ResMed (NYSE:RMD) FY Conference January 12, 2026 01:30 PM ET Company ParticipantsMick Farrell - CEOConference Call ParticipantsChris Cooper - AnalystChris CooperOkay, good morning and welcome again to the J.P. Morgan Healthcare Conference. My name is Chris Cooper. I cover the Australian healthcare stocks here at J.P. Morgan. This man needs no introduction, but I'd like to hand over here to Mick Farrell, the CEO of ResMed.Mick FarrellGreat. Well, thanks, Chris, and look forward to having about 20 minutes of ...

证券代码：301367 证券简称：瑞迈特 北京瑞迈特医疗科技股份有限公司 投资者关系活动记录表 编号：2025—019 | □ | 特定对象调研 分析师会议 □ | | --- | --- | | 投资者关系活动 □ | 媒体采访 业绩说明会（电话形式） □ | | 类别 □ | 新闻发布会 √ 路演活动 | | □ | 现场参观 | | □ | 其他 | | 参与单位名称 | 详见附件清单 | | 时间 | 2025 年 12 月 25 日-2025 年 12 月 26 日 | | 地点 | 北京、深圳 | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | 员姓名 | 证券事务代表：刘士岩 | | | 一、公司简要介绍 | | | 公司 年成立，2003 年第一台多导睡眠监测仪上市，2007 2001 | | | 年第一台 年通过 年 CPAP 睡眠呼吸机上市，2008 CE 认证，2012 | | | 通过美国 认证，2016 年 新品牌成立，同年呼吸数据管 FDA BMC | | | 年 月 日公司在深交所创业板上市成功。 理云上线，2022 11 1 | | | 公司专注为 OSA、COP ...

12月6日，第二届中国呼吸健康大会在广东越秀国际会议中心隆重举行。本届大会由钟南山院士、张伯 礼院士担任大会联合主席，汇聚了呼吸健康领域众多专家学者和行业领军企业代表，旨在共同探索呼吸 系统疾病筛、防、诊、治、康的新路径，推动科研成果惠及百姓，服务健康中国。 据介绍，"呼吸健康万医行"活动将重点开展两大核心板块工作。面对医生，行动依托 "院士大查房" 等 成熟培训经验，此次活动将围绕呼吸疾病诊疗规范、早诊早治技术、中西医结合要点等关键内容，经权 威专家审核打磨形成专业课程体系，并通过京东医生 APP、南山呼吸等平台，以文章、视频、直播等 多元化形式进行培训。 在患者科普方面，行动将组织呼吸疾病领域专家团队开展线上健康科普，聚焦呼吸道疾病预防、吸烟危 害、雾霾天防护、慢性病长期管理等公众关注热点，用通俗易懂的语言传递专业知识。同步开设的远程 义诊通道，将通过京东 APP、京东健康 APP 为公众提供免费呼吸健康咨询与疾病风险评估服务。 京东健康受邀参会，并正式成为"中医药呼吸健康发展共同体"成员，还在现场宣布启动"呼吸健康万医 行"线上公益科普与培训活动，希望以实际行动，为呼吸健康事业高质量发展注入全新动能。 ...

Group 1 - The second China Respiratory Health Conference opened in Guangzhou, focusing on "Collaborative Innovation of Traditional and Western Medicine: Building a New Pattern of Respiratory Health" with over 2,000 experts and scholars in attendance [1] - The "2026 Respiratory Health Community" was established during the opening ceremony, with Tianyao Darentang being one of the first member units [3] - Tianyao Darentang, a traditional Chinese medicine company with a 500-year history, has a product portfolio of 599 drug approvals, including 122 exclusive varieties, covering various health areas [4] Group 2 - In the respiratory product line, Tianyao Darentang has 102 varieties, showcasing key products such as Qingyan Diban and Qingfei Xiaoyan Wan at the conference [5] - The company aims to protect and develop traditional Chinese medicine while promoting respiratory health, focusing on collaboration within the community to enhance innovation [5]

