growth, necessitating improvements in organizational structure and management systems to adapt to expanding operational scales[9]. - The company plans to strengthen its foreign exchange risk management mechanisms to mitigate the impact of currency fluctuations on pricing and profitability[14]. - The company has established a management system for financial derivative trading to mitigate operational risks[126]. - The company aims to conduct foreign exchange derivative trading to hedge against currency fluctuation risks, not for speculation[126]. Corporate Governance - The company emphasizes the importance of maintaining a strong governance structure with qualified independent directors[171]. - The board of directors held a total of 19 meetings during the reporting period, with the latest meeting on October 25, 2024[184]. - The audit committee approved significant resolutions, including the annual audit work report and the internal control self-assessment report for 2023[189]. - The company is committed to maintaining high-quality sustainable development and protecting the rights of minority shareholders[188]. - The company has not reported any penalties from regulatory authorities for directors and supervisors in the last three years[179]. Employee and Management Changes - The total number of employees at the end of the reporting period is 1,182, with 520 in the parent company and 662 in major subsidiaries[194]. - The company has experienced changes in its management team, with two resignations in 2024 due to personal reasons[169]. - The company has a structured remuneration decision process based on performance and responsibilities[180]. - The average remuneration for supervisors was approximately CNY 30,000[182]. Product Development and Innovation - The company launched the "iSENSE series" twelve-lead smart ECG shirt, which received regulatory approval as a Class II medical device in Guangdong Province[72]. - The company is expanding its product matrix with medical-grade remote health monitoring devices, including smart blood pressure monitors and AI-assisted diagnostic ECG shirts[71]. - The company has completed the medical certification for its real-time ECG monitoring product, enhancing its capabilities in remote cardiac monitoring[92]. - The company has successfully developed a remote smart blood glucose meter, enabling real-time data transmission to monitoring terminals[98]. - The company is developing a stylish light luxury health product line with the LED strip Bluetooth body fat scale, having finalized industrial design and currently working on hardware design[99]. Financial Overview - The total cash inflow from operating activities reached ¥1,115,157,043.11, reflecting a year-on-year increase of 16.75%[111]. - The company reported a net cash outflow from investment activities of ¥15,204,135.58, a significant decrease of 182.80% compared to the previous year due to increased purchases of fixed assets[111]. - The total number of medical device registration certificates at the end of the reporting period was 23, an increase from 18 in the same period last year[110]. - The company has received CE certification for multiple electronic blood pressure monitors, with certificates valid until December 31, 2028[108].

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

证券代码：300562 证券简称：乐心医疗 公告编号：2025-010 广东乐心医疗电子股份有限公司 关于延续医疗器械注册证获得受理的公告 乐心医疗 2025 年公告 上述胎儿心率记录仪由主机、硅胶套、无线充电器及移动端软件组成，其中 移动端软件由关于模块、用户管理模块、设备管理模块、数据显示模块、数据管 理模块及数据传输模块组成。该产品采用被动式采集胎心音检测，类似听诊器的 被动式原理，外观设计小巧便携，适用于对妊娠 32 周以上单胎孕妇的胎心曲线 记录，提供数据给孕妇，缓解焦虑，提高孕期质量。 公司定位于"医疗级远程健康监测设备及服务提供商"，始终高度重视医疗 器械标准符合性，推动全系列产品向医疗级方向发展。上述医疗器械延续注册符 合公司实际情况，有利于公司进一步开拓业务，增强综合竞争力，对公司经营发 展起到积极作用。上述医疗器械延续注册事宜目前尚处于受理阶段，后续仍需相 关机构进一步核准认证，评审在各阶段所需的时间和结果均具有一定的不确定性。 公司目前尚无法预测其对公司未来业绩的影响，敬请广大投资者注意投资风险。 特此公告。 广东乐心医疗电子股份有限公司 董事会 二〇二五年三月二十六日 本公司及董事会全 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company aims to become a global leader in remote health monitoring, leveraging opportunities in the health IoT and digital health services sectors [4] - Revenue projections for 2024-2026 are estimated at 1.025 billion, 1.225 billion, and 1.443 billion yuan, with year-on-year growth rates of 16%, 20%, and 18% respectively [5] - The company has shown significant improvement in profitability, with net profit forecasts for 2024-2026 at 62.18 million, 88.65 million, and 124.03 million yuan, reflecting growth rates of 81%, 43%, and 40% respectively [5] Company Overview - The company was founded in 2002 and has shifted its focus towards smart health, aiming to align with national strategies for "Healthy China" and "Digital China" [18] - The largest shareholder, Pan Weichao, holds 33.14% of the company and has extensive experience in the home medical electronics sector [20] - The company has actively optimized its customer and product structure since 2022, leading to a significant increase in gross margin [21] Financial Performance - In 2023, the company reported a gross margin of 30.94%, up 7.24 percentage points year-on-year, despite a revenue decline of 16.98% [21] - For the first nine months of 2024, revenue reached 755.6 million yuan, a 24.39% increase year-on-year, with net profit at 51 million yuan, up 232.83% [22] Business Segments - The company operates in two main segments: health IoT and digital health services, focusing on medical-grade health IoT devices and remote health management solutions [27] - The health IoT segment includes medical-grade devices and RPM solutions, while the digital health services segment encompasses digital blood pressure management and remote ECG services [27] Product Development - The company has introduced new products such as hearing aids and smart ECG clothing, with the smart ring expected to launch in 2025 [6] - The company has established strong partnerships with leading health IoT companies, enhancing its market presence [35] Market Potential - The global market for home medical devices is projected to grow significantly, with the wearable medical device market in China valued at 22.08 billion yuan in 2023 [34] - The wearable device market is expected to reach 431.74 billion USD by 2034, indicating substantial growth opportunities for the company [41]

