公 司 报 告 医药 2025年08月25日 鱼跃医疗(002223.SZ) 业绩增长符合预期，血糖AED等业务表现亮眼 强烈推荐( 维持) 公 司 半 年 报 点 评 股价:36.6元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 367 | | 流通A股市值(亿元) | 344 | | 每股净资产(元) | 13.27 | | 资产负债率(%) | 18.8 | 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司25H1实现营业收入46.59亿元，yoy+8.16%，实现归母净利润12.03亿 元，yoy+7.37%，实现扣非归母净利润9.14亿元， ...

科创50ETF（588000）追踪科创50指数，指数持仓电子行业63.74%，医药生物行业11.78%，合计 75.52%，行业分布集中。同时涉及半导体、医疗器械、软件开发、光伏设备等多个细分领域，硬科技 含量高。从当前位置来看，科创50指数仍在基点附近，参照创业板历史走势，未来成长空间值得期待。 看好中国硬科技长期发展前景的投资者建议持续关注。相关ETF：科创50ETF（588000）。 8月25日早盘三大股指集体高开，科创50指数盘初快速拉升涨超4%，科创50ETF（588000）持续走 强，截至9点46，上涨1.28%，近5日上涨13.27%。持仓股大全能源强势领涨，涨超16%。 消息面上，英伟达暂停H20芯片生产，市场预期国内AI芯片厂商将加速填补高端算力缺口，科创 50ETF（588000）持仓股寒武纪上周涨幅接近35%市值超过5000亿元，带动半导体板块情绪升温； DeepSeek-V3.1大模型发布，AI算力需求持续超预期，推动算力基础设施板块爆发，算力龙头海光信息 上周上涨超过20%。 中信建投建议关注高景气赛道。随着上市公司逐步进入半年报披露密集期，市场整体对业绩关注的 力度将会加大，业绩超 ...

Core Viewpoint - The medical sector is experiencing significant activity, with the largest medical ETF in A-shares (512170) showing a 2% increase, nearing last year's peak, indicating strong investor confidence in the medical market [1][3]. Group 1: ETF Performance - The medical ETF (512170) reached a peak increase of 2%, with a trading volume exceeding 700 million yuan on the morning of August 25 [1]. - The latest scale of the ETF is 27.94 billion yuan, maintaining a leading position among similar ETFs [1]. - On the previous trading day, the ETF saw a net subscription of 98.54 million yuan, reflecting positive market sentiment towards the medical sector [1]. Group 2: Market Dynamics - Major stocks within the ETF, such as Meihua Medical and Lepu Medical, surged over 15%, while Wu Electric Physiology and other companies experienced declines [1][3]. - The ETF passively tracks the CSI Medical Index, with top-weighted stocks including Mindray Medical, United Imaging Healthcare, and Aier Eye Hospital [3]. Group 3: Policy and Innovation - The National Medical Products Administration announced support for companies to conduct global clinical trials simultaneously, aiming to shorten the drug approval process [3]. - A recent investment cooperation exchange meeting in Shenzhen focused on supporting the development of pharmaceuticals and medical devices [4]. - The establishment of a domestic medical technology innovation zone at the Medical Expo highlighted breakthroughs in domestic technology, with companies like Mindray and Weigao showcasing advanced diagnostic equipment [5]. Group 4: Industry Outlook - CITIC Securities noted that the performance and valuation of the medical device sector are gradually recovering, with recent procurement policies being optimized [5]. - The medical device industry is expected to benefit from policy easing, procurement clearance, and strategic transformations, with internationalization, technological innovation, and mergers and acquisitions becoming key growth paths [5].

8月25日，医疗板块活跃，A股最大医疗ETF（512170）震荡向上，摸高2%，场内价格逼近去 年"924"行情高点！午前成交额已超7亿元。该基金最新规模为279.40亿元，在同类ETF中保持领先地 位。 值得关注的是，上个交易日，医疗ETF（512170）单日获9854万元净申购，反映资金看好医疗后市。 | 分时 多日 ■ | | | | F9 盘前盘后 图加 九转 图线 工具 @ 2 >> | | | | | | | 医疗ETF O | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 033 | | | 512170[医疗ETF] 11:16 价 0.393 涨跌 0.008(2.08%) 均价 | | | 2,0896 | | 1 292 +0.008 +2.08% | | | 512170 ^ | | | | | | | | | | | SSE CNY 11:16:15 文明中 | | | | 通的之原子 | | | | | | | | 1,39% | 净值清设 | | 华富中证医疗 ...