大会期间，多项成果发布落地，成为推动呼吸健康领域规范化、体系化发展的重要里程碑。 其中，由广州医科大学附属第一医院、广州呼吸健康研究院、呼吸疾病全国重点实验室、天津中医 药大学中医药研究院、现代中医药海河实验室联合发起的"2026中国呼吸健康共同体"正式启动。该共同 体将聚焦呼吸疾病"预防-筛查-诊断-治疗-康复"全周期管理，重点开展循证医学研究、适宜技术推广、 人才联合培养等工作，致力于将个体化临床经验转化为标准化诊疗路径，为完善全国呼吸疾病防治网络 提供支撑。 开幕式上，钟南山指出特别是在重大疾病防治方面，学科之间如何优势互补，科研成果如何更高效 率地转化为临床能力，已经成为推动我国医学进步的关键命题。同时，呼吸健康事关民生与公共卫生安 全，呼吁坚持人民至上、健康至上，将呼吸健康纳入国家公共卫生安全核心战略，推动中西医协同发展 与国际合作。 张伯礼强调呼吸健康是健康中国战略的重要组成部分，且当前呼吸系统疾病防治面临诸多挑战。他 指出中西医协同并非简单叠加，而是深度融合、优势互补，希望专家们深入交流，探索新思路新方法， 展示新成果，推动呼吸健康领域发展。 中国科学院院士、广州国家实验室副主任徐涛表示，呼吸健 ...

Core Viewpoint - The "Lianhua Accompanying, Health Protection Plan" initiated by Yiling Health aims to provide respiratory health protection support in schools during the flu season, reflecting the company's commitment to public health and education [1][6]. Group 1: Donation Actions - The donation initiative has been implemented in multiple schools, including Tianjin Normal University and Shijiazhuang No. 40 Middle School, providing targeted protective products and health support for students and staff [3][6]. - The plan will continue to expand its reach in Shijiazhuang and other universities in Tianjin, addressing the protective needs in densely populated school environments [3][6]. Group 2: Product Details - The donated products include Lianhua throat antibacterial spray and Lianhua sugar-free refreshing candy, designed to alleviate throat discomfort and enhance flu protection [4]. - Additional products such as Lianhua foam antibacterial hand wash and no-rinse antibacterial gel are provided to meet hygiene needs in public areas [4]. - The Lianhua refreshing plant beverage, containing various herbal ingredients, is included to promote respiratory comfort during dry winter conditions [4]. Group 3: Impact and Social Responsibility - The initiative is seen as a timely response to the pressure schools face during the flu season, enhancing their confidence and capability to manage flu outbreaks [6]. - Yiling Health emphasizes the importance of raising awareness about respiratory health and aims to create a safe and healthy campus environment through this donation [6]. - The "Lianhua Accompanying, Health Protection Plan" will continue to adapt its product offerings based on the needs of schools in Shijiazhuang and Tianjin, ensuring effective support for students and staff during the flu season [6].

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2][3]. - The company is a leading domestic manufacturer of non-invasive ventilators and masks, being the first domestic company to receive FDA certification for non-invasive ventilators, with products sold in over 100 countries [2][3]. R&D and Patents - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas patents, including 45 in the U.S. and 38 in Europe [3]. Financial Performance Revenue - For the first three quarters of 2025, the company reported a revenue of 808 million CNY, a year-on-year increase of 34.24%. The revenue for Q3 alone was 264 million CNY, up 20.22% year-on-year [4]. - Domestic revenue for the first three quarters was 251 million CNY, a growth of 5.51%, while overseas revenue reached 558 million CNY, marking a significant increase of 52.96% [5]. Product Segmentation - Revenue from home ventilators accounted for 521 million CNY (64.51% of total revenue), with a year-on-year growth of 39.07%. Consumables generated 262 million CNY (32.38% of total revenue), growing by 27.26% [6]. Gross Margin - The gross margin for the first three quarters of 2025 was 52.37%, an increase of 1.17% compared to the previous year. The gross margin for Q3 was 52.79%, up 2.47% year-on-year [9]. Market Insights - In Q3, overseas revenue was 205 million CNY, with a year-on-year growth of 40.41% and a quarter-on-quarter growth of 11.92%. The U.S. market contributed significantly, with a year-on-year increase of 63.46% [7]. - The company holds a 8.9% market share in Europe, ranking third, with plans to expand its cloud platform through the integration of over a thousand distributors [9]. Future Outlook - The company is transitioning from an online distribution model to a direct sales model, expecting to see performance improvements starting in Q4 2025. New product registrations, including portable oxygen machines, are anticipated to contribute to domestic revenue growth [10]. - The company has received product registration in Canada, with an estimated annual market potential of 150,000 units [10]. Strategic Initiatives - The company is actively pursuing mergers and acquisitions, focusing on high-potential companies in precision motor and medical technology sectors to enhance its core competitiveness [10]. - It has achieved significant localization in its supply chain, ensuring domestic production of core components, which enhances cost efficiency and technical independence [10].

