Q&A 美好医疗的基石业务和新业务有哪些主要产品？它们的市场表现如何？ 美好医疗的基石业务包括家用呼吸机组件和人工耳蜗组件。公司是全球家用呼 吸机领域头部客户瑞斯麦的最大供应商，同时也是人工耳蜗领域龙头企业科利 耳的重要供应商。这些传统基石业务预计将保持稳健增长。此外，新业务方面， 血糖管理产品发展迅速，包括传统降糖笔、减肥笔以及 CGM（连续血糖监测） 设备。公司在心血管和 IVD（体外诊断）领域也有布局，这些新兴板块预计将 在未来持续兑现增长潜力。 美好医疗在脑机接口领域的布局情况如何？ 美好医疗 20260105 摘要 美好医疗传统业务如人工耳蜗和呼吸机业务保持稳健增长，同时积极拓 展血糖管理产品线，包括降糖笔、减肥笔和 CGM 设备，心血管和 IVD 领域的新兴业务预计将贡献未来增长。 公司在脑机接口领域已有多元化布局，并已产生小规模销售收入。凭借 在人工耳蜗植入体方面的经验和严格的品质管控，成为下游客户的重要 合作伙伴，尤其是在侵入式脑机接口领域。 美好医疗提供多种类型的侵入式脑机接口产品，产品形态与人工耳蜗相 似，包含电池以支持高带宽信息处理。公司将继续发挥精密制造、品质 管控和自动化生产等核心竞 ...

来源：新浪证券-红岸工作室 12月29日，美好医疗涨8.30%，成交额4.82亿元，换手率5.28%，总市值142.45亿元。 异动分析 减肥药+CRO概念+脑机接口+医疗器械概念+人民币贬值受益 1、2025年10月22日投资者关系记录表：公司已与客户签订减肥笔订单，相关自动化产线已启动建设， 预计明年投入交付。 2、2023年9月1日公告：公司专注于医疗器械领域，为全球医疗器械百强客户以及细分市场龙头企业提 供CDMO和CRO的一站式服务。 3、根据2025年12月12日互动易：公司正与下游脑机接口客户深入开展产品合作，协助客户实现从实验 室研发到批量出货的高效商业化转化，目前相关业务产生的收入规模较小，具体客户合作细节涉及商业 机密不便回复。 4、公司的主营业务是医疗器械精密组件及产品的设计开发、制造和销售。公司主要产品为家用呼吸机 组件、人工植入耳蜗组件和肺功能仪等医疗器械产品。其中，组件产品主要应用于家用呼吸机和人工植 入耳蜗产品的生产。公司目前医疗器械自主产品主要为肺功能仪。 5、根据2024年年报，公司海外营收占比为86.64%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建 ...

美好医疗 20251225 公司在新兴的动态连续血糖监测仪（CGM）市场中，下游客户包括硅基、 微泰、鱼跃等知名厂商，预计该业务将在 2026 年实现显著增长，为公 司带来新的增长动力。 美好医疗布局脑机接口和人形机器人等前沿科技领域，与脑机接口公司 合作，实现高绑定作用，有望受益于相关技术的商业化进程，并利用现 有技术优势实现业务拓展。 美好医疗的收入结构和增长情况如何？ 美好医疗 85%以上的收入来自境外市场，主要集中在新加坡和澳大利亚，这与 其呼吸机组件需要发往这些地区的大客户组装厂有关。国内市场相对稳定，占 比约 13%。从产品种类来看，家用呼吸机组件占比呈下降趋势，公司积极拓展 心血管、IVD 及骨科等其他医疗组件业务，以增加收入多元化。 2018 年至 2024 年间，美好医疗收入端复合增速约为 18%，归母净利润端复合增速约为 8%。尽管近两年因费用投放及销售净利润下滑导致利润增速低于收入增速，但 2025 年三季度数据显示，公司毛利率和净利润已回升至历史平均水平，有望 在 2026 年进一步改善盈利质量。 摘要 美好医疗在家用呼吸机组件、人工耳蜗组件和糖尿病器械领域拥有稳固 的业务基础，尤其在 ...

