Industry Overview - The Automated External Defibrillator (AED) is a portable medical device designed for rescuing patients experiencing cardiac arrest, with a market size in China projected to grow from 147 million yuan in 2019 to 5.291 billion yuan by 2024 [1][12] - The AED's core function is to restore normal heart rhythm through electric shock, primarily used for ventricular fibrillation and pulseless ventricular tachycardia [1][7] - The current AED configuration rate in China is extremely low at 0.2 units per 100,000 people, compared to 317 in the US and 555 in Japan, indicating significant room for growth [7][12] Policy Support - The Chinese government has implemented multiple policies to enhance AED coverage in public spaces, including the "Healthy China Action (2019-2030)" which mandates AED installation in crowded areas [9][10] - Recent initiatives include the "Key Development Action Plan for Emergency Equipment (2023-2025)" aimed at increasing AED promotion and improving pre-hospital emergency capabilities [9][11] Market Dynamics - The AED market in China is experiencing explosive growth due to rising health awareness and government policies, with potential market size reaching 600 billion yuan if the configuration rate aligns with national standards [12][20] - Domestic brands like Mindray and Yuyue are gaining market share, with Mindray holding a 61% market share, while foreign brands like Zoll and Nihon Kohden are losing ground [14][20] Competitive Landscape - The market has shifted from being dominated by foreign brands to a more concentrated competitive landscape with domestic manufacturers leading the way [14][20] - The average price of domestic AEDs has decreased to around 20,000 yuan, facilitating wider adoption [14][20] Future Trends - The penetration of domestic AEDs is expected to exceed 90%, with a focus on technological advancements and cost advantages driving the market [20][21] - The application of AEDs is diversifying beyond traditional public spaces to include schools, communities, and even households, indicating a growing demand in various settings [21][22] - Innovations in AED products are anticipated, particularly for home use, with a trend towards smaller, more portable devices aimed at families and specific demographics like children and the elderly [22]

丨证券研究报告丨 公司研究丨点评报告丨鱼跃医疗（002223.SZ） [Table_Title] 业绩符合预期，业务回归常态化可持续发展 报告要点 [Table_Summary] 业绩符合预期，血糖板块快速增长。2024 年公司收入 75.66 亿元，血糖管理及 POCT 解决方 案业务板块实现收入 10.30 亿元，同比增长 40.20%，其中 CGM 实现翻倍以上增长。海外市场 或为第二增长曲线。2024 年公司海外收入 9.49 亿元，同比增长 30.42%，截至 2024Q3 公司 产品覆盖 131 个国家和地区，在德国和意大利等国家建立制造和研发中心。持续深耕研发创新， 公司的持续葡萄糖监测系统 Anytime4 和 Anytime5 系列产品、第三代睡眠呼吸机、大流量制氧 机、便携制氧机、半自动体外除颤器等产品陆续实现了重要技术突破。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鱼跃医疗（ ...