编号：2026—001 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 1、公司的核心竞争力主要体现在哪些方面？ 一方面，公司聚焦呼吸健康领域 20 多年，深刻理解全球医疗 器械市场监管法规，拥有遍布全球的经销网络，是第一家无创呼 吸机产品通过美国 FDA 认证的国内上市公司，销往全球 140 多个 国家和地区，公司 2008 年取得 CE 认证，2012 年取得美国 FDA 认证，已进入美国、德国、英国、法国、意大利等国家的医保市 场，具备出色的全球市场进入能力。 其次，拥有专业成熟的知识产权部门，在全球主流市场及多 个国家针对产品均有专利及商标布局，为公司海外市场奠定坚实 基础。 | □ | 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 2026 | 年 月 日 2 26 | | 地点 上海 | | | 上市公司接待人 | 副总经 ...

Company Developments - Samsung released a new smartphone equipped with artificial intelligence technology on February 25 [3] - Tongwei Co., Ltd. announced a suspension of trading starting February 25 as it plans to acquire 100% equity of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment [3] - Gude Electric Materials issued shares on February 25 with a price of 58 yuan per share and a price-to-earnings ratio of 27.96, focusing on components for battery thermal runaway protection [3] - Kaipu Cloud decided to terminate a major asset restructuring plan involving the acquisition of a 70% stake in Shenzhen Jintaike [10] - Meta and AMD reached an agreement for AI device procurement, with AMD set to sell AI chips worth up to $60 billion to Meta [10] Industry Insights - The State Council's meeting on February 24 emphasized the potential of the silver economy and the need for supportive measures to enhance the development of the elderly care industry, projecting the market size to reach approximately 12 trillion yuan in 2023 and exceed 20 trillion yuan by 2027 [6] - A breakthrough in chip technology was reported by a team from Peking University, creating the smallest and lowest power-consuming ferroelectric transistor, which could significantly enhance AI chip performance and energy efficiency [9] - The semiconductor market is expected to continue improving, driven by high demand from AI servers and new energy vehicles, with a recommendation to focus on leading companies in the sector [9] - The Shanghai Gold Exchange announced adjustments to margin levels and price limits for certain contracts, effective February 24 [5]

Summary of Conference Call on Healthcare Services and Pharmacy Sector Industry Overview - The focus is on the healthcare services and pharmacy sectors within the pharmaceutical industry, particularly consumer-oriented segments, which are currently viewed positively due to historical low valuations after a prolonged adjustment period [1][2]. Key Points and Arguments Healthcare Services - The healthcare services sector has experienced significant declines, with current valuations at historical lows, indicating a potential for recovery by 2026 [1]. - Specific companies highlighted for their optimistic 2026 guidance include Tongce Medical, Gushengtang, and Aier Eye Hospital, all expected to show double-digit growth [1][2]. - The recovery in the sector is anticipated to be driven by improvements in supply structure and consumer environment, leading to a business rebound [2]. - Aier Eye Hospital is introducing new consumer-oriented surgical procedures, which may increase average transaction values despite stable surgical volumes [2]. Market Trends - Data from October 2025 shows positive growth in outpatient services in cities like Chongqing and Tianjin, with increases of 5-6% and 13-14% respectively [3]. - The overall trend indicates a recovery in both service volume and pricing, particularly in consumer-oriented medical fields like ophthalmology [3][4]. AI Integration - AI is expected to empower healthcare service companies, with applications like Ant Group's AI health app showing significant user growth, indicating a new growth driver for leading healthcare service firms [4][5]. Pharmacy Sector - The pharmacy sector is experiencing notable improvements in performance since Q3 2025, with leading companies showing consistent same-store sales growth [6]. - The sector is supported by government policies aimed at increasing industry concentration and chain store rates, which are expected to drive medium-term performance [6][7]. - Companies like Yifeng Pharmacy and Dazhong Pharmacy are highlighted for their strong cash flow and dividend yields, with Dazhong reporting a 60% dividend payout ratio [6][7]. Online vs. Offline Dynamics - The online pharmacy market is growing rapidly, but it serves a different demographic compared to traditional pharmacies, which cater more to older consumers [7][8]. - The online pharmacy market is projected to grow significantly, driven by products like GLP-1, but the overall growth rate may stabilize as both online and offline markets adjust [9][10]. Regulatory Environment - Recent government policies emphasize enhancing pharmacy service capabilities and supporting prescription outsourcing, which could lead to increased revenue opportunities for pharmacies [13][14]. - The focus on compliance and competition is expected to benefit larger pharmacy chains with established networks and resources for mergers and acquisitions [17]. Home Medical Devices - The home medical device sector is poised for growth due to an aging population and increasing health awareness, with significant potential in health monitoring devices like blood pressure monitors and glucose meters [18][19]. - Companies such as Yuyue Medical and Sanofi are recommended for their strong growth prospects in this segment [21]. Conclusion - The healthcare services, pharmacy, and home medical device sectors are expected to experience a bottom reversal, driven by improving fundamentals and supportive government policies. Key players in these sectors are well-positioned to capitalize on these trends, making them attractive investment opportunities moving forward [1][21].

