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 ...

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， ...

销售费用显著提升，国内外份额有望持续提升。公司上半年投入销售费用8.12 亿元，同比+32.99%，主 要是随着销售规模的扩大，公司在电商平台、广告投放力度，人工投入等也相应增加，短期对利润增速 产生一定压力，但预计将对公司国内外市场份额拓展产生正向影响，推动公司长期收入端实现较快增 长。 海外市场拓展迅速，产品渠道均取得成果。上半年公司实现外销收入6.07 亿元，同比+26.63%，占总收 入比例达到13.03%。急救领域HeartSave Y|YA 系列、myPAD 系列等产品顺利获得欧盟MDR认证。2025 年1 月，公司公告拟通过全资子公司认购Inogen 发行的股票并签署战略合作协议，有望推动公司海外市 场加速拓展。 2025 年8 月22 日，公司发布2025 年半年度报告，2025 上半年实现收入46.59 亿元，同比+8%；归母净 利润12.03 亿元，同比+7%；扣非归母净利润9.14 亿元，同比-5%。 从单Q2 情况来看，公司实现收入22.23 亿元，同比+7%；归母净利润5.78 亿元，同比+25%；扣非归母 净利润4.01 亿元，同比-3%。 经营分析 呼吸治疗业务重回增长趋势，CG ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 4.659 billion RMB in the first half of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders was 1.203 billion RMB, up 7% year-on-year [2]. - The respiratory therapy business has returned to a growth trend, with the oxygen concentrator business recovering and home respiratory products growing over 40% year-on-year [2]. - The blood glucose management and POCT solutions achieved a revenue of 674 million RMB, a 20% increase year-on-year, driven by the launch of new CGM products [2]. - Sales expenses increased significantly by 32.99% to 812 million RMB, reflecting the company's investment in expanding its sales scale and market share [3]. - The company achieved external sales revenue of 607 million RMB, a 26.63% increase year-on-year, with a focus on expanding its overseas market [3]. Summary by Sections Performance Overview - In Q2 2025, the company achieved a revenue of 2.223 billion RMB, a 7% increase year-on-year, and a net profit of 578 million RMB, a 25% increase year-on-year [2]. - The adjusted net profit was 401 million RMB, down 3% year-on-year [2]. Business Analysis - The respiratory therapy solutions generated 1.674 billion RMB in revenue, a 1.93% increase year-on-year, indicating a recovery in this segment [2]. - The home health monitoring solutions generated 1.014 billion RMB, a 15.22% increase year-on-year, with electronic blood pressure monitors showing double-digit growth [2]. - The clinical instruments and rehabilitation business generated 1.134 billion RMB, a 3.32% increase year-on-year [2]. - The emergency solutions and other businesses achieved a revenue of 136 million RMB, a 30.54% increase year-on-year [2]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 1.989 billion RMB, 2.269 billion RMB, and 2.600 billion RMB, representing growth rates of 10%, 14%, and 15% respectively [3]. - The current price-to-earnings ratio (PE) is projected to be 18, 16, and 14 times for the years 2025, 2026, and 2027 respectively [3].

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 Viewpoint - The article discusses the strategic move of Kewei Medical to launch an H-share IPO on the Hong Kong Stock Exchange, aiming to enhance its international presence and capitalize on global market opportunities, particularly in the home medical device sector. Group 1: Motivations for the H-share Listing - The H-share issuance aims to build an international capital platform, accelerate global strategic layout, and enhance brand influence and cross-border merger efficiency [6][8][22]. - The company seeks to establish a global financing platform, leveraging the strong international financing capabilities of the Hong Kong market to support future overseas business and mergers [6][8]. - By enhancing international brand visibility, Kewei Medical intends to utilize the Hong Kong platform to promote its "home + community" medical devices, gradually building global brand recognition [7][22]. - The H-share issuance is also intended to reserve space for future mergers and acquisitions, as the company has already completed two acquisitions in 2025 to strengthen its overseas supply chain and retail presence [8][19]. Group 2: Company Background and Market Position - Kewei Medical is recognized as a leading domestic medical device company, specializing in home health monitoring and rehabilitation care, with a product matrix covering five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [9][17]. - The company has a strong sales presence in various categories, maintaining leading sales positions on platforms like Tmall and JD [11]. - As of 2024, Kewei Medical holds 252 medical device registration certificates and 161 product filings, indicating a broad product range across multiple usage scenarios [15]. Group 3: Internationalization Strategy - The company is currently in the "foundation building stage" of its internationalization efforts, with overseas revenue accounting for only 1.98% of total revenue as of 2024 [24]. - Kewei Medical has made significant investments in management, team configuration, and channel development to support its internationalization, but the challenge remains in converting these investments into revenue [24][29]. - The company has adopted a cautious approach to international expansion, focusing on resource-based acquisitions rather than entering high-tech, heavily regulated markets [20][22]. Group 4: Financial Performance and Challenges - Since its A-share listing, Kewei Medical has experienced significant fluctuations in performance, with net profit declining from 4.29 billion yuan in 2021 to 2.54 billion yuan in 2023, before a slight recovery to 3.12 billion yuan in 2024 [28]. - The company faces pressure on cash flow, with a reported decline in cash flow to 1.1 billion yuan in early 2025, alongside rising short-term borrowings [29]. - The high sales expenses, which reached 9.73 billion yuan in 2024, have impacted short-term profitability, primarily due to investments in brand promotion and expansion efforts [25][28]. Group 5: Future Outlook and Industry Context - The H-share listing is seen as a strategic move to address the dual pressures of internationalization and financial stability, with the company needing to enhance operational execution and localization capabilities to convert its existing layout into sustainable international revenue [31][32]. - The article emphasizes that the internationalization of medical device companies has evolved beyond mere sales, requiring comprehensive capabilities in product registration, channel management, supply chain coordination, and service systems [32].

