怡和嘉业（301367）公告，公司与深圳翰宇药业（300199）股份有限公司、深圳翰宇健康科技有限公司 于2025年5月12日共同签署了《战略合作框架协议》。该协议旨在整合优势资源，构建"产品+器械"协同 发展的睡眠健康生态系统，共同探索睡眠障碍预防、治疗及健康管理的创新模式。协议自签字盖章之日 起生效，有效期五年。 ...

深圳市前海排排网基金销售有限责任公司理财师姚旭升表示，电子、医药生物和机械设备行业受到公募 机构较多关注，充分体现了公募资金对科技、医药和高端制造等核心赛道的持续看好。 上周公募机构调研热情持续升温，呈现明显的头部集中特征。公募排排网数据显示，107家公募机构 （占比超六成）上周开展4次以上调研活动，其中9家头部机构调研频次突破20次。 在调研活跃度高的前十家公募机构中，鹏华基金管理有限公司调研28次居首，其重点关注的纳尔股份 （002825）、欧陆通（300870）和宏华数科分别以16.84%、14.32%和12.56%的周涨幅位居其调研组合 前三。富国基金管理有限公司、汇添富基金管理股份有限公司和嘉实基金紧随其后，均调研24次。 上周公募机构调研持续保持活跃态势。公募排排网数据显示，上周（5月5日至5月11日）共有146家公募 机构参与到A股公司调研，覆盖到电子、医药生物、机械设备等24个申万一级行业中的156只个股，合 计调研频次达1198次，依旧维持了单周调研超千次的强劲势头。 在调研热度最高的前十只个股中，机械设备行业表现尤为突出。其中，雷赛智能（002979）以54次调研 高居榜首，吸引了包括博时 ...

Core Viewpoint - Public fund institutions remain highly active in conducting research on A-share companies, with a total of 146 institutions participating in 1,198 research instances during the week of May 5 to May 11, 2025, covering 156 stocks across 24 primary industries [1]. Group 1: Top Stocks in Research - The top ten stocks with the highest research frequency include: - LeiHan Intelligent (54 times, +3.41%) - BeiGene (49 times, -6.76%) - YiHe JiaYe (44 times, +10.70%) - DeMingLi (37 times, -3.14%) - XiangXin Technology (36 times, +5.32%) - AoHua Endoscopy (35 times, +4.30%) - WenJian Medical (35 times, -1.47%) - HongHua Digital Science (33 times, +8.77%) - XingYe YinXi (31 times, -1.73%) - ZhouDaSheng (29 times, +0.77%) [2]. Group 2: Industry Focus - The mechanical equipment industry stands out with LeiHan Intelligent leading in research frequency, attracting nearly 30% of public institutions [2]. - The pharmaceutical and biotechnology sector is also a major focus, with BeiGene and YiHe JiaYe ranking second and third in research frequency, respectively [3]. - The electronic, pharmaceutical, and mechanical equipment sectors are the primary areas of interest for public fund research, with a total of 538 research instances, accounting for 44.91% of all public fund research activities [3].

买入 |维持 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -22% -16% -10% -4% 2% 8% 14% 20% 26% 32% 怡和嘉业 医药生物 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-09 股票投资评级 2025 年一季度公司实现营业收入 2.65 亿元，同比增长 38.11%； 实现归属于母公司所有者的净利润 0.72 亿元，同比增长 44.11%； 2025 年一季度归属于母公司所有者的扣除非经常性损益的净利润为 0.60 亿元，同比增长 43.18%。 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） | 79.90 | | --- | --- | | 总股本/流通股本（亿股）0.90 | / 0.57 | | 总市值/流通市值（亿元）72 | / 45 | | 52 周内最高/最低价 | 89.80 / 56.99 | | 资产负债率(%) | 17.1% | | 市盈率 | 45.92 | | 第一大股东 | 庄志 | 研究所 分析师:蔡明子 SAC 登记编号:S1340523 ...

Company Overview - Beijing Yihe Jiaye Medical Technology Co., Ltd. was established in 2001 and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 1, 2022 [1] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [1] - It is a leading domestic enterprise in non-invasive ventilators and masks, with products sold in over 100 countries and regions [1] 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 [2] - The company has 202 valid overseas patents, including 39 in the USA and 30 in Europe [2] Financial Performance - In Q1 2025, the company reported a revenue of 265 million CNY, with a quarter-on-quarter growth of 9.90% and a year-on-year growth of 38.11% [3] - Net profit for Q1 2025 was 72 million CNY, showing a quarter-on-quarter increase of 137.70% and a year-on-year increase of 44.11% [3] - The overall gross margin for Q1 2025 was 49.57%, with domestic gross margin at 51.51% and overseas gross margin at 48.47% [3] Market Insights - The company’s consumables business grew by 46.22% year-on-year in 2024, primarily driven by contributions from the USA and Europe [3] - Domestic business revenue and gross margin improved in Q1 2025, indicating a stable and positive trend in the domestic market [4] Product Development - The company has completed the construction of its cloud platform in the European market, connecting with over 20 agents, which lays a foundation for future growth in the mainstream medical insurance market [5] - The newly launched P5 series ventilator has generated sales revenue in Q1 2025 and is expected to positively impact future revenue and gross margin [6] Supply Chain and Innovation - The company has achieved significant localization in core components, enhancing supply chain security and cost advantages [7] - The company is exploring collaborations with Zhejiang Qiang Brain Technology Co., Ltd. to integrate non-invasive brain-machine interface technology with its products [7] Brand Strategy - The company is rebranding from "Yihe Jiaye" to "Ruimaite" to enhance brand recognition and market penetration [8] - The rebranding aims to align the company name with its product brand, reducing confusion among consumers and investors [8]