Group 1 - The core theme of the news is the initiative by China Petroleum to provide warmth and support for travelers during the Spring Festival, transforming gas stations into "warm stations" for millions of returning home [1][2] - Since the start of the Spring Festival travel rush on February 2, China Petroleum has utilized over 22,000 gas stations, more than 6,000 charging and swapping stations, 3,900 love stations, and over 200 driver homes to create a nationwide energy supply and service network [1] - In Sichuan's Ganzi New Dujiao, gas stations are referred to as "health stations on the lifeline," where staff assist drivers in distress, showcasing the commitment to safety and support during travel [1] Group 2 - Gas stations are evolving from mere refueling points to comprehensive energy supply stations that connect regional culture, facilitate convenient consumption, and convey good wishes [2] - Across China, gas stations serve as beacons of warmth, ensuring vehicle endurance, travel safety, and the deep-rooted desire for reunion and happiness among the people [2]

2026年农历新春，经济日报记者深入春运一线，见证旅客平安顺利返乡的身影，感受交通客运服务人员 的温情守护。一个个有温度、有深度的故事，让我们看见，春运这个关乎亿万家庭团圆与期盼的宏大叙 事，正沿着四通八达的交通网络，奔向名为"家"的坐标。 细致运维护平安归途 本报记者 齐 慧 北京西站新闻发言人崔琳介绍，春运期间，北京西站预计发送旅客515.5万人次，旅客出行目的地主要 集中在郑州、西安、武汉、长沙等热门城市。北京西站增开临客41.5对（其中高铁23.5对），主要为邯 郸、郑州、洛阳龙门等方向。 天还未亮，清扫车已经缓缓行驶在京雄高速上。操作员刘超稳稳地握着方向盘，车灯照亮着前方路 面。"白天车多，我们只能选在凌晨清扫。"刘超的声音温和，"看着路面干干净净，自己的心里也亮堂 了不少。" 春运启动前，京雄高速提前打响路面整治攻坚战。养护负责人陈继红介绍，32处路面病害已赶在春运前 修补好。"春运期间车流量大，我们要提前把平安铺在归乡路上。" 应对低温雨雪冰冻天气是春运保畅的重中之重。在除雪物资储备区，应急保障负责人杨廓正仔细检查着 融雪剂和除雪设备，将每一台机械都擦拭得干干净净，把每一袋融雪剂都摆放得整整齐齐 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 可孚医疗 (Kefu Medical) - **Location**: Changsha, Hunan, China - **Business Model**: Combination of distribution and agency, with online channels accounting for approximately 65%-70% of sales and offline sales through chain pharmacies and self-operated stores [2][3] Financial Performance - **Revenue Growth**: Since 2022, the company has maintained double-digit growth, even reaching up to 20% growth on a high base [5] - **Gross Margin**: Slight increase due to a higher proportion of self-produced products [5] - **Net Profit Margin**: Currently around 10%, expected to rise to 15% [5] - **Sales Structure**: Rehabilitation aids, medical care, and health monitoring contribute approximately 70% of total revenue [2][3] Industry Insights - **Market Size**: The home medical device industry is nearing 200 billion RMB, with a compound annual growth rate (CAGR) expected between 7%-10% [2][6] - **Market Concentration**: The industry is characterized by low concentration, with leading companies holding small market shares; Kefu Medical's annual sales have not yet reached 5 billion RMB, representing less than 3% of the market [8] - **Rehabilitation Aids Market**: Estimated market size of 30-40 billion RMB, with wheelchairs and hearing aids as major products; Kefu Medical has a market share of approximately 2.4% in this segment [9] Strategic Initiatives - **Hearing Aid Business**: Adjusted strategy to slow down store expansion and focus on optimizing existing stores for profitability; aims to achieve profitability by 2026 [4][12] - **Acquisitions**: Expanded business through acquisitions of companies like Jirui Medical and Beibeijia, and strategic partnerships with Philips to enhance brand influence [4][19] - **Overseas Expansion**: Focused on international markets, with expected overall revenue growth of 20% [4][18][22] Future Outlook - **Growth Drivers**: Population aging and increasing demand for chronic disease management are expected to drive growth in the home medical device sector [6] - **Technological Investments**: Investments in advanced technologies such as bionic ears, bionic eyes, and brain-machine interface rehabilitation devices indicate a strong focus on future technological development [20][21] - **Market Potential**: The home medical device industry is seen as a long-term growth opportunity, with Kefu Medical positioned to maintain steady growth through business model optimization and brand influence expansion [6][22] Additional Insights - **Consumer Behavior**: High demand for cost-effectiveness and increasing expectations for multifunctional and wearable devices in the home medical device market [7] - **Challenges in Hearing Aids**: The market is currently dominated by imported brands, and consumer acceptance in China is relatively low compared to developed countries, necessitating long-term patient education [10] - **Electric Wheelchair Market**: Electric wheelchairs are a growth point, with increasing demand from disabled families and the public sector [11]