12月25日，美好医疗涨5.15%，截至发稿，报23.87元/股，成交2.59亿元，换手率2.95%，总市值135.79 亿元。 华宝中证医疗ETF（512170）成立日期2019年5月20日，最新规模264.04亿。今年以来收益5.39%，同类 排名3758/4197；近一年收益1.8%，同类排名3881/4170；成立以来收益3.27%。 华宝中证医疗ETF（512170）基金经理为胡洁。 截至发稿，胡洁累计任职时间13年74天，现任基金资产总规模1002.04亿元，任职期间最佳基金回报 177.89%， 任职期间最差基金回报-98.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，深圳市美好创亿医疗科技股份有限公司位于广东省深圳市龙岗区宝龙街道宝龙六路3号新中 桥工业园B栋2楼，成立日期2010年7月15日，上市日期2022年10月12日，公司主营业务涉及医疗器械精 密组件及产品的设计开发、制造和销售。主营业务收入构成为：家用呼 ...

来源：新浪证券-红岸工作室 12月18日，美好医疗涨2.45%，成交额1.66亿元，换手率2.03%，总市值123.79亿元。 异动分析 CRO概念+脑机接口+减肥药+医疗器械概念+人民币贬值受益 1、2023年9月1日公告：公司专注于医疗器械领域，为全球医疗器械百强客户以及细分市场龙头企业提 供CDMO和CRO的一站式服务。 2、根据2025年12月12日互动易：公司正与下游脑机接口客户深入开展产品合作，协助客户实现从实验 室研发到批量出货的高效商业化转化，目前相关业务产生的收入规模较小，具体客户合作细节涉及商业 机密不便回复。 主力没有控盘，筹码分布非常分散，主力成交额3464.93万，占总成交额的9.56%。 技术面：筹码平均交易成本为23.05元 3、2025年10月22日投资者关系记录表：公司已与客户签订减肥笔订单，相关自动化产线已启动建设， 预计明年投入交付。 4、公司的主营业务是医疗器械精密组件及产品的设计开发、制造和销售。公司主要产品为家用呼吸机 组件、人工植入耳蜗组件和肺功能仪等医疗器械产品。其中，组件产品主要应用于家用呼吸机和人工植 入耳蜗产品的生产。公司目前医疗器械自主产品主要为肺功能仪 ...

Core Viewpoint - The company's Q3 performance met expectations, with anticipated growth in revenue and net profit for Q4, driven by the recovery of order delivery for home respiratory machine components and cochlear implant components, as well as ongoing contributions from new products like insulin pens and CGM [1][4] Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.194 billion (up 3.28%), net profit attributable to shareholders of 208 million (down 19.25%), and net profit excluding non-recurring items of 203 million (down 17.85%), with basic earnings per share of 0.37 (down 17.78%) [2][3] - Q3 revenue was 462 million (up 2.56% year-on-year, up 5.63% quarter-on-quarter), with net profit attributable to shareholders of 94 million (up 5.89% year-on-year, up 50.42% quarter-on-quarter) [3] New Business Development - The company is experiencing positive momentum in new business areas, with insulin pen and CGM orders expected to continue increasing, contributing to accelerated overall performance growth [4][8] - The company has initiated mass delivery of adjustable insulin pens for international clients and is constructing automated production lines for weight loss pens, expected to be operational next year [3][5] Margin and Cost Management - The gross margin for the first three quarters of 2025 was 39.34%, a decrease of 2.44 percentage points, influenced by the transfer of some production lines to Malaysia [7] - The company maintained good cost control, with a total expense ratio of 17.76%, an increase of 0.90 percentage points year-on-year [7] Long-term Growth Potential - The company is a leader in the domestic home respiratory machine component market, with strong business extension capabilities. The core businesses are expected to maintain steady growth, while new businesses in blood glucose management are projected to contribute significantly [8] - The company is expanding into high-potential sectors such as brain-computer interfaces and humanoid robots, leveraging its existing technologies and capabilities [5][8]

Core Points - Meihao Medical's stock price decreased by 2.22% on October 23, closing at 23.30 CNY per share with a total market capitalization of 13.255 billion CNY [1] - The company has seen a year-to-date stock price increase of 0.85%, with a 14.68% decline over the past 20 days and a 24.00% increase over the past 60 days [2] - As of September 30, 2025, Meihao Medical reported a revenue of 1.194 billion CNY, a year-on-year growth of 3.28%, while net profit attributable to shareholders decreased by 19.25% to 208 million CNY [2] Financial Performance - The company has cumulatively distributed 248 million CNY in dividends since its A-share listing [3] - The top ten circulating shareholders include new entrants such as Guotai Junan's flexible allocation fund and Bosera Healthcare Mixed A fund, indicating changes in institutional holdings [3] Business Overview - Meihao Medical specializes in the design, development, manufacturing, and sales of medical device components, with a revenue breakdown: home respiratory machine components (59.48%), home and consumer electronics components (14.61%), and other medical products [2] - The company is classified under the pharmaceutical and biological industry, specifically in medical devices [2]

