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—017 | □ | 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 11 月 13 日-2025 年 11 月 14 日 | | 地点 | 北京、上海 | | 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、COPD 患者提供全周期（诊断-治疗-慢病 | ...

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]

Core Insights - BMC瑞迈特 has established itself as a leading enterprise in the respiratory health sector, focusing on innovation and self-sufficiency in the production of home ventilators [1][3] - The company has achieved significant milestones in domestic production, particularly in the development of core components like the fan, which is crucial for the performance of home ventilators [1][2] - BMC瑞迈特 has transitioned from being a manufacturer to a service provider in respiratory health, creating a comprehensive ecosystem that connects devices, users, and healthcare professionals [2][3] Company Overview - BMC瑞迈特's home ventilators hold the second-largest market share globally and the largest in China, with products sold in over 100 countries and regions [3][4] - The company has received multiple certifications, including NMPA in China, FDA in the United States, and CE in the European Union, ensuring compliance with international standards [3][4] - As of January 31, 2025, BMC瑞迈特 has sold over 3 million home ventilators globally, showcasing its strong market presence [4] Innovation and Development - The company has focused on self-innovation and collaboration with local partners to break the monopoly on core components, leading to the domestic production of essential parts [1][2] - BMC瑞迈特 has developed a closed-loop system for algorithm optimization based on extensive user data, enhancing the performance and user experience of its devices [2] - The transition to a "cloud platform + medical resources" service model has improved accessibility and inclusivity in respiratory health management [2][3] Market Position - BMC瑞迈特 is recognized as the only Chinese brand of home ventilators that has received FDA certification and is actively sold in the U.S. market [3] - The company has over 20 products that have passed FDA certification, highlighting its commitment to quality and regulatory compliance [3] - BMC瑞迈特's strategic focus on system innovation in diagnosis, treatment, and management has positioned it as a leader in reshaping the industry landscape [3]

Core Viewpoint - The company, 瑞迈特, is experiencing a performance rebound due to the recovery of its North American business, with significant growth in revenue and net profit reported for the first three quarters of 2025 [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 808 million yuan, a year-on-year increase of 34.24% [2]. - The net profit attributable to shareholders reached 180 million yuan, reflecting a year-on-year growth of 43.87% [2]. - The non-recurring net profit saw a year-on-year increase of 63.41% [2]. - The gross margin in the domestic market improved, increasing by 14.57% year-on-year and 11.63% quarter-on-quarter [2]. Market Recovery - The company's revenue from the U.S. market grew by 63.46% year-on-year and 52.28% quarter-on-quarter [2]. - The U.S. market is identified as the company's primary market, with significant recovery expected following a period of inventory destocking [2][3]. Product Development - The company launched the G3X model non-noise cotton respirator in the U.S., which has received FDA approval and completed medical reimbursement code registration, filling a product gap in the high-end market [3]. - Revenue from the U.S. region for the first three quarters of this year increased by 133.85% [3]. Strategic Focus - The company aims to enhance its brand presence and marketing efforts domestically, recognizing the need to align its brand status with its technological and product capabilities [5]. - The company plans to establish a localized presence in Europe and increase its market share in the region, which is seen as a significant growth opportunity [5]. Future Outlook - The company is transitioning from being merely a device manufacturer to creating a comprehensive respiratory disease management ecosystem, integrating hardware, software, and services [6]. - The domestic market is expected to continue growing, with the company anticipating stable market share and potential growth through enhanced services and high-end product offerings [7].

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2][3]. - The company is a leading domestic manufacturer of non-invasive ventilators and masks, being the first domestic company to receive FDA certification for non-invasive ventilators, with products sold in over 100 countries [2][3]. R&D and Patents - 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 patents, including 45 in the U.S. and 38 in Europe [3]. Financial Performance Revenue - For the first three quarters of 2025, the company reported a revenue of 808 million CNY, a year-on-year increase of 34.24%. The revenue for Q3 alone was 264 million CNY, up 20.22% year-on-year [4]. - Domestic revenue for the first three quarters was 251 million CNY, a growth of 5.51%, while overseas revenue reached 558 million CNY, marking a significant increase of 52.96% [5]. Product Segmentation - Revenue from home ventilators accounted for 521 million CNY (64.51% of total revenue), with a year-on-year growth of 39.07%. Consumables generated 262 million CNY (32.38% of total revenue), growing by 27.26% [6]. Gross Margin - The gross margin for the first three quarters of 2025 was 52.37%, an increase of 1.17% compared to the previous year. The gross margin for Q3 was 52.79%, up 2.47% year-on-year [9]. Market Insights - In Q3, overseas revenue was 205 million CNY, with a year-on-year growth of 40.41% and a quarter-on-quarter growth of 11.92%. The U.S. market contributed significantly, with a year-on-year increase of 63.46% [7]. - The company holds a 8.9% market share in Europe, ranking third, with plans to expand its cloud platform through the integration of over a thousand distributors [9]. Future Outlook - The company is transitioning from an online distribution model to a direct sales model, expecting to see performance improvements starting in Q4 2025. New product registrations, including portable oxygen machines, are anticipated to contribute to domestic revenue growth [10]. - The company has received product registration in Canada, with an estimated annual market potential of 150,000 units [10]. Strategic Initiatives - The company is actively pursuing mergers and acquisitions, focusing on high-potential companies in precision motor and medical technology sectors to enhance its core competitiveness [10]. - It has achieved significant localization in its supply chain, ensuring domestic production of core components, which enhances cost efficiency and technical independence [10].

