Group 1 - The core point of the article is that Chen Bei, a shareholder and senior management of Ruimait (SZ 301367), plans to reduce his holdings by up to approximately 1.76% of the company's total share capital within three months after the announcement of the reduction plan [1] - As of the announcement, Ruimait's market capitalization is 7.6 billion yuan [1] - For the first half of 2025, Ruimait's revenue composition is as follows: home respiratory machines account for 64.19%, consumables for 32.67%, medical products for 3.05%, and other businesses for 0.1% [1]

Group 1 - The core point of the article is that Chen Bei, a shareholder holding 9.25% of the shares, plans to reduce his stake in the company by up to 1.568 million shares, which represents 1.76% of the total share capital [1] Group 2 - The reduction will be executed through centralized bidding or block trading methods [1]

Core Viewpoint - Senior management personnel Chen Bei of Ruimaite (301367.SZ) plans to reduce holdings by up to 1.76% of the company's total shares [1] Summary by Relevant Sections - **Share Reduction Plan** - Chen Bei intends to reduce a total of up to 1,568,000 shares, representing 1.76% of the company's total share capital, excluding shares held in the company's repurchase account [1]

证券代码：301367 证券简称：瑞迈特 公告编号：2025-065 北京瑞迈特医疗科技股份有限公司 关于公司持股5%以上股东、董事、高级管理人员减 持股份的预披露公告 本公司持股5%以上股东、董事、高级管理人员陈蓓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公告内容与信息披露义务人提供的信息一致。 特别提示： 1、直接持有本公司股份 8,285,127 股（占本公司总股本比例 9.25%）的股东、 董事、高级管理人员陈蓓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 1,568,000 股， 占本公司总股本比例 1.76%（总股本已剔除公司回购专用账户中的股份数量）。 北京瑞迈特医疗科技股份有限公司（以下简称"公司"）于近日收到公司 5%以上股东、董事、高级管理人员陈蓓女士出具的《关于股份减持计划的告知 函》。现将有关情况说明如下： 一、股东的基本情况 | 序号 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- ...

Core Viewpoint - The company, 瑞迈特 (301367.SZ), announced a share reduction plan by its shareholder, director, and senior management personnel, 陈蓓, involving a potential reduction of up to 1,568,000 shares, which represents 1.76% of the company's total share capital after excluding shares in the repurchase account [1] Summary by Categories Share Reduction Plan - 陈蓓 plans to reduce holdings within three months after the announcement, using either centralized bidding or block trading methods [1] - The total number of shares to be reduced is capped at 1,568,000 [1] - The reduction accounts for 1.76% of the company's total share capital, adjusted for repurchased shares [1]

Core Points - The company announced that its major shareholder, director, and deputy general manager Chen Bei holds 8.2851 million shares, accounting for 9.25% of the total share capital [1] - Due to personal financial arrangements, Chen Bei plans to reduce holdings by no more than 1.568 million shares, which represents 1.76% of the total share capital [1] - The reduction period is set from December 5, 2025, to March 4, 2026, through centralized bidding or block trading methods [1]

