Core Insights - The 2025 Jiangsu Province Digital Consumption Innovation Scenarios and Key Enterprises list has been officially released, with the city achieving a record high in both the number and quality of selected scenarios and enterprises [1] Group 1: Digital Consumption Scenarios - Four scenarios from the city were included in the provincial digital consumption innovation scenarios, with two scenarios recognized as part of the top ten typical scenarios in the province [1] - Jiangsu Yuyue Medical Equipment Co., Ltd.'s smart home medical device ecosystem and Zhenjiang Agricultural Products Wholesale Market Co., Ltd.'s digital agricultural supply chain were highlighted as representatives in the categories of digital family and digital benefit for the public [1] Group 2: Industry Development - The city aims to create a number of digital consumption scenarios with local characteristics to enhance the application of digital technology in serving citizens' lives and empowering industrial development [1] - The data department plans to leverage this recognition to promote deeper integration of digital technology with consumption scenarios, accelerating the cultivation of replicable and scalable innovative models to optimize and upgrade consumption structure [1]

Core Viewpoint - Yuyue Medical is facing significant challenges in achieving its ambitious targets of 10 billion revenue and 100 billion market value by 2025, as evidenced by its recent financial performance and market conditions [1][4]. Financial Performance - For the first three quarters of 2025, Yuyue Medical reported revenue of 6.545 billion, an increase of 8.58% year-on-year, while net profit attributable to shareholders was 1.466 billion, a decrease of 4.28% [1][6]. - In Q3 2025, the company achieved revenue of 1.89 billion, up 9.6% year-on-year, but net profit fell by 36% to 263 million, indicating a clear trend of increasing revenue without corresponding profit growth [1][6]. Business Expansion - Yuyue Medical, founded in 1998, has expanded significantly since its IPO in 2008, acquiring multiple companies and diversifying its product offerings, which now include over 100 types of products and nearly 600 product registration certificates [2][3]. - The company has made strategic acquisitions, including brands like "Huatuo" and "An'er iodine," to enhance its market presence in various medical fields [2][3]. Market Challenges - The core business segments of Yuyue Medical have seen a decline, particularly in the respiratory treatment sector, which reported a revenue drop of 22.42% [4]. - The company is facing intense competition in the home medical device market, with foreign brands penetrating the mid-to-low-end segments, leading to pricing pressures on its products [7]. Cost Management - Yuyue Medical's sales expenses surged by 33.15% year-on-year to 1.233 billion, significantly outpacing revenue growth, primarily due to increased spending on e-commerce platform fees and advertising [7]. - The company has been investing heavily in new product development and marketing to counteract declining profits, but this has led to a squeeze on overall profitability [6][7]. Regulatory and Quality Issues - Yuyue Medical has faced regulatory challenges, including the cancellation of its pre-bid qualification due to alleged violations, and has been fined for price gouging during the pandemic [8]. - The company has received over 460 complaints regarding product quality and service issues, indicating potential reputational risks that could impact future sales [8].

Group 1 - Yuyue Medical held a temporary board meeting on November 4, 2025, to review documents including the expansion of business scope and amendments to the company's articles of association [1] - For the first half of 2025, Yuyue Medical's revenue composition was as follows: respiratory therapy solutions accounted for 35.93%, clinical instruments and rehabilitation solutions 24.35%, home health testing solutions 21.77%, blood glucose management and POCT solutions 14.48%, and emergency solutions and others 2.92% [1] Group 2 - Yuyue Medical's market capitalization is currently 35.2 billion yuan [2] - The industry is experiencing a surge in overseas orders, which have increased by 246%, covering over 50 countries and regions [2] - Concerns have been raised about potential vicious competition in the industry, as some companies are reportedly selling at a loss [2]

