之 独立财务顾问报告 2025 年 4 月 公司简称：怡和嘉业 证券代码：301367 上海荣正企业咨询服务（集团）股份有限公司 关于 北京怡和嘉业医疗科技股份有限公司 2025 年限制性股票激励计划 授予相关事项 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本激励计划的审批程序 | 6 | | 五、本激励计划限制性股票的授予情况 | 8 | | 六、本激励计划限制性股票授予条件说明 | 9 | | 七、实施本激励计划对相关年度财务状况和经营成果影响的说明 10 | | | 八、独立财务顾问的核查意见 | 11 | 一、释义 | 怡和嘉业、本公司、公 | 指 | 北京怡和嘉业医疗科技股份有限公司（含控股子公司） | | --- | --- | --- | | 司、上市公司 | | | | 财务顾问、独立财务顾 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 问 | | | | 本次限制性股票激励计 划、本激励计划、本计 | 指 | 北京怡和嘉业医疗科技股份有限公司 2025 年限制性股票激励计划 | | 划 | | | | ...

北京国枫律师事务所 关于北京怡和嘉业医疗科技股份有限公司 2025 年限制性股票激励计划授予事项的 法律意见书 国枫律证字[2025] AN038-2号 北京国枫律师事务所 2025年限制性股票激励计划授予事项的 Grandway Law Offices 法律意见书 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 国枫律证字[2025] AN038-2号 释 义 本法律意见书中，除非文义另有所指，下列词语或简称具有如下含义： | 怡和嘉业、公司 | 指 | 北京怡和嘉业医疗科技股份有限公司 | | --- | --- | --- | | 2025 年股票激励计 | | | | 划/本次股票激励计 | 指 | 北京怡和嘉业医疗科技股份有限公司 2025 年限制性股票激 励计划 | | 划 | | | | 《股票激励计划 | 指 | 《北京怡和嘉业医疗科技股份有限公司 2025 年限制性股票 | | （草案）》 | | 激励计划（草案）》 | | 激励对象 | 指 | 获得本次股票 ...

Revenue and Profit - The company's revenue for Q1 2025 reached ¥265,285,881.67, representing a 38.11% increase compared to ¥192,086,116.73 in the same period last year[5] - Net profit attributable to shareholders was ¥71,931,423.74, up 44.11% from ¥49,913,780.97 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥60,185,098.89, reflecting a 43.18% increase from ¥42,035,734.05 in the previous year[5] - Basic earnings per share increased to ¥0.8091, a rise of 44.12% compared to ¥0.5614 in the previous year[5] - The net profit for the current period is 72,924,238.36, an increase of 44.2% compared to 50,553,898.72 in the previous period[19] - The total comprehensive income for the current period is 73,143,755.67, compared to 50,540,848.17 in the previous period, marking a 44.7% increase[19] Cash Flow and Liquidity - The company's cash flow from operating activities decreased by 44.82% to ¥41,758,055.67, down from ¥75,677,651.08 in the same quarter last year[5] - The company's cash management saw a significant increase in cash and cash equivalents, rising by 69.64% to ¥889,873,477.69 from ¥524,572,179.44[9] - The cash flow from operating activities netted 41,758,055.67, a decrease of 44.7% compared to 75,677,651.08 in the previous period[22] - The cash flow from investment activities generated a net inflow of 361,637,030.28, contrasting with a net outflow of -347,230,480.53 in the previous period[22] - The cash and cash equivalents at the end of the period totaled 808,753,462.89, an increase from 396,234,366.59 at the end of the previous period[23] - The company experienced a foreign exchange impact on cash and cash equivalents amounting to 8,640,195.05, compared to 896,845.76 in the previous period[23] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,382,519,388.47, a slight decrease of 1.23% from ¥3,424,805,016.73 at the end of the previous year[5] - Current liabilities decreased to ¥469,262,906.71 from ¥578,626,139.33, a reduction of about 18.9%[16] - The company's total equity attributable to shareholders rose to ¥2,898,395,202.34 from ¥2,828,264,283.28, an increase of approximately 2.5%[17] Operating Costs and Expenses - The operating costs increased by 44.35% to ¥133,796,248.45, driven by the growth in revenue scale[9] - Total operating costs amounted to ¥195,415,181.05, up from ¥149,003,247.49, indicating a rise of about 31.1%[18] - Research and development expenses for the current period were ¥27,163,245.99, compared to ¥25,133,871.27 in the previous period, reflecting an increase of about 8.1%[18] Government Support and Taxation - The company received government subsidies amounting to ¥3,842,211.00, which positively impacted the financial results[6] - The company reported a significant increase in tax liabilities, with a 301.79% rise in taxes payable to ¥20,404,245.44 from ¥5,078,300.48[9] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,118, with no preferred shareholders restoring voting rights[11] - The largest shareholder, Zhuang Zhi, holds 13.10% of shares, amounting to 11,736,608 shares[11] - The company approved a stock incentive plan for 2025, which includes management measures and related legal opinions[13] Financial Income and Borrowings - The company reported a financial income of ¥5,107,599.60, down from ¥6,710,790.93, indicating a decrease of approximately 23.9%[18] - Cash received from borrowings amounted to CNY 148.99 million, attributed to new financing loans from subsidiaries[10] - Cash paid for debt repayment reached CNY 198.8 million, primarily for the repayment of maturing financing loans by subsidiaries[10]