Core Viewpoint - BMC瑞迈特医疗科技股份有限公司 emphasizes the importance of R&D investment, expecting 60% to 70% of its R&D spending to yield commercial returns within the next two to three years [1] R&D and Growth - BMC瑞迈特 has maintained significant R&D investment, achieving a revenue of 808 million yuan in the first three quarters of 2025, a year-on-year increase of 34.24%, and a net profit of 180 million yuan, up 43.87% [2] - The company has developed core technologies for home ventilators independently, overcoming reliance on imports, particularly in fan technology [2][3] Technology Integration and Supply Chain - BMC瑞迈特 integrates multiple technologies, including motor, impeller, and control technologies, to enhance the performance of ventilators [3] - The company collaborates closely with suppliers, supporting them even during product development stages, which has led to competitive products that can rival international brands [3] Future Product Development - Future developments will focus on the smart, compact, and interconnected features of home ventilators, improving user convenience and enabling better patient monitoring [3] Market Growth and Brand Value - The company anticipates significant market growth in the coming years, driven by increasing consumer health awareness and the acceptance of value-added services [4] - BMC瑞迈特 has established a robust patent portfolio, with 666 valid patents in China and 266 overseas, enhancing its competitive edge in the international market [4][5] Internationalization and Legal Challenges - The company successfully navigated legal challenges from international competitors, securing its sales rights in overseas markets, particularly in the U.S. [5] - BMC瑞迈特's international presence spans over a hundred countries, covering various respiratory health products [6] Service and Brand Strategy - The company is transitioning from a device supplier to a comprehensive service provider, enhancing its service capabilities to improve profit margins and attract distributors [6] - In the domestic market, brand recognition and marketing strategies are crucial for competing effectively, as consumers prioritize brand influence and product quality [6]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 808 million yuan, a year-on-year increase of 34.24%, and net profit attributable to the parent company at 180 million yuan, up 43.87% [1] Group 1: Financial Performance - For Q3 2025, the company achieved revenue of 264 million yuan, representing a year-on-year growth of 20.22%, and a net profit of 49 million yuan, up 48.61% [1] - The net profit excluding non-recurring gains and losses for Q3 was 40 million yuan, showing a remarkable increase of 112.64% year-on-year [1] Group 2: Business Developments - The new silent cotton respiratory machine is expected to gain rapid traction in the U.S. market, with sales levels improving significantly in Q3 following the acquisition of medical reimbursement codes [2] - The company has transitioned from an online distribution model to direct sales, which is anticipated to enhance domestic gross margins starting in Q4 [2] - The consumables business is increasingly contributing to revenue, accounting for approximately 30% of total revenue in the first half of 2025, benefiting from higher replacement frequency and margins compared to respiratory machines [2] Group 3: Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.103 billion yuan, 1.360 billion yuan, and 1.637 billion yuan, with year-on-year growth rates of 30.78%, 23.27%, and 20.42% respectively [3] - Net profit attributable to the parent company is forecasted to be 256 million yuan, 345 million yuan, and 423 million yuan for the same period, with growth rates of 65.06%, 34.60%, and 22.64% [3] - The projected price-to-earnings (PE) ratios for 2025-2027 are 30.13, 22.38, and 18.25, with corresponding price-to-earnings growth (PEG) ratios of 0.46, 0.65, and 0.81, leading to a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][12]. Core Insights - The company reported a revenue of 808 million yuan for the first three quarters of 2025, a year-on-year increase of 34.24%, and a net profit attributable to the parent company of 180 million yuan, up 43.87% year-on-year [3][4]. - The new silent cotton respiratory machine is expected to see rapid market penetration in the U.S., with sales levels improving significantly month by month since its launch in July [4]. - The company's consumables business is steadily increasing, accounting for approximately 30% of revenue in the first half of 2025, which is beneficial for enhancing profitability [4]. Financial Performance - For the third quarter of 2025, the company achieved a revenue of 264 million yuan, a year-on-year increase of 20.22%, and a net profit of 49 million yuan, up 48.61% year-on-year [3][4]. - The company forecasts revenues of 1.103 billion yuan, 1.360 billion yuan, and 1.637 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30.78%, 23.27%, and 20.42% [5][8]. - The projected net profit attributable to the parent company for the same years is 256 million yuan, 345 million yuan, and 423 million yuan, with growth rates of 65.06%, 34.60%, and 22.64% respectively [5][8]. Market Position and Strategy - The company has transitioned from an online distribution model to a direct sales model, which is expected to gradually improve domestic gross margins starting from the fourth quarter of 2025 [4]. - The portable oxygen concentrator has completed domestic registration, and the small non-invasive respiratory machine has also been registered, which will contribute to revenue growth in the domestic market [4].

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The first CPAP sleep breathing machine was released in 2007, and the company received CE certification in 2008 and FDA certification in 2012. The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 1, 2022 [2][3] - 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 enterprise in home non-invasive ventilators and masks in China, being the first domestic company to have non-invasive ventilator products certified by the FDA [2][3] Product and R&D Highlights - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas authorized patents, including 45 in the U.S. and 38 in Europe [3] - The main products include home non-invasive ventilators, ventilation masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators, along with chronic disease management services [2][3] Sales and Market Strategy - The company initiated a shift from online distribution to direct sales at the end of September, with expectations for improved gross margins in the e-commerce sector starting in Q4 2025. This transition is anticipated to contribute positively to net profits [4] - The new noise-reducing ventilator has been entering the U.S. market since July, with significant sales growth observed in Q3. The acquisition of a medical reimbursement code is expected to further enhance sales volume [4] European Market Development - The European cloud platform has successfully integrated over a thousand primary and secondary agents. This integration is expected to facilitate the transition from non-mainstream to mainstream medical insurance markets, providing ongoing growth momentum in Europe [5] Investment and Technology Focus - The company has invested in Shenzhen Deda Xing Drive Technology Co., Ltd., a leading provider of precision motors and solutions, which aligns with the company's long-term strategic direction and enhances its core competitiveness [7] - The company is actively exploring the potential of AI technology in healthcare, focusing on integrating AI with core medical services to improve efficiency and optimize equipment performance [7]