Company Overview - Beijing Yihe Jiaye Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The first CPAP sleep machine was introduced in 2007, followed by CE certification in 2008 and FDA certification in 2012. The company successfully listed on the Shenzhen Stock Exchange's ChiNext on November 1, 2022 [1]. - The company focuses on 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 and regions, holding multiple NMPA, FDA, and CE certifications [1]. Financial Performance - In the first half of 2024, the revenue from home ventilator therapy was CNY 230 million, accounting for 60.30% of total revenue. Revenue from consumables was CNY 136 million, representing 35.69% of total revenue, with a steady increase in the share of consumables [2]. - The gross margin for home ventilator therapy was 42.77%, an increase of 3.00% compared to the same period last year. The gross margin for consumables was 65.97%, a decrease of 0.44% year-on-year, indicating stable gross margins across product categories [2]. Market Insights - The decline in revenue in the second quarter of 2024 was primarily due to decreased overseas sales, particularly in the U.S. market, where inventory pressures for ventilators persist. However, inventory pressure is gradually easing, and the market is expected to stabilize [2]. - The significant growth in consumables revenue is attributed to high usage frequency and high gross margins. Strategies include forming a consumables team in the U.S. and launching promotional activities to enhance brand awareness [2]. - The domestic market is expected to grow significantly due to an aging population and increased awareness of chronic disease management. The current penetration rate for home ventilators is low, but future growth potential is substantial as health management awareness improves [3]. Strategic Investments - The company has invested in Shenzhen Deda Xing Drive Technology Co., Ltd. to ensure a stable supply of core components for its main products. This investment aligns with the company's long-term strategic direction and enhances its core competitiveness [3]. Investor Relations Activity - The investor relations activity took place from September 5 to September 6, 2024, in Shenzhen, Shanghai, and Suzhou, with participation from various investment institutions [4][5].

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 | ...

[Table_Summary] [Table_Title] 去库存影响境外业务表现，24H2 有望迎来边际改善 [Table_ReportDate] 怡和嘉业(301367)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 3.82 亿元（-48.79%）， 归属于上市公司股东的净利润为 9238 万元（-62.08%），扣非归母净利 润为 6650 万元（-69.08%）。 ⚫ 去库存影响境外业务表现，耗材业务保持较快增长。分产品来看，2024 年上半年家用呼吸诊疗产品收入为 2.30 亿元（-60.07%），境外收入 2.19 亿元（-56.04%），主要是受到美国市场渠道呼吸机库存影响，我们预计 随着去库存周期临近尾声，美国市场有望逐步企稳。耗材收入 1.36 亿元 （+26.13%），主要是由于公司加大在美国、欧洲市场推广力度；国内市 ...

证券研究报告 非金融公司|公司点评|怡和嘉业（301367） 耗材业务持续增长，期待海外订单恢复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月21日 证券研究报告 |报告要点 2024 年上半年公司实现收入 3.82 亿元，同比下降 48.79%；归母净利润 0.92 亿元，同比下降 62.08%；扣非归母净利润 0.67 亿元，同比下降 69.08%。上半年国际业务收入及家用呼吸机诊 疗业务收入下降较多，主要与美国家用呼吸机市场下游去库存影响有关；耗材类业务 1.36 亿 元，同比增长 26.13%，占比 35.69%，耗材占比稳步提升。我们预计随着去库存接近尾声，以 及公司与 RH 合作协议落地，海外业务有望恢复正常增长。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月21日 怡和嘉业(301367) 耗材业务持续增长，期待海外订单恢复 | --- | --- | |--------------------- ...

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—009 | | | □ 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 20 日 | | | 地点 | 电话会议 | | | 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 | | | 年第一台 CPAP ...

怡和嘉业（ [Table_StockNameRptType] 301367） 公司点评 24H1 业绩仍承压，静待下半年边际改善 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------------------|--------|-------|--------|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

