Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance met expectations, with a significant recovery in overseas growth. In the first half of 2025, the company achieved revenue of 544 million yuan, a year-on-year increase of 42.30%. The net profit attributable to the parent company was 131 million yuan, also up 42.19% year-on-year [2][6]. - The overseas revenue for the first half of 2025 reached 353 million yuan, reflecting a year-on-year growth of 61.33%. In the second quarter alone, revenue was 279 million yuan, with overseas business revenue at 183 million yuan, marking a year-on-year increase of 95.97% and a quarter-on-quarter increase of 7.97% [2][11]. - The company is focusing on research and development, with a new noise-reducing cotton respirator expected to launch in the U.S. market in the second half of 2025 [11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 544 million yuan, with a net profit of 131 million yuan and a non-recurring net profit of 99 million yuan, showing year-on-year increases of 42.30%, 42.19%, and 49.34% respectively. In the second quarter, revenue was 279 million yuan, with a net profit of 59 million yuan, reflecting year-on-year growth of 46.54% and 39.92% respectively [6][11]. Overseas Market Growth - The U.S. market saw a revenue increase of 252.89% year-on-year, while Europe experienced a growth of 63.95%. This growth is attributed to the end of the inventory destocking cycle in the U.S. respiratory market and the completion of cloud platform construction in Europe [2][11]. Domestic Market Strategy - Domestic revenue reached 191 million yuan in the first half of 2025, a year-on-year increase of 16.87%. The company is transitioning from a distribution model to direct sales, which is expected to drive further growth [11]. Research and Development - The company has established a comprehensive R&D system, with 266 overseas patents, including 45 in the U.S. and 38 in Europe. The new noise-reducing cotton respirator is anticipated to begin volume sales in the U.S. market in the latter half of 2025 [11]. Profit Forecast - The company is projected to be a global leader in home medical devices, with net profits expected to reach 255 million yuan, 332 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 31, 23, and 18 [11].

证券之星消息，2025年9月5日瑞迈特（301367）发布公告称公司于2025年9月4日进行路演，汇添富基金、安 信基金、鹏华基金、融通基金、信达澳亚基金、大摩基金、博时基金、国联基金、朴拙资本、淳厚基金、玖 鹏资产、圆信永丰基金、申万资管、泓德基金、建信基金、远信投资、宽潭资本、上海合远基金、上海鹤禧 私募基金、勤远投资、和谐汇一、国君资管、华宝基金、域秀资本、天治基金、德邦基金、兆天投资、银叶 投资、上海景领、汇华理财、高信百诺、富国基金、平安养老基金、东方红基金、华能贵诚信托、沣杨资 管、农银汇理基金、新华基金、招商基金、华泰资管、汇百川基金参与。 具体内容如下： 一、公司简要介绍 公司 2001年成立，2003年第一台多导睡眠监测仪上市，2007年第一台 CPAP睡眠呼吸机上市，2008年通过 CE 认证，2012年通过美国 FDA认证，2016年 BMC新品牌成立，同年呼吸数据管理云上线，2022年 11月 1日公 司在深交所创业板上市成功。 公司专注为 OSA、COPD 患者提供全周期（诊断-治疗-慢病管理）、多场景（医疗机构-家庭）的整体治疗解 决方案，是国内家用无创呼吸机及通气面罩龙头企业，是 ...

格隆汇9月5日丨瑞迈特(301367.SZ)于近期投资者关系活动表示，增长主要是美国地区贡献较多，上半 年，美国地区收入同比增长252.89%。 ...

格隆汇9月5日丨瑞迈特(301367.SZ)于近期投资者关系活动表示，增长主要是美国地区贡献较多，上半 年，美国地区收入同比增长252.89%。 ...

格隆汇9月5日丨瑞迈特(301367.SZ)于近期投资者关系活动表示，2025年上半年，公司耗材业务占营业 收入的比重约为30%。相较于呼吸机，耗材更换频率高，毛利也相对较高，有利于进一步增强公司的盈 利能力。未来，公司将持续提升呼吸机产能，并行推进耗材业务，投入更多资源以全面提高耗材业务的 收入占比，以实现整机与耗材的协同发展。 ...

证券代码：301367 证券简称：瑞迈特 北京瑞迈特医疗科技股份有限公司 投资者关系活动记录表 第二季度，公司营业收入 2.79 亿元，同比增长 46.54%，环 比增长 5.00%；净利润 0.59 亿元，同比增长 39.92%；扣非后净利 润 0.39 亿元，同比增长 59.94%。 2、公司毛利率能持续提升的原因。 毛利率提升主要得来自于成本控制有所成效和产品结构的调 整，毛利率较高的耗材占比有所提升，后续毛利率基本保持稳中 有升态势。 编号：2025—012 | □ | 特定对象调研 分析师会议 □ | | --- | --- | | 投资者关系活动 □ | 媒体采访 业绩说明会（电话形式） □ | | 类别 □ | 新闻发布会 √ 路演活动 | | □ | 现场参观 | | □ | 其他 | | 参与单位名称 | 详见附件清单 | | 时间 | 2025 年 9 月 4 日-2025 年 9 月 5 日 | | 地点 | 北京、深圳、上海 | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | 员姓名 | 证券事务代表：刘士岩 | | | 一、公司简要介绍 | | | 公司 年成立，200 ...

