炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊 文丨张桔 国内生产睡眠呼吸机的上市公司包括了瑞迈特、鱼跃医疗等几家，从这一角度看还属于蓝海区域，不过 细分赛道中的龙头企业实力已经着实可观。 虽然2025年创新药投资成为医药生物中最热的存在，但同时生活医疗的快速崛起也让传统的医药耗材有 了二度的用武之地，比如呼吸机，目前其在睡眠呼吸障碍类疾病上的应用愈发广泛，从而也让家用呼吸 机有了更为宽阔的应用空间。 从原理来看，家用呼吸机主要是用来辅助治疗COPD和OSA的。就后者而言，其全名叫阻塞性睡眠呼吸 暂停，患有OSA的人临床表现通常为习惯性打鼾，睡觉中容易因憋气、喘息或窒息而醒，容易白天嗜睡 且疲劳或失眠。不过问题在于，对于患有OSA的人来说，通常他们不会将其看成疾病来治疗，因此家用 的医疗设备对于其中的中重度患者来说更为关键。 从走势上来看，2025年截至目前，瑞迈特的股价上涨约为29%，扭转了此前三年股价连跌的局面。今年 8月下旬时，该股的股价一度涨破百元大关，而遭遇了近期的震荡整理后，近期该股的股价暂时回落到 80元一线的平台。 而该股之所以能够逆转年线三连跌， ...

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 编号：2025—019 | □ | 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 | 2025 年 12 月 25 日-2025 年 12 月 26 日 | | 地点 | 北京、深圳 | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | 员姓名 | 证券事务代表：刘士岩 | | | 一、公司简要介绍 | | | 公司 年成立，2003 年第一台多导睡眠监测仪上市，2007 2001 | | | 年第一台 年通过 年 CPAP 睡眠呼吸机上市，2008 CE 认证，2012 | | | 通过美国 认证，2016 年 新品牌成立，同年呼吸数据管 FDA BMC | | | 年 月 日公司在深交所创业板上市成功。 理云上线，2022 11 1 | | | 公司专注为 OSA、COP ...

近日，钛媒体「2025 EDGE AWARDS创新评选」榜单揭晓，BMC瑞迈特（301367.SZ）凭借在呼吸健康 领域的持续创新与卓越表现，荣获"最佳行业突破品牌"奖项。该奖项旨在表彰以突破性发展势能在行业 层面树立标杆的优秀品牌。此次获评，标志着BMC瑞迈特已成为呼吸健康赛道中兼具技术实力与品牌 影响力的价值引领者。 这一奖项的取得，源于BMC瑞迈特在技术研发、产品创新、业绩增长与社会责任等多维度扎实积累与 协同发力。其不仅通过技术自主创新实现产品有效性、舒适性与智能化跨越，延伸产品矩阵满足多场景 健康管理需求，更以持续高速增长的财务表现和深入全球的本土化运营，验证了其发展的韧性与潜力。 BMC瑞迈特2025年三季度报告显示，前三季度实现营业收入8.08亿元，同比增长34.24%；归属于上市 公司股东的净利润1.8亿元，同比增长43.87%，实现了营收与净利润持续双增。第三季度境内市场毛利 率得到持续优化，同比增长14.57%，环比增长11.63%；在美国地区收入同比增长63.46%，环比增长 52.28%。 公开资料显示，公司产品已通过美国FDA、欧盟CE等多国认证，产品覆盖全球140多个国家和地区，受 ...

证券代码：301367 证券简称：瑞迈特 公司持续保持较大规模的研发投入，并取得了丰厚的研发成 果。截至 2025 年 6 月 30 日，公司拥有 666 项国内有效专利，其 中国内发明专利 116 项、国内实用新型专利 404 项、国内外观设 计专利 146 项；海外授权专利共计 266 项，其中包括美国专利 45 项、欧洲专利 38 项、欧盟外观专利 63 项、土耳其专利 20 项、日 本专利 22 项、澳大利亚专利 6 项、印度专利 18 项。 二、提问环节 1、对于美国市场，公司新无噪音棉呼吸机的销售推进情况 与市场表现。 新无噪音棉呼吸机于自 7 月开始已经批量进入美国市场，第 三季度美国 RH 的动销水平逐月提升明显，随着新呼吸机医疗报 销码的取得，后续放量较第三季度会相对明显。 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 编号：2025—018 | □ | 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 | | ...