证券研究报告：医药生物 | 公司深度报告 2025 年 3 月 14 日 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.58 | | --- | --- | | 总股本/流通股本（亿股）2.17 | / 1.61 | | 总市值/流通市值（亿元）34 | / 25 | | 52 周内最高/最低价 | 17.56 / 7.55 | | 资产负债率(%) | 34.2% | | 市盈率 | 97.56 | | 第一大股东 | 潘伟潮 | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 乐心医疗(300562) 公司医疗垂直领域大模型赋能慢病管理设备，"AI + 可穿戴 + 医疗"有望迎来爆发 l 公司致力于成为"远程健康监测全球领导者" 乐心医疗紧抓健康 IoT 和数字健康服务行业高速发展机遇，积极 顺应"健康中国"和"数字中国"建设国家战略发展方向，凭借多年 在智能健康硬件、大 ...

乐心医疗 2025 年公告 证券代码：300562 证券简称：乐心医疗 公告编号：2025-009 广东乐心医疗电子股份有限公司 关于持股5%以上股东减持计划实施完成 暨权益变动触及1%的公告 股东潘伟潮先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东乐心医疗电子股份有限公司（以下简称"公司"）于近日收到公司控股 股东、实际控制人潘伟潮先生出具的《持股 5%以上股东减持计划实施完成暨权 益变动触及 1%的告知函》，获悉潘伟潮先生减持计划已实施完成并因实施减持 导致权益变动触及 1%。现将具体情况公告如下： 一、减持计划实施完成相关情况 1、本次减持计划实施情况 2、减持计划实施前后股东持股情况 | 股东名称 | 股份性质 | | 本次减持前持有股份 | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（万股） | 占总股本比例 | 股数（万股） | 占总股本比例 | | 潘伟潮 | 合计持有股份 其 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The strategic transformation of the company is showing significant results, with the AI+ healthcare model expected to reshape the valuation system [2][3]. - The company has focused on high-margin medical-grade remote health monitoring devices and services, leading to improved operational efficiency and profitability [2]. - The company is well-positioned to benefit from the expansion of the chronic disease management market and the emerging AI+ healthcare sector [8]. Financial Summary - Revenue projections for 2024-2026 are estimated at 1.013 billion, 1.266 billion, and 1.585 billion yuan, respectively, with year-over-year growth rates of 14.5%, 25.0%, and 25.2% [1][8]. - The net profit attributable to the parent company is expected to reach 64 million, 105 million, and 145 million yuan for the same period, reflecting year-over-year growth rates of 85.5%, 64.6%, and 38.2% [1][8]. - The company's return on equity (ROE) is projected to improve from 5.5% in 2024 to 10.9% in 2026 [1]. Business Segments - The health equipment segment is focusing on new product launches, including blood glucose meters and hearing aids, which are expected to gain market traction [2]. - The RPM (Remote Patient Monitoring) segment has established deep collaborations with leading clients in Europe and the US, creating a closed-loop business model [2]. - The cardiovascular digital chronic disease service segment is integrating remote health monitoring devices with AI software and medical services, with initial validation in various healthcare settings [2]. Market Position and Future Outlook - The company has accumulated a substantial amount of multi-dimensional physiological data from over ten million users, laying a solid foundation for developing a vertical AI model in the cardiovascular field [3]. - The report anticipates that the company will achieve a revenue of 1.013 billion yuan in 2024, with a corresponding net profit of 0.64 billion yuan, indicating a strong growth trajectory [8].

Summary of Leksun Medical Conference Call Company Overview - Leksun Medical focuses on the AI medical field, particularly in remote devices and services, large models, and artificial intelligence [3] - Established in 2000, Leksun has undergone four development phases, transitioning from low-margin wearable devices to high-margin professional medical products [4][5] Core Business Segments - Leksun Medical operates three main business segments: - Home medical products (over 50% of total revenue, gross margin of 25%-30%) - Digital chronic disease management (over 40% of total revenue, gross margin of 45%-50%) - Innovative business (around 10% of total revenue, gross margin of 40%-50%) [6] Financial Performance and Projections - Leksun expects a net profit margin of 10%-15% and revenue growth of 30%-40% by 2025 [8] - The company achieved over 1.8 billion yuan in revenue in 2021, with a projected net profit of 60-64 million yuan for 2024 [13] AI and Technology Integration - Leksun's AI technology enables continuous monitoring and timely alerts, providing 24-hour personal doctor and health coach services [3] - The company invests over 100 million yuan annually in R&D, accounting for over 10% of commercial revenue, focusing on new product development and technological advancement [14] Market Position and Competitive Advantages - Leksun holds over 70% market share in the digital chronic disease management sector in Europe and the US [4][10] - The company has strong manufacturing capabilities with three production bases in Zhongshan, achieving a total capacity of 4 billion yuan [9] - Leksun has established partnerships with notable companies like Huawei and Teladoc, enhancing its market presence [4][9] Future Strategies - Leksun aims to solidify internal operations while expanding external markets, focusing on cost reduction and efficiency improvement [12] - The company plans to release new products, including rings and medical-grade wearable devices, in 2025 [31] Global Market and User Data - Leksun has over 20 million registered users, providing a substantial data pool for health monitoring and product development [18][19] - The company manages a significant number of patients in the US, with a projected growth rate of over 40% in its RPM business from 2023 to 2024 [27][29] Conclusion - Leksun Medical is positioned for robust growth in the AI medical sector, leveraging its technological advancements, strong market presence, and strategic partnerships to enhance its service offerings and financial performance [3][4][12][27]