Revenue and Profit - Revenue for the third quarter was RMB 219,915,135.08, a 10.51% increase year-over-year[2] - Net profit attributable to shareholders was RMB 32,744,656.32, up 21.78% compared to the same period last year[2] - Revenue for the first nine months was RMB 602,082,982.76, a 36.31% decrease year-over-year, primarily due to reduced market demand[5] - Total revenue for the period was 602,082,982.76 RMB, a decrease from the previous period's 945,302,594.29 RMB[14] - Net profit for the quarter was RMB 127.55 million, with a year-on-year increase of 46.7%[15] - Net profit attributable to the parent company was 971,585,919.43 RMB, up from 910,465,387.61 RMB[13] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 3,243,476,467.71, an 11.13% increase from the end of the previous year[2] - Total assets increased to 3,243,476,467.71 RMB from 2,918,544,550.84 RMB[13] - Total liabilities rose to 436,840,395.44 RMB from 131,615,112.91 RMB[13] - Long-term equity investments increased by 1134.40% to RMB 157,317,520.08 due to increased external investments[5] - Long-term equity investments increased significantly to 157,317,520.08 RMB from 12,744,459.75 RMB[11] Cash Flow - Cash flow from operating activities for the first nine months was RMB 184,598,410.73, a 101.59% increase year-over-year[2] - Cash flow from operating activities for the quarter was RMB 184.60 million, an increase of 101.6% year-on-year[17] - Cash flow from investing activities for the quarter was negative RMB 615.29 million, a significant decrease compared to the positive RMB 94.96 million in the same period last year[18] - Cash flow from financing activities for the quarter was positive RMB 56.06 million, compared to negative RMB 134.40 million in the same period last year[18] - The company's cash and cash equivalents at the end of the quarter were RMB 296.74 million, a decrease of 27.0% compared to the beginning of the quarter[18] - Cash and cash equivalents decreased to 305,215,351.84 RMB from 670,354,040.76 RMB[11] Accounts Receivable and Inventory - Accounts receivable rose by 34.20% to RMB 145,711,610.81, driven by increased sales revenue at the end of the quarter[5] - Trade receivables increased to 145,711,610.81 RMB from 108,576,764.77 RMB[11] - Inventory decreased to 109,343,370.22 RMB from 118,014,141.74 RMB[11] Contract Liabilities and Other Income - Contract liabilities surged by 165.30% to RMB 74,115,283.93, mainly due to increased advance payments from customers[5] - Other income decreased by 65.67% to RMB 12,949,746.71 due to reduced software tax refunds[6] Government Subsidies and Tax Refunds - Government subsidies received during the reporting period amounted to RMB 564,133.00[3] - Tax refunds received decreased by 72.44% to RMB 33,720,467.89 due to reduced export tax refunds[6] Financial Income and Credit Impairment - Financial income increased by 38.93% to RMB -5,501,004.74, influenced by exchange rate fluctuations[5] - Credit impairment loss decreased by 33.83% to RMB -1,817,744.12 due to slower accounts receivable growth[6] Operating Costs and R&D Expenses - Total operating costs amounted to 507,037,954.75 RMB, down from 711,633,787.42 RMB in the previous period[14] - R&D expenses were 90,640,802.32 RMB, slightly lower than the previous period's 93,289,888.63 RMB[14] Shareholder Information - Zhuang Zhi holds 13.10% of the company's shares, totaling 11,736,608 shares[7] - Zhuhai Hexuan Investment Center holds 12.45% of the company's shares, totaling 11,155,686 shares[7] Comprehensive Income and Earnings Per Share - Total comprehensive income for the quarter was RMB 127.56 million, a decrease of 53.3% year-on-year[16] - Basic earnings per share for the quarter were RMB 1.399, a decrease of 66.9% compared to the same period last year[16] Cash Payments - Cash paid for goods and services decreased by 53.67% to RMB 251,751,417.95 due to reduced procurement expenses[6] - Cash paid for taxes decreased by 59.02% to RMB 45,171,889.79 due to reduced revenue scale[6] - Cash paid for dividends and interest decreased by 49.39% to RMB 65,795,750.00 due to reduced cash dividends and bank loan interest payments[6] - Cash paid for other financing activities increased by 1192.76% to RMB 56,880,831.26 due to share repurchase payments[6] Operating Profit - Operating profit for the quarter reached RMB 146.57 million, a decrease of 52.6% compared to the same period last year[15] Disposal of Fixed Assets - Cash received from disposal of fixed assets increased by 164.24% to RMB 449,214.35 due to changes in disposal gains[6]