证券代码：301367 证券简称：怡和嘉业 公告编号：2025-038 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向广大投资 者公开征集问题，投资者可提前登录"互动易"平台（http://irm.cninfo.com.cn）"云访 谈"栏目进入公司本次业绩说明会页面进行提问，或扫描下方二维码进入问题征集专题 页面。公司将在本次业绩说明会上，对投资者普遍关注的问题进行回答。在业绩说明会 期间，投资者仍可登陆活动界面进行互动提问。 1 欢迎广大投资者积极参与本次网上业绩说明会。 北京怡和嘉业医疗科技股份有限公司 关于举行2025年第一季度网上业绩说明会的公告 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。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日发 布了《2025 年第一季度报告》，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 4 月 28 日（星期 一）15:00-16 ...

Summary of Conference Call for Yi He Jia Ye Medical Technology Co., Ltd. Company Overview - Company Name: Yi He Jia Ye Medical Technology Co., Ltd. (planned name change to Rui Mai Te) - Industry: Medical Devices, specifically respiratory equipment Key Financial Performance - 2024 Revenue: 843 million CNY, a decrease of 24.85% year-on-year [3][4] - 2024 Net Profit: 155 million CNY, a decrease of 47.74% year-on-year [3] - Q4 2024 Revenue: 241 million CNY, an increase of 9.77% quarter-on-quarter and 36.29% year-on-year [3] - Gross Margin for 2024: 48.34% [3][4] - Debt Ratio: Approximately 17% with total assets exceeding 2.8 billion CNY [3] Product and Market Insights - Product Structure: Home respiratory therapy business generated 527 million CNY (62.52% of revenue), consumables generated 284 million CNY (33.72%) [3] - International Revenue: 64.22% of total revenue, amounting to 542 million CNY [3][4] - Domestic Market: Low penetration rate in the respiratory device market, with plans to enhance brand strategy and market activities to increase awareness and sales [21][22] Market Dynamics - U.S. Market: Inventory clearance completed by June 2024, orders have stabilized; U.S. tariffs on Chinese goods have not significantly impacted revenue or profit [6][11][10] - European Market: Stable performance with 21 agents connected to the cloud platform by January 2025, optimistic outlook for equipment and consumables sales [7] Brand Strategy - Planned Name Change: From Yi He Jia Ye to Rui Mai Te to unify brand identity across markets [5][8] - Marketing Initiatives: Increased participation in exhibitions, academic exchanges, community health events, and social media to enhance brand visibility and market penetration [5][8] Future Growth Plans - Product Development: Focus on enhancing product performance and obtaining international certifications to support global market entry [20] - M&A Strategy: Actively seeking related technology or resources for mergers and acquisitions to achieve low-cost expansion [20][30] - E-commerce Expansion: Establishing an e-commerce subsidiary in Hangzhou to enhance online sales channels [25] Competitive Landscape - U.S. Market Position: Currently ranked second in the home respiratory device market, with strategies to close the gap with the leading competitor [18][19] - Focus on Product Adaptability: Enhancing product features to meet reimbursement requirements and consumer needs [23][24] Challenges and Opportunities - Impact of Weight Loss Drugs: Increased consumer awareness of respiratory devices due to the association with improved sleep quality, expanding market potential [29] - Cost Control: Emphasis on optimizing product structure to improve gross margins despite fluctuations [16][14] Conclusion - The company is positioned to leverage its strengths in product innovation, brand strategy, and market expansion to drive future growth and enhance shareholder value [30]

