根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 行业：糖尿病患者高基数+慢性病属性产生巨大诊疗需求，器械技术迭代造就广阔市场。 IDF（国际 糖尿病联盟）预计2050年全球糖尿病患者数量将达到8.53亿人，并持续增长。糖尿病患者基数大，加 上其作为慢性病的特点，使得糖尿病成为医疗器械行业的重要市场。 1）监测：技术迭代带来新机遇，CGM海内外成长空间巨大。 CGM（连续血糖监测）相比BGM（传 统指尖血检测）优势显著，技术迭代带来巨大的市场机遇。根据灼识咨询数据，全球CGM市场规模将 从2020年的57亿美元增长至2030年的365亿美元。 2）治疗：贴敷式胰岛素泵快速发展，人工胰腺有望成为未来主流。 胰岛素泵是新一代胰岛素给药设 备，其中贴敷式具有更强的可用性和更高的患者依从性，市场占比有望提升，代表企业Insulet收入持 续高增长。闭环人工胰腺可以最大程度接近胰腺的 ...

混合闭环胰岛素输注系统(左：贴敷式胰岛素泵；右：动态血糖仪"小圆片") 微泰最新一代动态血糖仪 位于余杭区的微泰医疗总部 商报记者骆伊莎 近日，在被誉为"行业风向标"的中华医学会糖尿病学分会第二十七次学术会议上，微泰医疗器械(杭州) 股份有限公司(以下简称"微泰医疗")前瞻性地展出了正处于国家药监局注册阶段的混合闭环胰岛素输注 系统，引发广泛关注。 这一被称作"人工胰腺"的混合闭环胰岛素输注系统，提供了一种全新的血糖控制方案，其整体构造包括 动态血糖仪、胰岛素泵和自动调节皮下胰岛素输送量的控制算法。 微泰医疗执行董事兼高级副总裁、首席战略发展官施永辉介绍，该产品预计明年正式上市，有望成为首 款在中国上市的国产人工胰腺系统。它既代表了未来糖尿病的管理方向，也凝结了微泰医疗过去十余年 的技术结晶与核心使命——让更多糖尿病患者可以摆脱血糖束缚，过上健康人的生活。 科技之眼 据施永辉介绍，该混合闭环胰岛素输注系统通过无缝连接动态血糖仪与胰岛素泵，实时获取血糖数据 后，再利用AI算法自动调整胰岛素输注剂量，实现"监测—决策—输注"的全自动化管理。"我们不仅采 用了模型预测控制(MPC)等先进算法，还融合了自抗扰与自适应 ...

Core Insights - The article highlights the challenges faced by diabetes patients in managing their condition, emphasizing the need for detailed and personalized management plans to improve patient outcomes [1][2][3] Group 1: Patient Management Challenges - Many diabetes patients struggle with long-term management due to a lack of symptoms, leading to medication non-compliance and poor lifestyle choices [1][2] - Emotional factors such as anxiety and depression can complicate diabetes management, affecting blood sugar control [9][11] Group 2: Medical Approaches - A modern Chinese medicine approach to diabetes management includes a classification system that differentiates between types of diabetes and stages of the disease, allowing for tailored treatment [3][5] - The integration of Western and traditional Chinese medicine is becoming more common, with clinical studies exploring combined treatment methods [5][7] Group 3: Importance of Education and Support - There is a critical need for health education in community and family settings to help patients understand dietary adjustments and medication management [4][10] - Family support plays a significant role in diabetes management, with the need for a balanced approach to avoid over-restriction or neglect of the patient's needs [10][11] Group 4: Prevention of Complications - Diabetes patients are at a higher risk for cardiovascular diseases, with studies indicating that about one-third of diabetes patients may have concurrent heart conditions [7][8] - Early detection and management of pre-diabetes can prevent the progression to full-blown diabetes, highlighting the importance of regular monitoring [8] Group 5: Future Directions - The "Healthy China Action" plan aims to improve diabetes management services and increase the treatment and control rates of diabetes by 2030 [8]

