业绩符合预期，毛利率稳步提升 2025 年上半年，公司实现营业收入5.44 亿元，同比增长42.3%；归母净利润1.31 亿元，同比增长 42.19%。公司2023、2024、2025H1 的毛利率分别为46.14%、48.34%、52.17%，呈现稳步提升的态势。 战略布局海外市场，耗材板块快速增长， 预测公司2025-2027 年收入分别为10.13、12.68、16.10 亿元，EPS 分别为2.60、3.35、4.47 元，当前股 价对应PE 分别为31.5、24.4、18.3 倍。公司呼吸机及耗材市场地位领先，随着海外市场布局的持续推 进，业绩有望持续增长，维持"买入"投资评级。 风险提示 国际化市场扩张不及预期、市场竞争风险、研发进展不及预期、行业政策及监管风险。 海外业务持续推进，全球市场地位稳步提升 公司深耕呼吸健康领域医疗设备与耗材，全球竞争力稳步提升。2025 年上半年公司海外收入为3.53 亿 元，同比增长61.33%。根据沙利文数据，2023 年公司家用无创呼吸机在全球市场市占率为12.4%，排名 第二，国内市场占有率为30.6%，在国产无创呼吸机品牌中国市场中排名第一，已覆盖全球10 ...

中邮证券研报指出，瑞迈特上半年实现归属于母公司所有者的净利润1.31亿元，同比上涨42.19%；Q2 实现归属于母公司所有者的净利润0.59亿元，同比上涨39.92%。25年H1收入利润取得双增长，主要原 因是境外境内均持续贡献增量。境外方面，公司上半年境外收入3.53亿元，同比增长61.33%，美国呼吸 机市场去库存周期结束，市场恢复稳态；欧洲市场已基本完成云平台建设，通过本土化运营策略，公司 产品已开始进入主流医保市场，未来将为公司带来显著的增长动能；境内方面，公司上半年境内收入 1.91亿元，同比增长16.87%，公司上半年对国内市场进行渠道政策和销售政策调整，已初见成效。公司 耗材业务占比持续提升。未来，公司将持续提升呼吸机产能，并行推进耗材业务，投入更多资源以全面 提高耗材业务的收入占比，以实现整机与耗材的协同发展。给予"买入"评级。 ...

资料显示，北京瑞迈特医疗科技股份有限公司位于北京市丰台区丽泽路16号院4号楼北京汇亚大厦17层 10号，成立日期2001年7月27日，上市日期2022年11月1日，公司主营业务涉及研发、生产、销售呼吸健 康领域医疗设备与耗材产品及相关服务,为以阻塞型睡眠呼吸暂停低通气综合征(OSA)为主的睡眠呼吸暂 停低通气综合征(SAHS)患者以及以慢性阻塞性肺疾病(COPD)为主的呼吸功能不全(Respiratory Insufficiency)患者提供全周期(从诊断、治疗到慢病管理)、多场景(从医疗机构到家庭)的治疗服务整体解 决方案。主营业务收入构成为：家用呼吸诊疗产品64.19%，耗材32.67%，医用产品3.05%，其他 0.10%。 瑞迈特所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：小盘、医疗器械、融资融 券、机器人概念等。 9月24日，瑞迈特盘中上涨2.04%，截至13:40，报85.13元/股，成交4251.75万元，换手率0.89%，总市值 76.28亿元。 资金流向方面，主力资金净流出135.50万元，大单买入461.11万元，占比10.85%，卖出596.61万元，占 比14.03 ...

公司耗材业务占比持续提升。2025 年上半年，公司耗材业务占营业收入的比重约为30%。相较于呼吸 机，耗材更换频率高，毛利也相对较高，有利于进一步增强公司的盈利能力。随着全民对OSA 认知的 提升与呼吸机的市场普及，将持续扩张存量患者群体，同时驱动耗材需求稳步增长。未来，公司将持续 提升呼吸机产能，并行推进耗材业务，投入更多资源以全面提高耗材业务的收入占比，以实现整机与耗 材的协同发展。 业绩简评 公司发布2025 年半年报，2025 年H1 公司实现营业收入5.44 亿元，同比上涨42.30%；实现归属于母公 司所有者的净利润1.31 亿元，同比上涨42.19%；归属于母公司所有者的扣除非经常性损益的净利润为 0.99 亿元，同比上涨49.34%。 其中，2025 年Q2 公司实现营业收入2.79 亿元，同比上涨46.54%；实现归属于母公司所有者的净利润 0.59 亿元，同比上涨39.92%；归属于母公司所有者的扣除非经常性损益的净利润为0.39亿元，同比上涨 59.94%。 25 年H1 经营分析 25 年H1 收入利润双增长。25 年H1 收入利润取得双增长，主要原因是境外境内均持续贡献增量。境外 方 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [5][13]. Core Insights - The company reported a significant revenue increase of 42.30% year-on-year for H1 2025, reaching 544 million yuan, with a net profit of 131 million yuan, also up by 42.19% [3][4]. - The growth in revenue is attributed to both domestic and international markets, with international revenue growing by 61.33% and domestic revenue by 16.87% [4]. - The consumables segment is becoming increasingly important, accounting for approximately 30% of total revenue in H1 2025, which is expected to enhance profitability due to higher replacement frequency and margins [4]. Financial Performance - For the forecast period of 2025-2027, the company is expected to achieve revenues of 1.138 billion yuan, 1.403 billion yuan, and 1.689 billion yuan, with year-on-year growth rates of 34.92%, 23.24%, and 20.40% respectively [5][9]. - The net profit attributable to the parent company is projected to be 264 million yuan, 355 million yuan, and 435 million yuan for the same period, with growth rates of 69.62%, 34.67%, and 22.66% respectively [5][9]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 29.07 in 2025 to 17.60 in 2027, indicating improving valuation metrics [5][9].

