Stock Price Movement - The stock price of Ruimaite (301367) declined by 13.66% from January 19 to February 13, 2026, closing at 77.91 yuan, marking a 60-day low [1] - The decline was primarily influenced by multiple rounds of shareholder reductions and high-level executive cash-outs [1] Shareholder Actions - Significant shareholder reductions occurred, with announcements on January 16, 2026, indicating plans to reduce up to 2.49% of total shares (220.8 million shares) from February 9 to May 8 [1] - Prior to this, from July to October 2025, shareholders had already reduced approximately 340 million shares, cashing out over 200 million yuan [1] - Executive cash-outs included a reduction of 22 million shares by director Chen Bei in December 2025, further heightening investor concerns about financial pressure [1] Market and Technical Analysis - Continuous net outflow of funds was observed, with a net outflow of 26.65 million yuan on January 16, 2026, and an increase to 30.18 million yuan on February 12, indicating strong profit-taking by institutional investors [2] - Technical indicators showed weakness, with the stock price falling below all short-term moving averages and the MACD histogram remaining negative for 17 consecutive trading days [2] Performance and Profitability - The company's projected net profit growth for 2025 is between 22.28% and 51.24%, which, while still positive, represents a slowdown compared to the 43.87% growth in the first three quarters of 2025 [3] - The gross margin for Q3 2025 was 52.79%, down 1.85 percentage points from Q2, raising concerns among investors about cost control [3] Industry Environment and Risks - Ongoing tariff concerns, particularly the 145% tariff on Chinese ventilator products in the U.S., pose risks, especially since over 60% of the company's revenue comes from overseas [4] - The company's price-to-earnings ratio (TTM) was approximately 40 times before the reduction announcement on January 16, 2026, but fell to 33.2 times by February 13, 2026, still above the industry average [4] Sector Performance - The pharmaceutical sector faced pressure, with the pharmaceutical and biotechnology index dropping about 9% from January to February 2026, and the medical device sub-sector also showing weakness [5] - Concerns about tightening liquidity led to a shift in high-risk capital towards low-valuation defensive sectors, negatively impacting high-valuation growth stocks [5] Summary - The decline in Ruimaite's stock price is attributed to a combination of shareholder reductions, fund outflows, slowing profit growth, and overseas risks [5] - Despite a robust fundamental outlook with expected revenue exceeding 1 billion yuan in 2025, short-term financial pressures dominate market sentiment [5]

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Viewpoint - The company, 瑞迈特, is adjusting its investment structure for certain fundraising projects and extending the timelines for project completion, which aims to enhance the efficiency of fund utilization and optimize resource allocation [2][3]. Group 1: Company Performance - As of February 4, 2026, 瑞迈特's stock closed at 83.65 yuan, with an increase of 1.14% and a turnover rate of 1.01%, totaling a trading volume of 7,097 hands and a transaction amount of 58.92 million yuan [1]. - On the same day, the net outflow of main funds was 202.4 thousand yuan, while retail investors saw a net inflow of 176.79 thousand yuan [4]. Group 2: Corporate Announcements - On February 3, 2026, 瑞迈特's board of directors approved adjustments to the internal investment structure of certain fundraising projects, including increasing marketing and research and development investments while reducing expenditures on channel construction and equipment [2][3]. - The expected completion dates for several projects, including the annual production of 300,000 ventilators and 3.5 million sets of accessories, have been postponed to December 31, 2027, while the medical equipment research and development center project has been extended to December 31, 2026 [2][3].

Key Points - The stock price of Ruimaite (301367) closed at 82.71 yuan on February 3, 2026, with an increase of 1.86% and a turnover rate of 1.07% [1] - The trading volume was 7,472 lots, with a total transaction amount of 61.1885 million yuan [1] Trading Information Summary - On February 3, 2026, the net outflow of main funds was 948,300 yuan, while the net inflow of retail funds was 3,289,100 yuan [1][3] Company Announcement Summary - Ruimaite held its 18th meeting of the third board of directors on February 3, 2026, where it approved adjustments to the internal investment structure of certain fundraising projects and the postponement of some projects [1] - The board's decision was unanimous, with all 9 directors voting in favor, and the adjustments are aimed at improving the efficiency of fund usage and optimizing resource allocation [1] - The company will reduce investment in channel construction and overseas branches for the "Marketing Network and Brand Building Project" while increasing marketing promotion investment [2] - For the "Medical Equipment R&D Center Project," the company will increase R&D investment and reduce expenditures on decoration and equipment [2] - The expected completion dates for the "Annual Production of 300,000 Ventilators and 3.5 Million Sets of Accessories" and "Marketing Network and Brand Building Project" have been postponed to December 31, 2027, while the "Medical Equipment R&D Center Project" is postponed to December 31, 2026 [1][2]

Summary of Key Points Core Viewpoint - 瑞迈特 has announced adjustments to its fundraising project investment structure, including re-evaluations and delays for certain projects, which reflects a strategic shift in resource allocation to enhance marketing and R&D efforts [1]. Group 1: Stock Performance - As of February 3, 2026, 瑞迈特's stock closed at 82.71 yuan, up 1.86% from the previous trading day, with a total market capitalization of 7.411 billion yuan [1]. - The stock opened at 81.98 yuan, reached a high of 82.71 yuan, and a low of 80.87 yuan, with a trading volume of 61.1885 million yuan and a turnover rate of 1.07% [1]. Group 2: Project Adjustments - The company held a board meeting on February 3, 2026, where it approved adjustments to the internal investment structure of certain fundraising projects and the postponement of some project timelines [1]. - For the "Marketing Network and Brand Building Project," the company reduced investments in channel construction and overseas branches while increasing marketing promotion expenditures [1]. - The "Medical Equipment R&D Center Project" saw an increase in R&D investment but a decrease in renovation and equipment expenditures [1]. - The expected completion dates for the "Annual Production of 300,000 Ventilators and 3.5 Million Sets of Accessories" and the "Marketing Network and Brand Building Project" have been postponed to December 31, 2027, while the "Medical Equipment R&D Center Project" is now expected to be completed by December 31, 2026 [1].

