中秋夜，月亮升起，城市安静下来。直到街边的餐馆开始打烊，地铁的车也在广播里报出末班车时间。 唯有医院的灯光，没有黑过——急诊门口仍有轮椅经过，CT室的扫描声依旧低沉而坚定。 这就是中秋夜。 有人围坐赏月，有人默默值守。 Part.01 在急诊的灯光下 中秋节，是医疗体系里最特殊的节日之一。人们团圆聚餐的时刻，也正是急诊最繁忙的时候。烧伤、骨折、过敏、交通事故、突发心梗……节日的意外 从不会因为月圆而停止。 急诊医生在一线，但在他们身后，同样有人在坚守——CT和MRI的冷却系统要保持稳定，检验科的分析仪在不停运转，呼吸机、监护仪、除颤仪、注射 泵都必须随时待命。 这些设备能在关键时刻准确响应，离不开一群"隐形的医械人"——他们可能是医院的设备工程师、厂家的维保人员、或是在家中待命的技术支持。一旦 系统报警，他们会在十五分钟内赶到现场。 对他们来说，月圆的夜，不是休息的夜。 Part.02 在机器旁的人 有人在急诊科守夜，也有人在研发中心通宵。 在医疗器械的世界里，节日常常与进度表重叠。有人在测试影像算法的稳定性，有人在调试呼吸机传感器的误差补偿，有人在实验室里做最后一次验 证，只为第二天能把修复件发到医院。 有 ...

最让她揪心的是 "取暖没着落"："去年冬天靠政府发的小暖炉过的，今年听说天然气站被炸了，暖炉成了摆设。" 瓦莲京娜的邻居更急，家里有个患哮喘的 孙女，停电后呼吸机没法用，只能连夜往医院跑。"俄军说炸的是军事目标，可烧的是我们的蜡烛，冻的是孩子的手，" 她把缝好的棉袄裹在米沙身上，"这 冬天要是一直黑着，孩子可咋熬？" 苏梅的能源抢修员安德烈，盯着被炸得扭曲的变压器直跺脚。"这是今天修的第三个变电站，昨晚从凌晨三点干到现在，早饭都没顾上吃，" 他抹了把脸上 的灰，工具箱里只剩最后一套备用零件，"俄军专挑关键设备炸，我们的库存只够撑半个月，欧盟的援助还在路上堵着呢。" 最让他窝火的是 "刚修好又被炸"："上周花三天修好了苏梅主变电站，结果第二天就被无人机盯上，炸得更碎。" 安德烈的同事上周抢修时，被二次爆炸的 碎片划伤了腿，现在还躺在医院。"我们像跟炸弹赛跑，可人家无人机年产三万架，我们零件却快没了，" 他蹲在地上叹气，"老百姓在黑暗里等，我们在寒 风里修，可这仗啥时候是头？" 哈尔科夫儿童医院的奥克萨娜，盯着新生儿暖箱的指示灯捏把汗。"全院靠三台柴油发电机供电，一天要烧 200 升油，现在库存只够撑四天，" 她 ...

Group 1 - The company, Yuyue Medical, indicated that its export business in the first half of 2025 will primarily focus on oxygen machines, ventilators, electronic blood pressure monitors, blood glucose testing products, rehabilitation products, and emergency products [1]

鱼跃医疗（002223.SZ）9月26日在投资者互动平台表示，公司2025年上半年外销业务主要以制氧机、呼 吸机、电子血压计、血糖检测产品、康复类产品以及急救类产品为主。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司2025上半年外销业务6.07亿营收中，核心产品 有哪些？ ...