Core Viewpoint - Sanofi Bio showcased its new generation Continuous Glucose Monitoring System (CGM) at the 8th China International Import Expo, highlighting its advancements in diabetes digital management [1][3]. Group 1: Product Innovations - The Sanofi Aikan CGM is based on third-generation glucose sensing technology, reducing product size by 60%, enhancing comfort and concealment [3]. - The sensor's accuracy has reached international leading levels, with improved anti-interference performance and a battery life extended to 15 days, providing a comprehensive glucose fluctuation profile [3]. - The product has received EU CE-MDR certification and is currently pursuing FDA registration in the U.S. [3]. Group 2: Market Strategy - Sanofi Bio has integrated Trividia to leverage its established brand and channel resources, successfully entering mainstream retail systems like Walmart and Amazon [4]. - The company exports an average of 40,000 devices monthly to over 40 countries in Africa, targeting both grassroots healthcare and home users [4]. - Sanofi Bio ranks as the fourth largest blood glucose meter company globally and holds the top position in the Chinese market [4]. Group 3: Collaborative Ecosystem - Sanofi Bio participated in the Sanofi Type 1 Diabetes Ecosystem Cooperation Forum, discussing new diabetes management ecosystems with representatives from various sectors [4]. - The company emphasizes a multi-party collaboration model involving government, industry, academia, healthcare, and investment to create a sustainable diabetes management ecosystem [4][5]. - The integration of rapid testing capabilities, continuous data collection, and personalized analysis through the SinoGPT AI system aims to cover the entire diabetes management process from screening to long-term management [5]. Group 4: Future Vision - Sanofi Bio aims to become a global leader in diabetes digital management, focusing on innovation in medical technology to enhance health outcomes across diverse demographics [5].

Company Overview - Dexcom, Inc. is a leader in the medical device industry, focusing on continuous glucose monitoring systems for diabetes management, competing with companies like Abbott Laboratories and Medtronic [1] - The company's technology aims to enhance the quality of life for diabetes patients through real-time glucose monitoring [1] Market Performance - On October 31, 2025, Wells Fargo set a price target of $93 for DXCM, indicating a potential price increase of approximately 36.36% from its current price of $68.20 [2] - Despite this optimistic outlook, Dexcom shares fell 12% in premarket trading due to executives indicating that the growth forecast for 2026 may not meet Wall Street's expectations [2] - The current stock price of DXCM is $68.20, reflecting a slight increase of 0.02, or approximately 2.93%, with trading between a low of $68.00 and a high of $69.17 today [3] - Over the past year, DXCM has experienced volatility, reaching a high of $93.25 and a low of $57.52 [3] - The company's market capitalization is approximately $26.74 billion, underscoring its significant presence in the medical device sector [3] Investor Activity - Today's trading volume for DXCM is 6.76 million shares, indicating active investor interest despite recent challenges [4] - The price target set by Wells Fargo reflects ongoing optimism about Dexcom's growth potential, although meeting growth expectations will be critical for future stock performance [4]

Core Viewpoint - The report from CITIC Construction Investment maintains a "Buy" rating for MicroTech Medical-B (02235), forecasting significant revenue and profit growth from 2025 to 2027, driven by the rapid expansion of Continuous Glucose Monitoring (CGM) products both domestically and internationally [1][2] Group 1: Financial Projections - Revenue projections for MicroTech Medical-B are expected to reach 5.31 billion, 7.89 billion, and 10.66 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 53.78%, 48.53%, and 35.00% respectively [1] - The company's net profit attributable to shareholders is forecasted to be 0.03 billion, 0.43 billion, and 0.93 billion yuan for the same years, with staggering growth rates of 103.99%, 1618.91%, and 115.63% respectively [1] - The price-to-sales (PS) ratios for 2025, 2026, and 2027 are projected to be 6.24, 4.20, and 3.11 times respectively based on the closing price on October 13, 2025 [1] Group 2: Market Dynamics - The company experienced significant growth in the first half of 2025, with a substantial reduction in losses, primarily due to the rapid market penetration of CGM products [1] - The domestic market is expected to continue its growth trend through a combination of online e-commerce and offline hospital sales, while the second-generation CGM has entered multiple European countries' healthcare systems, indicating a large potential for market share expansion [1] - The approval of the core product, Equil patch insulin pump, for use in children and adolescents aged 3-17 years is anticipated to contribute to structural growth in the second half of the year [1] Group 3: Long-term Outlook - In the short term, the company is expected to maintain high revenue growth driven by the ongoing expansion of CGM products in both domestic and international markets, with a potential to achieve breakeven for the year [2] - In the medium to long term, the company holds a unique position as the only domestic firm with both patch insulin pumps and non-calibrated CGM products, providing a significant product portfolio advantage [2] - The upcoming launch of second-generation insulin pumps, artificial pancreas systems, and advancements in AI are expected to solidify the company's global leadership in diabetes management and open up long-term growth opportunities [2]

