在智能化布局方面，可孚医疗将"物联网+AI"逐步融入产品与服务。呼吸机云平台已实现远程设备监控 与大数据分析，并引入AI大模型进行数据解读与个性化健康管理；医用放大镜小程序可基于检测结果 自动生成健康建议；智慧血压计、血糖仪、制氧机等项目有序推进，逐步构建覆盖多使用场景的智能健 康管理生态系统。 全面自主掌控的销售渠道一直是可孚医疗稳定发展的重要抓手。今年上半年，可孚医疗线上渠道收入近 10亿元，占总营收65%。自2014年起布局线上渠道，可孚医疗电商团队积累了丰富的运营经验，在天 猫、京东等传统电商平台的医疗器械类目长期占据领先地位，形成了以数据分析为驱动的精准运营体 系。面对兴趣电商崛起，可孚医疗加大对抖音、快手、小红书等平台投入，通过直播、短视频等方式， 打造呼吸机、血糖尿酸一体机、体温计等潜力产品，使兴趣电商成为增长新引擎。 在线下渠道，可孚医疗与全国数十家百强连锁药企建立长期合作关系，产品覆盖全国20余万家药店。同 时，加快即时零售平台布局，以满足消费者"即时、便捷、到家"的健康需求。上半年，线下渠道收入近 5亿元，同比增长12.5%，其中旗下听力验配连锁品牌"健耳听力"营业收入同比增长超20%。 ...

证券研究报告 梁裕 liangyu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 25 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.66 | | | 一 内 / 最 低 | 最 | 高 | | | | 42.08/30.05 | 年 | | （元） | | | | | | | | | 总市值（百万元） | | | | | | 37,753.28 | | | 流通市值（百万元） | | | | | | 35,406.36 | | | 总股本（百万股） | | | | | | 1,002.48 | | | 资产负债率（%） | | | | | | 18.81 | | | 每股净资产（元/股） | | | | | | 13.27 | | | 资料来源：聚源数据 | | | | | | | | 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 刘闯 SAC：S13505240 ...

证券研究报告 鱼跃医疗 (002223 CH) 海外业务亮眼，各板块恢复正增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 25 日│中国内地 | 医疗器械 | 目标价(人民币): | 58.85 | 公司 1H25 收入/归母净利润/扣非归母净利润 46.59/12.03/9.14 亿元，同比 +8.2%/+7.4%/-5.2% ； 2Q25 收 入 / 归母净利润 / 扣 非 归 母 净 利 润 22.23/5.78/4.01 亿元，同比+7.1%/+25.4%/-3.0%。1H25 新冠基数影响已 基本消化，各项业务增速均转正，海外业务收入持续快速增长，我们看好后 续核心业务收入增速进一步恢复，维持买入评级。 海外收入快速增长，呼吸制氧板块恢复增长趋势 1H25 公司国内收入 40.26 亿元，同比+5.7%；海外收入 6.07 亿元，同比 +26.6%，海外贡献收入占比达 13.0%，海外业务正逐步成为推动公司业绩 增长的重要动力之一。1H25 公司核心赛道表现不 ...

公 司 报 告 医药 2025年08月25日 鱼跃医疗(002223.SZ) 业绩增长符合预期，血糖AED等业务表现亮眼 强烈推荐( 维持) 公 司 半 年 报 点 评 股价:36.6元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 367 | | 流通A股市值(亿元) | 344 | | 每股净资产(元) | 13.27 | | 资产负债率(%) | 18.8 | 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司25H1实现营业收入46.59亿元，yoy+8.16%，实现归母净利润12.03亿 元，yoy+7.37%，实现扣非归母净利润9.14亿元， ...