Group 1 - The stock price of Yingke Medical is reported at 35.66 yuan, down by 0.97 yuan, a decrease of 2.65% from the previous trading day [1] - The stock reached a high of 37.00 yuan and a low of 35.64 yuan during the trading session, with a total transaction volume of 574 million yuan [1] - The main business of Yingke Medical includes medical protection, rehabilitation care, and health therapy, with key products such as disposable gloves, wheelchairs, and hot/cold packs widely used in medical, consumer, and industrial sectors [1] Group 2 - On August 14, the net outflow of main funds was 117 million yuan, accounting for 0.7% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 464 million yuan, representing 2.8% of the circulating market value [1]

Group 1 - The stock price of Yingke Medical closed at 37.58 yuan on August 8, down 0.84 yuan, a decrease of 2.19% from the previous trading day. The opening price was 38.12 yuan, with a high of 38.40 yuan and a low of 36.68 yuan. The trading volume was 232,400 hands, with a transaction amount of 871 million yuan [1] - Yingke Medical's main business includes the research, production, and sales of disposable gloves, wheelchairs, and other medical protective products, which are widely used in medical care, food processing, and electronics industries [1] - In the first quarter of 2025, the company achieved operating revenue of 2.494 billion yuan and a net profit of 353 million yuan [1] Group 2 - On August 8, the controlling shareholder Liu Fangyi pledged 16.3 million shares, accounting for 7.03% of his holdings. As of the announcement date, the total pledged shares reached 22.1 million, representing 9.54% of his holdings [1] - On August 8, the net outflow of main funds for Yingke Medical was 43.4 million yuan, accounting for 0.25% of the circulating market value. Over the past five trading days, the cumulative net outflow was 85.3 million yuan, representing 0.49% of the circulating market value [1]

Company Overview - Yingke Medical's main business includes medical protection, rehabilitation care, and health therapy, with key products such as disposable gloves, wheelchairs, and hot/cold packs [1] - The company's products are widely used in medical institutions, elderly care, and food processing industries [1] Stock Performance - On August 5, Yingke Medical's stock price showed a downward trend, closing at 37.70 yuan, down 1.10 yuan from the previous trading day [1] - The stock reached a high of 39.35 yuan and a low of 37.20 yuan during the day, with an overall fluctuation of 5.54% [1] - The trading volume was 313,184 hands, with a total transaction amount of 1.2 billion yuan, resulting in a turnover rate of 6.74% [1] Market Activity - On the morning of August 5, Yingke Medical experienced a rapid decline, with a drop of over 2% within five minutes [1] - By 9:44 AM, the stock price was reported at 38.26 yuan, with a transaction volume of 247 million yuan during that period [1] Capital Flow - On August 5, the net inflow of main funds into Yingke Medical was 9.4672 million yuan, with a cumulative net inflow of 25.6825 million yuan over the past five trading days [2]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to high base effects from 2023 and adjustments in the respiratory therapy business, while showing growth in certain segments in Q1 2025 [1][2]. Financial Performance - For 2024, the company achieved revenue of 7.566 billion yuan (-5.09%), net profit attributable to shareholders of 1.806 billion yuan (-24.63%), and operating cash flow of 1.816 billion yuan (-14.61%) [1]. - In Q1 2025, the company reported revenue of 2.436 billion yuan (+9.18%), net profit of 625 million yuan (-5.26%), and operating cash flow of 658 million yuan (+2.64%) [1][2]. Business Segment Analysis - The respiratory therapy segment generated revenue of 2.597 billion yuan, with certain products experiencing declines due to high base effects, while home respiratory devices and nebulizers showed growth [2]. - The blood glucose management and POCT business achieved revenue of 1.03 billion yuan (+40.21%), with significant growth in CGM products [2]. - The home health measurement segment reported revenue of 1.564 billion yuan (-0.41%), with some products declining due to high base effects, while others like electronic blood pressure monitors saw double-digit growth [2]. - The clinical and rehabilitation business generated revenue of 2.093 billion yuan (+0.24%), with good growth trends in acupuncture needles and wheelchairs, but a decline in infection control products due to demand fluctuations [2]. - The emergency business reported revenue of 239 million yuan (+34.05%), with self-developed AED products achieving certification and further technical upgrades [2]. Strategic Initiatives - The company made a strategic investment of $27.21 million in Inogen, acquiring a 9.9% stake, to expand its market presence in Europe and the US, leveraging Inogen's established production bases and market share [3]. - The partnership with Inogen will focus on distribution cooperation for various respiratory products and aims to enhance product exports and collaborative R&D efforts [3]. Dividend Policy - In 2024, the company distributed a total dividend of 802 million yuan, representing 44.40% of net profit attributable to shareholders, reflecting a strong commitment to investor returns and long-term confidence [3]. Investment Outlook - The company is positioned as a leader in home medical devices, focusing on respiratory and oxygen therapy, blood glucose management, and infection control, with an improving product structure and brand advantages [4]. - Forecasts for net profit from 2025 to 2027 are adjusted to 2.341 billion yuan, 2.699 billion yuan, and 3.104 billion yuan, reflecting year-on-year growth of 29.63%, 15.29%, and 15.03% respectively [4].