1H25 业绩符合我们预期 公司公布1H25 业绩：收入5.44 亿元，同比+42.30%；归母净利润1.31 亿元，同比+42.19%，对应每股盈 利1.48 元，扣非净利润0.99 亿元，同比+49.34%，符合我们预期。 发展趋势 境外业务同比环比保持增长态势。根据公司公告，2Q25，公司营业收入2.79 亿元，同比+46.5%，环比 +5.0%。1H25 境外业务收入3.53 亿元，同比+61.3%，2Q25 境外业务收入1.83 亿元，同比+96.0%，环比 +8.0%，其中美国地区贡献较大。境外方面，目前美国呼吸机市场去库存周期结束，市场恢复稳态，目 前公司已基本完成欧洲市场云平台建设，通过本土化运营策略，公司产品已开始进入主流医保市场，我 们预计欧洲市场未来将为公司带来的增长动能。 我们维持公司2025 年/2026 年净利润预测2.20 亿元/2.64 亿元，分别同比增长41.7%/20.0%。当前股价对 应2025 年/2026 年37.0 倍/30.8 倍市盈率。我们维持跑赢行业评级，维持目标价110 元，对应2025 年/2026 年44.8 倍/37.3 倍市盈率，较当前股价有21.2 ...

Company and Industry Summary Company Overview - The company reported a revenue of 544 million yuan for the first half of 2025, representing a year-on-year growth of 42.84% [2][3] - The home respiratory therapy business accounted for over 60% of total revenue, while consumables contributed 32.67%, with a year-on-year growth of 30.26% [2][3] Revenue Breakdown - Domestic revenue was 191 million yuan, growing 16.87% year-on-year, while overseas revenue reached 353 million yuan, up 61.33% [4][5] - The U.S. market saw a significant revenue increase of 230.35%, becoming a major growth driver, while Europe grew by 8.6% [2][5] Profitability Metrics - Net profit for the first half of 2025 was 131 million yuan, a 42.19% increase year-on-year, with a gross margin of 52.17% [2][6] - The second quarter gross margin improved to 54.64%, benefiting from cost control and a higher proportion of high-margin consumables [2][6] Market Performance - In the U.S., sales of respiratory machines and consumables surged by 526.19% and 81.58% respectively [7][8] - The introduction of a new generation of noise-reducing respiratory machines is expected to further boost growth in the second half of the year [7][8] Strategic Initiatives - The company plans to transition its domestic online sales from a distributor model to a direct sales model by September 2025, which is expected to positively impact revenue and net profit [11][14] - A focus on brand building and clinical investments is anticipated to increase market share, with sales expenses expected to remain high in the coming quarters [12][23] European Market Insights - The company has established a localized operational strategy in Europe, with approximately 40 primary agents and 1,030 secondary agents, leading to a significant revenue increase [13][15] - The European market is projected to grow by over 20% in the coming year, driven by the integration into mainstream medical insurance markets [13][15] Future Outlook - The company holds approximately 1.8 billion yuan in cash, with plans to allocate 80% for upstream and downstream investments and 20% for establishing ecological partnerships [4][16][17] - The introduction of new products, such as a mini respiratory machine in Japan, is expected to contribute positively to revenue [16][22] Competitive Landscape - The company is the only one with FDA certification for its new products in the U.S., which enhances its competitive edge [10][29] - The market for home respiratory machines in Japan is expected to grow, although the overall demand remains lower compared to the U.S. and European markets [22] Conclusion - The company is well-positioned for growth with a strong focus on product innovation, market expansion, and strategic investments, aiming to enhance its competitive advantage and deliver sustainable business growth [33]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003 [2] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic company in non-invasive ventilators and masks, being the first to receive FDA certification for non-invasive ventilators in China [2] - The company has a complete product line, including home non-invasive ventilators, masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators [2] R&D and Patents - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents [3] - The company has 266 overseas authorized patents, including 45 in the U.S. and 38 in Europe [3] Financial Performance H1 2025 Results - Revenue for H1 2025 reached 544 million CNY, a year-on-year increase of 42.30% [4] - Net profit was 131 million CNY, also up by 42.19% year-on-year [4] - Non-recurring net profit was 99 million CNY, reflecting a 49.34% increase [4] Regional Performance - Domestic revenue was 191 million CNY, growing by 16.87% year-on-year [5] - International revenue reached 353 million CNY, a significant increase of 61.33%, with the U.S. contributing notably [5] Product Performance - Revenue from home ventilators was 349 million CNY, accounting for 64.19% of total revenue, with a year-on-year growth of 51.49% [6] - Consumables generated 178 million CNY, representing 32.67% of total revenue, with a growth of 30.26% [6] Q2 2025 Insights - Q2 2025 revenue was 279 million CNY, up 46.54% year-on-year [7] - Net profit for Q2 was 59 million CNY, a 39.92% increase [7] - International revenue for Q2 was 183 million CNY, showing a remarkable growth of 95.97% year-on-year, with U.S. revenue increasing by 252.89% [8][9] Profitability Metrics - H1 2025 gross margin was 52.17%, an increase of 0.46% from the previous year [10] - Gross margin for home ventilators was 45.02%, while consumables had a gross margin of 65.83% [10] Growth Drivers - Revenue and profit growth in H1 2025 were driven by the end of the inventory cycle in the U.S. ventilator market and successful entry into mainstream insurance markets in Europe [10] - Domestic market adjustments in channel and sales policies have shown early positive results [10] Future Strategies - The company is transitioning its online channels smoothly and plans to adopt a multi-model product sales strategy for online and offline channels [11] - A new noise-reducing ventilator has been launched in the U.S. market, with expectations for increased sales in the second half of the year [12] - The company has a strong cash position with net assets of 2.936 billion CNY, allowing for potential investments in product and industry chain expansions [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Insights - The company's performance in H1 2025 was impressive, with Q2 continuing to show high growth [1] - The company reported a significant increase in revenue and net profit, with H1 revenue reaching 544 million yuan, a year-on-year growth of 42.30%, and net profit of 131 million yuan, also up by 42.19% [3] - The company has improved its expense ratios significantly, with a sales expense ratio of 10.43%, down by 2.24 percentage points, and a net profit margin of 24.59%, up by 0.07 percentage points [4] - The home respiratory machine and consumables business experienced rapid growth, with home respiratory machine revenue at 349 million yuan, up 51.49%, and consumables revenue at 178 million yuan, up 30.30% [5] - The company rebranded from "怡和嘉业" to "瑞迈特," which is expected to enhance brand value and market penetration [6] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 52.17%, an increase of 0.46 percentage points year-on-year, and a net profit margin of 24.59%, up by 0.07 percentage points [4] - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 1.074 billion yuan, 1.295 billion yuan, and 1.512 billion yuan respectively, with corresponding net profits of 220 million yuan, 287 million yuan, and 354 million yuan [7]