Core Insights - BMC瑞迈特 is transitioning from a single supplier of respiratory devices to a comprehensive health management service provider for chronic respiratory diseases, focusing on technology and market demand for strategic upgrades [1][9] - The company has established itself as the second-largest global provider and the largest in China for respiratory health management solutions, with over 20 years of experience in the field [1][2] Technology and Innovation - BMC瑞迈特 holds 932 domestic and international patents, with over 90% concentrated in the sleep respiratory field, showcasing its long-term technological accumulation and industry leadership [2][3] - The company has successfully developed domestic production capabilities for key components, enhancing product performance and supply chain stability, which benefits the entire respiratory device industry [4] - BMC瑞迈特's unique high-flow intelligent airflow technology adjusts oxygen flow based on patient breathing, improving comfort and reducing oxygen consumption [4] Market Position and Performance - The company has sold over 3 million respiratory machines and 10 million masks, with a strong reputation and user recognition contributing to its growth [6] - Following the Philips recall incident in 2021, BMC瑞迈特 rapidly increased production capacity and filled market gaps, leading to significant sales growth [6] - In Q3 2025, the company reported revenues of 264 million yuan, a 20.22% increase year-on-year, and a net profit of 49 million yuan, up 48.61% year-on-year, continuing its strong performance throughout the year [6] Strategic Upgrades - The company rebranded from "怡和嘉业" to "瑞迈特" to align its trademark with its corporate identity, enhancing brand recognition in the domestic market [7] - BMC瑞迈特 has developed a global operational system, with localized strategies in the US, Europe, and India to cater to different market needs [8] Future Development - The company aims to build a comprehensive ecosystem for respiratory health management, transitioning from a product supplier to a full-scenario solution provider [9][10] - Future growth will focus on deepening overseas market engagement and enhancing domestic brand building, with new product launches expected in the coming years [10]

Core Insights - BMC瑞迈特 is transitioning from a single supplier of respiratory devices to a comprehensive health management service provider for chronic respiratory diseases, focusing on technology and market demand for strategic upgrades [1][6] - The company has established itself as the second-largest global provider and the largest in China for respiratory health management solutions, with over 20 years of experience in the field [1][2] Technology and Innovation - BMC瑞迈特 holds 932 domestic and international patents, with over 90% concentrated in the sleep respiratory field, showcasing its technological leadership [2] - The company has developed a domestic supply chain for critical components, enhancing product performance and supply chain stability, which benefits the entire respiratory device industry [3] - BMC瑞迈特 has created the largest domestic respiratory health management cloud platform, leveraging patient data for potential applications in disease prediction and treatment optimization [3] Market Position and Growth - The company has sold over 3 million respiratory devices and 10 million masks, with a strong reputation and user recognition contributing to its growth [4] - Following the Philips recall incident in 2021, BMC瑞迈特 rapidly increased production capacity and filled market gaps in the U.S., leading to significant sales growth [4][5] - In Q3 2025, the company reported revenues of 264 million yuan, a 20.22% increase year-on-year, and a net profit of 49 million yuan, up 48.61% [5] Strategic Upgrades - The company rebranded from "怡和嘉业" to "瑞迈特" to align its trademark with its corporate identity, enhancing brand recognition in the domestic market [5] - BMC瑞迈特 has established a global operational framework, including partnerships in the U.S., a subsidiary in France, and service centers in India, to cater to diverse market needs [6] Future Outlook - The company aims to build a comprehensive ecosystem for respiratory health management, focusing on prevention and treatment, with a projected market size in the hundreds of billions [6][7] - BMC瑞迈特 plans to enhance its core products while expanding into new areas such as oxygen therapy and chronic disease rehabilitation, aiming for significant growth in the next three years [7] - The long-term vision is to become the preferred platform for global respiratory health management, integrating data and resources to connect patients, manufacturers, and healthcare providers [7]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2003 and launched its first multi-channel sleep monitor in the same year [2] - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic enterprise in home non-invasive ventilators and masks, being the first domestic company to have non-invasive ventilator products approved by the FDA [2] - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents and 404 utility model patents [3] Market Performance - The new noise-free cotton ventilator has shown significant sales growth in the U.S. market since its launch in July 2025, with a noticeable increase in sales levels in the third quarter [4] - The company has engaged over 1,000 primary and secondary agents in Europe, facilitating a transition from non-mainstream to mainstream insurance markets, which is expected to drive growth [5] Consumables Business - The consumables segment has maintained stable growth due to high usage frequency and profit margins, supported by strategic initiatives in various markets: - In the U.S., a consumables team was established in 2023, implementing active marketing strategies and distributing masks to sleep monitoring institutions to enhance brand recognition [6] - In Europe, a data-oriented subsidiary was established in France to address local insurance reimbursement issues and attract more agents [6] - In the domestic market, increasing awareness of chronic diseases is driving market penetration and growth in the number of ventilators [6][7] Production and Supply Chain - The company operates two manufacturing plants in Dongguan and Tianjin, with production capacity dynamically adjusted based on market demand [7] - The localization of core components has been largely achieved, ensuring supply chain security and cost advantages [7] - Future plans include optimizing domestic supply chain collaboration to enhance business stability and core competitiveness [7]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The first CPAP sleep breathing machine was released in 2007, and the company received CE certification in 2008 and FDA certification in 2012. The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 1, 2022 [2][3] - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering the entire cycle from diagnosis to treatment and chronic disease management. It is a leading enterprise in home non-invasive ventilators and masks in China, being the first domestic company to have non-invasive ventilator products certified by the FDA [2][3] Product and R&D Highlights - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas authorized patents, including 45 in the U.S. and 38 in Europe [3] - The main products include home non-invasive ventilators, ventilation masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators, along with chronic disease management services [2][3] Sales and Market Strategy - The company initiated a shift from online distribution to direct sales at the end of September, with expectations for improved gross margins in the e-commerce sector starting in Q4 2025. This transition is anticipated to contribute positively to net profits [4] - The new noise-reducing ventilator has been entering the U.S. market since July, with significant sales growth observed in Q3. The acquisition of a medical reimbursement code is expected to further enhance sales volume [4] European Market Development - The European cloud platform has successfully integrated over a thousand primary and secondary agents. This integration is expected to facilitate the transition from non-mainstream to mainstream medical insurance markets, providing ongoing growth momentum in Europe [5] Investment and Technology Focus - The company has invested in Shenzhen Deda Xing Drive Technology Co., Ltd., a leading provider of precision motors and solutions, which aligns with the company's long-term strategic direction and enhances its core competitiveness [7] - The company is actively exploring the potential of AI technology in healthcare, focusing on integrating AI with core medical services to improve efficiency and optimize equipment performance [7]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The first CPAP sleep respirator was released in 2007, and the company received CE certification in 2008. In 2022, the company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market [2][3]. - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering the entire cycle from diagnosis to treatment and chronic disease management. It is a leading domestic enterprise in home non-invasive ventilators and masks, with products sold in over 100 countries [2][3]. Research and Development - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas authorized patents, including 45 in the U.S. and 38 in Europe [3]. Financial Performance - The gross profit margin for Q3 2025 was 52.79%, an increase of 2.47% compared to the same period last year. The domestic gross profit margin increased by 14.57% year-on-year and by 11.63% compared to Q2 2025 [4]. - The company has initiated a shift from online distribution to direct sales as of September 2025, with expected gradual improvements in e-commerce gross profit margins starting from Q4 2025 [4]. Product Development - The new noise-free cotton respirator has been entering the U.S. market since July 2025, with significant sales growth observed in Q3. The acquisition of a medical reimbursement code is expected to further boost sales volume [5]. - The portable oxygen concentrator (POC) has completed domestic registration, and the small non-invasive respirator has also been registered, which is anticipated to contribute to domestic revenue growth [4]. Strategic Investments - The company has invested in Shenzhen Deda Xing Drive Technology Co., Ltd., a leading provider of precision motors and solutions, to ensure the stability of core component supplies and enhance its core competitiveness [6]. - The company is actively exploring the integration of AI technology in the medical field, focusing on improving service efficiency and device detection capabilities [6]. Investor Relations - The investor relations activity took place from October 30 to October 31, 2025, with participation from various investment institutions, including China Europe Fund and China Postal Fund [7].

