序号股票简称PE(TTM)PE(静)市净率总市值(元)13鱼跃医疗20.5819.832.65358.08亿行业平均 52.1952.084.44109.78亿行业中值40.1437.372.7954.98亿1九安医疗10.2111.560.87192.85亿2康德莱 15.2317.241.3937.13亿3英科医疗15.4517.951.45263.10亿4奥美医疗15.5519.081.8970.36亿5维力医疗 15.7817.571.9938.56亿6安杰思17.2416.041.8947.05亿7新华医疗17.7313.041.1490.21亿8山东药玻 17.7414.391.67135.71亿9奥泰生物17.7717.311.3452.37亿10九强生物18.1714.732.0578.45亿11安图生物 19.3017.742.42211.88亿12三鑫医疗19.6921.173.4948.14亿 来源：市场资讯 股东方面，截至2025年11月10日，鱼跃医疗股东户数50000户，较上次减少2003户，户均持股市值35.28 万元，户均持股数量2.76万股。 江苏鱼跃医疗设备股份有限公司的主 ...

乃东区政府副区长、区卫生健康委员会党组书记张雪戈在捐赠仪式上说："这批物资不 仅是雪中送炭，更是鄂藏情深的生动体现。"他介绍，近年来，乃东区医疗卫生事业取得长 足发展，区中心医院门诊量、住院人数同比分别增长20%和23%，并成功引进国际先进的治 疗下肢静脉曲张的CHIVA技术，实现医疗技术关键突破。此外，乃东区还投入1700余万元 打造村（社区）标准化卫生室，全面提升基层服务能力。"然而，在基层医疗与疾病防控方 面，我们仍面临不小的挑战。这批物资的到来正当其时。" 11月18日，武汉市汉阳区、湖北省阳光慈善物资中心与西藏九州通医药有限公司联合向 西藏山南市乃东区卫生健康系统捐赠一批价值101万余元的医疗设备和药品，其中包括医用 分子筛制氧机、正压呼吸机、电子血压计、监护仪等基层急需的医疗物资。在武汉市第十一 批援藏工作队积极协调下，这批物资跨越3000多公里顺利抵达雪域高原，为乃东区医疗卫生 事业注入"武汉关爱"。 编辑：胡之澜 西藏九州通医药有限公司总经理普国涛说："作为扎根西藏的企业，我们深知高原地区 医疗资源来之不易。此次捐赠的制氧机、呼吸机等设备将直接服务于基层医疗机构和慢性病 防治一线。"他表示，企 ...

Group 1 - JD Health has established multiple important collaborations with global medical device companies such as Omron and Abbott during the 8th China International Import Expo, focusing on smart hardware integration, health data interconnectivity, and chronic disease management [1][2] - JD Health has maintained a long-term stable partnership with Omron for over a decade, achieving significant results in product launches, scenario building, and brand marketing, including the exclusive launch of five new electronic blood pressure monitors in September [1] - The deepened collaboration aims to accelerate the integration of smart health devices with user health records, enabling automatic synchronization and intelligent analysis of key health data like blood pressure and blood sugar [1] Group 2 - JD Health received the "Outstanding Partner" award from Abbott, recognizing years of close cooperation and successful collaboration, particularly in the exclusive launch of Abbott's FreeStyle Libre 2 system for children aged four and above [2] - The partnership with Abbott has led to significant sales achievements and the completion of a large-scale exclusive distribution deal for the FreeStyle Libre 2 product, enhancing blood sugar management standards in China [2] - JD Health plans to participate in Abbott's public welfare project, "Type 1 Diabetes Management Handbook," leveraging its extensive user base and health education content to promote advanced technology in more Chinese households [2]

信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 根据工信部统一部署，全国各地10月30日前均已发布2024年度第九批制造业单项冠军企业和复核通过第三批、第六 批制造业单项冠军企业公示名单，第九批新认定制造业单项冠军326家，第三批、第六批复核通过362家，共计688 家 。 在 第 九 批 制 造 业 单 项 冠 军 企 业 公 示 名 单 中 ， 有 多 家 仪 器 仪 表 行 业 企 业 的 单 项 冠 军 产 品 上 榜 。 以 下 内 容 为 整 理 汇 总，具体文件请参阅各省工信部门官方公告。 | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号立 场 | 转 载 ： 须 本 号 授 权 ， 请 联 系 主 编 | 来 源 ： 中 国 仪 器 仪 表 行 业 协 会 特别提示 微 | 序号 | 省份/直辖市 | 企业名称 | 产品名称 ▼ | | --- | --- | --- | --- | | 1 | 安徽省 | 安徽皖仪科技股份有限公司 | ...

