Industry Overview - The non-invasive ventilator market in China is experiencing continuous growth due to an aging population, increasing chronic respiratory disease patients, and heightened health management awareness among residents [1][9] - In 2024, the production of non-invasive ventilators in China is projected to reach 672,200 units, a year-on-year increase of 2.50%, while the demand is expected to be 602,700 units, growing by 8.20% [9][11] - The transformation of home non-invasive ventilators from "medical devices" to "health consumer products" aligns with the trend of consumption upgrades [1][9] Industry Development History - The development of the non-invasive ventilator industry in China has gone through four stages: initial stage (1980s-1990s), independent research and development (2000-2010), localization (2010-2020), and the current stage focusing on intelligence and personalization [4][5] - The initial stage saw domestic companies introducing foreign technology but faced challenges such as high production costs and low market share [4] - The current stage emphasizes smart, portable designs, with products like the AI medical product "E5 series" launched by companies like Yihua Jiaye [5] Market Size - The market size of the non-invasive ventilator industry in China is projected to reach 4.856 billion yuan in 2024, reflecting a year-on-year growth of 8.61% [11] - The competitive landscape is shifting, with domestic brands like Ruimaite and Yihua Jiaye gaining market share against international brands [11] Key Companies - Beijing Ruimaite Medical Technology Co., Ltd. ranks among the top five global non-invasive ventilator companies, with over 830 patents and products in more than 180 countries [16] - Jiangsu Yiyue Medical Equipment Co., Ltd. is a leading domestic medical device manufacturer, with a strong presence in the non-invasive ventilator market [18] Industry Trends - The industry is witnessing a wave of technological innovation and product upgrades, with advancements in AI and IoT leading to smarter and more portable non-invasive ventilators [20] - Market demand is expected to continue growing due to the aging population and increasing prevalence of chronic respiratory diseases [21][22] - The competitive landscape is characterized by domestic companies narrowing the gap with international brands, with potential for greater global market share [23]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][6]. Core Insights - The company's performance met expectations, with a steady increase in gross margin. In 2024, the company achieved a revenue of 843 million yuan, a year-on-year decrease of 24.85%, while the net profit attributable to shareholders was 155 million yuan, down 47.74%. However, in Q1 2025, revenue rose to 265 million yuan, reflecting a year-on-year growth of 38.11%, and net profit increased by 44.11% to 72 million yuan [3][6]. - The consumables business is experiencing steady growth, driven by a multi-regional strategic layout. In 2024, consumables revenue reached 284 million yuan, a year-on-year increase of 46.22. The company is actively promoting its consumables in the U.S. market and has established a subsidiary in France to expand its presence in Europe [4][5]. - The company is deepening its focus on the respiratory health sector, with its market position continuously improving. It holds a 12.4% market share in the global home non-invasive ventilator market, ranking second, and a 30.6% share in the domestic market, ranking first among domestic brands. The company has established sales coverage in over 100 countries and regions, obtaining multiple certifications [5][6]. Financial Forecast - The company is projected to achieve revenues of 1,013 million yuan, 1,268 million yuan, and 1,610 million yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 2.60 yuan, 3.35 yuan, and 4.47 yuan for the same years. The current stock price corresponds to price-to-earnings (PE) ratios of 30.7, 23.8, and 17.9 times for 2025, 2026, and 2027, respectively [6][9].

Core Viewpoint - The report highlights that Ruimait (301367) has met performance expectations and is positioned to become a global leader in integrated respiratory devices, with a buy rating assigned for the first time [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 843 million yuan, a year-on-year decrease of 24.85%, and a net profit attributable to shareholders of 155 million yuan, down 47.74% year-on-year [1] - In Q1 2025, the company reported revenue of 265 million yuan, an increase of 38.11% year-on-year, and a net profit of 72 million yuan, up 44.11% year-on-year [1] - The gross profit margins for 2023, 2024, and Q1 2025 were 46.14%, 48.34%, and 49.57%, respectively, indicating a steady upward trend [1] Group 2: Consumables Business Growth - The consumables segment is expected to achieve continuous growth, with revenue of 284 million yuan in 2024, reflecting a year-on-year increase of 46.22% [2] - The company is actively promoting its consumables in the U.S. market through a specialized team and a strategy of distributing masks for free at sleep monitoring institutions to enhance brand recognition [2] - In Europe, a data-oriented subsidiary was established in France in 2023 to address reimbursement issues and attract more partnerships, further expanding market reach [2] Group 3: Market Position and Expansion - The company is deeply engaged in the respiratory health sector, with a global market share of 12.4% for home non-invasive ventilators, ranking second globally and first among domestic brands in China with a market share of 30.6% [3] - As of 2024, the company's products are sold in over 100 countries and regions, having obtained multiple certifications including NMPA, FDA, and CE, making it one of the few domestic manufacturers to enter the U.S. and European healthcare markets [3] - A five-year exclusive distribution agreement was signed with RH in July 2024 to further penetrate the North American market [3] Group 4: Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan, respectively, with corresponding EPS of 2.60 yuan, 3.35 yuan, and 4.47 yuan [4] - The current stock price corresponds to PE ratios of 30.7, 23.8, and 17.9 for the years 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [4]