Group 1 - The core viewpoint of the news is that Ruimait has experienced a decline in stock price, with a cumulative drop of 6.36% over four consecutive days, currently trading at 85.52 yuan per share [1] - Ruimait Medical Technology Co., Ltd. specializes in the research, production, and sales of medical devices and consumables in the respiratory health field, primarily serving patients with obstructive sleep apnea syndrome (OSA) and chronic obstructive pulmonary disease (COPD) [1] - The company's main business revenue composition includes 64.19% from home respiratory therapy products, 32.67% from consumables, 3.05% from medical products, and 0.10% from other sources [1] Group 2 - According to data, Nord Fund holds a significant position in Ruimait, with its Nord Small and Mid-Cap Mixed Fund (570006) owning 18,000 shares, accounting for 5.02% of the fund's net value [2] - The fund has incurred a floating loss of approximately 10.46 million yuan during the four-day decline [2] - The Nord Small and Mid-Cap Mixed Fund has achieved a return of 45% year-to-date, ranking 1247 out of 8244 in its category [2]

证券日报网讯罗博特科（300757）9月16日在互动平台回答投资者提问时表示，如果设备订单大幅增 加，相应的日常维护等服务和耗材收入也将相应提升，具体情况请以公司披露的定期报告相关数据为 准。 ...

Company Overview - Stratasys reported Q2 2025 non-GAAP earnings of 3 cents per share, matching the Zacks Consensus Estimate, compared to a non-GAAP loss of 4 cents per share in the same quarter last year [2] - Revenues for the quarter were approximately flat year over year at $138.1 million, slightly beating the consensus mark by 0.48% [2] Revenue Breakdown - Product revenues increased by 1.3% year over year to $94.8 million [3] - System revenues grew by 5.5% year over year to $30.6 million [3] - Consumables revenues decreased by 0.6% year over year to $64.2 million [3] - Services revenues declined by 2.6% year over year to $43.3 million [3] Profitability Metrics - Non-GAAP gross profit fell by 2.7% year over year to $65.8 million, with a non-GAAP gross margin contraction of 140 basis points to 47.7% [3] - Operating expenses dropped by 12.1% year over year to $76.1 million, with R&D expenses declining by 22.4% to $19.9 million and SG&A expenses falling by 7.7% to $56.2 million [4] - Non-GAAP operating profit was $1.1 million compared to an operating loss of $3.2 million in the year-ago quarter [4] Balance Sheet and Cash Flow - As of June 30, 2025, Stratasys had cash and short-term deposits of $254.6 million, up from $150.1 million as of March 31, 2025 [5] - The company reported an operating cash flow of $1.1 million for the quarter, down from $2.4 million [5] 2025 Outlook - Stratasys expects revenues between $550 million and $560 million for 2025, with non-GAAP earnings projected in the range of 13-16 cents per share [6] - The anticipated gross margin is between 46.7% and 47%, with a non-GAAP operating margin expected to be in the range of 1.5-2% [6] Estimate Trends - Recent estimates for Stratasys have trended downward, with the consensus estimate shifting by -950% [7][10] Industry Comparison - Stratasys belongs to the Zacks Commercial Printing industry, where competitor 3D Systems has gained 7.7% over the past month [11] - 3D Systems reported revenues of $94.84 million for the last quarter, reflecting a year-over-year decline of 16.3% [11]

Core Viewpoint - The company, 瑞迈特 (301367.SZ), aims to increase the revenue share of its consumables business to approximately 30% by the first half of 2025, highlighting a strategic shift towards higher-margin products [1] Group 1: Business Strategy - The company plans to enhance the production capacity of its ventilators while simultaneously advancing its consumables business [1] - The consumables have a higher replacement frequency and relatively higher gross margins compared to ventilators, which will contribute to improving the company's profitability [1] - The company intends to allocate more resources to boost the revenue contribution from consumables, aiming for a synergistic development between complete machines and consumables [1]

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established on July 27, 2001, and went public on November 1, 2022. The company specializes in the research, production, and sales of medical devices and consumables in the respiratory health field, primarily targeting patients with Obstructive Sleep Apnea Syndrome (OSA) and Chronic Obstructive Pulmonary Disease (COPD) [2] Business Performance - For the first half of 2025, the company achieved operating revenue of 544 million yuan, representing a year-on-year growth of 42.30%. The net profit attributable to the parent company was 131 million yuan, also reflecting a year-on-year increase of 42.19% [2] - The revenue composition includes 64.19% from home respiratory therapy products, 32.67% from consumables, 3.05% from medical products, and 0.10% from other sources [2] Stock Performance - On September 5, the stock price of Ruimait increased by 2.09%, reaching 88.75 yuan per share, with a trading volume of 64.83 million yuan and a turnover rate of 1.31%. The total market capitalization is 7.952 billion yuan [1] - Year-to-date, the stock price has risen by 41.77%, while it has decreased by 2.24% over the last five trading days and by 3.75% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 6,850, a decrease of 24.87% from the previous period. The average number of circulating shares per person increased by 33.11% to 8,251 shares [2] - Since its A-share listing, the company has distributed a total of 228 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]