业绩符合预期，毛利率稳步提升 2025 年上半年，公司实现营业收入5.44 亿元，同比增长42.3%；归母净利润1.31 亿元，同比增长 42.19%。公司2023、2024、2025H1 的毛利率分别为46.14%、48.34%、52.17%，呈现稳步提升的态势。 战略布局海外市场，耗材板块快速增长， 预测公司2025-2027 年收入分别为10.13、12.68、16.10 亿元，EPS 分别为2.60、3.35、4.47 元，当前股 价对应PE 分别为31.5、24.4、18.3 倍。公司呼吸机及耗材市场地位领先，随着海外市场布局的持续推 进，业绩有望持续增长，维持"买入"投资评级。 风险提示 国际化市场扩张不及预期、市场竞争风险、研发进展不及预期、行业政策及监管风险。 海外业务持续推进，全球市场地位稳步提升 公司深耕呼吸健康领域医疗设备与耗材，全球竞争力稳步提升。2025 年上半年公司海外收入为3.53 亿 元，同比增长61.33%。根据沙利文数据，2023 年公司家用无创呼吸机在全球市场市占率为12.4%，排名 第二，国内市场占有率为30.6%，在国产无创呼吸机品牌中国市场中排名第一，已覆盖全球10 ...

摘要 鱼跃医疗呼吸系列制氧产品同比增长约 60%，呼吸类产品整体增速超过 30%，雾化产品销售增速超过 60%，显示其在呼吸健康领域的强劲增 长势头。 中国 COPD 患者约 1.1 亿人，OSA 患者约 2.1 亿人，呼吸机市场潜力巨 大，但国内渗透率不足 1%，远低于美国 20%的水平，预示着未来增长 空间广阔。 呼吸机设备加耗材模式具有高用户粘性，设备使用周期 5-6 年，耗材需 半年更换，品牌、渠道和供应链是核心竞争壁垒。 鱼跃医疗在制氧机领域品牌优势显著，持续进行技术迭代升级。血糖监 测方面，CGM 产品 CT5 已上线并获得良好销售反馈，有望复制 BGM 的 成功路径。 通过收购德国普美康，鱼跃医疗进入 AED 市场，受益于国内体外除颤设 备配置比例的逐步上升。同时，公司也在积极布局视光门诊所需的整体 器械。 鱼跃医疗的核心竞争力在于强大的产品力、多年品牌积累、持续技术迭 代与渠道赋能，以及积极的海外市场布局，覆盖 131 个国家和地区。 Q&A 鱼跃医疗的主要业务板块和产品有哪些？ 鱼跃医疗 20250922 呼吸机市场目前主要针对 COPD（慢性阻塞性肺病）和 OSA（阻塞性睡眠呼吸 暂停）患 ...

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]

Core Viewpoint - The report highlights that Ruimait (301367) has met performance expectations and is positioned to become a global leader in integrated respiratory devices, with a buy rating assigned for the first time [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 843 million yuan, a year-on-year decrease of 24.85%, and a net profit attributable to shareholders of 155 million yuan, down 47.74% year-on-year [1] - In Q1 2025, the company reported revenue of 265 million yuan, an increase of 38.11% year-on-year, and a net profit of 72 million yuan, up 44.11% year-on-year [1] - The gross profit margins for 2023, 2024, and Q1 2025 were 46.14%, 48.34%, and 49.57%, respectively, indicating a steady upward trend [1] Group 2: Consumables Business Growth - The consumables segment is expected to achieve continuous growth, with revenue of 284 million yuan in 2024, reflecting a year-on-year increase of 46.22% [2] - The company is actively promoting its consumables in the U.S. market through a specialized team and a strategy of distributing masks for free at sleep monitoring institutions to enhance brand recognition [2] - In Europe, a data-oriented subsidiary was established in France in 2023 to address reimbursement issues and attract more partnerships, further expanding market reach [2] Group 3: Market Position and Expansion - The company is deeply engaged in the respiratory health sector, with a global market share of 12.4% for home non-invasive ventilators, ranking second globally and first among domestic brands in China with a market share of 30.6% [3] - As of 2024, the company's products are sold in over 100 countries and regions, having obtained multiple certifications including NMPA, FDA, and CE, making it one of the few domestic manufacturers to enter the U.S. and European healthcare markets [3] - A five-year exclusive distribution agreement was signed with RH in July 2024 to further penetrate the North American market [3] Group 4: Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan, respectively, with corresponding EPS of 2.60 yuan, 3.35 yuan, and 4.47 yuan [4] - The current stock price corresponds to PE ratios of 30.7, 23.8, and 17.9 for the years 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [4]

Company Overview - Founded in 2001, the company launched its first multi-channel sleep monitor in 2003 and its first CPAP sleep breathing machine in 2007 [2] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic company in home non-invasive ventilators and masks, with products certified by NMPA, FDA, CE, and others, and sold in over 100 countries [2][3] Research and Development - As of December 31, 2024, the company holds 633 valid patents in China, including 107 invention patents, 390 utility model patents, and 136 design patents [3] - The company has 202 overseas patents, including 39 in the USA and 30 in Europe [3] Supply Chain and Production - The company has achieved basic localization of core components, ensuring supply chain security and cost advantages [4] - It operates two production facilities in Dongguan and Tianjin, with the ability to dynamically adjust production capacity based on market demand [5] Brand Strategy - The recent rebranding to "Resmart" signifies a strategic alignment between product and capital markets, enhancing brand value and recognition [5][6] - The name "Resmart" combines "respiratory" and "smart," reflecting the company's commitment to respiratory health and innovative technology [5] Market Performance - The domestic business showed positive performance in Q1, with revenue and gross margin improvements due to adjustments in channel strategies [6] - The company has established a strong global market presence, having entered the healthcare insurance markets in the USA, Germany, UK, France, and Italy [6] Investor Relations - The investor relations activity took place from June 26 to June 27, 2025, in Beijing and Shanghai, with participation from various investment firms [2][7][8]

Group 1 - The "2025 Nanshan Respiratory Health Forum" was held in Guangzhou, gathering leading experts in the field of respiratory health to discuss future developments [1] - The forum featured the launch of the "Beisi Probe-type Respiratory Confocal Endoscope (nCLE)", a high-end diagnostic device developed by Jingwei Vision, which addresses traditional diagnostic blind spots [2][4] - The nCLE has received approval as the only domestic probe-type respiratory confocal endoscope and has been recognized by the Ministry of Industry and Information Technology for its technological achievements [2][5] Group 2 - Professor Fu Ling delivered a keynote speech on the journey of domestic confocal endoscopes from technical exploration to clinical application, highlighting the challenges faced and the successful breakthroughs achieved by Jingwei Vision [5] - The nCLE technology enables real-time imaging at the cellular level, significantly improving early cancer detection rates and has been included in the 2024 national screening guidelines for esophageal and gastric cancers [5] - The nCLE provides new diagnostic pathways for lung cancer and acute rejection after lung transplantation, enhancing diagnostic accuracy and supporting clinical decision-making [7] Group 3 - Jingwei Vision launched a public welfare project to support early cancer patients, which will provide assistance to eligible patients across the country after they complete insurance reimbursements [7] - The company has established a complete autonomous industrial chain for confocal endoscopes, aiming to contribute to the future of precise respiratory diagnosis and support the "Healthy China" strategy [8]