2025年刚刚过去，医疗器械行业余寒未散。面对"价格内卷""创新抑制"等普遍困境，京东健康用一 份亮眼的成绩单给出了破局思路。 在近日举行的"京东健康医疗器械2026年商家大会"上，官方数据显示，2025年公司累计首发 近30款千万医疗器械新品，以及多达500款百万新品，再度刷新了行业首发纪录。销售上，超 过3000个品牌实现销量翻番，其中京东plus用户贡献率超过40%，可谓销量与口碑齐飞。 靓丽数据背后，是京东健康从"医疗器械零售商"向"全生命周期健康管理"转型的战略意图。 器械即服务，解决消费者痛点 以"全生命周期健康管理"为自身定位，京东健康在医疗器械的孵化之路上已颇有成绩。在众多 类目中，严肃医疗器械的表现尤为突出。数据显示，2025年在京东健康平台上，动态血糖仪 相关品类销量增速已接近100%，同为严肃医疗器械呼吸机销量增速则超过了80%。 京东健康副总裁、医疗器械业务总经理廖雅逸在大会现场分享了一位慢阻肺合并心肌梗死的老 年患者的案例。 这位老人现年90岁高龄，由于出院后行动不便，家属通过京东互联网医院对接北京三甲主 任。医生经视频问诊、查看病历报告，给出诊断及用药调整建议。家属在京东健康下单后 ...

每经编辑｜蒙锦涛 当年轻人仍在为满减券精打细算时，银发群体已悄然成为2025年中国健康经济一股不可忽视的力量。 临近年底，上海76岁的张奶奶又在京东健康"囤"足了够用半年的降压药和降糖药。与往年不同的是，今年在购药时，她第一次尝试和京东药师"对话"，尝 试了免费的用药咨询。 过去面对家里越来越多的药盒，她总有些理不清，偶尔也会忘记服药，有时候想起来吃药发现药过期了，更不太懂不同药品之间的相互作用。今年，在医 生和药师的帮助下，她清晰了解了自己所服药品的详细注意事项和最佳服用时间，系统还为她和家人生成了个性化用药提醒。 这是今年以来在京东平台上每天都在发生的真实生活切片，也是银发消费持续升温的生动写照。 上海市消保委发布的《上海新银发群体消费习惯调查报告》指出，超六成新银发群体退休后对生活品质的要求有所上升。与传统认知中追求"低价实用"的 老一辈不同，当代银发族已经不满足于基础的"养老"生活需求，而更愿意追求"享老"生活质量的提升，从追求"性价比"到"智能化"，消费风向正在转变。 "囤货"慢病用药常备药 银发族成"健康经济"新主力 "以前只知道京东买药便宜，所以会集中囤，心里其实对怎么吃好药、管好药是没底的。现 ...

本报讯 （记者袁传玺）12月5日，京东健康联合京东金榜发布2025年度三大品类金榜，并发布十大健康 消费趋势榜。基于2025年消费者的真实消费数据，本次京东健康联合京东金榜权威评选出正品好药、营 养保健、医疗器械三大品类金榜。此外，京东健康发布科学减重、流感防治、安神助眠、滋补养生、运 动防护、职场续航、婴童营养、科技适老、焕颜修复、阳光情趣十大健康消费趋势榜，旨在全方位呈现 2025年度健康消费市场的热门商品，为消费者选购提供权威指引。 （编辑 郭之宸） 京东健康此次发布的年终榜单，构建了健康消费全景图谱，直观呈现消费趋势变迁。十大健康趋势榜 单，精准覆盖全生命周期与多元生活场景，既包含婴童营养、职场续航、科技适老等针对特定人群的细 分场景，也涵盖科学减重、焕颜修复、运动防护、安神助眠等针对具体需求的功能性场景，凸显健康消 费从"被动应对"向"主动管理"、从"单一功能"向"全场景覆盖"的转型。 此次上榜的多款单品集中展现了健康消费的共性升级方向。营养保健领域的高纯度鱼油、定制化复合维 生素，体现了"成分细分精准化"特点，针对不同人群需求实现营养配比的精细化设计。医疗器械领域的 智能血压计、动态血糖仪，凭借实 ...

