25 年前三季度经营分析 新款呼吸机有望在美国市场快速放量。公司的无噪音棉新呼吸机于自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，可以在美国医保市场正 常销售，预期后续放量较第三季度有望会相对明显。 业绩简评 公司发布2025 年三季度报，2025 年前三季度公司实现营业收入8.08 亿元，同比上涨34.24%；实现归属 于母公司所有者的净利润1.80亿元，同比上涨43.87%；归属于母公司所有者的扣除非经常性损益的净利 润为1.40 亿元，同比上涨63.41%。 其中，2025 年Q3 公司实现营业收入2.64 亿元，同比上涨20.22%；实现归属于母公司所有者的净利润 0.49 亿元，同比上涨48.61%；归属于母公司所有者的扣除非经常性损益的净利润为0.40亿元，同比上涨 112.64%。 我们预计公司2025-2027 年收入端分别为11.03 亿元、13.60 亿元和16.37 亿元，收入同比增速分别为 30.78%、23.27%和20.42%，归母净利润预计2025 年-2027 年分别为2.56 亿元、3.45 亿元和4.23亿元，归 ...

整体业务稳中有升，境外业务高速增长 瑞迈特(301367) 瑞迈特 2025Q3 业绩点评 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,122 | 843 | 1,077 | 1,344 | 1,650 | | (+/-)% | -20.7% | -24.9% | 27.7% | 24.9% | 22.7% | | 净利润(归母) | 297 | 155 | 245 | 310 | 389 | | (+/-)% | -21.8% | -47.7% | 57.9% | 26.2% | 25.6% | | 每股净收益(元) | 3.32 | 1.73 | 2.74 | 3.46 | 4.34 | | 净资产收益率(%) | 10.7% | 5.5% | 8.1% | 9.5% | 10.9% | | 市盈率(现价&最新股本摊薄) | 24.53 | 46.94 | 29.74 | 23.56 | 18.75 | | 资料 ...

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].