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-09 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-09 2024-12 2025-02 2025-05 -22% -16% -10% -4% 2% 8% 14% 20% 26% 32% 怡和嘉业 医药生物 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） | 79.90 | | --- | --- | | 总股本/流通股本（亿股）0.90 | / 0.57 | | 总市值/流通市值（亿元）72 | / 45 | | 52 周内最高/最低价 | 89.80 / 56.99 | | 资产负债率(%) | 17.1% | | 市盈率 | 45.92 | | 第一大股东 | 庄志 | 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 l 公司亮点分析 2025 年一季度公司境内外收入增速明显增长。根据公司投资者 ...

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次（每月一次） 12 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未列席，已事前或事后审阅相关会议文件 | | （2）列席公司董事会次数 | 未列席，已事前或事后审阅相关会议文件 | | （3）列席公司监事会次数 | 未列席，已事前或事后审阅相关会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 次 1 | | （2 ...

中国国际金融股份有限公司 关于北京怡和嘉业医疗科技股份有限公司 2024 年度持续督导定期现场检查报告 保荐人名称：中国国际金融股份有限公司 被保荐公司简称：怡和嘉业 保荐代表人姓名：陈婷婷 联系电话：010-65051166 保荐代表人姓名：高广伟 联系电话：010-65051166 现场检查人员姓名：高广伟 现场检查对应期间：2024 年 1 月 1 日至 2024 年 12 月 31 日（"核查期间"） 现场检查时间：2025 年 4 月 21 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 与公司相关人员进行沟通、访谈；查阅公司董事会、监事会、股东大会会议文件；查阅公司章程及 各项公司治理制度；现场查看公司主要管理场所；对相关文件、原始凭证及其他资料或者客观状况 进行查阅。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员及会议内 容等要件是否齐备，会议资料是否保存完整 √ 4.三会会议决议是否由出席会议的相关人员签名确认 √ 5.公司董监高是否按照有关法律法规和深圳证券交易所相 ...

Group 1 - The company places significant emphasis on the potential integration of brain-machine technology with its existing products [1] - Brain-machine interface technology is compatible with the company's ventilators and sleep devices, representing a promising direction for functional enhancement [1]

Company Overview - Established in 2001, the company launched its first multi-channel sleep monitor in 2003 and the first CPAP sleep machine in 2007. It received CE certification in 2008 and FDA certification in 2012. The company was successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 1, 2022 [1][2]. - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering the entire cycle from diagnosis to treatment and chronic disease management. It is a leading domestic manufacturer of non-invasive ventilators and masks, with products sold in over 100 countries [1][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. It also has 202 valid overseas patents [2]. Financial Performance - In Q1 2025, the company reported overseas revenue of 170 million CNY, a year-on-year increase of 35.48%. Domestic revenue was 96 million CNY, with a quarter-on-quarter growth of 48.79% and a year-on-year growth of 43.03% [3]. - The gross margin for domestic operations was 51.51%, while for overseas operations it was 48.47%. Both margins showed an increase compared to the previous quarter, with the U.S. market gross margin rising by 4.56% [3]. Business Segments - Revenue from home ventilator therapy reached 176 million CNY in Q1 2025, reflecting a quarter-on-quarter increase of 15.71% and a year-on-year increase of 62.80%. Revenue from consumables was 81 million CNY, with a quarter-on-quarter growth of 3.21% and a year-on-year growth of 7.46% [3]. - The gross margin for home ventilator therapy was 43.20%, while for consumables it was 64.39%, indicating stable margins for both segments [3]. Production and Supply Chain - The company has established major production bases in Tianjin and Dongguan, achieving domestic substitution for core components, ensuring supply chain security and cost advantages [4]. Brand Strategy - The company is rebranding from "怡和嘉业" to "瑞迈特" to enhance brand recognition and reduce confusion among consumers and investors. The new brand aims to increase market penetration and influence [4]. Market Development - The cloud platform in the European market is nearly complete, with over 20 agents connected, laying the groundwork for future growth in the respiratory machine market [5]. - The recently launched P5 series ventilators are primarily targeted at domestic hospital channels, which have a relatively high gross margin [6]. Strategic Investments - The investment in Shenzhen Deda Xing Drive Technology Co., Ltd. aims to secure a stable supply of core components and extend the company's business upstream, aligning with its long-term strategic goals [6]. Technological Collaboration - The company is exploring opportunities for collaboration with Zhejiang Qiangnao Technology Co., Ltd. in the field of brain-computer interface technology, which could enhance sleep monitoring and intervention capabilities [7].