Group 1: Industry Overview - The report highlights the development of the biopharmaceutical industry in Beijing's Changping District, showcasing various enterprises and institutions involved in investment, research, and healthcare [1] - Changping District aims to create an ecosystem integrating investment, clinical applications, incubation, and industrial parks to promote the transformation of medical and health achievements [10][11] Group 2: Company Highlights - BeiGene is a global leader in cancer treatment innovation, focusing on developing innovative anti-tumor drugs, with a revenue of 17.5 billion RMB in the first half of 2025, representing a 46% year-on-year growth [3] - The company has over 30 potential drug candidates and has initiated more than 130 clinical trials across 45 countries/regions, with a significant number of projects showing "first-in-class" or "best-in-class" potential [3] - TUPAI Medical, established in 2017, is a leading provider of high-end ophthalmic medical equipment in China, with a research and development team comprising over 30% of its 400 employees and an annual R&D investment nearing 100 million RMB [3] Group 3: Collaborative Projects - The Beijing Flying Dart International Innovation Center, co-built by Chang Development Group, aims to meet international standards for biopharmaceutical R&D laboratories and provides comprehensive support for innovative enterprises [6][8] - The Life Valley International Precision Medicine Industrial Park, operated by Kangqiao Capital in collaboration with Chang Development Group, focuses on precision diagnostics and therapies, emphasizing cutting-edge technologies like cell therapy and AI healthcare [10] Group 4: Infrastructure and Ecosystem - The construction of the International Medical Device City, covering 1.28 million square meters, aims to create a comprehensive ecosystem for innovation in medical devices, facilitating the transition from laboratory results to clinical applications [13] - Chang Development Group has established a series of market-oriented sub-funds, with a total cooperation scale exceeding 21.7 billion RMB, investing in over 100 medical and health projects [10]

日本医疗器械公司泰尔茂8月25日宣布达成最终协议，将收购英国器官保存设备创企OrganOx全部流通 股，交易总价值约为15亿美元。收购完成后，OrganOx将成为泰尔茂的全资子公司。 ...

Core Viewpoint - Yuyue Medical is strategically focusing on digitalization and wearable technology, with significant growth in home respiratory devices and overseas sales, indicating a robust market expansion and product innovation strategy. Digitalization and Wearable Technology - The company is integrating digital technology with medical devices, focusing on continuous glucose monitoring (CGM) systems that encompass hardware, software, and algorithms for comprehensive digital application [2] - Yuyue Medical plans to launch AI-powered wearable medical devices aimed at health management, covering various health monitoring scenarios [2][4] - The integration of the Yuyue AIAgent app with the existing health management platform is intended to create a unified health management ecosystem [2] Home Respiratory Devices - Home respiratory device sales grew over 40% year-on-year, driven by the launch of an upgraded sleep apnea machine and enhanced brand strength facilitating import substitution [2][3] - The company is expanding its market presence in Europe and Thailand, with ongoing registration efforts and improved distribution channels [3] Continuous Glucose Monitoring (CGM) - New CGM products, Anytime4 and Anytime5, have received positive user feedback, contributing to the brand's growing market presence [3] - AI technology is being incorporated into CGM product development to enhance service capabilities and user experience [3] Home Health Monitoring Solutions - The home health monitoring segment saw a 15.22% growth, with electronic blood pressure monitors leading the category due to strong user trust and product performance [4] Overseas Business Development - Yuyue Medical achieved 607 million yuan in overseas sales, a 26.63% increase, with respiratory therapy products leading the export growth [5] - The Southeast Asian market, particularly Thailand, has shown rapid growth, with plans to replicate successful strategies in other regions [5][6] Emergency Solutions and Growth Drivers - The "Emergency Solutions and Others" segment reported a 30.54% revenue increase, with emergency product growth outpacing the overall segment [6][7] - Future growth drivers include an expanding product matrix, increasing brand influence, and a significant opportunity for AED penetration in the domestic market [7]