8月23日，鱼跃医疗(002223.SZ)发布2025年半年度报告。公告显示，上半年公司深度布局"AI+医疗"产 业生态，聚焦人工智能与医疗健康的深度融合，以"硬件+AI+生态"加速打通医疗与家庭边界，实现营 业收入46.59亿元，同比增长8.16%，归母净利润12.03亿元，同比增长7.37%。 今年以来，鱼跃医疗积极拥抱技术革新浪潮，将人工智能等前沿技术应用到产品研发、公司运营管理等 工作中，围绕数字化、可穿戴化两大核心发展方向，构建完善产品生态体系。同时在全球化战略方向， 公司持续推动海内外渠道建设、国际化人才培育、海外市场准入等工作，聚焦全球市场的巨大潜力，致 力于成为全球医疗器械领域的领先企业。 锚定三大战略方向，多业务协同发展成果斐然 作为中国家用医疗器械领域的龙头，鱼跃医疗持续扩大技术优势，打造深得国民信赖的专业品牌形象， 并连续多年保持着国内家用医疗器械市场领先地位。随着企业规模与产品竞争力的提升，鱼跃医疗还积 极走出国门，以全球视野参与国际竞争，并在全球化的浪潮中实现企业持续升级进化。 面对AI浪潮，鱼跃医疗承载行业龙头使命，积极把握机遇加快 "AI+医疗"布局。在今年的股东大会上， 鱼跃医 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 46.59 billion yuan, an increase of 8.16% year-on-year, and a net profit attributable to shareholders of 12.03 billion yuan, up 7.37% year-on-year [7] - The main business showed steady growth, with significant contributions from respiratory oxygen and home health monitoring solutions, particularly the electronic blood pressure monitors and infrared thermometers [7] - The company is expected to benefit from the launch of new Continuous Glucose Monitoring (CGM) products, which have received positive feedback from users, driving rapid growth in the CGM business [7] - Cost control measures have been effective, with a gross margin of 50.37%, an increase of 0.37 percentage points year-on-year [7] - Future profit forecasts have been adjusted slightly, with net profit for 2025 expected to be 19.54 billion yuan, and for 2026-2027 adjusted to 22.05 billion yuan and 25.35 billion yuan respectively [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 7,972 million yuan, 2024A: 7,566 million yuan, 2025E: 8,760 million yuan, 2026E: 10,134 million yuan, 2027E: 11,711 million yuan [1] - Net profit attributable to shareholders is projected to be: 2023A: 2,396 million yuan, 2024A: 1,806 million yuan, 2025E: 1,954 million yuan, 2026E: 2,205 million yuan, 2027E: 2,535 million yuan [1] - The earnings per share (EPS) estimates are: 2023A: 2.39 yuan, 2024A: 1.80 yuan, 2025E: 1.95 yuan, 2026E: 2.20 yuan, 2027E: 2.53 yuan [1] - The price-to-earnings (P/E) ratios based on the latest diluted EPS are: 2023A: 15.31, 2024A: 20.32, 2025E: 18.78, 2026E: 16.64, 2027E: 14.47 [1]

Core Insights - The company reported a revenue of 4.659 billion yuan for the first half of 2025, representing a year-on-year growth of 8.16%, and a net profit of 1.203 billion yuan, up 7.37% year-on-year [2] - The company is focusing on the integration of AI and healthcare, aiming to create a comprehensive product ecosystem through "hardware + AI + ecosystem" [2][4] - The company is committed to global expansion, digitalization, and the development of wearable technology as part of its strategic direction [3][9] Financial Performance - Revenue for the respiratory treatment solutions reached 1.674 billion yuan, a growth of 1.93%, with home respiratory machines seeing over 40% growth [5] - Blood glucose management and POCT solutions generated 674 million yuan, marking a 20% increase, with the latest dynamic glucose monitoring product achieving record sales [5] - The company achieved overseas revenue of 607 million yuan, reflecting a growth of 26.63% [10] Strategic Focus - The company is enhancing its global market presence by building local teams and optimizing supply chains, as demonstrated by its success in Thailand [9] - The company is actively participating in international exhibitions and academic exchanges to showcase its innovations and expand its global influence [10] - The company is investing in R&D, with 295 million yuan allocated in the first half of the year, a 9.44% increase [7] Product Development - The company launched over 30 innovative products, including the fifth-generation dynamic glucose monitoring device and new oxygen concentrators [7] - The company is focusing on the development of wearable medical devices, aiming to integrate AI technology into its product offerings [7][8] - The company has received multiple certifications and accolades, reinforcing its brand value and commitment to high-quality manufacturing [6]