Core Insights - The company achieved revenue of 544 million yuan in the first half of 2025, representing a year-on-year growth of 42.3%, with a net profit of 131 million yuan, also up by 42.19% [1] - The gross margin has shown a steady increase, with figures of 46.14%, 48.34%, and 52.17% for the years 2023, 2024, and the first half of 2025 respectively [1] Group 1: Revenue and Profit Growth - The company reported a revenue of 544 million yuan in H1 2025, a 42.3% increase year-on-year [1] - The net profit for the same period was 131 million yuan, reflecting a growth of 42.19% [1] - The gross margin has consistently improved, reaching 52.17% in H1 2025 [1] Group 2: International Market Expansion - The consumables segment generated revenue of 178 million yuan in H1 2025, marking a 30.26% increase [2] - The company has been actively promoting its consumables in the U.S. market since 2023 through a specialized team [2] - In Europe, a subsidiary was established in France in 2023 to enhance market coverage and attract more partnerships [2] Group 3: Global Market Position - The company's overseas revenue reached 353 million yuan in H1 2025, a significant increase of 61.33% [3] - The company holds a 12.4% market share in the global home non-invasive ventilator market, ranking second, while leading with a 30.6% share in the domestic market [3] - The company is projected to achieve revenues of 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan for the years 2025, 2026, and 2027 respectively [3]

Summary of Yuyue Medical Conference Call Industry Overview - The respiratory health market in China has significant growth potential, with approximately 110 million COPD patients and 210 million OSA patients. However, the current penetration rate is less than 1%, compared to about 20% in the United States, indicating a vast opportunity for future growth [2][4]. Company Performance - Yuyue Medical's respiratory oxygen products experienced a year-on-year growth of approximately 60%, with overall respiratory product growth exceeding 30%. Sales of nebulization products also grew over 60%, showcasing strong momentum in the respiratory health sector [2][3]. Core Business Segments - Yuyue Medical, established in 1998, primarily offers home medical devices. Its core business segments include respiratory oxygen, blood glucose monitoring, POCT (point-of-care testing), and infection control, with over 600 product types and more than 10,000 specifications [3]. Market Dynamics - The business model for respiratory machines, which includes both equipment and consumables, shows high user stickiness. Equipment has a usage cycle of 5-6 years, while consumables need to be replaced every six months. The key competitive barriers are brand, channel, and supply chain [4]. Product Development - In the oxygen machine sector, Yuyue Medical has a significant brand advantage and is continuously upgrading its technology. In blood glucose monitoring, the CGM product CT5 has been launched and received positive sales feedback, with potential to replicate the success of traditional BGM [5][6]. Strategic Acquisitions - Yuyue Medical entered the AED market through the acquisition of German company Pumacon, benefiting from the gradual increase in the domestic configuration ratio of external defibrillation devices. The company is also actively developing the necessary equipment for optical clinics [7]. Competitive Advantages - Yuyue Medical's core competitive strengths include robust product capabilities, years of brand accumulation, continuous technological iteration, channel empowerment, and proactive overseas market expansion, covering 131 countries and regions. The establishment of a subsidiary in Germany serves as a research and manufacturing center [8].

Company Overview - The company, established in 2001, specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic manufacturer of non-invasive ventilators and masks, being the first domestic company to receive FDA certification for its non-invasive ventilator products [2] - The company has a well-rounded product line that includes home non-invasive ventilators, masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators, and it offers chronic disease management services [2] Research and Development - The company maintains significant R&D investments, holding 666 valid domestic patents as of June 30, 2025, including 116 invention patents and 404 utility model patents [3] - It has also secured 266 overseas patents, including 45 in the United States and 38 in Europe [3] Financial Performance - For the first half of 2025, the company reported revenue of 544 million yuan, a year-on-year increase of 42.3%, and a net profit of 131 million yuan, also up 42.19% [11] - In Q2 2025, revenue reached 279 million yuan, reflecting a 46.54% year-on-year growth, with a net profit of 59.41 million yuan, up 39.92% [11] Profitability - The company's gross margin improved due to effective cost control and a higher proportion of sales from consumables, which have a higher gross margin [4] - The gross margin for the company was reported at 52.17% [11] Market Expansion - The company experienced significant growth in overseas markets, particularly in the United States, where revenue increased by 252.89% year-on-year [5] - Future plans include launching a new noise-reducing ventilator in the U.S. market and expanding into the European market with products entering mainstream insurance markets [6] Domestic Market Strategy - The company is transitioning smoothly to online channels while maintaining stable operations in the domestic market [9] - It plans to implement a multi-model product sales strategy for online self-operated channels and differentiate products for offline channels [9] Consumables Business - In the first half of 2025, consumables accounted for approximately 30% of the company's revenue, with expectations for continued growth driven by increased awareness and market penetration of ventilators [10]