中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 北京瑞迈特医疗科技股份有限公司（以下简称"瑞迈特"或"公司"）首次公开 发行股票并在创业板上市及持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等法律法规和规范性文件的 要求，对公司调整部分募投项目内部投资结构、部分募投项目重新论证及延期的 事项进行了核查，具体情况如下： 中国国际金融股份有限公司关于 北京瑞迈特医疗科技股份有限公司 调整部分募投项目内部投资结构、部分募投项目重新论证及 延期的核查意见 一、募集资金基本情况 （一）募集资金的基本情况 经中国证券监督管理委员会《关于同意北京怡和嘉业医疗科技股份有限公司 首次公开发行股票注册的批复》同意注册，并经深圳证券交易所同意，公司首次 公开发行人民币普通股（A 股）股票 1,600 万股，每股面值 1.00 元，发行价格为 每股人民币 119.88 元，本次发行募集资金总额为人民币 191,808.00 万元，扣除 发行费用（不考虑前期已入损益的 320.75 万元）后募 ...

证券代码：301367 证券简称：瑞迈特 公告编号：2026-007 北京瑞迈特医疗科技股份有限公司 关于调整部分募投项目内部投资结构、部分募投项目重新论 证及延期的公告 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。 北京瑞迈特医疗科技股份有限公司（以下简称"公司"或"瑞迈特"）已于 2026 年 2 月 3 日召开第三届董事会第十八次会议，审议通过了《关于调整部分 募投项目内部投资结构、部分募投项目重新论证及延期的议案》，同意公司调整 部分募投项目内部投资结构，并将募投项目"年产 30 万台呼吸机及 350 万套配 件""营销网络及品牌建设项目"的预计达到可使用状态日期延期至 2027 年 12 月 31 日；将募投项目"医疗设备研发中心项目"的预计达到可使用状态日期延 期至 2026 年 12 月 31 日。本次事项在公司董事会审批权限范围内，无需提交股 东会审议。保荐人对本事项出具了同意的核查意见。现将具体情况公告如下： 一、募集资金基本情况 （一）募集资金的基本情况 经中国证券监督管理委员会《关于同意北京怡和嘉业医疗科技股份有限公司 首次公开发行股票 ...

证券代码：301367 证券简称：瑞迈特 公告编号：2026-006 北京瑞迈特医疗科技股份有限公司 第三届董事会第十八次会议决议公告 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 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）第三届董事会第十 八次会议于 2026 年 2 月 3 日在公司会议室以现场结合通讯的方式召开，会议通 知已于 2026 年 1 月 30 日以书面、电子邮件方式发出并送达全体董事。本次会议 由公司董事长庄志先生召集并主持。本次会议应出席的董事 9 人，实际出席的董 事 9 人，其中董事陈蓓女士、周明钊先生、崔文立先生、TAN CHING（谈庆） 先生、库逸轩先生、厉洋先生、孙培睿先生以通讯方式参加会议。公司高级管理 人员列席了本次会议。本次会议的召开符合有关法律、行政法规、部门规章、规 范性文件和《北京瑞迈特医疗科技股份有限公司章程》的规定。 二、董事会会议审议情况 经全体与会董事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于调整部分募投项目内部投资结构、部分募投项目重新论 证及延期的议案》 ...

证券代码：301367 证券简称：瑞迈特 公告编号：2026-005 北京瑞迈特医疗科技股份有限公司 关于与关联方共同投资暨关联交易进展的公告 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。 一、关联交易概述 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于 2026 年 1 月 6 日召开第三届董事会第十七次会议，审议通过《关于与关联方共同投资暨关联交 易的议案》。为致力于移动氧疗业务的开拓与运营，推动高原氧疗服务的普及与 提升，经公司决定以公司自有资金，与海口润氧共赢企业管理合伙企业（有限合 伙）、关联方成都洛子科技有限公司共同投资西藏瑞迈特智氧科技有限公司。具 体内容详见公司于 2026 年 1 月 7 日在巨潮资讯网上披露的《关于与关联方共同 投资暨关联交易的公告》（公告编号：2026-002）。 二、共同投资事项进展情况 主要经营场所：海南省海口市龙华区大同街道龙华路 17 号财盛大厦第 16 层 C 区 C5651 号（集中办公区） 截至本公告披露日，海口润氧共赢企业管理合伙企业（有限合伙）、西藏瑞 迈特智氧科技有限公司已完成相关工商登记手续， ...

Group 1 - The core business of the company involves 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] - As of September 30, 2025, the company achieved a revenue of 808 million yuan, representing a year-on-year growth of 34.24%, and a net profit attributable to shareholders of 180 million yuan, with a growth of 43.87% [2] - The company's 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] Group 2 - As of January 26, 2025, the company's financing balance reached 1.58 billion yuan, with a net financing purchase of 9.44 million yuan on that day [1] - The company has a total of 7,971 shareholders as of September 30, 2025, which is an increase of 16.36% compared to the previous period [3] - The company has distributed a total of 228 million yuan in dividends since its A-share listing [3]