Core Viewpoint - Luna Diabetes has successfully completed a $23.6 million Series A financing round to advance its automated insulin patch pump system, which aims to provide a more convenient and effective solution for Type 1 and Type 2 diabetes patients [1][10]. Group 1: Product and Technology Insights - The insulin patch pump differs from traditional insulin delivery methods by being lightweight and discreet, making it more suitable for daily use [5]. - The patch pump eliminates the need for infusion sets, reducing barriers to use and increasing acceptance among Type 2 diabetes patients [5]. - Luna's closed-loop system combines continuous glucose monitoring (CGM) with the insulin pump and control algorithms, aiming to minimize manual intervention and approach the functionality of an "artificial pancreas" [7]. Group 2: Capital and Industry Background - The investment from notable firms like Vensana Capital and Ascensia Diabetes Care indicates confidence in Luna's potential within the closed-loop system and overall diabetes management [10]. - The global market for insulin pumps remains underpenetrated, with less than 40% adoption among Type 1 patients in developed countries and even lower rates for Type 2 patients [11][13]. - The combination of CGM and insulin pumps is seen as a transformative solution for diabetes management, with increasing discussions around insurance coverage for these devices [13][15]. Group 3: Market Opportunities and Challenges - Luna Diabetes targets both Type 1 and Type 2 diabetes patients, significantly expanding its potential market, especially among the over 400 million Type 2 diabetes patients globally [11][12]. - The pricing and reimbursement landscape poses challenges, as traditional pumps are often expensive, but if the patch pump can be priced competitively, it could enhance market penetration [14]. - The ease of use and discreet design of the patch pump may improve patient adherence, particularly for busy Type 2 patients who prefer less visible treatment options [16]. Group 4: Future Prospects and Industry Evolution - If Luna successfully navigates clinical validation and regulatory approval, it could disrupt the dominance of traditional pump manufacturers [18]. - The evolution of diabetes treatment is moving towards integrated systems that combine devices, data, and algorithms, enhancing patient management and clinical decision-making [19]. - The development of the patch pump and closed-loop systems represents a significant shift in diabetes care, promising more convenient and precise management for patients and valuable data for healthcare providers [19].

Core Viewpoint - Diabetes is manageable through monitoring key health indicators and implementing scientific interventions, which can significantly reduce the risk of complications and improve quality of life [4][21]. Group 1: Key Health Indicators - The article introduces 12 essential health indicators for diabetes management, including blood sugar, blood pressure, and blood lipids, which can be monitored at home or through regular check-ups [4][16]. - Fasting blood sugar should be maintained between 4.4-7.0 mmol/L, with levels above 7.0 mmol/L indicating a need for adjustment in nighttime glucose control strategies [5]. - Blood pressure should be strictly controlled below 130/80 mmHg, especially for those with kidney disease, while LDL-C should be below 2.6 mmol/L [6]. Group 2: Metabolic Management - Body Mass Index (BMI) should ideally be maintained between 18.5-24.0, and waist circumference should be less than 90 cm for men and 85 cm for women [7]. - Regular monitoring of urine microalbumin (less than 30 mg/24h) is crucial for early detection of kidney damage [7]. - Annual eye examinations and foot nerve assessments are essential, as these often provide early warnings of complications [7][9]. Group 3: Specific Health Monitoring - Liver function should be monitored regularly, with ALT and AST levels ideally below 40 U/L, as 70% of diabetes patients may have fatty liver [10]. - Uric acid levels should be controlled below 420 μmol/L for men and 360 μmol/L for women to prevent complications [11]. - Cardiovascular health screening is vital, as diabetes patients have a 2-4 times higher risk of coronary heart disease [12]. Group 4: Management Strategies - A scientific lifestyle management system is crucial for controlling diabetes indicators, emphasizing a diet low in glycemic index, saturated fat, and sodium, while high in dietary fiber [18]. - Exercise recommendations include daily activity for at least 30 minutes, five days a week, with heart rates maintained at a safe level [19]. - Medication should be individualized, with metformin as the first-line treatment, and regular assessments every three months to adjust treatment plans based on HbA1c results [19]. Group 5: Diagnosis Standards - Diabetes diagnosis requires strict laboratory testing standards, including fasting blood sugar levels and glucose tolerance tests [20]. - For asymptomatic individuals, a single abnormal test is insufficient for diagnosis; confirmation through repeat testing is necessary [20]. Group 6: Conclusion - Continuous monitoring and management of blood sugar and related indicators are essential to prevent complications associated with diabetes, ensuring a healthier life [21].