Company Overview - The company was established in 2001 and launched its first multi-channel sleep monitoring device in 2003, followed by the first CPAP sleep breathing 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 [2] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering the entire cycle (diagnosis, treatment, chronic disease management) and multiple scenarios (medical institutions and home care). It is a leading domestic manufacturer of non-invasive ventilators and masks, with products sold in over 100 countries and regions [2] Research and Development - The company maintains significant R&D investment, holding 633 domestic patents as of December 31, 2024, including 107 invention patents, 390 utility model patents, and 136 design patents. It also holds 202 international patents, including 39 in the US and 30 in Europe [3] Brand and Market Strategy - The company is rebranding to "瑞迈特" to enhance user recognition and market penetration. This includes changing its name and stock abbreviation to align with its product brand, aiming to reduce confusion among consumers and investors [4] - The company plans to increase brand awareness through various channels, including exhibitions, academic exchanges, community clinics, and social media marketing [4] Market Performance - The US respiratory machine market has returned to normal after a period of inventory clearance, positively impacting the company's revenue. The company’s products are compliant with US regulations, and the impact of US tariffs on its income and profit margins has been minimal [4] - In 2024, the company reported a total revenue of 843 million yuan, a year-on-year decrease of 24.85%, with a net profit of 155 million yuan, down 47.74%. However, the fourth quarter showed a revenue increase of 36.29% year-on-year [12] Revenue Breakdown - In 2024, overseas revenue was 542 million yuan, accounting for 64.21% of total revenue, while domestic revenue was 302 million yuan, making up 35.79%. The fourth quarter saw overseas revenue grow by 21.33% [7] - The revenue from home respiratory therapy business was 527 million yuan, representing 62.52% of total revenue, while consumables accounted for 33.72% with a revenue of 284 million yuan [8] Market Share - According to data from August 2024, the company holds a 12.4% market share in the global market for home non-invasive ventilators, ranking second, and a 30.6% share in the domestic market, ranking first among domestic brands [11]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 怡和嘉业（301367.SZ） 海外去库存影响消退，看好 2025 年恢复性增长 怡和嘉业发布 2024 年年度报告。2024 年实现营业收入 8.43 亿元，同比 下滑 24.85%；归母净利润 1.55 亿元，同比下滑 47.74%；扣非后归母净 利润 0.92 亿元，同比下滑 61.79%。分季度看，2024Q4 实现营业收入 2.41 亿元，同比增长 36.29%；归母净利润 3026 万元，同比增长 12.65%；扣 非后归母净利润 697 万元，同比下滑 40.22%。 观点：美国市场去库存影响基本消退，2024 下半年收入端呈逐季改善态 势，利润端增速不及收入端主要系期间费用率增长所致。耗材产品引领收 入增长，去库存影响消退后 2025 年呼吸诊疗业务有望迎来恢复性增长。 海外本土化布局深化，与 RH 续签协议，有望进一步提升全球市占率。 美国市场去库存影响基本消退，下半年收入端逐季改善，利润端增速不及 收入端主要系期间费用率有所增长。美国市场去库存影响逐渐消退，2024 下 半 年 收 入 端 呈 逐 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 怡和嘉业（301367.SZ） 海外去库存影响消退，看好 2025 年恢复性增长 怡和嘉业发布 2024 年年度报告。2024 年实现营业收入 8.43 亿元，同比 下滑 24.85%；归母净利润 1.55 亿元，同比下滑 47.74%；扣非后归母净 利润 0.92 亿元，同比下滑 61.79%。分季度看，2024Q4 实现营业收入 2.41 亿元，同比增长 36.29%；归母净利润 3026 万元，同比增长 12.65%；扣 非后归母净利润 697 万元，同比下滑 40.22%。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,122 | 843 | 1,053 | 1,264 | 1,511 | | 增长率 yoy（%） | -20.7 | -24.9 | 24.9 | 20.0 | 19.6 | | 归母净利润（百万元） | 297 | 155 | 198 ...