Core Viewpoint - The overall performance of A-share medical device companies has become clearer as of the end of Q3 2025, with the industry facing continued pressure but showing signs of recovery in the third quarter [1][2]. Financial Performance - As of now, 131 medical device companies have released their Q3 2025 financial data, with total revenue of 179.21 billion yuan, a year-on-year decrease of 2.24%, and a net profit attributable to shareholders of 26.73 billion yuan, down 13.93% year-on-year [2]. - In Q3 2025, the medical device sector saw a revenue increase to 60.39 billion yuan, a year-on-year growth of 2.05%, while net profit decreased by 5.07%, showing a narrowing decline compared to Q2 [2]. - Among the companies, only Mindray Medical achieved over 25.83 billion yuan in revenue for the first nine months, while 50 companies reported net profits exceeding 1 billion yuan [3]. Segment Performance - The performance of different segments within the medical device industry remains divergent, with high-value consumables like orthopedics and electrophysiology showing positive growth due to factors such as technological innovation and international expansion [3][4]. - For instance, Sanyou Medical reported a staggering net profit growth of 623.19% year-on-year, driven by strong sales of its core product, the ultrasonic bone knife [4]. Medical Equipment Sector - The medical equipment sector is experiencing a recovery, with companies like United Imaging achieving a revenue of 8.86 billion yuan in the first three quarters, a year-on-year increase of 27.39% [5]. - Other companies, such as Ribo Instrument, also reported significant growth, with a net profit increase of 118% in Q3 [5][6]. In Vitro Diagnostics (IVD) Sector - The IVD sector continues to face challenges, with only 9 out of 39 companies reporting revenue growth in the first three quarters [7]. - Major players like Mindray Medical and Antu Bio reported declines in revenue, with Mindray's IVD product line experiencing a 2.81% drop in Q3 [8][9]. - New Industries is the only company among the "Five Tigers" to report revenue growth, although its net profit decreased by 12.92% year-on-year [8]. Market Outlook - Despite the current challenges, industry experts believe that the market is beginning to show positive signs, with the most difficult period likely behind [9]. - Companies with core technological advantages and strong international presence are expected to recover more quickly as the market stabilizes [9].

江苏鱼跃医疗设备股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护江苏鱼跃医疗设备股份有限公司(以下简称"公司")及公司股东 的合法权益, 明确股东会的职责权限, 提高股东会议事效率, 保证股东 会依法行使职权, 根据《中华人民共和国公司法》(以下简称"《公司 法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市公 司股东会规则》、、《上市公司治理准则》等法律、法规和规范性文件以 及《江苏鱼跃医疗设备股份有限公司章程》(以下简称"《公司章程》") 的规定, 制定本规则。 第二章 股东会的性质和职权 第二条 股东会性质: 股东会是公司的最高权力机构。 第三条 股东会依法行使下列职权: (一) 选举和更换非由职工代表担任的董事, 决定有关董事的报酬事 项; (二) 审议批准董事会的报告; (三) 审议批准公司的利润分配方案和弥补亏损方案; (四) 对公司增加或者减少注册资本作出决议; (五) 对发行股票、可转换公司债券、优先股以及中国证券监督管理 委员会(以下简称"中国证监会")认可的其他证券品种作出决议; (六) 对公司合并、分立、解散、清算或者变更公司形式作出决议; (七) 修改公司 ...

江苏鱼跃医疗设备股份有限公司 环境、社会和公司治理(ESG)管理制度 第一章 总则 第四章 ESG 报告与信息披露 第十三条 公司各部门及子公司为 ESG 工作配合机构，主要负责开展以下工作： (一) 根据年度 ESG 报告编制要求提交相关工作目标进度及主要举 措; (二) 建立完善 ESG 相关专项管理办法； (三) 执行 ESG 各议题相关管理措施； (四) 根据部门职责，开展利益相关方沟通工作，回应其 ESG 需求； (五) 配合 ESG 信息收集工作，提交相关信息； (六) 配合参与公司 ESG 宣贯、培训等活动； (七) 其他与 ESG 相关的工作职责。 第十四条 公司应当按照本制度的要求，积极履行ESG职责，根据实际情况及ESG 工作需要评估公司 ESG 职责的履行情况，形成 ESG 报告，并根据有 关规定自愿披露。 第十五条 ESG 报告的编制和发布工作应遵守深圳证券交易所及公司信息披露管 理制度的相关规定。报告应经公司董事会审议通过，自愿披露 ESG 报 告的，应在相关指定媒体上公开披露。 第十六条 ESG 报告披露后公司可在业绩说明会、实地调研、路演等投资者关系 活动中进行宣传，也可通过公司 ...