Company Overview - Founded in 2003, the company launched its first multi-channel sleep monitor in 2003 and its first CPAP sleep breathing machine in 2007. It received CE certification in 2008 and FDA certification in 2012, with successful listing on the Shenzhen Stock Exchange in 2016 [2][3]. - The company specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management, and is a leading domestic manufacturer of non-invasive ventilators and masks [2][3]. Product and Market 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 patents, including 45 in the U.S. and 38 in Europe [3]. - The G3 X model non-noise cotton ventilator has received FDA approval and is now eligible for sale in the U.S. market, with sales commencing in July 2025 [4]. - The company has established a European cloud platform, facilitating the transition from non-mainstream to mainstream insurance markets, which supports sustainable development in Europe [5]. Financial Performance - The company has seen a continuous improvement in gross margin, attributed to effective cost control and an increase in the proportion of high-margin consumables [6]. - The company has achieved significant localization in its supply chain, ensuring domestic supply chain safety and cost advantages [7]. Competitive Advantages - The company has a deep understanding of global medical device regulations and a well-established distribution network, having entered major insurance markets in the U.S., Germany, the U.K., France, and Italy [7]. - It has a professional intellectual property department, securing patents and trademarks in key global markets, which strengthens its overseas market position [7]. - Since 2023, the company has focused on localizing its operations and hiring international talent to enhance its global operational capabilities [7].

Core Insights - The company achieved revenue of 544 million yuan in the first half of 2025, representing a year-on-year growth of 42.3%, with a net profit of 131 million yuan, also up by 42.19% [1] - The gross margin has shown a steady increase, with figures of 46.14%, 48.34%, and 52.17% for the years 2023, 2024, and the first half of 2025 respectively [1] Group 1: Revenue and Profit Growth - The company reported a revenue of 544 million yuan in H1 2025, a 42.3% increase year-on-year [1] - The net profit for the same period was 131 million yuan, reflecting a growth of 42.19% [1] - The gross margin has consistently improved, reaching 52.17% in H1 2025 [1] Group 2: International Market Expansion - The consumables segment generated revenue of 178 million yuan in H1 2025, marking a 30.26% increase [2] - The company has been actively promoting its consumables in the U.S. market since 2023 through a specialized team [2] - In Europe, a subsidiary was established in France in 2023 to enhance market coverage and attract more partnerships [2] Group 3: Global Market Position - The company's overseas revenue reached 353 million yuan in H1 2025, a significant increase of 61.33% [3] - The company holds a 12.4% market share in the global home non-invasive ventilator market, ranking second, while leading with a 30.6% share in the domestic market [3] - The company is projected to achieve revenues of 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan for the years 2025, 2026, and 2027 respectively [3]

Company Overview - The company, established in 2001, specializes in providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - It is a leading domestic manufacturer of non-invasive ventilators and masks, being the first domestic company to receive FDA certification for its non-invasive ventilator products [2] - The company has a well-rounded product line that includes home non-invasive ventilators, masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators, and it offers chronic disease management services [2] Research and Development - The company maintains significant R&D investments, holding 666 valid domestic patents as of June 30, 2025, including 116 invention patents and 404 utility model patents [3] - It has also secured 266 overseas patents, including 45 in the United States and 38 in Europe [3] Financial Performance - For the first half of 2025, the company reported revenue of 544 million yuan, a year-on-year increase of 42.3%, and a net profit of 131 million yuan, also up 42.19% [11] - In Q2 2025, revenue reached 279 million yuan, reflecting a 46.54% year-on-year growth, with a net profit of 59.41 million yuan, up 39.92% [11] Profitability - The company's gross margin improved due to effective cost control and a higher proportion of sales from consumables, which have a higher gross margin [4] - The gross margin for the company was reported at 52.17% [11] Market Expansion - The company experienced significant growth in overseas markets, particularly in the United States, where revenue increased by 252.89% year-on-year [5] - Future plans include launching a new noise-reducing ventilator in the U.S. market and expanding into the European market with products entering mainstream insurance markets [6] Domestic Market Strategy - The company is transitioning smoothly to online channels while maintaining stable operations in the domestic market [9] - It plans to implement a multi-model product sales strategy for online self-operated channels and differentiate products for offline channels [9] Consumables Business - In the first half of 2025, consumables accounted for approximately 30% of the company's revenue, with expectations for continued growth driven by increased awareness and market penetration of ventilators [10]