投资要点： 风险提示 下游需求不及预期；新业务进展不及预期；市场竞争加剧；客户集中度高风险 事件：公司披露2024 年年报，2024 年实现收入8.43 亿元（同比-24.85%），归母净利润1.55 亿元（同 比-47.74%），扣非归母净利润0.92 亿（同比-61.7%）。2024Q4 实现收入2.41 亿元（同比+36.3%），归 母净利润0.30 亿（同比+12.64%），扣非归母净利润0.07 亿（同比-40.2%）。 美国呼吸机市场逐步回归稳态+关税担忧消除，25 年有望修复性高增： 美国呼吸机市场逐步回归稳态，2024 年第三季度营业收入较第二季度环比增长15.70%，经营拐点确 立。24 年Q4 继续延续环比正增长态势，25 年随后续订单恢复公司业绩有望逐季度持续改善。同时，公 司已于2025 年3 月31 日明确公告美国加征关税对公司在美国地区的收入、净利润、毛利率等核心指标 基本无影响。我们认为，公司受美国呼吸机市场去库存影响24 年业绩已触底，25 年随市场需求端复 苏，业绩有望修复性高增。 耗材占比提升，毛利率延续提升趋势：24 年家用呼吸机诊疗业务收入5.27 亿元，占比62.52 ...

Core Viewpoint - The company, Yihe Jiaye, is a leading domestic manufacturer of non-invasive respiratory machines and ventilation masks, with significant growth in revenue and market share, particularly in the U.S. and European markets, following the end of the inventory clearance cycle in the U.S. respiratory machine market [1][5][7]. Company Overview - Established in 2001, the company has developed a comprehensive product line for respiratory health, including home non-invasive ventilators, masks, and monitoring devices, and has received multiple certifications such as NMPA, FDA, and CE [2]. - The company focuses on providing full-cycle treatment solutions for patients with OSA and COPD, covering diagnosis, treatment, and chronic disease management [2]. Research and Development - The company maintains a significant scale of R&D investment, holding 633 domestic patents and 202 international patents as of December 31, 2024, indicating a strong commitment to innovation [3]. Brand and Market Strategy - The company has unified its brand under "Ruimaite" to enhance user recognition and market penetration, planning to change its name and stock abbreviation to align with the new brand [4]. - The company aims to increase brand awareness through various channels, including exhibitions, academic exchanges, and social media marketing [4]. Market Conditions - The U.S. respiratory machine market has returned to normalcy after a period of inventory clearance, with the company’s products entering the market without significant impact from U.S.-China tariff policies [5][6]. - The company has achieved a high level of domestic supply chain security and cost advantages through the localization of core components [6]. Financial Performance - In Q4 2024, the company reported a 9.77% increase in revenue compared to Q3, driven by the recovery of the U.S. market [7]. - The overseas business generated 5.42 billion yuan, accounting for 64.21% of total revenue, while domestic revenue was 3.02 billion yuan, representing 35.79% [7]. Product Performance - The company’s home respiratory therapy business generated 5.27 billion yuan in revenue, while consumables contributed 2.84 billion yuan, with consumables showing a steady increase in proportion [7]. - Consumables saw a year-on-year growth of 46.22%, primarily driven by demand from the U.S. and European markets [8]. Market Share - According to data from Sullivan, the company held a 12.4% global market share for home non-invasive ventilators in 2023, ranking second, and a 30.6% share in the domestic market, ranking first among local brands [8].