江苏鱼跃医疗设备股份有限公司 关联交易决策制度 第一章 总则 第一条 为规范江苏鱼跃医疗设备股份有限公司(以下简称"公司")的关联交易行为, 保护公 司、股东和债权人的合法权益, 保证公司关联交易决策行为的公允性, 根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》、《深 圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等法律、法规和 规范性文件和《江苏鱼跃医疗设备股份有限公司章程》(以下简称"《公司章程》") 的有关规定, 制定本制度。 第二章 关联人和关联交易 第二条 关联交易的定义: 关联交易是指公司或者其控股子公司与公司关联人(定义见本制度 第三条)发生的转移资源或义务的事项, 具体包括: (一) 购买资产; (二) 出售资产; (三) 对外投资(含委托理财、对子公司投资等); (四) 提供财务资助(含委托贷款等); (五) 提供担保(含对控股子公司担保等); (六) 租入或租出资产; (七) 委托或者受托管理资产和业务; (八) 赠与或受赠资产; (九) 债权或债务重组; (十) 转让或者受让研究项目; (十一) 签订许可协议; (十二) 放弃权利 ...

江苏鱼跃医疗设备股份有限公司 董事会提名委员会工作细则 第一章 总则 第二章 人员组成 第三章 职责权限 第七条 提名委员会的主要职责包括: 1 第一条 为完善江苏鱼跃医疗设备股份有限公司(以下简称"公司")法人治理结构, 增 强董事会选举程序的科学性、民主性, 优化董事会的组成人员结构, 根据《中 华人民共和国公司法》(以下简称"《公司法》")、《上市公司治理准则》等 有关法律、法规和规范性文件以及《江苏鱼跃医疗设备股份有限公司公司章 程》(以下简称"《公司章程》")的有关规定, 公司董事会特设立提名委员会, 并制定本工作细则。 第二条 提名委员会是董事会下设的专门工作机构, 主要负责对拟任公司董事和经理 人员的人选、条件、标准和程序提出建议, 向董事会报告并对董事会负责。 第三条 提名委员会委员由3名董事组成, 其中独立董事应不少于2名。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一 提名, 并由董事会选举产生。 第五条 提名委员会设主任一名, 提名委员会主任由全体委员的二分之一以上选举产 生, 且须由独立董事委员担任。提名委员会主任负责召集和主持提名委员会会 议, 当提名委 ...

第一章 总则 江苏鱼跃医疗设备股份有限公司 互动易平台信息发布及回复内部审核制度 第一条 为充分利用深圳证券交易所（以下简称"深交所"）搭建的深交所投资者关 系互动平台（以下简称"互动易"）平台，规范江苏鱼跃医疗设备股份有限公司（以下简 称"公司"）通过互动易平台与投资者交流行为，建立公司与投资者良好沟通机制，持续 提升公司治理水平，提高公司质量，根据中国证券监督管理委员会（以下简称" 中国证监 会"）《上市公司信息披露管理办法》及《深圳证券交易所上市公司自律监管指引第1号— —主板上市公司规范运作》等规定，制定本制度。 第二章 总体要求 第二条 公司在互动易信息发布及回复的总体要求： （一）公司在互动易平台发布信息及回复投资者提问，应当注重诚信，严格遵守有关 规定，尊重并平等对待所有投资者，主动加强与投资者的沟通，增进投资者对公司的了解 和认同，营造健康良好的市场生态； （二）公司在互动易平台发布信息或者回复投资者提问时，应当谨慎、理性、客观， 以事实为依据，保证发布的信息和回复的内容真实、准确、完整。公司信息披露以其通过 符合条件媒体披露的内容为准，不得通过互动易平台披露未公开的重大信息。公司在互动 易平 ...

江苏鱼跃医疗设备股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序, 促使董事和董 事会有效地履行其职责, 提高董事会规范运作和科学决策水平, 根据 《中华人民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易 所股票上市规则》(以下简称"《上市规则》")、《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》等有关法律、法 规和规范性文件以及《江苏鱼跃医疗设备股份有限公司章程》(以下简 称"《公司章程》")的规定, 制定本规则。 第二条 董事会办公室 董事会下设董事会办公室, 处理董事会日常事务。董事会秘书兼任董事 会办公室负责人。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前, 董事会办公室应当充分征求各 董事的意见, 初步形成会议提案后交董事长拟定。 董事长在拟定提案前, 应当视需要征求总经理和其他高级管理人员的 意见。 董事会办公室在收到上述书面提议和有关材料后, 应当于当日转交董 事长。董事长认为提案内容不明确、具 ...