中新网12月9日电(记者 左宇坤)从钢铁、化工、建材等传统产业"压舱石"厚重有力，到信息技术、高端 装备、高端化工"新势力"加速崛起，山东经济的大船正行进在动能转换的关键航道。 要实现由大到强、由量到质的跨越，就必须将发展的基点牢牢锚定在科技创新之上。在这场深刻的变革 中，金融的角色也正发生深刻转变，被赋予了更前瞻、更主动的使命。 在山东推动新旧动能转换的进程里，金融正从"传统输血"转向"创新造血"，在齐鲁大地精准浇灌硬科技 的种子，破土生长为支撑山东高质量发展的参天大树。 动态血糖仪生产线。 供图 向新发力，浇灌"关键一跃" 一根细细的软针，以近乎蚊虫叮咬的感觉扎入上臂，通过一枚一元硬币大小的可穿戴设备，每隔5分钟 便可将实时血糖数据传递到手机APP或其他带蓝牙功能的智能穿戴设备上，生成连续14天的血糖波动完 整曲线，并发送异常提醒。 科技不断向前，减轻了痛苦，便利了生活。告别不断"扎手指"，血糖监测正从静脉、指尖有创，到当前 软针微创，再到真正无创的演变。 "动态血糖仪市场此前几乎被国外厂商垄断，国产产品的加快布局有效降低了用户使用成本。"山东硅基 算力科技有限公司总经理石先宝对记者介绍："我们的产品零售 ...

Group 1 - The National Space Administration of China has released the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", integrating commercial space into the national space development framework [1] - The establishment of the Commercial Space Department aims to promote high-quality development in the commercial space sector, benefiting the entire industry chain [1] - Lushin Venture Capital has proactively invested in over ten leading companies in the commercial space sector, including Blue Arrow Aerospace and Weihan Technology [2][4] Group 2 - Lushin Venture Capital allocates over 90% of its funds to "hard technology" and has made early investments in commercial space, demonstrating confidence in the sector's potential [3][5] - The company invested 30 million yuan in Weihan Technology in 2021, acquiring nearly 10% equity, with a focus on long-term growth rather than immediate returns [4] - Weihan Technology has established a space manufacturing line and secured significant orders, applying its thermal control solutions to over 300 satellites, maintaining the top market share domestically [4][10] Group 3 - Lushin Venture Capital emphasizes a patient investment strategy, focusing on innovation and growth rather than short-term returns, supporting companies through their development phases [7][9] - The firm has invested in over 300 companies, with more than half being early-stage and growth-stage enterprises, and has helped 44 companies go public [8] - Lushin Venture Capital is actively involved in creating an industrial ecosystem in Shandong, focusing on the "offshore launch services - core manufacturing - aerospace information application" industry [4][10] Group 4 - The company has established a 10 billion yuan fund to support high-quality industrial development in Shandong, targeting strategic emerging industries [12] - Lushin Venture Capital's approach includes not only financial investment but also providing resources for research, management, and market expansion to enhance the vitality of invested companies [9][12] - The successful launch of the Zhuque-2 rocket involved collaboration among Lushin's invested companies, showcasing the effectiveness of their integrated industrial chain strategy [10][12]

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a prolonged downturn from 2021 to 2024, followed by a substantial recovery in 2025. The Hang Seng Medical Index has doubled from its lowest point but still has room to grow compared to previous highs, while the A-share medical index remains significantly below its historical peak [1][2]. Group 1: Investment Opportunities in the Pharmaceutical Sector - The current market sentiment towards the pharmaceutical sector is cautious, with a need to reassess the understanding of the industry and future prospects [2]. - Four major investment opportunities in the pharmaceutical sector over the next three years have been identified, which may influence future fund allocation strategies [2]. Group 2: Domestic High-Value Consumables - Domestic high-value consumables, particularly in the context of "innovation + going global," show strong growth potential, although market consensus is still lacking [3][9]. - The market capitalization of domestic high-value consumables companies is significantly lower than their international counterparts, indicating substantial growth potential [5][9]. - The characteristics of high-value consumables align well with China's manufacturing strengths, suggesting that the emergence of world-class companies in this sector is likely [9][10]. Group 3: U.S. Biotech Sector - The U.S. biotech sector is experiencing a second upward cycle driven by various intracellular biological technologies achieving clinical validation [14]. - The rise of domestic innovative drugs has created competitive pressure on U.S. biotech firms, but it also opens opportunities for collaboration and integration [14][15]. - The market for intracellular technologies is expected to grow, with significant investment opportunities in U.S. biotech companies [16][19]. Group 4: Domestic Innovative Drugs - The domestic innovative drug sector is entering a golden window of opportunity following deep medical reforms, with strong growth potential anticipated in the coming years [23][24]. - The growth trajectory of domestic innovative drugs mirrors that of the U.S. market in the 1980s, suggesting a potential for a prolonged high-growth cycle [25][27]. - The competitive landscape for domestic innovative drugs is evolving, with a focus on maintaining product quality and performance to succeed in a mature global market [27][29]. Group 5: Overall Pharmaceutical Industry Trends - The overall growth rate of the pharmaceutical industry is expected to accelerate marginally over the next three years, improving the industry’s overall outlook [29][30]. - The anticipated recovery in industry revenue and profit margins is driven by the maturation of previously loss-making innovative drug companies and a reduction in competitive pressures [30][35]. - Despite the positive outlook, the market has yet to fully recognize the potential for recovery, as evidenced by low valuation levels compared to historical averages [33].

Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a notable recovery expected in the coming years, particularly in the context of the Chinese market and its potential for innovation and growth [3][4]. Group 1: Current Market Analysis - As of October 2025, the Hang Seng Medical Index is at 4048 points, reflecting a 100% increase from its lowest point but still has room to grow compared to its previous high of 8396 points [3]. - The A-share pharmaceutical index stands at 9488 points, only reaching 25% of its previous high of 16906 points, indicating a slower recovery compared to Hong Kong stocks [3]. - The overall valuation of covered pharmaceutical stocks has stabilized around historical averages, but a recent market pullback has raised questions about future performance [3][4]. Group 2: Investment Opportunities - The domestic high-value consumables market shows strong potential for growth, particularly in the context of "innovation + going global," although market consensus on this potential is still lacking [4][10]. - The market capitalization of leading domestic biotech companies is approaching that of their international counterparts, indicating a significant growth opportunity in the high-value consumables sector [4][10]. - The disparity in market capitalization between U.S. and Chinese high-value consumables companies raises questions about the potential for Chinese firms to achieve similar valuations [6][10]. Group 3: Future Growth Drivers - The high-value consumables sector is characterized by a strong innovation pipeline, with many products in the regulatory approval process, suggesting continued growth in this area [9][10]. - The potential for significant unmet medical needs in areas such as heart valve treatments and neuromodulation therapies presents further opportunities for innovation and market expansion [9][10]. - The increasing competitiveness of domestic high-value consumables firms in international markets is expected to drive growth, with several products nearing market entry in Europe and the U.S. [11][13]. Group 4: Biotech Sector Insights - The U.S. biotech sector is poised for a second upward cycle driven by various innovative technologies, particularly in cell-based therapies [15][16]. - The siRNA technology has shown promise in clinical applications, with a historical trajectory that suggests a potential for significant market recovery and growth [17][20]. - Gene editing technologies are gaining traction as they offer the potential for permanent solutions to diseases, which could reshape treatment paradigms in the future [22][23]. Group 5: Domestic Innovation and Market Trends - The domestic innovative drug sector is entering a critical phase, with the potential for substantial growth driven by ongoing reforms and market expansion [23][25]. - The historical context of U.S. pharmaceutical growth during the 1980s suggests that China may experience a similar trajectory, with the current phase representing only the first half of a longer growth cycle [25][26]. - The increasing focus on high-quality, innovative products in the Chinese market is expected to enhance competitiveness and drive future growth [28][30]. Group 6: Overall Industry Outlook - The pharmaceutical industry is anticipated to see a recovery in total revenue growth, with projections suggesting a return to a stable growth rate of 6%-9% over the next three years [32][34]. - The potential for improved profit margins is linked to the maturation of previously unprofitable innovative drug companies and a reduction in competitive pressures [32][34]. - Despite current low valuations, the pharmaceutical sector's long-term growth prospects remain strong, making it an attractive investment opportunity [34].

Core Insights - The trend of "sugar control" has emerged as a new lifestyle choice, with increasing public interest in blood sugar management and its impact on health [1][2][4] - The popularity of continuous glucose monitors (CGMs) has surged among young people, transforming from a medical device for diabetes patients to a fashionable health accessory [5][14][33] Group 1: Market Trends - Discussions on social media regarding "blood sugar," "sugar control," and "blood sugar and weight" remain highly active, indicating a growing awareness and concern [2][9] - In the past 90 days, there have been approximately 51,800 posts related to sugar control on platforms like Xiaohongshu, nearly matching the number of posts about weight loss meals [3] - The number of early-onset type 2 diabetes patients aged 15-39 in China has increased from 9.61 million in 1990 to 23.74 million in 2021, a 147% rise over 31 years [9][10] Group 2: Consumer Behavior - Young consumers are increasingly curious about their blood sugar levels, leading to a habit of checking real-time blood sugar data after meals [7][8] - The use of CGMs allows individuals to monitor the effects of various foods on their blood sugar, leading to more informed dietary choices [11][19] - The trend of using CGMs is not unique to China; similar communities have formed in Western markets, where sharing data has become a health fashion [13][14] Group 3: Product Development - The demand for CGMs has prompted manufacturers to focus on making devices smaller, more user-friendly, and capable of seamless integration into daily life [24][25] - Leading brands are enhancing their products with features like 24-hour monitoring, real-time data synchronization, and personalized health management services [26][27][30] - The introduction of policies and subsidies has made CGMs more accessible, contributing to their popularity among younger demographics [30][31] Group 4: Cultural Shift - The perception of health management is shifting from a reactive approach to a proactive one, with young people embracing the idea of "preventive health" [33][34] - CGMs have evolved from being seen as medical tools to becoming symbols of a healthy lifestyle, with users openly sharing their experiences and data on social media [33][36] - This cultural change reflects a broader understanding that health is not merely the absence of illness but an active pursuit of well-being [34][35]