编号：2025—010 | | □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 | | 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 6 月 26 日-2025 年 6 月 27 日 | | 地点 | 北京、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 2001 年成立，2003 年第一台多导睡眠监测仪上市，2007 | | | 年第一台 年通过 年 CPAP 睡眠呼吸机上市，2008 CE 认证，2012 | | | 通过美国 FDA 认证，2016 年 BMC 新品牌成立，同年呼吸数据管 | | | 年 月 日公司在深交所创业板上市成功。 理云上线，2022 11 1 | | | 公司专注为 OSA、COPD 患者提供全周期（诊断-治疗-慢病 | | 投资者关系活动 | 管理）、多场景（医疗机构-家庭）的整体治疗解决方案，是国 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 94.15 CNY based on a 35x P/E ratio for 2025 [3][5]. Core Insights - The company is positioned as a leading player in the domestic home respiratory machine market, with significant growth potential in both domestic and international markets. The recovery in sales is expected as inventory issues clear up, particularly in the home respiratory machine segment [2][9]. - The global demand for chronic respiratory disease treatment is substantial, with a changing competitive landscape that has allowed the company to increase its market share significantly [9][40]. - The company has established a strong product quality comparable to international brands and is expanding its distribution channels both domestically and internationally [9][40]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 2.69 CNY, 3.59 CNY, and 4.57 CNY for the years 2025, 2026, and 2027, respectively. Revenue is expected to recover with a growth rate of 27.1% in 2025 [3][4]. - The financial outlook indicates a recovery in revenue and profit margins, with a notable increase in the contribution from consumables alongside the growth in respiratory machine sales [3][4][30]. Company Overview - Founded in 2001, the company has become a leader in the domestic home respiratory machine industry, with significant international expansion since obtaining FDA certification in 2012 [9][14]. - The company has experienced rapid growth, particularly during the COVID-19 pandemic and following the recall of Philips products, which has allowed it to capture market share [9][25]. Market Dynamics - The global market for home respiratory machines is expected to grow significantly, driven by increasing awareness of health issues and rising healthcare investments. The market size for home non-invasive respiratory machines was estimated at 2.78 billion USD in 2020 [57]. - The company has seen its market share in the domestic market rise to 30.6% by 2023, positioning it as the leading domestic brand [69][74]. Product and Service Strategy - The company offers a comprehensive range of products, including home non-invasive respiratory machines, ventilation masks, and oxygen concentrators, supported by a robust health management platform [17][40]. - The company is actively expanding its product offerings and market presence, including a recent strategic partnership to develop new respiratory products [39].

Core Viewpoint - The major shareholders of Ruimai Te (301367.SZ) have announced plans to reduce their holdings, which may impact the stock's performance in the market [1][2]. Shareholder Reduction Plans - Nengjin Company and its concerted action partner, Guangzhou Jinyuan, plan to reduce their holdings by up to 888,325 shares, representing 1% of the total share capital, within three months after the announcement [1]. - Hehan Investment and its concerted action partners, Shengmin Chuangtou and Nanjing Hehao, plan to reduce their holdings by up to 2,666,169 shares, representing 3% of the total share capital, within the same timeframe [2]. Shareholding Structure - Nengjin Company holds 4,480,795 shares (5.00% of total shares) and Guangzhou Jinyuan holds 753.325 shares (0.84% of total shares) [3]. - Hehan Investment holds 11,155,686 shares (12.45% of total shares), while Shengmin Chuangtou holds 5,373,515 shares (6.00% of total shares) and Nanjing Hehao holds 358.589 shares (0.40% of total shares) [3]. Reduction Methods and Quantities - Nengjin Company plans to reduce up to 135,000 shares through centralized bidding, while Guangzhou Jinyuan plans to reduce up to 753.325 shares [5]. - Hehan Investment plans to reduce up to 530.134 shares through centralized bidding, and Shengmin Chuangtou plans to reduce up to 1,777,446 shares through block trading [5]. Market Context - Ruimai Te is currently in a state of share price decline, indicating a potential market challenge for the company [9].

证券代码：301367 证券简称：瑞迈特 公告编号：2025-044 北京瑞迈特医疗科技股份有限公司 关于持股5%以上股东及其一致行动人 减持股份的预披露公告 公司股东能金有限公司及其一致行动人广州市金垣创业投资合伙企业（有限 合伙）、珠海合晅投资中心（有限合伙）及其一致行动人上海盛旻创业投资合伙 企业（有限合伙）和南京合灏创业投资企业（有限合伙）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。 特别提示： 1、合计持有本公司股份 5,234,120 股（占本公司总股本比例 5.84%）的股东 能金有限公司及其一致行动人广州市金垣创业投资合伙企业（有限合伙）计划在 自本减持计划公告之日起 15 个交易日后的 3 个月内以集中竞价方式或大宗交易 方式减持本公司股份累计不超过 888,325 股，占本公司总股本比例 1%（总股本 已剔除公司回购专用账户中的股份数量，下同）。 2、合计持有本公司股份 16,887,790 股（占本公司总股本比例 18.85%）的股 东珠海合晅投资中心（ ...