Core Viewpoint - The report from Zhongyou Securities indicates that Ruimaite achieved a net profit attributable to the parent company of 131 million yuan in the first half of the year, representing a year-on-year increase of 42.19% [1] Financial Performance - In Q2, the net profit attributable to the parent company was 59 million yuan, showing a year-on-year growth of 39.92% [1] - The company experienced double growth in revenue and profit for the first half of 2025, primarily due to contributions from both domestic and overseas markets [1] Overseas Market Performance - The overseas revenue for the first half of the year reached 353 million yuan, marking a year-on-year increase of 61.33% [1] - The inventory destocking cycle in the U.S. ventilator market has ended, leading to a stabilization of the market [1] - In Europe, the cloud platform construction has been largely completed, and through localized operational strategies, the company's products have begun to enter the mainstream medical insurance market, which is expected to provide significant growth momentum in the future [1] Domestic Market Performance - Domestic revenue for the first half of the year was 191 million yuan, reflecting a year-on-year increase of 16.87% [1] - The company has adjusted its channel and sales policies in the domestic market, which has begun to show positive results [1] - The proportion of consumables business continues to increase [1] Future Strategy - The company plans to continuously enhance ventilator production capacity while simultaneously advancing the consumables business [1] - More resources will be allocated to comprehensively increase the revenue share of the consumables business, aiming for synergistic development between complete machines and consumables [1]

Core Insights - The company reported a significant increase in both revenue and net profit for the first half of 2025, with revenue reaching 544 million yuan, a year-on-year increase of 42.30%, and net profit attributable to the parent company at 131 million yuan, up 42.19% [1] - The growth in revenue and profit is attributed to contributions from both domestic and international markets, with international revenue showing a notable increase [2] Financial Performance - In H1 2025, the company achieved revenue of 544 million yuan, with a net profit of 131 million yuan, and a net profit excluding non-recurring gains of 99 million yuan, reflecting increases of 42.30%, 42.19%, and 49.34% respectively [1] - For Q2 2025, the company reported revenue of 279 million yuan, a year-on-year increase of 46.54%, and a net profit of 59 million yuan, up 39.92% [1] Market Analysis - The international market contributed significantly to revenue growth, with overseas revenue reaching 353 million yuan, a year-on-year increase of 61.33%. The U.S. ventilator market has stabilized, and the European market has completed cloud platform construction, enhancing growth potential [2] - Domestic revenue was 191 million yuan, reflecting a year-on-year increase of 16.87%, supported by adjustments in channel and sales policies [2] Business Segmentation - The consumables business accounted for approximately 30% of total revenue in H1 2025. This segment has a higher replacement frequency and profit margin compared to ventilators, which is expected to enhance overall profitability [2] - The company plans to increase ventilator production capacity while simultaneously advancing the consumables business to achieve synergistic growth [2] Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.138 billion yuan, 1.403 billion yuan, and 1.689 billion yuan, with year-on-year growth rates of 34.92%, 23.24%, and 20.40% respectively [3] - Net profit forecasts for the same period are 264 million yuan, 355 million yuan, and 435 million yuan, with corresponding growth rates of 69.62%, 34.67%, and 22.66% [3] - The projected price-to-earnings (PE) ratios for 2025-2027 are 29.07, 21.59, and 17.60, with PEG ratios of 0.42, 0.62, and 0.78, indicating a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [5][13]. Core Insights - The company reported a significant revenue increase of 42.30% year-on-year for H1 2025, reaching 544 million yuan, with a net profit of 131 million yuan, also up by 42.19% [3][4]. - The growth in revenue is attributed to both domestic and international markets, with international revenue growing by 61.33% and domestic revenue by 16.87% [4]. - The consumables segment is becoming increasingly important, accounting for approximately 30% of total revenue in H1 2025, which is expected to enhance profitability due to higher replacement frequency and margins [4]. Financial Performance - For the forecast period of 2025-2027, the company is expected to achieve revenues of 1.138 billion yuan, 1.403 billion yuan, and 1.689 billion yuan, with year-on-year growth rates of 34.92%, 23.24%, and 20.40% respectively [5][9]. - The net profit attributable to the parent company is projected to be 264 million yuan, 355 million yuan, and 435 million yuan for the same period, with growth rates of 69.62%, 34.67%, and 22.66% respectively [5][9]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 29.07 in 2025 to 17.60 in 2027, indicating improving valuation metrics [5][9].

