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 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].

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]

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].

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]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management [2] - The company is a leading domestic manufacturer of non-invasive ventilators and masks, with products sold in over 100 countries and regions [2] - As of June 30, 2025, the company holds 666 valid domestic patents and 266 overseas patents, including 45 in the U.S. and 38 in Europe [3] Financial Performance - In the first half of 2025, the company reported a revenue of CNY 544 million, a year-on-year increase of 42.30%, and a net profit of CNY 131 million, also up by 42.19% [4] - For Q2 2025, revenue reached CNY 279 million, reflecting a 46.54% year-on-year growth and a 5.00% quarter-on-quarter increase [4] - The gross profit margin is expected to continue improving due to effective cost control and an increase in the proportion of high-margin consumables [5] Market Expansion - The U.S. market showed significant growth, with revenue increasing by 252.89% year-on-year in the first half of 2025 [6] - The company has launched a new noise-reducing ventilator in the U.S. and anticipates increased sales volume in the second half of the year [7] - In Canada, the company has obtained product registration and plans to commence operations in the latter half of 2025 [8] Domestic Strategy - The company is transitioning smoothly to online channels, with stable domestic market operations [8] - A multi-model sales strategy will be implemented for online self-operated channels, while distinct product models will be offered in offline channels to complement online sales [8] Consumables Business - In the first half of 2025, consumables accounted for approximately 30% of total revenue [8] - The company aims to enhance the revenue share of consumables, leveraging the high replacement frequency and profit margins associated with these products [8]

Core Viewpoint - The article emphasizes the importance of developing elderly care services and the aging industry in response to China's aging population, highlighting various initiatives and improvements in elderly care facilities and services across different regions [8][10][18]. Group 1: Policy and Government Initiatives - The Chinese government has made significant strides in enhancing elderly care services, with a focus on home and community-based support, including the implementation of the national strategy to address population aging [8][12]. - Since the beginning of the 14th Five-Year Plan, a total of 208 million households with special difficulties have received support for home modifications to accommodate elderly needs [10][12]. - Shanghai has introduced a "one household, one plan" approach for home modifications, providing subsidies for elderly individuals to improve their living conditions [10][11]. Group 2: Community and Social Services - Various community initiatives have been launched to enhance the quality of life for the elderly, including the establishment of elderly activity centers and cultural programs [12][13]. - In Beijing, community choirs and other cultural activities have been developed to engage elderly residents, fostering social connections and improving mental well-being [12][13]. - The integration of modern technology in community services, such as the "Little Xi Assistant" AI program, has improved health monitoring and daily assistance for elderly individuals [15][16]. Group 3: Technological Innovations in Elderly Care - The introduction of smart technologies in elderly care, such as AI-driven health monitoring systems, has enabled timely interventions for health issues among seniors [15][16]. - Smart dining services, like the "smart restaurant" in Wuxi, allow elderly individuals to order meals through facial recognition and receive nutritional analysis, enhancing their dining experience [17][18]. - The government's push for "smart+" elderly care solutions is reflected in various initiatives aimed at improving the quality of life for seniors through technology [18].

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003 [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 company in non-invasive ventilators and masks, being the first to receive FDA certification for non-invasive ventilators in China [2] - The company has a complete product line, including home non-invasive ventilators, masks, sleep monitors, high-flow humidified oxygen therapy devices, and oxygen concentrators [2] 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 [3] - The company has 266 overseas authorized patents, including 45 in the U.S. and 38 in Europe [3] Financial Performance H1 2025 Results - Revenue for H1 2025 reached 544 million CNY, a year-on-year increase of 42.30% [4] - Net profit was 131 million CNY, also up by 42.19% year-on-year [4] - Non-recurring net profit was 99 million CNY, reflecting a 49.34% increase [4] Regional Performance - Domestic revenue was 191 million CNY, growing by 16.87% year-on-year [5] - International revenue reached 353 million CNY, a significant increase of 61.33%, with the U.S. contributing notably [5] Product Performance - Revenue from home ventilators was 349 million CNY, accounting for 64.19% of total revenue, with a year-on-year growth of 51.49% [6] - Consumables generated 178 million CNY, representing 32.67% of total revenue, with a growth of 30.26% [6] Q2 2025 Insights - Q2 2025 revenue was 279 million CNY, up 46.54% year-on-year [7] - Net profit for Q2 was 59 million CNY, a 39.92% increase [7] - International revenue for Q2 was 183 million CNY, showing a remarkable growth of 95.97% year-on-year, with U.S. revenue increasing by 252.89% [8][9] Profitability Metrics - H1 2025 gross margin was 52.17%, an increase of 0.46% from the previous year [10] - Gross margin for home ventilators was 45.02%, while consumables had a gross margin of 65.83% [10] Growth Drivers - Revenue and profit growth in H1 2025 were driven by the end of the inventory cycle in the U.S. ventilator market and successful entry into mainstream insurance markets in Europe [10] - Domestic market adjustments in channel and sales policies have shown early positive results [10] Future Strategies - The company is transitioning its online channels smoothly and plans to adopt a multi-model product sales strategy for online and offline channels [11] - A new noise-reducing ventilator has been launched in the U.S. market, with expectations for increased sales in the second half of the year [12] - The company has a strong cash position with net assets of 2.936 billion CNY, allowing for potential investments in product and industry chain expansions [13]

Investment Rating - The report does not explicitly provide an investment rating for the intelligent pension equipment industry Core Insights - The intelligent pension equipment industry is a crucial segment of the silver economy, addressing the needs of an aging population through technology-driven solutions that enhance safety, convenience, and health management for the elderly [3][8] - The market for intelligent pension equipment in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 11.9% from 2020 to 2024, increasing from 4.3 trillion yuan to 6.8 trillion yuan [9] - By 2029, the market size is expected to reach 11.6 trillion yuan, driven by factors such as population aging, policy support, technological advancements, and changing consumer demands [9] Market Overview - The intelligent pension equipment market is expected to grow rapidly, with a CAGR of 21.2% from 2020 to 2024, reaching a market size of 156 billion yuan by 2024 [17][18] - The market for intelligent home care products is projected to grow from a penetration rate of 3.5% in 2020 to 12% in 2024, and further to 25% by 2029 [10][23] - The intelligent pension equipment industry is characterized by a complete industrial chain, from upstream technology to midstream manufacturing and downstream application scenarios [15] Key Segments - The intelligent home care segment is a significant part of the intelligent pension equipment industry, focusing on enhancing the safety and comfort of elderly individuals in their daily lives [10] - The rehabilitation robot market is expected to grow rapidly, with a market size of 7.9 billion yuan in 2024, driven by a CAGR of 16.3% during the 14th Five-Year Plan period [11] - The intelligent pension equipment includes various categories such as health monitoring devices, safety monitoring devices, and emotional companionship devices, all aimed at improving the quality of life for the elderly [14] Competitive Landscape - Major players in the intelligent pension equipment market include technology giants like Xiaomi and Huawei, focusing on ecosystem building and technological standards, while traditional appliance manufacturers like Haier and Midea emphasize practical solutions and service completeness [35][36] - The market is also seeing the emergence of specialized brands and new entrants that focus on niche segments and innovative solutions tailored for the elderly [36] Future Trends - The intelligent pension equipment market is expected to evolve towards more personalized and user-friendly solutions, integrating advanced technologies such as AI and IoT to enhance service delivery [27][28] - The report highlights the importance of policy support and technological innovation in driving the growth of the intelligent pension equipment industry, with a focus on creating a coordinated service system that integrates home, community, and institutional care [26]