Market Overview - China has over 140 million diabetes patients, the highest in the world, expected to rise to 174 million by 2045, creating a vast market for Continuous Glucose Monitoring (CGM) technology [1][2] - The global CGM market is projected to reach 71.8 billion yuan by 2025, with a compound annual growth rate (CAGR) of 14.49%, reaching 185.2 billion yuan by 2032 [2] Competitive Landscape - The CGM market in China is divided into two main camps: imported brands like Abbott and Dexcom dominate the market, while domestic companies like Jiuno, Kailite, and others are emerging with competitive software technology [1][3] - Abbott leads the global CGM market with a revenue of 5.76 billion USD in 2023, holding about 50% market share, followed by Dexcom with 3.62 billion USD and Medtronic with 2.26 billion USD [7] Technology and Product Development - CGM technology provides continuous blood glucose information, addressing the limitations of traditional blood glucose measurements [3][4] - Domestic CGM companies are focusing on patent protection and technological innovation, with several companies having filed hundreds of patents [8][9] - The CGM market is characterized by high technical barriers, requiring expertise in multiple disciplines such as sensor design and calibration algorithms [8] Market Penetration and Growth Potential - The penetration rate of CGM in China is currently low, with projections indicating significant growth by 2030: 38% for type 1 diabetes, 13.4% for type 2 diabetes, and 1% for gestational diabetes [9] - The market for continuous glucose monitoring systems in China is estimated to grow from 1.7 billion yuan in 2020 to 17.9 billion yuan by 2030 [9] Challenges and Future Trends - Despite the advantages of CGM, its adoption in hospitals is slow, and it is primarily used as an auxiliary tool for blood glucose management [10] - Integrated Continuous Glucose Monitoring (iCGM) is emerging as a more accurate alternative, capable of connecting with IoT and AI for better diabetes management [11] - Effective data sharing between CGM devices and hospital systems remains a challenge, necessitating collaboration for improved patient management [11][12]

Financial Data and Key Metrics Changes - Total company revenue for Q1 2025 was $569 million, representing a 30% year-over-year growth, driven by a 29% increase in total Omnipod growth [21][22] - Gross margin improved to 71.9%, up 240 basis points year-over-year, while adjusted operating margin was 16.4% [34][35] - The company raised its gross margin guidance for the full year to approximately 71% despite an estimated 50 basis point impact from tariffs [43][44] Business Line Data and Key Metrics Changes - U.S. Omnipod revenue grew 26%, exceeding guidance, with strong demand for Omnipod five contributing to this growth [26][27] - New customer starts in the U.S. for Type one and Type two diabetes increased, with over 30% of new starts being Type two [20][21] - International revenue grew 36% above guidance, driven by strong demand for Omnipod five and customer base expansion [31][32] Market Data and Key Metrics Changes - The U.S. market saw a significant increase in healthcare providers prescribing Omnipod five, with nearly 25,000 HCPs now writing scripts, up over 20% from the previous year [30][31] - The company launched Omnipod five in Canada and Switzerland, bringing the total number of international market launches to 13 [32][33] - The international market for Type one diabetes is approximately 3.5 million people, with only 20% to 25% penetration, indicating significant growth potential [99] Company Strategy and Development Direction - The company aims to expand its revenue from $2 billion to $4 billion to $6 billion by focusing on Type one and Type two markets and advancing globalization [12][53] - Strategic priorities include advancing innovation, driving growth in U.S. Type one and Type two populations, and expanding internationally [15][40] - The leadership emphasizes the importance of brand activation and direct-to-consumer strategies to enhance engagement and retention [13][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a strong first quarter performance and a robust pipeline of innovation [48][49] - The leadership transition is seen as timely, with the new CEO bringing a focus on operational excellence and strategic vision [8][10] - The company anticipates continued strong growth in new customer starts and is optimistic about the adoption of Omnipod five in both Type one and Type two markets [40][41] Other Important Information - The company ended the quarter with approximately $1.3 billion in cash and a $500 million credit facility available, enhancing financial flexibility [37][36] - The board authorized a stock repurchase program of up to $125 million to offset dilution from stock-based compensation [46] Q&A Session Summary Question: What excites you about the role at Insulet and your vision for the business? - The new CEO expressed passion for the diabetes space and highlighted the company's strong momentum and unique position in the market [54][56] Question: Will there be a focus on top-line growth at the expense of margin expansion? - The CEO reassured that the business strategy remains intact, with continued focus on both growth and margin improvement [62] Question: What is the status of the Type two pump adoption in the U.S.? - The management reported strong progress in the Type two launch, with over 30% of new customer starts coming from this segment [65] Question: Can you confirm the strong new start growth in both the U.S. and internationally? - Management confirmed significant strength in new customer starts, both sequentially and year-over-year, driven by the differentiation of Omnipod five [74][75] Question: What are the expectations for gross and operating margin expansion in the coming years? - The management expressed confidence in maintaining industry-leading gross margins while continuing to invest in growth opportunities [78][81] Question: How is the direct-to-consumer advertising performing? - The company reported higher conversion rates from direct-to-consumer advertising efforts, indicating effective engagement strategies [109]