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established on July 27, 2001, and went public on November 1, 2022. The company specializes in the research, production, and sales of medical devices and consumables in the respiratory health field, primarily targeting patients with Obstructive Sleep Apnea Syndrome (OSA) and Chronic Obstructive Pulmonary Disease (COPD) [2] Business Performance - For the first half of 2025, the company achieved operating revenue of 544 million yuan, representing a year-on-year growth of 42.30%. The net profit attributable to the parent company was 131 million yuan, also reflecting a year-on-year increase of 42.19% [2] - The revenue composition includes 64.19% from home respiratory therapy products, 32.67% from consumables, 3.05% from medical products, and 0.10% from other sources [2] Stock Performance - On September 5, the stock price of Ruimait increased by 2.09%, reaching 88.75 yuan per share, with a trading volume of 64.83 million yuan and a turnover rate of 1.31%. The total market capitalization is 7.952 billion yuan [1] - Year-to-date, the stock price has risen by 41.77%, while it has decreased by 2.24% over the last five trading days and by 3.75% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 6,850, a decrease of 24.87% from the previous period. The average number of circulating shares per person increased by 33.11% to 8,251 shares [2] - Since its A-share listing, the company has distributed a total of 228 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue growth has accelerated quarter-on-quarter, driven primarily by overseas markets. In the first half of 2025, the company achieved a revenue of 544 million yuan, representing a year-on-year increase of 42.30%. The second quarter alone saw a revenue of 279 million yuan, up 46.54% year-on-year [2][3] - The gross margin has improved, and effective cost control has led to an increase in net profit margin. The gross margin for the first half of 2025 was 52.17%, with a net profit margin of 24.59% [2] - The company is expected to see significant revenue growth in the coming years, with projected revenues of 1.102 billion yuan in 2025, 1.414 billion yuan in 2026, and 1.774 billion yuan in 2027, reflecting year-on-year growth rates of 30.6%, 28.3%, and 25.5% respectively [2][4] Summary by Sections Revenue and Profitability - In the first half of 2025, the company generated 544 million yuan in revenue, with a year-on-year growth of 42.30%. The revenue from home ventilators was 349 million yuan, up 51.49%, while consumables generated 178 million yuan, up 30.26% [2] - The company’s gross margin for the first half of 2025 was 52.17%, with the ventilator segment achieving a gross margin of 45.02% [2][4] Future Projections - The company is projected to achieve revenues of 1.102 billion yuan in 2025, 1.414 billion yuan in 2026, and 1.774 billion yuan in 2027, with corresponding net profits of 287 million yuan, 385 million yuan, and 499 million yuan [4][2] Market Dynamics - The overseas market has become a core growth engine, with international revenue reaching 353 million yuan in the first half of 2025, a year-on-year increase of 61.33% [2]

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [14]. Core Insights - The European market is a core market for global medical devices, with a market size of approximately €160 billion in 2023, growing by 2.4% year-on-year. The global medical device market reached $582.6 billion in 2023, with Europe accounting for about 26% of the total market share [4][9]. - The report emphasizes that European medical device companies should focus on direct sales strategies in key markets such as Germany, France, and the UK, while utilizing distributors in other regions to penetrate the market [10][11]. - Chinese medical device companies are expected to accelerate their sales in Europe, leveraging their cost advantages and localizing their teams to adapt to the market [12][11]. Summary by Sections European Market Overview - Europe is the second-largest medical device market globally, with a stable growth rate and a concentration of market share among the top five countries: Germany, France, Italy, the UK, and Spain, which together account for 66% of the market [9][34]. - The average healthcare expenditure in Europe is about 11% of GDP, with approximately 7.9% allocated to medical technology [9][27]. Regulatory Environment - The report highlights the increased difficulty in obtaining regulatory approval under the new EU Medical Device Regulation (MDR), with costs for certification reaching approximately €4.25 million for medical devices and €2.34 million for in vitro diagnostics (IVD) [10][58]. - The certification process is lengthy, with an average duration of 1.5 to 2 years for mature technologies [10][58]. Sales Strategies - The report suggests that companies should prioritize direct sales in the UK, France, and Germany, while using distributors in other regions due to language barriers and varying regulatory environments [10][65]. - Distributors are increasingly providing comprehensive solutions, integrating product supply, technical services, training, and customer relationship management [10][73]. Market Opportunities for Chinese Companies - Chinese medical device companies are making inroads into the European market, with strategies including establishing local teams and partnerships to enhance market penetration [11][96]. - The report identifies that the medical consumables segment is the primary focus for Chinese exports to Europe, accounting for 49% of the total export value [125][130].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in the first half of 2025 met expectations, driven by both domestic and international markets [2][10] - The company is expected to see a rapid recovery in its home respiratory machine business as channel inventory clears, alongside high growth in consumables [3] - The target price is set at 121.44 CNY, based on a 46 times price-to-earnings ratio for 2025 [3] Financial Performance Summary - For 2023, the company reported a revenue of 1,122 million CNY, with a year-on-year decline of 20.7%. The forecast for 2025 is 1,072 million CNY, reflecting a growth of 27.1% [4] - The net profit attributable to the parent company for 2023 was 297 million CNY, down 21.8% year-on-year, with a projected increase to 237 million CNY in 2025, representing a growth of 52.4% [4] - The earnings per share (EPS) for 2025 is estimated at 2.64 CNY, with subsequent years projected at 3.35 CNY for 2026 and 4.11 CNY for 2027 [3][4] Business Segment Insights - In the first half of 2025, the company achieved a revenue of 540 million CNY, a year-on-year increase of 42.3%, with the home respiratory machine segment contributing 350 million CNY, up 51.5% [9] - The domestic business saw a revenue of 190 million CNY in the first half of 2025, growing by 16.9% due to comprehensive channel reforms and sales policy adjustments [9] - The international business generated 350 million CNY in revenue, marking a 61.3% increase, with significant contributions from the U.S. market [9]