Core Viewpoint - The company, 瑞迈特, is adjusting its investment structure for certain fundraising projects and extending the timelines for project completion, which aims to enhance the efficiency of fund utilization and optimize resource allocation [2][3]. Group 1: Company Performance - As of February 4, 2026, 瑞迈特's stock closed at 83.65 yuan, with an increase of 1.14% and a turnover rate of 1.01%, totaling a trading volume of 7,097 hands and a transaction amount of 58.92 million yuan [1]. - On the same day, the net outflow of main funds was 202.4 thousand yuan, while retail investors saw a net inflow of 176.79 thousand yuan [4]. Group 2: Corporate Announcements - On February 3, 2026, 瑞迈特's board of directors approved adjustments to the internal investment structure of certain fundraising projects, including increasing marketing and research and development investments while reducing expenditures on channel construction and equipment [2][3]. - The expected completion dates for several projects, including the annual production of 300,000 ventilators and 3.5 million sets of accessories, have been postponed to December 31, 2027, while the medical equipment research and development center project has been extended to December 31, 2026 [2][3].

Core Insights - The article highlights JD Health's initiative to provide health-focused products and services to elderly residents in rural areas, emphasizing the integration of technology into their lives [1][2] - The event is part of JD's ongoing commitment to community support, showcasing a blend of traditional cultural practices with modern health technology [1][2] Group 1: Event Overview - The New Year market in Guangming Village featured JD Health's team presenting health products tailored for the elderly, including smart health devices [1] - The event is part of JD's "Sending New Year Goods to My Hometown" campaign, which has been ongoing for twelve years, focusing on community welfare [1] Group 2: Product Offerings - JD Health selected various elder-friendly health products for the 2026 New Year list, including a customized dynamic blood glucose meter and a protein powder designed for seniors [1] - The dynamic blood glucose meter allows for non-invasive monitoring over 15 days, with remote data access for family members [1] Group 3: Engagement and Education - The event featured live demonstrations and on-site teaching, allowing elderly participants to experience the convenience of smart health devices firsthand [2] - JD Health's approach included professional health advice integrated into casual conversations, making the experience warm and relatable for the elderly [2] Group 4: Technological Integration - JD Health aims to bridge the gap between technology and elderly users, positioning technology as a guardian of health for seniors [2] - The initiative not only serves as a product showcase but also as a communication platform for promoting elder-friendly technology [2]

Group 1 - The "Implementation Plan for Strengthening the Foundation in Disease Prevention and Control" aims to enhance the grassroots disease control system by addressing issues such as resource imbalance, outdated equipment, and weak digital capabilities [1][2] - The plan sets two key targets: by the end of 2027, a basic grassroots disease control network will be established, and by 2030, the system will be optimized for efficiency and digital empowerment [1][2] Group 2 - Companies in the industry are actively aligning their strategies with the policy requirements, focusing on technology development, product offerings, and practical applications [3] - Shengxiang Biotechnology Co., Ltd. is developing integrated solutions that include rapid testing reagents, devices, and digital systems to meet the core needs outlined in the policy [3] - Retail pharmacies, such as Lao Baixing Pharmacy Chain Co., Ltd., play a crucial role in disease control by providing essential services and medication supply, thus enhancing public health service capabilities [4] - Kefu Medical Technology Co., Ltd. is focusing on smart upgrades of its products to provide efficient diagnostic and health management tools for grassroots healthcare facilities [4]

Group 1 - The core viewpoint of the news is that Wuxi is rapidly emerging as a significant player in foreign trade, achieving a total import and export value of 829.28 billion yuan in 2025, marking a 7.6% year-on-year increase, with over 14,000 companies engaged in import and export activities [1] - The development of cross-border e-commerce and port openness has been a focal point for China's foreign trade, transitioning from "stable quantity" to "high-quality" growth [1] - The integration of AI in digital content production is enhancing the capabilities of local businesses to penetrate overseas markets, exemplified by a local company successfully selling products to Africa using AI-generated promotional videos [2] Group 2 - Wuxi Shuofang Airport experienced a significant increase in international cargo transport, reaching 34,000 tons in 2025, with e-commerce cargo volume doubling compared to 2024, highlighting the airport's role in facilitating cross-border trade [4] - The establishment of a well-defined cargo handling system at Shuofang Airport allows for efficient storage and customs clearance of various types of goods, attracting major cross-border e-commerce companies to enhance their logistics operations [5] - The "air-rail-water" integrated international logistics system in Wuxi effectively meets the cargo transport needs of light industry, electronics, and e-commerce platforms in the Yangtze River Delta region [6] Group 3 - The rapid growth of e-commerce, increased cargo volume, and the opening of multiple intercontinental cargo routes illustrate Wuxi's transformation in the global trade landscape, driven by a model that combines industrial foundations, digital channels, and new infrastructure [8] - The opening of the Wuxi to Mexico City cargo route exemplifies the successful conversion of manufacturing capacity advantages into time efficiency, allowing companies to seize market opportunities in Latin America [8] - The integration of new infrastructure, urban clusters, and industrial systems is essential for enhancing regional openness and supporting the dual circulation development pattern in response to global industrial chain restructuring [8]