转自：中国质量报 据介绍，随着呼吸机技术的发展及近年来通气模式的发展，术语分散、定义不统一的问题日益凸显，急 需制定一项全国统一、行业公认的术语标准，解决生产厂家、临床医护、科研人员在沟通协作中存在的 表述模糊和理解有差异的问题，也可以消除设备研发、培训教育及临床安全中的隐患。 该标准首次系统性地构建了我国呼吸机领域的术语体系，涵盖基本概念、工作原理、设备参数、通气模 式、呼吸波形、报警设置、临床应用等关键内容。作为一部"通用词典"，该标准是提高医疗质量、保障 患者安全的基石，标志着我国呼吸治疗设备领域向标准化、规范化迈出了关键一步。 据了解，北京瑞迈特医疗科技股份有限公司始终深入参与国内外行业标准制定，推动呼吸设备领域的规 范与创新。截至6月30日，该公司共有7位标准化专家代表我国参与制定已发布的国际标准22项，代表企 业参与制定国内行业标准16项。 本报讯 （记者丁 莹）近日，由全国麻醉和呼吸设备标准化技术委员会归口指导的GB/T 46008—2025 《呼吸机和相关设备 术语和定义》发布，将于2026年8月1日起实施。 《呼吸机和相关设备 术语和定义》是我国呼吸机和相关设备领域的第一项术语国家标准。标准 ...

Core Viewpoint - Company Kefu Medical has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" listed company in China's home medical device industry and expand its global market presence [2] Group 1: Financial Performance - Kefu Medical's revenue and net profit growth have slowed post-pandemic, with revenues of RMB 29.77 billion in 2022, RMB 28.54 billion in 2023, and projected RMB 29.83 billion in 2024, while net profits are expected to be RMB 3 billion in 2022, RMB 2.53 billion in 2023, and RMB 3.12 billion in 2024 [3][4] - In the first half of 2025, the company reported a 4% decline in revenue and a 9.7% drop in net profit compared to the previous year [3] Group 2: Product Segmentation - Rehabilitation aids have become Kefu Medical's largest revenue segment, contributing 38.8% of total revenue in the first half of 2025, with a gross margin of 61.99% [5] - The "Beibeijia" posture correction product has been a key growth driver, achieving sales of approximately RMB 5 billion in 2024 and capturing a 27.2% market share in its category [7][8] Group 3: Marketing and Sales Strategy - Kefu Medical's sales expenses reached RMB 4.8 billion in the first half of 2025, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40.05 million, representing 2.68% [9][10] - The company heavily relies on online sales channels, with online direct sales increasing from 29.8% in 2022 to 35.8% in 2024 [11][12] Group 4: International Expansion - The IPO aims to enhance Kefu Medical's international financing capabilities and promote its globalization strategy, with overseas revenue rising from RMB 42.06 million in 2022 to RMB 96.76 million in the first half of 2025, now accounting for 6.5% of total revenue [13][14] - Recent acquisitions, including Hong Kong's Ximan Medical and Shanghai Huazhou, are expected to significantly boost overseas revenue and market presence [13][14]

Core Viewpoint - Yuyue Medical reported a net profit attributable to shareholders of 1.203 billion yuan in the first half of 2025, representing a year-on-year increase of 7.4% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders reached 578 million yuan, showing a year-on-year growth of 25% and a recovery in profit growth compared to the previous quarter [1] - The overseas revenue for H1 2025 was 607 million yuan, marking a year-on-year increase of 26.6% [1] Product Segment Performance - Revenue growth by segment in H1 2025 included: - Respiratory treatment solutions: 1.9% increase - Blood glucose and POCT: 20% increase - Home health testing: 15% increase - Clinical instruments and rehabilitation: 3.3% increase - Emergency segment: 31% increase [1] - The respiratory treatment segment experienced a recovery in revenue growth driven by increased sales of ventilators and overseas expansion, while the blood glucose and emergency (AED) segments continued to show high growth [1] Future Outlook - The company is in a phase of expanding overseas channels and promoting new products, which may lead to sustained sales expense investments in 2025 [1] - However, due to cost reduction and efficiency improvements along with economies of scale, the net profit margin is expected to remain at a high level [1] - The firm maintains an "overweight" rating based on the anticipated growth in revenue and profit for the full year of 2025 as demand recovers and channels expand [1]