Core Viewpoint - Yuyue Medical, a leading manufacturer of home respiratory devices, reported a revenue of 6.545 billion yuan for the first three quarters of the year, marking an 8.58% year-on-year increase, and plans to distribute its first-ever third-quarter dividend since its listing [1] Financial Performance - The company achieved a net profit of 1.466 billion yuan in the first three quarters, with third-quarter revenue reaching 1.886 billion yuan, a 9.63% increase year-on-year [1] - Operating cash flow for the first three quarters was 1.504 billion yuan, reflecting an 8.77% year-on-year growth [1] - The total dividend distribution after this payout will amount to 4.959 billion yuan [1] Market Expansion - Yuyue Medical's overseas market revenue showed rapid growth, particularly in Southeast Asia, with strong performance in Thailand and the establishment of a new subsidiary in Indonesia [3][4] - The company is expanding its presence in Europe, where respiratory therapy products have successfully penetrated multiple key countries, supported by the establishment of a scientific advisory committee [3][4] - Significant revenue growth was also noted in North America, with ongoing strategic collaboration with Inogen to enhance product registration [3][4] R&D Investment - R&D investment for the first three quarters reached 444.5 million yuan, a 9.76% increase year-on-year, positioning the company among the top four domestic listed medical device firms [6] - The gross profit margin improved to 50.35%, driven by increased R&D spending and the introduction of new high-end products [6] - New product launches in 2023 include various models in continuous glucose monitoring and respiratory therapy, contributing to significant market share growth [6] Business Segments - The respiratory therapy segment maintained stable growth, with products like oxygen concentrators and masks achieving rapid sales increases [8] - The home health monitoring sector is actively expanding into overseas markets, with customized product development tailored to regional needs [8] - The emergency response segment has served over 150 countries, conducting extensive training and support for public events [8] Embracing AI Technology - Yuyue Medical is investing in AI-driven wearable medical devices, aiming to develop products that monitor various health indicators [9] - The company has launched the Yuyue AI Health Manager application and integrated several products with health management platforms [9]

Core Viewpoint - Yuyue Medical reported a significant increase in expenses primarily in three areas: R&D investment, domestic and international brand building, and global network expansion [1][2]. Financial Performance - In Q3, Yuyue Medical achieved revenue of 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit was 263 million yuan, a nearly 36% decline [1]. - For the first three quarters, revenue reached 6.545 billion yuan, up 8.58% year-on-year, with net profit at 1.466 billion yuan, down 4.28% [1]. Expense Analysis - Sales expenses surged by 33.15% year-on-year to 1.232 billion yuan in the first three quarters, accounting for nearly one-fifth of total revenue [2]. - In Q3 alone, sales expenses were 420 million yuan, a 33.3% increase, representing 22.2% of Q3 revenue [2]. - The increase in expenses is attributed to higher wages, bonuses, e-commerce platform fees, and advertising costs [2]. Strategic Focus - The company is focusing on three strategic areas: R&D investment, brand building, and global network expansion [2][3]. - Yuyue Medical is actively developing digital and wearable products and enhancing its R&D team to support innovation [2]. - The company aims to build a comprehensive brand around continuous glucose monitoring products to increase market share [2]. Global Expansion - Globalization is one of the company's three main strategies, with a commitment to building a global sales network and localizing operations [3]. - Strong revenue growth is noted in the Southeast Asian market, particularly in Thailand, with plans to replicate this model in Indonesia and Vietnam [3]. - The company is also expanding in the European and American markets and exploring opportunities in the Middle East, Africa, and CIS regions [3]. Cost Management Challenges - Rising labor and material costs are anticipated trends, necessitating significant funding for new product development, marketing, and brand promotion [3]. - Effective cost and expense management is crucial for maintaining competitiveness in the medical device industry [3]. Accounts Receivable - As of September 30, 2025, accounts receivable increased by 55.54% to 1.11 billion yuan, primarily due to growth in sales scale [3]. Market Outlook - A private equity investor noted that revenue growth is expected to remain in single digits, making it challenging to achieve double-digit growth in the future [4]. - The current valuation of around 20 times earnings is considered not low, and the predictability of cost changes remains uncertain [4].

