Core Viewpoint - The company reported steady growth in its hearing business and significant reduction in overall losses during the first three quarters of the year [1] Group 1: Business Performance - The hearing business achieved steady growth [1] - Operational efficiency continues to improve [1] - The overall business has significantly reduced losses [1] Group 2: Product Development - The company will officially launch a new generation of bone conduction hearing aids in collaboration with Tencent Cloud at the Shanghai Import Expo [1] - The new product features Tencent's Tianlai Inside algorithm, which enhances voice clarity and intelligibility in complex noise environments [1] - Upcoming product launches include new generation ventilators, a series of respiratory masks, portable oxygen machines, home testing strips, atrial fibrillation blood pressure monitors, second-generation bone conduction hearing aids, and invisible posture correction bands [1]

Core Business Performance - The company's self-developed ventilator products have shown significant growth, becoming a key driver of revenue since late June, with widespread market recognition for their respiratory synchronization and quiet performance [2] - The hearing aid business has focused on improving the operational quality of existing stores, achieving steady growth and significantly reducing losses in the first three quarters [2] - A new generation of bone conduction hearing aids, developed in collaboration with Tencent Cloud, will be officially launched at the Shanghai Import Expo, enhancing voice clarity in noisy environments [2] Overseas and M&A Integration - The company has successfully enhanced the operational efficiency and product competitiveness of Ximaner through the involvement of its core management team and the introduction of quality supply chain resources [3] - The overseas business has maintained rapid growth, with increased customer loyalty and order amounts in the B2B segment, supported by the synergistic effects of acquisitions like Huazhou and Ximaner [3] Strategic Layout - The company will continue to focus on core product categories such as ventilators, hearing aids, and back support devices, leveraging product innovation and channel development to maintain leadership in niche markets [4] - The sales gross margin reached 53.35% in the first three quarters, a 2 percentage point increase year-on-year, driven by scale improvements in core categories and product upgrades [4] - The company plans to launch several new products in the coming year, including a new generation of ventilators and portable oxygen machines [4] Strategic Investment - Recent investments are focused on two main areas: companies specializing in children's hearing screening and intervention, and the integration of brain-machine intelligence with rehabilitation aids to explore new growth areas in intelligent medical and neurotechnology [5]

Sales Performance and Growth Expectations - The sales of self-developed ventilators have seen rapid growth since late June, becoming a key driver of revenue in Q3 [2] - Future growth is expected to continue due to increasing brand recognition and an expanding product matrix [2][3] Product Development and Innovation - The company has launched its first ventilator mask and plans to introduce multiple new masks and next-generation ventilators next year [3] - The new ventilators feature noise control comparable to imported models and include smart pressure adjustment, automatic temperature and humidity regulation, and health monitoring capabilities [3] Hearing Aid Business - The hearing aid segment has achieved steady growth, with a focus on improving the profitability of offline fitting centers [3] - A new bone conduction hearing aid, developed in collaboration with Tencent Cloud, will be officially launched at the Shanghai Import Expo [3] International Business and Strategic Collaborations - The company has successfully integrated its management team with the Ximaner business, enhancing operational efficiency and product competitiveness [4] - Overseas B2B business has shown robust growth, supported by strong customer retention and successful integration of acquisitions [4] Core Product Categories Driving Growth - Key product categories contributing to revenue growth include ventilators, hearing aids, posture correction devices, home testing kits, and blood glucose monitors [4][5] - These categories are expected to have significant growth potential in both domestic and international markets [6] AI and Smart Health Devices - The company is advancing its smart health strategy by integrating AI technology into health monitoring and respiratory support devices [7] - AI applications are expected to enhance product performance and development efficiency [7] Financial Performance and Profitability - The gross profit margin increased by 2 percentage points to 53.35% in the first three quarters of the year [8] - The company is focusing on optimizing its product structure and enhancing the value of core products to improve profitability [8] Investment in Emerging Technologies - The company has made strategic investments in brain-computer interface technologies, including a focus on bionic eye and ear products [10] - These investments aim to create synergies with existing hearing aid businesses and expand into intelligent rehabilitation solutions [10]