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 九次会议于 2024 年 8 月 19 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 8 月 9 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，其中董事崔文立、周明钊、TAN CHING（谈庆）、孙培睿以通讯方式参 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。 证券代码：301367 证券简称：怡和嘉业 公告编号：2024-047 北京怡和嘉业医疗科技股份有限公司 第三届董事会第九次会议决议公告 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。 表决结果：9 票赞成，0 票反对，0 票弃权。 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 年半年度报告 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-048 北京怡和嘉业医疗科技股份有限公司 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）上的《2024 年半年度报告》《2024 年半年度报告摘要》。 第三届监事会第九次会议决议公告 本公司及监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、监事会会议召开情况 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）第三届监事会第 九次会议于 2024 年 8 月 19 日在公司会议室以现场结合通讯方式召开，会议通知 已于 2024 年 8 月 9 日以书面、电子邮件方式发出并送达全体监事。会议由公司 监事会主席肖爱军先生召集并主持。本次会议应出席的监事 3 人，实际出席的监 事 3 人，其中孟晓英以通讯方式参加会议。公司董事会秘书列席本次会议。本次 监事会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》的规定。 二、监事会会议审议情况 经全体与会监事充分讨论，本次会议审议并通过了如下议案： 1、审议通过《关于公司 2024 年半 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-052 北京怡和嘉业医疗科技股份有限公司 关于举行2024年半年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 2024 年 8 月 20 日发 布了《2024 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 2024 年 8 月 26 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 2024 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。 北京怡和嘉业医疗科技股份有限公司董事会 2024 年 8 月 20 日 2 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 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period in 2023[5]. - The company's operating revenue for the reporting period was ¥382,167,847.68, a decrease of 48.79% compared to the same period last year[12]. - Net profit attributable to shareholders was ¥92,375,875.50, down 62.08% year-on-year[12]. - The net profit after deducting non-recurring gains and losses was ¥66,501,178.57, a decline of 69.08% compared to the previous year[12]. - Basic and diluted earnings per share were both ¥1.03, down 72.97% year-on-year[12]. - The gross profit margin for the first half of 2024 was reported at 45%, a slight improvement from 43% in the same period last year[5]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥144,697,977.98 compared to an increase of ¥16,971,095.75 in the previous year, a decline of 952.61%[62]. - The company reported a total of 214.33 million yuan in related party transactions, accounting for 1.02% of the approved transaction amount[111]. Research and Development - Research and development expenses increased by 30% year-on-year, totaling RMB 50 million, focusing on innovative medical technologies[5]. - The company has established multiple R&D teams focusing on different product lines, including home non-invasive ventilators and medical respiratory diagnostic products[24]. - The company is actively involved in the research and development of advanced technologies to upgrade existing products and develop new ones[26]. - The company has implemented a research and development incentive system to encourage patent output and promote technological innovation[90]. - The company reported a significant increase in R&D personnel costs, which include salaries and various insurance fees for research staff[198]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[5]. - A strategic acquisition of a local competitor is expected to be finalized by Q4 2024, which will enhance the company's product portfolio[5]. - The company is actively exploring partnerships with international firms to enhance its technological capabilities and market reach[5]. - The company is focused on expanding its product portfolio to address the growing demand for respiratory therapy solutions globally[46]. - The company is exploring new market expansion strategies, aiming to enhance its competitive edge in the healthcare technology sector[181]. Product Development and Innovation - The company aims to become a global leader in respiratory health management by developing a comprehensive range of medical products[18]. - The company is developing a new generation of high-performance ventilators, currently in the design phase, aimed at expanding its product line and entering the high-end market[27]. - The company is focusing on the development of AI-integrated home medical devices, leveraging advancements in technology to enhance product innovation and market reach[33]. - The company is focused on expanding its product line with innovative medical devices to enhance treatment options for patients[48]. - The company has obtained CE certification for its non-invasive ventilators and high-flow humidified oxygen therapy devices, enhancing product competitiveness[27]. Regulatory and Compliance - The company has achieved multiple certifications including NMPA, FDA, and CE, allowing its products to enter various international markets, including the U.S. and Europe[37]. - The company is currently in the registration process for 2 domestic medical device registration projects and 17 foreign qualification certifications, with specific products including sleep apnea treatment devices and ventilation masks[41]. - The company has established a clear framework for categorizing and allocating R&D expenses, ensuring transparency and accuracy in financial reporting[198]. - The company emphasizes the importance of adhering to regulatory requirements for disclosing information related to its medical device business[200]. Corporate Governance and Shareholder Relations - The company has a clear profit distribution and cash dividend policy in compliance with regulatory requirements[104]. - The annual shareholders' meeting held on May 9, 2024, had an investor participation rate of 63.18%[95]. - The company has experienced changes in its board of directors, with resignations and appointments occurring in 2024 due to internal business adjustments[96]. - The company has a total of 10 major shareholders, with the top three holding a combined 34.80% of the shares[130]. - The company has not disclosed any other related party transactions or agreements among the major shareholders[130]. Social Responsibility and Community Engagement - The company donated respiratory treatment equipment worth 10 million CNY to over 100 county-level medical institutions in various provinces in 2023[108]. - The company has actively participated in social welfare by donating 100 oxygen machines and 400,000 CNY to support patients with pneumoconiosis in 2024[108]. - The company has been recognized for its efforts in promoting quality medical resources and enhancing grassroots medical service levels[108]. Financial Management and Investments - The company plans to use up to ¥14 billion of temporarily idle raised funds for cash management, investing in safe and liquid products[73]. - The company’s cash management strategy includes purchasing structured deposits and large-denomination certificates of deposit with a maximum investment period of 12 months[73]. - The company reported a total capital reserve of CNY 1,772,829,200, with a decrease in retained earnings of CNY 64,000,000,000 due to profit distribution[155]. - The company has made significant investments in R&D, which has led to substantial technological advancements and product iterations, positioning it favorably in the market[56]. Environmental and Ethical Practices - The company has implemented various environmental protection measures and has not faced any administrative penalties for environmental issues during the reporting period[101]. - The company emphasizes the protection of employee rights and aims to create a harmonious corporate culture[105]. - The company has not been included in the list of key pollutant discharge units and does not belong to heavily polluting industries[107].