Group 1 - The total value of technology contracts from Beijing to Tianjin and Hebei has reached 230.87 billion, nearly double that of the previous five-year period [2] - The three regions have collaboratively developed six key industrial chains, including new energy vehicles and robotics, enhancing industrial synergy [2] - The integration of innovation and industrial chains is deepening, creating robust industrial collaboration [2] Group 2 - The automatic tofu bottle-filling robot developed by Tangshan Siwei Intelligent Technology Co., Ltd. can fill 4,800 pieces of tofu in one hour, equivalent to the work of two skilled workers [3] - The robot is designed to handle the unique bottle shape and ensure the tofu's integrity during the filling process, addressing long-standing production challenges faced by traditional food companies [3][4] - The first prototype of the tofu filling robot has passed inspection and has received multiple patents, showcasing its potential for broader application in the condiment industry [4] Group 3 - Beijing Rimate Medical Technology Co., Ltd. has successfully developed high-performance turbine fans for home ventilators, breaking international technology monopolies and filling domestic gaps [5] - The company has sold over 3 million home ventilators, demonstrating significant market penetration and technological advancement [5] - A joint project on non-invasive respiratory systems has been awarded a first-class science and technology progress award by Tianjin Science and Technology Bureau [5] Group 4 - The collaboration between Hebei and Beijing has led to the establishment of three research bases for quinoa seed breeding, significantly improving crop yields and resilience [6] - The new quinoa variety "Bali 2" has shown a yield increase of 30% compared to traditional varieties, reflecting successful agricultural innovation [6][7] - The direct supply chain from production in Hebei to markets in Beijing has been established, enhancing the economic viability of quinoa farming [7] Group 5 - The "14th Five-Year Plan" has seen significant achievements in the coordinated development of the Beijing-Tianjin-Hebei region, with major infrastructure improvements and industrial collaborations [8] - The region's highway network has expanded to over 11,000 kilometers, significantly enhancing connectivity [8] - The Xiong'an New Area has attracted over 1 trillion in investments, with an annual growth rate of 19.8%, indicating rapid urban development [9]