Core Viewpoint - Yuyue Medical is steadily advancing towards a new cycle of high-quality development under the clear guidance of its three major strategies: globalization, digitalization, and wearability [2] Financial Performance - In the first three quarters of this year, the company achieved operating revenue of 6.545 billion yuan, a year-on-year increase of 8.58% [2] - The net profit attributable to shareholders reached 1.466 billion yuan, with operating cash flow net amounting to 1.504 billion yuan, reflecting a year-on-year growth of 8.77% [2] - The company plans to implement its first-ever third-quarter dividend since its listing, distributing 2 yuan per 10 shares, bringing the total dividends to 4.959 billion yuan [2] R&D and Product Innovation - Yuyue Medical has significantly increased its R&D investment, reaching 445 million yuan in the first three quarters, a year-on-year increase of 9.76% [3] - The gross profit margin has risen to 50.35%, driven by rapid product iteration and an increase in high-end product offerings [3] - The company has launched several new products across various business segments, including CGM devices and respiratory treatment products, enhancing its competitive edge [3][4] Market Performance and Strategy - The CGM product line has seen a rapid increase in sales and market share, with a 165% sales growth during the 618 shopping festival on JD.com [4] - The fifth-generation CGM product has achieved global leading technical indicators, with a MARD value of 8.58%, catering to both clinical and home use scenarios [4] - Yuyue Medical is leveraging AI technology to enhance its product offerings and health management services, positioning itself as a leader in the home medical device sector [5][6] Global Expansion - The company has experienced a 26.63% year-on-year growth in overseas revenue, with significant breakthroughs in multiple international markets [6][7] - Yuyue Medical has established subsidiaries in countries like Germany, Thailand, and the USA, focusing on localized product development and market strategies [7] - The company aims to set up more subsidiaries in Europe, South America, and the Middle East, with a vision to become one of the top three players in the global OOH medical device market [7][8] Industry Outlook - The Chinese medical device industry is poised for growth due to favorable policies, increasing demand from an aging population, and advancements in AI and new materials [8] - Yuyue Medical is expected to amplify its leading position in the industry as it capitalizes on these opportunities and continues to enhance its global presence [8]

（文章来源：证券日报） 证券日报网讯鱼跃医疗10月22日在互动平台回答投资者提问时表示，公司及全资子公司西藏鱼跃医疗投 资有限责任公司（简称"西藏鱼跃"）为中国雅江集团有限公司雅鲁藏布江下游水电站工程部分办公场所 安装、供应了高原中心供氧设备、台式制氧机、便携式制氧机、便携式氧气呼吸器等高原供氧产品，为 工程项目建设者提供了高原医用弥散供氧与户外便携供氧等服务，后续将继续积极争取相关项目进一步 合作机会，为世纪水电站工程项目提供持续的高原供氧服务和健康保障支持。目前公司已取得订单暂不 会对公司整体业绩产生较大影响，后续公司订单取得情况尚存在一定不确定性，敬请广大投资者充分关 注投资风险。如有应审议披露事项，公司将按照法规及时履行审议程序与信息披露义务。 ...

Core Insights - The rental economy is gaining traction among young consumers, who are increasingly opting for a "light asset, high experience" lifestyle, leading to a surge in the rental of various products, including medical devices [1][2]. Group 1: Rental Market Growth - The portable oxygen machine rental business has seen significant growth, with a company in Tibet renting over 300 units daily during peak times, indicating strong demand [1][3]. - The new rental market in China is projected to exceed 700 billion yuan by 2025 and approach 1 trillion yuan by 2030, with users primarily being those born after 1995, who account for over 60% of the market [2]. Group 2: Young Consumers' Preferences - Young consumers prefer renting high-cost, low-frequency-use products that enhance their quality of life, such as portable oxygen machines, which are priced around 10,000 yuan for purchase but can be rented for as low as 80 yuan per day [2][3]. - The rental of medical devices has become integrated into the daily lives of young people, with platforms like Alipay's Sesame Rental channel offering a variety of health and beauty devices [4][5]. Group 3: Quality and Reliability Concerns - The rental market for medical devices faces challenges regarding quality and reliability, as many products lack standardization and regulatory oversight, leading to varying levels of service and safety [9][10]. - A case study highlighted the potential risks of renting medical devices, where a faulty jaundice meter led to misdiagnosis, raising concerns about the accuracy and reliability of rented medical equipment [8][9]. Group 4: Elderly Market Potential - The acceptance of rental services among young consumers is expected to influence the health consumption patterns of their families, particularly in the elderly segment, which has traditionally been resistant to renting [11][12]. - The long-term care insurance system in China is beginning to cover medical device rentals, which could enhance the market potential for elderly care products [13][14].

