002223，股价一度大跌超5%

Core Viewpoint - Yuyue Medical, a leading home respiratory device manufacturer, reported a mixed performance in its Q3 financial results, showing revenue growth but a significant decline in net profit [2][4]. Financial Performance - In Q3, Yuyue Medical achieved revenue of 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit fell by nearly 36% to 263 million yuan [2]. - For the first three quarters, the company reported revenue of 6.545 billion yuan, up 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion yuan [2]. Expense Analysis - The company experienced a substantial increase in sales expenses, which rose by 33.15% year-on-year to 1.232 billion yuan for the first three quarters, accounting for nearly one-fifth of total revenue [4]. - In Q3 alone, sales expenses reached 420 million yuan, a 33.3% increase, representing 22.2% of the quarterly revenue [4]. - Management and R&D expenses also saw an uptick, attributed to increased investments in R&D, brand building, and global network expansion [4][5]. Strategic Focus - Yuyue Medical's management emphasized three strategic directions for increased expenses: R&D investment, domestic and international brand development, and global network expansion [4][5]. - The company is focusing on digital and wearable product development and enhancing its talent acquisition for R&D [4]. - In Southeast Asia, particularly Thailand, the company is seeing strong revenue growth and plans to replicate its localized approach in other markets like Indonesia and Vietnam [5]. Market Outlook - The company faces rising labor and material costs, which are expected to continue impacting future operations [5]. - There are concerns regarding the company's ability to maintain double-digit revenue growth, with current valuations around 20 times earnings being considered high [6].