Core Viewpoint - Yuyue Medical, a leading home respiratory device manufacturer, reported a mixed performance in its Q3 financial results, showing revenue growth but a significant decline in net profit [2][4]. Financial Performance - In Q3, Yuyue Medical achieved revenue of 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit fell by nearly 36% to 263 million yuan [2]. - For the first three quarters, the company reported revenue of 6.545 billion yuan, up 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion yuan [2]. Expense Analysis - The company experienced a substantial increase in sales expenses, which rose by 33.15% year-on-year to 1.232 billion yuan for the first three quarters, accounting for nearly one-fifth of total revenue [4]. - In Q3 alone, sales expenses reached 420 million yuan, a 33.3% increase, representing 22.2% of the quarterly revenue [4]. - Management and R&D expenses also saw an uptick, attributed to increased investments in R&D, brand building, and global network expansion [4][5]. Strategic Focus - Yuyue Medical's management emphasized three strategic directions for increased expenses: R&D investment, domestic and international brand development, and global network expansion [4][5]. - The company is focusing on digital and wearable product development and enhancing its talent acquisition for R&D [4]. - In Southeast Asia, particularly Thailand, the company is seeing strong revenue growth and plans to replicate its localized approach in other markets like Indonesia and Vietnam [5]. Market Outlook - The company faces rising labor and material costs, which are expected to continue impacting future operations [5]. - There are concerns regarding the company's ability to maintain double-digit revenue growth, with current valuations around 20 times earnings being considered high [6].

Core Viewpoint - Yuyue Medical, a leading home ventilator manufacturer, reported a revenue increase but a significant decline in net profit for Q3 2025, indicating challenges in cost management despite revenue growth [3][4]. Financial Performance - In Q3 2025, Yuyue Medical achieved a revenue of 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit fell by nearly 36% to 263 million yuan [3]. - For the first three quarters of 2025, the company reported a total revenue of 6.545 billion yuan, up 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion yuan [3]. Expense Analysis - The significant increase in sales expenses, which rose by 33.15% to 1.232 billion yuan in the first three quarters, is a primary reason for the "increased revenue but decreased profit" situation [5]. - In Q3 2025, sales expenses reached 420 million yuan, accounting for 22.2% of the revenue, compared to 18.3% in Q3 2024 [5][6]. - Management and R&D expenses also saw an increase, reflecting the company's strategic focus on R&D, brand building, and global network expansion [5][6]. Strategic Focus - The company is investing in digital and wearable product development, enhancing its R&D team to support innovation [6]. - Yuyue Medical aims to build a comprehensive brand around continuous glucose monitoring products to increase market share and create new business growth points [6]. - Global expansion is a key strategy, with a focus on building sales networks and localizing operations in Southeast Asia, particularly in Thailand, and exploring opportunities in other regions like the Middle East and Africa [6]. Accounts Receivable - As of September 30, 2025, accounts receivable increased by 55.54% to 1.11 billion yuan, attributed to the growth in sales scale and reasonable receivables from daily operations [7]. - Concerns have been raised regarding the company's ability to maintain double-digit revenue growth in the future, given the current valuation and unpredictable cost changes [7].

