Soochow Securities·2025-06-21 08:33Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights the significant sales performance of domestic home medical devices during the 618 shopping festival, with companies like Yuyue Medical and Sanofi Bio showing impressive results [4]. - The total e-commerce sales during the 618 shopping festival reached 8,556 billion, marking a year-on-year growth of 15.2%, with instant retail sales growing by 18.7% [4]. - The report emphasizes the ongoing government subsidies for replacing old products with new ones, with a total of 1,380 billion yuan in central funds to be distributed in batches, which is expected to boost the domestic home medical device market [4]. Summary by Sections Industry Performance - The report notes a continuous increase in sales for home medical devices, with Yuyue Medical achieving over 600 million in sales during the 618 period and maintaining its position as the top seller in the home medical device category [4]. - Sanofi Bio reported online sales exceeding 250 million during the same period, with a 300% year-on-year growth in its product line [4]. Market Opportunities - The report suggests that the domestic home medical device sector is poised for growth due to the combination of strong sales performance and government support through subsidies [4]. - It recommends focusing on companies such as Yuyue Medical, Sanofi Bio, and Kefu Medical as potential investment opportunities [4].