Core Viewpoint - 瑞迈特 reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 544 million yuan, representing a year-on-year growth of 42.30% [1] - The net profit attributable to shareholders was 131 million yuan, also showing a year-on-year increase of 42.19% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 99.32 million yuan, reflecting a year-on-year growth of 49.34% [1] - Basic earnings per share stood at 1.48 yuan [1]

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 新增公司 2025 年度日常关联交易预计的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐人"）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》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等 相关法律、法规和规范性文件的规定，对瑞迈特新增公司 2025 年度日常关联交易预计 事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 根据业务发展实际需要，公司拟新增与关联方成都洛子科技有限公司（以下简称"成 都洛子"）2025年度日常关联交易预计金额不超过640万元，调整后关联方成都洛子2025 年度总额度不超过 1,000 万元。 2025 年 8 月 27 日，公司第三届董事会第十五次会议和第三届监事会第十五次会议 审议通过了《关于新增公司 2025 年度日常关联交 ...

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。 证券代码：301367 证券简称：瑞迈特 公告编号：2025-054 北京瑞迈特医疗科技股份有限公司 关于举行2025年半年度网上业绩说明会的公告 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发布 了《2025 年半年度报告》及其摘要，并披露于中国证监会指定的创业板信息披露网站 巨潮资讯网（http://www.cninfo.com.cn）。 为便于广大投资者更深入全面地了解公司情况，公司定于 2025 年 9 月 1 日（星期 一）下午 15:00-16:30 在深圳证券交易所"互动易"平台"云访谈"栏目举行 2025 年半 年度网上业绩说明会。本次业绩说明会将采用网络远程的方式举行，投资者可登陆深圳 证券交易所"互动易"平台（http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次 业绩说明会。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 北京瑞迈特医疗科技股份有限公司董事会 2025 年 8 月 28 日 2 出席本次业绩说明会的人员 ...

| | 资金占用方名 | 占用方与上 | 上市公司核算的 | 年期初占 2025 | 年半年度占 2025 | 年半年度占 2025 | 年半年度 2025 | 年半年 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 称 | 市公司的关 | 会计科目 | 用资金余额 | 用累计发生金额 | 用资金的利息（如 | 偿还累计发生 | 度期末占用 | 占用形成原因 | 占用性质 | | | | 联关系 | | | （不含利息） | 有） | 金额 | 资金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | ...

证券代码：301367 证券简称：瑞迈特 公告编号：2025-051 北京瑞迈特医疗科技股份有限公司 关于修改公司经营范围、修订《公司章程》、制定及修订 部分公司制度的公告 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开 第三届董事会第十五次会议，审议通过了《关于修改公司经营范围、修订<公司章程>、 制定及修订部分公司制度的议案》，根据《公司法》《证券法》《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》《上市公司独立董事管理办法》等相关法律、法规和规范性文件，为进一步完 善公司治理结构，促进规范运作，并结合公司自身实际情况，修改公司经营范围、修订 《公司章程》、制定及修订部分公司制度。 一、变更经营范围的情况 | 变更前经营范围 | 变更后经营范围 | | --- | --- | | 电子医疗健康设备及医用耗材技术开发； | | | 互联网医疗技术开发；软件技术开发；货物进 | 电子医疗健康设备及医用耗材技术开发； | | 出口、技术进出口、代理进出口（不涉及国营 | 互联网医疗技术开发；软件技术开发； ...

证券代码：301367 证券简称：瑞迈特 公告编号：2025-055 北京瑞迈特医疗科技股份有限公司 关于选举职工董事的公告 高成伟原为公司第三届董事会非职工董事，本次选举完成后，变更为公司第 三届董事会职工董事，公司第三届董事会构成人员不变。 本次选举职工董事工作完成后，公司第三届董事会中兼任公司高级管理人员 以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关 法律法规的要求。 特此公告。 北京瑞迈特医疗科技股份有限公司董事会 2025 年 8 月 28 日 1 附件 职工董事简历 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。 根据《公司法》及《北京瑞迈特医疗科技股份有限公司章程》的相关规定， 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召 开职工代表大会，选举高成伟为第三届董事会职工代表董事，任期与公司第三届 董事会任期一致。 高成伟，男，1963 年出生，中国国籍，无境外居留权，哈尔滨工业大学精 密机械仪器专业硕士。历任 GE Hangwei Medical System、AeRa Corpo ...