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-056 北京怡和嘉业医疗科技股份有限公司 第三届董事会第十次会议决议公告 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 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）第三届董事会第十 次会议于 2024 年 10 月 24 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 2024 年 10 月 18 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。公司监事和高级管理人 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《北京怡和嘉业医疗科技股份有限公司章程》（以下简称《" 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《关于公司 2024 年第三季度报 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-055 北京怡和嘉业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 6,127,120 股（占本公司总股本比例 6.84%）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 2,667,156 股，占本公司总股本比例 3%（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 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-054 北京怡和嘉业医疗科技股份有限公司 关于回购公司股份进展的公告 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。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开公司第三届董事会第七次会议和第三届监事会第七次会议，审议通过 《关于回购公司股份方案的议案》。回购股份的实施期限为自公司董事会审议通 过回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 4 月 12 日、2024 年 4 月 13 日、2024 年 4 月 20 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关于回购公司股份方案的 公告》（2024-020）、《关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告》（2024-025）、《回购报告书》（2024-026）。 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定，公司应当在每个月的前 3 个交易日内披露截 至上月末的回购进展情况。现将 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 20% within the next six months [80]. Core Insights - The company is a leading domestic manufacturer of home respiratory devices, with a global market presence that opens up significant growth potential [1][12]. - The company has a unique strategic layout, covering both home and medical devices, as well as consumables, which enhances its competitive edge [54]. - The market for home respiratory devices is expected to grow significantly, driven by an aging population and increasing prevalence of respiratory diseases [28][39]. - The company has successfully capitalized on the market disruption caused by Philips' product recalls, leading to a substantial increase in market share [68]. Summary by Sections Company Overview - The company has over 20 years of experience in the respiratory health sector and has established itself as a leader in the domestic market for home non-invasive ventilators [12][1]. - The company has developed a comprehensive product line that includes home non-invasive ventilators, medical respiratory diagnostic products, and consumables, catering to a wide range of patient needs [12][1]. Market Potential - The domestic market for home respiratory devices has a low penetration rate compared to developed countries, indicating significant room for growth [2][39]. - The market for home non-invasive ventilators is projected to grow at a CAGR of 22% from 2021 to 2025, with the global market expected to reach $5.5 billion by 2025 [2][39]. Competitive Landscape - The company has increased its market share from 4.5% in 2020 to 17.7% in 2022, positioning itself as the second-largest player globally following ResMed [42]. - The company has established stable partnerships with overseas distributors, enhancing its global market reach [3][64]. Financial Projections - Revenue growth is expected to be -12% in 2024, followed by 26% in 2025 and 24% in 2026, with net profit growth projected at -20%, 43%, and 27% respectively [5][69]. - The company is expected to benefit from a higher proportion of high-margin consumables in its revenue mix, which currently accounts for 17.4% of total revenue [2][59]. Research and Development - The company has invested significantly in R&D, with a focus on innovation and maintaining a strong patent portfolio, which includes 601 domestic patents and 161 international patents [24][25]. - Continuous product upgrades and the development of new models are expected to enhance the company's competitive position in the market [58][54].