Financial Performance - In Q3 2025, the company achieved a revenue of 4.62 billion CNY, a year-on-year increase of 2.56% [2] - The net profit attributable to shareholders was 93.90 million CNY, with a year-on-year growth of 5.89% [2] - For the first three quarters of 2025, total revenue reached 1.194 billion CNY, up 3.28% year-on-year [2] - The net profit attributable to shareholders decreased by 19.42% to 208 million CNY [2] Business Development Plans - In the invasive brain-machine interface sector, the focus is on enhancing the long-term stability and biocompatibility of implantable components [3] - In the semi-invasive brain-machine interface area, the company aims to provide long-term implant products along with necessary surgical tools and consumables [3] - In the non-invasive brain-machine interface field, the goal is to develop compact, portable, and stable product components [3] Competitive Advantages - The company has established a quality management system for long-term implant products that meets FDA, EU, and Chinese regulatory standards [4] - It possesses experience in the commercialization of implantable materials such as titanium alloy and PEEK, providing support for material selection and manufacturing processes [4] - A complete precision manufacturing system is in place, including capabilities in micro-injection molding and micro-processing [4] Key Business Segments - The home respiratory machine segment has a stable growth trajectory, supported by a strategic partnership with a leading global company [5] - The adjustable insulin injection pen has achieved mass delivery, with ongoing development for a weight-loss pen expected to launch next year [6] - Continuous advancements in CGM technology are being made, with products entering a stable ramp-up phase [6] Robotics Business Development - The company is actively pursuing opportunities in humanoid robotics and surgical robotics, leveraging its expertise in materials and components [8] - Initial products have been supplied to domestic and international clients in the surgical robotics sector [8]

Group 1 - The core viewpoint of the news is that Meihao Medical has seen a stock price increase of 5.27%, reaching 23.55 CNY per share, with a total market capitalization of 13.397 billion CNY as of the report date [1] - Meihao Medical, established on July 15, 2010, specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, with its main revenue sources being home respiratory machine components (59.48%), home and consumer electronics components (14.61%), and other medical product components [1] - The company was listed on October 12, 2022, and has a trading volume of 101 million CNY and a turnover rate of 1.17% [1] Group 2 - Among the top circulating shareholders of Meihao Medical, Bosera Fund's Bosera Healthcare Mixed A (050026) has entered the top ten, holding 2.0095 million shares, which accounts for 1.29% of the circulating shares [2] - The fund has achieved a year-to-date return of 11.9% and a one-year return of 5.29%, ranking 5510 out of 8160 and 6755 out of 8026 in its category, respectively [2] - The fund manager, Chen Ximing, has been in position for nearly four years, with the fund's total asset size at 2.704 billion CNY [3]

Core Viewpoint - Meihao Medical's stock price has shown volatility, with a slight increase recently, but a decline over the past five trading days and year-to-date. The company operates in the medical device sector, focusing on the design, development, manufacturing, and sales of medical equipment components [1][2]. Financial Performance - For the first half of 2025, Meihao Medical reported a revenue of 733 million yuan, representing a year-on-year growth of 3.73%. However, the net profit attributable to shareholders decreased by 32.44% to 114 million yuan [2]. - Since its A-share listing, Meihao Medical has distributed a total of 248 million yuan in dividends [3]. Stock Market Activity - As of October 15, Meihao Medical's stock price was 22.99 yuan per share, with a market capitalization of 13.078 billion yuan. The stock has experienced a year-to-date decline of 0.49% and a significant drop of 8.19% over the last five trading days [1]. - The stock has been featured on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 25 [1]. Shareholder Structure - As of September 19, the number of shareholders for Meihao Medical was 15,000, a decrease of 7.94% from the previous period. The average number of circulating shares per shareholder increased by 8.63% to 10,418 shares [2]. - The top shareholders include Huabao Zhongzheng Medical ETF and several new institutional investors, indicating a shift in the shareholder base [3].