证券日报网讯 9月15日晚间，瑞迈特发布公告称，本次保荐代表人更换后，公司的持续督导保荐代表人 为杨桐先生和陈婷婷女士，持续督导期截至2025年12月31日。 （文章来源：证券日报） ...

证券代码：301367 证券简称：瑞迈特 公告编号：2025-056 北京瑞迈特医疗科技股份有限公司 关于变更持续督导保荐代表人的公告 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。 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于近日收到保荐机 构中国国际金融股份有限公司（以下简称"中金公司"）出具的《关于变更北京 瑞迈特医疗科技股份有限公司持续督导保荐代表人的函》。 中金公司作为公司首次公开发行股票并在创业板上市的保荐机构及持续督导 机构，自瑞迈特首发上市日（2022 年 11 月 1日）起至 2025 年 12月 31日期间，承 担持续督导责任。中金公司原委派的陈婷婷女士、高广伟先生担任公司持续督导 保荐代表人，现因原保荐代表人高广伟先生工作变动，无法继续负责公司持续督 导保荐工作。为保证公司持续督导工作有序进行，中金公司现委派杨桐先生接替 高广伟先生担任公司的持续督导保荐代表人，继续履行相关职责。 本次保荐代表人更换后，公司的持续督导保荐代表人为杨桐先生（简历详见 附件）和陈婷婷女士，持续督导期截至 2025年 12月 31日。 公司董事会对高广伟 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown continuous improvement in revenue quarter-on-quarter, with significant growth in the US and European markets. The inventory destocking cycle in the US has ended, and the European market has begun to enter mainstream medical insurance markets. Domestic market adjustments are showing initial results, leading to dual growth in revenue and profit in Q2 2025 [2][4] - The company’s new noise-reducing cotton ventilator has been launched in the US market, with expectations for increased volume in the second half of the year. The company is deepening its localization strategy overseas, enhancing its global competitiveness [2][3] Financial Performance - In H1 2025, the company achieved operating revenue of 544 million yuan, a year-on-year increase of 42.30%, and a net profit attributable to the parent company of 131 million yuan, also up 42.19%. In Q2 2025, revenue reached 279 million yuan, growing 46.54% year-on-year, with a net profit of 59.41 million yuan, up 39.92% [1][4] - The company’s gross margin in Q2 2025 was 54.64%, an increase of 2.98 percentage points year-on-year. The sales expense ratio decreased by 1.82 percentage points to 12.75%, while the management expense ratio fell by 3.20 percentage points to 6.65% [2] Business Segments - The company’s main business lines showed strong growth in H1 2025: - Home respiratory therapy products generated revenue of 349 million yuan, up 51.49% year-on-year, with a gross margin of 45.02% - Consumables generated revenue of 178 million yuan, up 30.26%, with a gross margin of 65.83% - Medical products generated revenue of 16.56 million yuan, up 12.96%, with a gross margin of 55.77% [3] - Domestic revenue reached 191 million yuan in H1 2025, a year-on-year increase of 16.87%, while overseas revenue was 353 million yuan, up 61.33% [4] Market Outlook - The company is expected to see revenue growth of 27.7%, 22.6%, and 21.2% for the years 2025, 2026, and 2027, respectively, with net profits projected to grow by 76.0%, 31.5%, and 23.0% in the same years [4]

9月9日，瑞迈特盘中下跌2.01%，截至10:53，报91.27元/股，成交6031.10万元，换手率1.14%，总市值 81.78亿元。 资金流向方面，主力资金净流入114.79万元，大单买入1219.10万元，占比20.21%，卖出1104.31万元， 占比18.31%。 瑞迈特今年以来股价涨45.79%，近5个交易日涨2.21%，近20日跌6.65%，近60日涨12.51%。 资料显示，北京瑞迈特医疗科技股份有限公司位于北京市丰台区丽泽路16号院4号楼北京汇亚大厦17层 10号，成立日期2001年7月27日，上市日期2022年11月1日，公司主营业务涉及研发、生产、销售呼吸健 康领域医疗设备与耗材产品及相关服务,为以阻塞型睡眠呼吸暂停低通气综合征(OSA)为主的睡眠呼吸暂 停低通气综合征(SAHS)患者以及以慢性阻塞性肺疾病(COPD)为主的呼吸功能不全(Respiratory Insufficiency)患者提供全周期(从诊断、治疗到慢病管理)、多场景(从医疗机构到家庭)的治疗服务整体解 决方案。主营业务收入构成为：家用呼吸诊疗产品64.19%，耗材32.67%，医用产品3.05%，其他 0.10%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance met expectations, with a significant recovery in overseas growth. In the first half of 2025, the company achieved revenue of 544 million yuan, a year-on-year increase of 42.30%. The net profit attributable to the parent company was 131 million yuan, also up 42.19% year-on-year [2][6]. - The overseas revenue for the first half of 2025 reached 353 million yuan, reflecting a year-on-year growth of 61.33%. In the second quarter alone, revenue was 279 million yuan, with overseas business revenue at 183 million yuan, marking a year-on-year increase of 95.97% and a quarter-on-quarter increase of 7.97% [2][11]. - The company is focusing on research and development, with a new noise-reducing cotton respirator expected to launch in the U.S. market in the second half of 2025 [11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 544 million yuan, with a net profit of 131 million yuan and a non-recurring net profit of 99 million yuan, showing year-on-year increases of 42.30%, 42.19%, and 49.34% respectively. In the second quarter, revenue was 279 million yuan, with a net profit of 59 million yuan, reflecting year-on-year growth of 46.54% and 39.92% respectively [6][11]. Overseas Market Growth - The U.S. market saw a revenue increase of 252.89% year-on-year, while Europe experienced a growth of 63.95%. This growth is attributed to the end of the inventory destocking cycle in the U.S. respiratory market and the completion of cloud platform construction in Europe [2][11]. Domestic Market Strategy - Domestic revenue reached 191 million yuan in the first half of 2025, a year-on-year increase of 16.87%. The company is transitioning from a distribution model to direct sales, which is expected to drive further growth [11]. Research and Development - The company has established a comprehensive R&D system, with 266 overseas patents, including 45 in the U.S. and 38 in Europe. The new noise-reducing cotton respirator is anticipated to begin volume sales in the U.S. market in the latter half of 2025 [11]. Profit Forecast - The company is projected to be a global leader in home medical devices, with net profits expected to reach 255 million yuan, 332 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 31, 23, and 18 [11].