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Viewpoints - The company, Beijing Yihe Jiaye Medical Technology Co., Ltd., is a leading manufacturer in the respiratory health field, focusing on sleep apnea and chronic respiratory diseases, with products certified in multiple countries [5][10] - The global home ventilator market is concentrated, with the company ranking second globally and first domestically in market share after the Philips recall incident [5][50] - The company has a strong emphasis on overseas business development, with nearly 65.31% of its revenue coming from international markets in 2023 [5][63] - The company has maintained a gross margin above 40% over the past five years, with stable net profit margins expected to improve as the proportion of consumables increases [5][39] - Earnings per share (EPS) forecasts for 2024-2026 are 2.56, 3.10, and 3.90 yuan, with corresponding net profit growth rates of -22.8%, 21.0%, and 25.7% [5][66] Summary by Sections 1. Company Overview - Established in 2001, the company is a leading manufacturer in the respiratory health sector, providing comprehensive service solutions for sleep apnea and chronic respiratory diseases [5][10] - The company has a diverse product matrix and has received global recognition for its products, which are sold in over 100 countries [5][10] 2. Market Performance - The global home ventilator market is projected to reach $55.8 billion by 2025, with significant growth driven by increasing awareness of chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea (OSA) [5][46] - The company has successfully captured market share following the Philips recall, with a global market share of 17.7% in home ventilators as of 2022 [5][50] 3. Financial Performance - The company's revenue grew from 142 million yuan in 2017 to 1.122 billion yuan in 2023, with a compound annual growth rate (CAGR) of 46.29% [5][35] - The company’s net profit for 2023 is projected at 297 million yuan, with a forecasted decline in 2024 followed by recovery in subsequent years [5][69] 4. Product Development and Innovation - The company has a robust R&D strategy, with increasing investment in product innovation and development, leading to multiple iterations of its core products [5][57] - The company’s product offerings include home non-invasive ventilators, medical respiratory diagnostic products, and consumables such as ventilation masks [5][54] 5. Strategic Positioning - The company has established a stable shareholding structure and an experienced management team, which supports its strategic initiatives in the respiratory health market [5][13] - The company is well-positioned to benefit from the exit of competitors like Philips from certain markets, allowing it to capture additional market share [5][52]

股 票 研 究 证 券 研 究 报 告 怡和嘉业首次覆盖报告 | --- | --- | --- | |----------|-----------------------------------|--------------------------| | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 张拓 ( 分析师 ) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读： 公司为睡眠呼吸龙头，通过与 RH 合作、建立云平台等不断增强竞争实力，未来有 望持续扩大市场份额；预计渠道库存去化进入尾声，2024H2 有望迎来业绩拐点。 投资要点： [Table_Summary] 首次覆盖，给予增持评级。公司为家用呼吸机龙头，新稳态下有望 持续提升份额。预计 2024-2026 年 EPS 为 2.54/3.20/3.92 元，采取绝 对估值法和相对估值法，根据谨 ...

证券代码：301367 证券简称：怡和嘉业 编号：2024—012 | --- | --- | |-----------------------|--------------------------------------------------------------------| | | □ 分析师会议 | | 投资者关系活动 | □ 业绩说明会（电话形式） | | 类别 | √ 路演活动 | | | | | | | | 参与单位名称 | | | 时间 | -2024 年 9 月 13 日 | | 地点 | | | 上市公司接待人 员姓名 | 副总经理兼董事会秘书：杜祎程 证券事务代表：刘士岩 | | | 一、公司简要介绍 年成立， 2003 年第一台多导睡眠检测仪上市， 2007 | | | 睡眠呼吸机上市， 2008 年通过 CE 认证， 2012 年 | | | 认证， 2016 年 BMC 新品牌成立，同年呼吸数据管 | | | 11 月 1 日公司在深交所创业板上市成功。 | | | 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 ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 编号：2024—011 | --- | --- | --- | |----------------|-----------------------------------|----------------------------------------------------------| | | □ 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（电话形式） | | 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 | 2024 年 9 月 5 日 -2024 | 年 9 月 6 日 | | 地点 | 深圳、上海、苏州 | | | 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 年第一台多导睡眠检测仪上市， 2007 | ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 编号：2024—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（电话形式） | | 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 | 2024 年 8 月 29 日 -2024 | 年 8 月 30 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 年第一台多导睡眠检测仪上市， 2007 | ...