Core Viewpoint - The Chinese medical device industry faced challenges in 2025, but structural opportunities emerged in specific segments, particularly for BMC瑞迈特, a leader in the home respiratory device market, which reported significant growth in sales and revenue [1][2]. Company Performance - BMC瑞迈特 sold over 3 million home respiratory devices and over 10 million ventilation masks globally, ranking second in the world and first in China [1]. - For the first nine months of 2025, the company achieved revenue of 808 million yuan, a year-on-year increase of 34.24%, and a net profit of 180 million yuan, up 43.87% [1]. - Revenue from the U.S. market saw a remarkable year-on-year growth of 133.85% [1][5]. Strategic Focus - The company's growth is driven by long-term technological investments in respiratory medicine and the establishment of a robust business ecosystem through long-term partnerships with suppliers and customers [2]. - BMC瑞迈特 has successfully localized the production of critical components, such as the fan, which is essential for respiratory devices, achieving quality comparable to international standards [3]. Technological Advancements - The company has invested heavily in optimizing its intelligent respiratory algorithm, Intellibreath Trace, which has achieved the highest accuracy in identifying complex respiratory events in international tests [4]. - BMC瑞迈特 has obtained 932 domestic and international patents and has over 20 products certified by the U.S. FDA, enabling it to enter major global markets [4]. Market Dynamics - The North American market is recovering, with BMC瑞迈特's revenue in the U.S. growing significantly, supported by a deep integration with local partners and a focus on academic activities [5][6]. - The domestic market presents substantial growth potential due to low penetration rates of respiratory devices among a large patient population suffering from chronic respiratory diseases [10]. Future Outlook - BMC瑞迈特 is expected to have a strong start in 2026, with new product launches and a focus on consumables expected to drive revenue growth [6]. - The company aims to transition from being a device manufacturer to creating a comprehensive respiratory health management ecosystem, expanding its product line to include portable oxygen machines and nebulizers [11].
行业承压下逆势高增 BMC瑞迈特2026年如何延续高增长叙事？