研报掘金丨平安证券:维持鱼跃医疗“强烈推荐”评级,看好公司持续增长能力

Core Viewpoint - Yuyue Medical achieved a net profit attributable to shareholders of 1.203 billion yuan in H1 2025, representing a year-on-year increase of 7.37%, with Q2 net profit reaching 578 million yuan, up 25.43% year-on-year, indicating strong performance in line with expectations [1] Financial Performance - The company reported a net profit of 1.203 billion yuan for H1 2025, with a year-on-year growth of 7.37% [1] - In Q2 2025, the net profit was 578 million yuan, reflecting a significant year-on-year increase of 25.43% [1] Business Development - The performance of blood glucose AED and other business segments was notably strong, contributing to overall growth [1] - The overseas business is steadily advancing and has become a key driver of performance growth [1] Strategic Initiatives - The company is gradually building an integrated health management ecosystem that combines hardware, software, and data [1] - In H1 2025, Yuyue launched the Yuyue AIAgent application, which serves as an important interface to enhance user engagement [1] Market Position - Yuyue Medical is a leading player in the domestic medical device industry, with significant advantages in product quality and brand recognition [1] - The company is expanding its product range and scale, which enhances its overall competitive strength and risk resilience [1] Future Outlook - Given the continuous growth in the company's comprehensive strength and the rapid development of overseas business, there is optimism regarding the company's sustained growth potential, maintaining a "strongly recommended" rating [1]