Company Overview - The company, established in 2001, specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic manufacturer of non-invasive ventilators and masks, being the first domestic company to receive FDA certification for its non-invasive ventilator products [2] - The company has a well-rounded product line that includes home non-invasive ventilators, masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators, and it offers chronic disease management services [2] Research and Development - The company maintains significant R&D investments, holding 666 valid domestic patents as of June 30, 2025, including 116 invention patents and 404 utility model patents [3] - It has also secured 266 overseas patents, including 45 in the United States and 38 in Europe [3] Financial Performance - For the first half of 2025, the company reported revenue of 544 million yuan, a year-on-year increase of 42.3%, and a net profit of 131 million yuan, also up 42.19% [11] - In Q2 2025, revenue reached 279 million yuan, reflecting a 46.54% year-on-year growth, with a net profit of 59.41 million yuan, up 39.92% [11] Profitability - The company's gross margin improved due to effective cost control and a higher proportion of sales from consumables, which have a higher gross margin [4] - The gross margin for the company was reported at 52.17% [11] Market Expansion - The company experienced significant growth in overseas markets, particularly in the United States, where revenue increased by 252.89% year-on-year [5] - Future plans include launching a new noise-reducing ventilator in the U.S. market and expanding into the European market with products entering mainstream insurance markets [6] Domestic Market Strategy - The company is transitioning smoothly to online channels while maintaining stable operations in the domestic market [9] - It plans to implement a multi-model product sales strategy for online self-operated channels and differentiate products for offline channels [9] Consumables Business - In the first half of 2025, consumables accounted for approximately 30% of the company's revenue, with expectations for continued growth driven by increased awareness and market penetration of ventilators [10]

格隆汇9月5日丨瑞迈特(301367.SZ)于近期投资者关系活动表示，增长主要是美国地区贡献较多，上半 年，美国地区收入同比增长252.89%。 ...

Group 1 - The core viewpoint of the article highlights that the growth of the company is significantly driven by the performance in the United States, where revenue increased by 252.89% year-on-year in the first half of the year [1]

Core Viewpoint - The company, 瑞迈特 (301367.SZ), aims to increase the revenue share of its consumables business to approximately 30% by the first half of 2025, highlighting a strategic shift towards higher-margin products [1] Group 1: Business Strategy - The company plans to enhance the production capacity of its ventilators while simultaneously advancing its consumables business [1] - The consumables have a higher replacement frequency and relatively higher gross margins compared to ventilators, which will contribute to improving the company's profitability [1] - The company intends to allocate more resources to boost the revenue contribution from consumables, aiming for a synergistic development between complete machines and consumables [1]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - The company is a leading domestic manufacturer of non-invasive ventilators and masks, with products sold in over 100 countries and regions [2] - As of June 30, 2025, the company holds 666 valid domestic patents and 266 overseas patents, including 45 in the U.S. and 38 in Europe [3] Financial Performance - In the first half of 2025, the company reported a revenue of CNY 544 million, a year-on-year increase of 42.30%, and a net profit of CNY 131 million, also up by 42.19% [4] - For Q2 2025, revenue reached CNY 279 million, reflecting a 46.54% year-on-year growth and a 5.00% quarter-on-quarter increase [4] - The gross profit margin is expected to continue improving due to effective cost control and an increase in the proportion of high-margin consumables [5] Market Expansion - The U.S. market showed significant growth, with revenue increasing by 252.89% year-on-year in the first half of 2025 [6] - The company has launched a new noise-reducing ventilator in the U.S. and anticipates increased sales volume in the second half of the year [7] - In Canada, the company has obtained product registration and plans to commence operations in the latter half of 2025 [8] Domestic Strategy - The company is transitioning smoothly to online channels, with stable domestic market operations [8] - A multi-model sales strategy will be implemented for online self-operated channels, while distinct product models will be offered in offline channels to complement online sales [8] Consumables Business - In the first half of 2025, consumables accounted for approximately 30% of total revenue [8] - The company aims to enhance the revenue share of consumables, leveraging the high replacement frequency and profit margins associated with these products [8]