Core Viewpoint - The supply of Viabahn covered stents from W. L. Gore & Associates is becoming increasingly tight, leading to temporary procurement requests from medical institutions due to its exclusion from the national centralized procurement list [1][2]. Group 1: Product Overview - Viabahn covered stents are self-expanding peripheral vascular stent systems developed by Gore, primarily used for treating peripheral artery diseases and complex vascular lesions [1]. - The annual procurement demand for lower limb artery stents in China is approximately 123,000 units, with Gore's peripheral artery stent demand ranking third at 18,476 units [1][2]. Group 2: Market Dynamics - Gore's exclusion from the centralized procurement process has resulted in a significant reduction in its market share, leading to a supply crisis as suppliers cut back on inventory [2]. - The existing medical devices cannot fully replace the Viabahn stent, as alternatives are inferior in terms of length, flexibility, and clinical efficacy [2][8]. Group 3: Clinical Efficacy - Clinical studies indicate that the one-year patency rate for Viabahn stents is significantly higher than that of bare metal stents, with rates of 80% compared to 52.5% for the latter [3]. - Viabahn stents are particularly effective for treating long lesions, with the ability to address lesions up to 110mm in length, unlike other covered stents that require multiple stents for longer lesions [9]. Group 4: Competitive Landscape - The market for peripheral artery stents is largely dominated by foreign brands, with domestic stents holding only 1.8% of the total demand [1][2]. - Despite the challenges, some domestic companies like Xinkainuo and Hongpu Medical are making strides in developing competitive products, including the SkyNova peripheral vascular stent [16][17]. Group 5: Technical Barriers - The production of lower limb artery stents involves higher costs and technical barriers compared to other types of stents, which has deterred domestic innovation in this area [11][12]. - The complexity of manufacturing covered stents, particularly with heparin coating technology, presents significant challenges for domestic manufacturers [15].

8月22日，威高血净涨0.51%，成交额9321.50万元。两融数据显示，当日威高血净获融资买入额1066.94 万元，融资偿还1337.53万元，融资净买入-270.58万元。截至8月22日，威高血净融资融券余额合计 9447.50万元。 融资方面，威高血净当日融资买入1066.94万元。当前融资余额9447.50万元，占流通市值的6.28%。 资料显示，山东威高血液净化制品股份有限公司位于山东省威海火炬高技术产业开发区威高西路7号， 成立日期2004年12月27日，上市日期2025年5月19日，公司主营业务涉及血液净化医用制品的研发、生 产和销售。主营业务收入构成为：血液透析器50.22%，血液透析机17.66%，血液透析管路13.86%，透 析配套产品9.82%，腹膜透析液6.31%，其他2.12%。 截至5月19日，威高血净股东户数5.98万，较上期增加331866.67%；人均流通股637股，较上期增加 0.00%。2025年1月-3月，威高血净实现营业收入8.96亿元，同比增长6.44%；归母净利润1.12亿元，同比 增长7.91%。 责任编辑：小浪快报 融券方面，威高血净8月22日融券偿还0.0 ...

Core Insights - Yuyue Medical (002223.SZ) reported a revenue of 4.659 billion yuan for the first half of 2025, marking an 8.16% year-on-year increase, with a net profit of 1.203 billion yuan, up 7.37% year-on-year [1] - The company is focusing on the integration of AI and healthcare, aiming to create a comprehensive ecosystem that combines hardware, AI, and services [1][2] - Yuyue Medical is actively expanding its global presence and enhancing its product ecosystem through digitalization and wearable technology [1][5] Financial Performance - Revenue for the respiratory therapy solutions segment reached 1.674 billion yuan, a 1.93% increase year-on-year, with home respiratory machine products growing over 40% [2] - Blood glucose management and POCT solutions generated 674 million yuan, reflecting a 20% year-on-year growth, with the latest CGM product achieving significant sales [2] - Home health testing solutions achieved 1.014 billion yuan in revenue, up 15.22% year-on-year, driven by strong performance in electronic blood pressure monitors and infrared thermometers [2] Strategic Directions - The company is committed to three strategic directions: globalization, digitalization, and wearable technology, with a focus on long-term growth and global vision [2][4] - Yuyue Medical is enhancing its product offerings through the integration of AI technology, aiming for a fully IoT-enabled product line [3][4] - The company has invested 295 million yuan in R&D, a 9.44% increase year-on-year, to support its innovation and product development efforts [3] Global Expansion - Yuyue Medical has successfully established a localized sales model in Thailand, achieving rapid business growth since the establishment of its subsidiary in 2021 [5] - The company aims to replicate its Thailand model in other regions, focusing on local culture and operational support [5] - In the first half of the year, overseas revenue reached 607 million yuan, a 26.63% increase year-on-year, supported by 85 international registrations [6] Industry Positioning - Yuyue Medical is recognized as a leader in the home medical device sector in China, continuously enhancing its brand image and technical advantages [1][6] - The company actively participates in international exhibitions and academic exchanges to showcase its innovations and expand its global influence [6] - The internationalization of the medical device industry is seen as an unstoppable trend, with Yuyue Medical leveraging its technological advancements and cost advantages to enhance its global market presence [6]