Core Viewpoint - Yuyue Medical (002223.SZ) reported a revenue increase in Q3 but faced a significant decline in net profit, indicating a "revenue growth without profit growth" scenario due to rising expenses [1] Financial Performance - Q3 revenue reached 1.886 billion yuan, a year-on-year increase of 9.63%, while net profit was 263 million yuan, down nearly 36% [1] - For the first three quarters, revenue totaled 6.545 billion yuan, up 8.58% year-on-year, with net profit at 1.466 billion yuan, a decline of 4.28% [1] - Sales expenses surged by 33.15% to 1.232 billion yuan in the first three quarters, accounting for nearly one-fifth of total revenue [1] Expense Analysis - Q3 sales expenses were 420 million yuan, a 33.3% increase year-on-year, representing 22.2% of Q3 revenue [1] - The increase in expenses is attributed to higher wages, bonuses, e-commerce platform fees, and advertising costs [1] - Management and R&D expenses also saw a rise, contributing to the overall cost structure [1] Strategic Focus - The company is increasing investments in R&D, brand building, and global network expansion [2] - Emphasis on digital and wearable product development, alongside enhancing the talent pool for innovation [2] - The company aims to strengthen its market position in blood glucose monitoring products and expand its global sales network, particularly in Southeast Asia [2] Market Outlook - Rising labor and material costs are expected to be a trend, necessitating effective cost control to maintain competitiveness [3] - Accounts receivable increased by 55.54% to 1.11 billion yuan, reflecting growth in sales volume and reasonable receivables [3] - Future revenue growth is anticipated to remain in single digits, with a current P/E ratio around 20, raising concerns about valuation and cost predictability [3]

Summary of Yuyue Medical's Conference Call Company Overview - **Company**: Yuyue Medical - **Date**: October 26, 2025 Key Financial Metrics - **Revenue**: - Total revenue for the first three quarters: 6.9 billion CNY, a year-on-year decrease of 8.21% [2][3] - Q3 revenue: 1.886 billion CNY, a year-on-year increase of 9.63% [2][3] - **Net Profit**: - Net profit attributable to shareholders: 1.466 billion CNY, a year-on-year decrease of 4.28% [3] - Net profit after deducting non-recurring items: 1.169 billion CNY, a year-on-year decrease of 8.21% [3] - **Cash Flow**: - Net cash flow from operating activities: 1.504 billion CNY, a year-on-year increase of 8.77% [2][3] - **Dividend**: - First-time quarterly dividend planned: 2 CNY per 10 shares [2][3] Market Performance - **Overseas Market Growth**: - Overseas market revenue growth exceeded 30% in the first three quarters [2][5] - North America showed the highest growth at 110% [4][12] - **Domestic Market Growth**: - Domestic revenue growth was significant, with respiratory machines growing over 30% [5][9] Product Development and R&D - **R&D Investment**: - Focused on wearable technology, digital talent recruitment, and CGM product branding [2][5] - Plans to continue increasing R&D and brand investment in 2026 [5][19] - **Wearable Devices**: - Blood pressure watch and health ring expected to launch in early 2026 [4][7] - Future products include sleep wristbands and hearing aids, expected between late 2026 and 2027 [4][7] Strategic Initiatives - **Acquisition Strategy**: - Actively pursuing acquisition opportunities in CXM, diabetes, and respiratory sectors [4][8] - Identified potential targets with technological advantages or solid fundamentals [8] - **Global Expansion**: - Plans to relocate InnoGen's European manufacturing to China, expected to be implemented in 2026 [5][4] Competitive Landscape - **Market Position**: - Yuyue Medical's electronic blood pressure monitors lead the domestic market in shipment volume [6][7] - The company aims to expand its presence in overseas markets, particularly in the blood pressure monitor segment [6][7] Future Outlook - **Market Trends**: - Anticipates continued growth in the CGM market, with a goal to become the market leader in China by the end of next year [11][28] - **Financial Strategy**: - Plans to maintain a flexible approach to expenses while focusing on long-term profitability [19][28] - **Clinical Promotion**: - Establishing a clinical committee in Europe to enhance academic promotion and customer engagement [24] Additional Insights - **Sales and Marketing**: - Increased sales expenses due to competitive pressures, with a focus on maintaining market share [18][19] - **Regulatory Approvals**: - Progress in obtaining product registrations in various international markets, including Brazil and Russia [14][15][17] This summary encapsulates the key points from Yuyue Medical's conference call, highlighting financial performance, market dynamics, product development, strategic initiatives, and future outlook.