Core Viewpoint - Yuyue Medical, a leading manufacturer of home respiratory devices, reported a revenue of 6.545 billion yuan for the first three quarters of the year, marking an 8.58% year-on-year increase, and plans to distribute its first-ever third-quarter dividend since its listing [1] Financial Performance - The company achieved a net profit of 1.466 billion yuan in the first three quarters, with third-quarter revenue reaching 1.886 billion yuan, a 9.63% increase year-on-year [1] - Operating cash flow for the first three quarters was 1.504 billion yuan, reflecting an 8.77% year-on-year growth [1] - The total dividend distribution after this payout will amount to 4.959 billion yuan [1] Market Expansion - Yuyue Medical's overseas market revenue showed rapid growth, particularly in Southeast Asia, with strong performance in Thailand and the establishment of a new subsidiary in Indonesia [3][4] - The company is expanding its presence in Europe, where respiratory therapy products have successfully penetrated multiple key countries, supported by the establishment of a scientific advisory committee [3][4] - Significant revenue growth was also noted in North America, with ongoing strategic collaboration with Inogen to enhance product registration [3][4] R&D Investment - R&D investment for the first three quarters reached 444.5 million yuan, a 9.76% increase year-on-year, positioning the company among the top four domestic listed medical device firms [6] - The gross profit margin improved to 50.35%, driven by increased R&D spending and the introduction of new high-end products [6] - New product launches in 2023 include various models in continuous glucose monitoring and respiratory therapy, contributing to significant market share growth [6] Business Segments - The respiratory therapy segment maintained stable growth, with products like oxygen concentrators and masks achieving rapid sales increases [8] - The home health monitoring sector is actively expanding into overseas markets, with customized product development tailored to regional needs [8] - The emergency response segment has served over 150 countries, conducting extensive training and support for public events [8] Embracing AI Technology - Yuyue Medical is investing in AI-driven wearable medical devices, aiming to develop products that monitor various health indicators [9] - The company has launched the Yuyue AI Health Manager application and integrated several products with health management platforms [9]

Core Insights - Yuyue Medical successfully held its first "Voice Together · 2025 Brand User Day," inviting nearly a hundred product user representatives to engage in a health-focused brand event [1] Group 1: Event Overview - The event featured a "factory tour, user stories, technology applications, and professional interpretations," providing users with an immersive health journey [2] - Users experienced the entire production process of medical products at Yuyue's national-level smart factory and engaged in direct discussions with the core product team to explore product optimization and user experience enhancement [2] Group 2: Health Management Experience - At the Yuyue Health Steward experience area, users completed various health indicator tests with the assistance of staff, showcasing a one-stop health management service through the Yuyue Health Steward APP [4] - The service included data monitoring, report interpretation, customized plans, and daily reminders, integrating technology into daily health management [4] Group 3: Expert Contributions - Experts from Jiangsu Provincial People's Hospital and Jiangsu University Affiliated Hospital shared insights on diabetes prevention and management, emphasizing the importance of monitoring and intervention [6] - The discussions highlighted the significance of regular health checks and chronic disease management in maintaining overall health [6] Group 4: User Recognition - Yuyue honored six user representatives with deep emotional connections to the brand, celebrating their personal health journeys and contributions to family health management [6] - This recognition reflects the mutual growth and achievements between Yuyue and its users [6] Group 5: Company Vision - The Director of Yuyue's User Service Center emphasized that the event represents a two-way engagement and a shared growth experience, aiming to integrate "medical + technology + service" in family health management [7] - Yuyue, as a leading company in the medical health sector for 27 years, serves billions of families across over 100 countries and regions, committing to a mission of alleviating patient suffering and enhancing medical skills [7]