Group 1 - The stock price of Ruimaite (301367.SZ) closed at 79.36 yuan, with a decline of 2.17%, currently below the issue price [1] - Yihe Jiaye was listed on the Shenzhen Stock Exchange's ChiNext on November 1, 2022, with a public offering of 16 million shares, accounting for 25% of the total share capital after issuance, at an issue price of 119.88 yuan per share [1] - The total amount raised by Yihe Jiaye was 191.808 million yuan, with a net amount of 173.82674 million yuan, exceeding the originally planned fundraising by 100.02698 million yuan [1] - The original fundraising plan was 73.79976 million yuan, intended for projects including the production of 300,000 ventilators and 3.5 million sets of accessories, marketing network and brand building, medical equipment R&D center, and working capital [1] - The underwriting institution for Yihe Jiaye was China International Capital Corporation (CICC), with representatives Chen Tingting and Xie Xianming [1] - The total issuance expenses amounted to 18.30202 million yuan, including underwriting and sponsorship fees of 15.71582 million yuan [1] - On May 22, 2024, Yihe Jiaye announced a dividend plan of 10 yuan (pre-tax) per 10 shares, with a bonus issue of 4 shares, with the ex-dividend date set for May 29, 2024 [1] Group 2 - On May 21, 2025, Yihe Jiaye announced a change of company name and stock abbreviation, changing from "Beijing Yihe Jiaye Medical Technology Co., Ltd." to "Beijing Ruimaite Medical Technology Co., Ltd." while the stock code "301367" remains unchanged [2]

Group 1 - The project led by Tianjin Yihejiaye Medical Technology Co., Ltd. won the first prize of Tianjin Science and Technology Progress Award for the research and clinical application of non-invasive respiratory system key technologies [1] - Respiratory diseases have become the third largest chronic disease in China, following cardiovascular diseases and diabetes, with chronic obstructive pulmonary disease and obstructive sleep apnea being the most typical [1] - The non-invasive ventilator is currently the most effective medical device for treating respiratory diseases, with significant technological barriers existing in China compared to developed countries [1] Group 2 - The project achieved breakthroughs in core technologies, key equipment, system platforms, and international standards, possessing complete independent intellectual property rights [1] - A multi-center randomized controlled study was conducted in collaboration with 30 hospitals, focusing on the impact of high-intensity and low-intensity non-invasive positive pressure ventilation on the need for intubation in patients with acute exacerbations of chronic obstructive pulmonary disease [1] - The research results will be published in the Journal of the American Medical Association in 2024 [1] Group 3 - The project team also made advancements in the respiratory chronic disease management system, creating a respiratory data management cloud platform based on data from over 300,000 active users of non-invasive respiratory therapy [2] - The cloud platform connects patients, their families, and doctors, allowing real-time monitoring of sleep-related respiratory data and enabling remote adjustment of treatment parameters by doctors [2] - In 2023, the global market share of Ruimai Te's home non-invasive ventilator was 12.4%, ranking second, while its domestic market share was 30.6%, ranking first among domestic brands [2] Group 4 - As of January 2025, the cumulative sales of Ruimai Te's home ventilators exceeded 3 million units, and the cumulative sales of ventilation masks surpassed 10 million units [2]

Company Overview - Beijing RMT Medical Technology Co., Ltd. was established in 2001 and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 1, 2022 [2] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, focusing on home non-invasive ventilators and ventilation masks [2] - RMT is the first domestic company to have non-invasive ventilator products certified by the FDA, with sales in over 100 countries [2] Research and Development - As of December 31, 2024, the company holds 633 valid patents in China, including 107 invention patents, 390 utility model patents, and 136 design patents [3] - The company also has 202 valid overseas patents, including 39 in the United States and 30 in Europe [3] Financial Performance - In Q1 2025, the company's overseas revenue reached 170 million CNY, a year-on-year increase of 35.48%, while domestic revenue was 96 million CNY, with a quarter-on-quarter growth of 48.79% and a year-on-year growth of 43.03% [4] - The gross margin for domestic operations was 51.51%, and for overseas operations, it was 48.47%, with both showing an increase compared to the previous quarter [4] Product Launches and Market Strategy - The newly launched P5 series ventilators are primarily targeted at domestic hospital channels, which have a relatively high gross margin [4] - The introduction of the RMT oxygen bottle marks a strategic shift towards the consumer goods market, enhancing brand influence and market share [5] Brand Development - The company's rebranding to "RMT" signifies a strategic alignment between product and capital markets, aiming to enhance brand value [5] - The name "RMT" reflects the company's commitment to respiratory health and smart technology, creating a unified identity across products and capital markets [5] Market Expansion - The company has made adjustments to domestic channel policies and sales strategies, resulting in improved revenue and gross margins in Q1 2025 [5] - In Europe, the company has completed the construction of its cloud platform and is onboarding agents, laying the groundwork for future growth in the mainstream medical insurance market [5]