Core Viewpoint - The National Health Commission emphasizes the importance of oxygen therapy, highlighting that while oxygen is essential for life, excessive use can lead to health risks such as oxygen toxicity and lung damage [1] Summary by Categories Oxygen Therapy and Health - The emergence of portable oxygen concentrators has increased the prevalence of oxygen therapy [1] - Healthy individuals typically meet their metabolic needs through normal breathing, and excessive oxygen intake can disrupt this balance [1] - Symptoms of oxygen toxicity include chest pain, cough, and difficulty breathing, with long-term high-concentration oxygen use potentially causing lung injury and retinal damage [1] Target Populations for Oxygen Therapy - Primary groups that may require home oxygen therapy include: - Patients with chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), interstitial lung disease, and obstructive sleep apnea [1] - Cardiovascular disease patients experiencing significant myocardial hypoxia, where timely oxygen intake can alleviate symptoms [1] - Individuals in high-altitude environments, where oxygen can effectively prevent hypoxic damage [1] Guidelines for Oxygen Therapy - It is crucial to understand that higher flow rates and concentrations are not necessarily better; long-term high-concentration oxygen can lead to toxicity and lung tissue damage [1] - Scientific oxygen therapy should adhere to the principle of "supplying as much as needed," rather than pursuing high flow or concentration [1] - Patients requiring oxygen therapy should select appropriate methods and parameters under medical evaluation and blood oxygen monitoring to achieve effective home oxygen therapy [1]

Core Insights - Yuyue Medical is focusing on global expansion and the integration of advanced technologies like artificial intelligence to enhance its product offerings in the home medical device market [1][2] - The company's overseas revenue reached 607 million yuan in the first half of 2025, marking a year-on-year growth of 26.63% and accounting for 13.03% of total revenue [1] Group 1: Global Strategy - The chairman of Yuyue Medical emphasized a long-term vision and global perspective, aiming to become a leading player in the OOH (Out of Hospital) medical device sector [2] - The global medical device market is rapidly growing, providing significant opportunities for Chinese companies to expand internationally with innovative products [2] Group 2: Localization Efforts - Localization is a key strategy for Yuyue Medical to effectively expand in international markets, allowing for better product development and supply chain optimization [3] - The company has successfully implemented a localized approach in Thailand, transitioning from merely exporting products to building an ecosystem [3] Group 3: Product Registration and Market Expansion - Yuyue Medical has made significant progress in international product registrations, with 85 certifications obtained across various regions, supporting global product promotion [4] - The company's emergency medical products have seen a 30.54% revenue growth in the first half of the year, with successful EU MDR certifications for key product lines [4][5] Group 4: Future Growth Areas - The company is focusing on expanding its blood glucose monitoring systems as a key area for overseas market growth, targeting regions like the Middle East, Europe, and South America [5] - Yuyue Medical's commitment to a multi-category and multi-region strategy is expected to enhance its international influence and support its goal of becoming a leading global OOH medical device company [5]

Core Viewpoint - Yuyue Medical has begun supplying high-altitude oxygen products to China Yajiang Group for the construction of a hydropower project, indicating a strategic move to expand its market presence in high-altitude medical services [1] Group 1: Company Activities - Yuyue Medical and its wholly-owned subsidiary, Tibet Yuyue, are installing and supplying high-altitude central oxygen equipment, desktop oxygen generators, portable oxygen generators, and portable oxygen respirators for the Yarlung Tsangpo River downstream hydropower station project [1] - The company aims to provide medical diffusion oxygen and outdoor portable oxygen services to the project builders, enhancing health support in high-altitude environments [1] Group 2: Future Plans - Tibet Yuyue, as a leading high-altitude oxygen enterprise established by the company, will actively seek further cooperation opportunities related to the project [1] - The company plans to continue providing ongoing high-altitude oxygen services and health support for the Century Hydropower Station project [1]

Group 1: Investor Relations Activities - The company conducted a specific investor survey and media interviews on May 29, 2025, attended by representatives from Galaxy Securities, Rongxian Huijin Fund, and China Securities Journal [3][4] Group 2: Sales and Market Performance - The overseas market sales have remained stable this year, with the portable pneumatic massage system receiving widespread attention and positive feedback from global customers [4] - The company plans to enhance the market promotion of the compression boots, leveraging existing sales channels in the massage gun sector [4] Group 3: Product Innovation and Development - Future product innovation strategies include increased investment in "medical + consumer" resources and a focus on rehabilitation medical technology [5] - The company aims to develop more products suitable for the elderly, addressing the growing health needs of this demographic [5] Group 4: Profitability and Product Structure - The gross margin for rehabilitation medical products is 47.86%, while rehabilitation technology products have a gross margin of 37.11%, indicating room for improvement [6] - The company is actively developing new products to enrich its product line [6] Group 5: Investment Projects and Production Capacity - The Chengdu Intelligent Manufacturing Production Base is on track for completion, expected to be accepted in July 2025, which will enhance production capacity and efficiency [7] - The introduction of advanced production equipment and automated lines will lower production costs and improve overall profitability [7] Group 6: Research and Development - R&D expenses are determined by various factors, including company strategy and market demand, rather than a fixed threshold [9] - New products such as the medium-frequency therapy device and portable oxygen machine have received regulatory approval, while others are in development [9]