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].

Core Insights - BMC Ruimait has shared its strategic path and achievements in core technology breakthroughs, global market expansion, and the construction of a respiratory health ecosystem [1] Group 1: Product and Technology - The company has introduced an "Intelligent Mobile Oxygen Combination Solution," which includes smart oxygen bottles, smart lightweight respirators, smart oxygen backpacks, and smart oxygen boxes, creating a multi-device ecosystem [1] - This solution covers a full cycle and multiple scenarios, enhancing user experience in mobile oxygen therapy from "short-term emergency" to "long-term oxygen therapy" and from "urban commuting" to "outdoor exploration" [1] - As of June 30, the company holds 932 authorized patents domestically and internationally, with over 20 products certified by the FDA and included in healthcare systems in multiple countries [1] Group 2: Market Performance - BMC Ruimait's home ventilators have achieved cumulative sales of over 3 million units domestically and internationally, while the sales of ventilation masks have exceeded 10 million units [1] - The company aims to become the "preferred platform for global respiratory health management," transforming its accumulated technology, products, and service capabilities into solutions that better meet user needs [1] Group 3: Clinical Perspective - The importance of "integrated diagnosis, treatment, and management" is emphasized, highlighting the transition from "treating diseases" to "managing health" in modern medicine [2] - The integration of smart devices and data platforms into patients' daily lives enhances treatment adherence and quality of life, providing clinicians with continuous and reliable management tools [2]

Core Insights - The article highlights the strategic advancements and achievements of Beijing Ruimait Medical Technology Co., Ltd. in the respiratory health sector, showcasing its position as a leading domestic manufacturer of home ventilators in China and the second globally [1] Group 1: Technological Innovation and Market Expansion - Ruimait has established itself as the only Chinese company among the top five global home ventilator manufacturers, focusing on respiratory issues such as COPD and obstructive sleep apnea since its founding in 2001 [2] - The company has achieved significant technological milestones, including being the first Chinese brand to receive FDA certification for home ventilators in 2012, and has accumulated 932 domestic and international patents by June 30, 2025 [2][3] - Ruimait's home ventilators have sold over 3 million units globally, with more than 10 million masks sold, demonstrating its extensive market reach [2] Group 2: Commitment to R&D and Industry Standards - The company emphasizes its commitment to independent R&D, particularly in core technologies, which has led to the localization of key components and significant improvements in product performance [3] - Ruimait has contributed to the establishment of 38 industry standards, enhancing the quality and competitiveness of Chinese respiratory health products in the global market [4] Group 3: Ecosystem Development and Comprehensive Solutions - Ruimait is expanding its capabilities beyond single devices to comprehensive respiratory health management solutions, aiming to become a preferred platform for global respiratory health management [5] - The introduction of the "smart mobile oxygen supply combination scheme" reflects the company's understanding of user needs and its ability to integrate technology across various products [6] - The establishment of a respiratory health management cloud platform in 2015 has enabled remote monitoring and intervention, transforming traditional respiratory devices into integrated management solutions [6] Group 4: Clinical Integration and User-Centric Approach - The integration of medical and engineering expertise is crucial for developing products that meet local healthcare needs, as emphasized by clinical experts [7] - Ruimait's product evolution from single devices to comprehensive solutions across various settings demonstrates its commitment to enhancing patient quality of life and effective health management [8]

Core Insights - BMC Ruimait, a leading domestic enterprise in the respiratory health sector, shared its strategic path and achievements in core technology breakthroughs, global market expansion, and the construction of a respiratory health ecosystem during a media communication event [1] Group 1: Technological Development and Global Competitiveness - BMC Ruimait is the only Chinese company among the top five global home ventilator manufacturers, having been established in 2001 and listed on the Shenzhen Stock Exchange in 2022, focusing on providing products and services for respiratory issues like COPD and obstructive sleep apnea [4] - The company has achieved significant technological advancements, becoming the first Chinese home ventilator brand to receive FDA certification in 2012, with 932 domestic and international patents and over 20 products certified by the FDA as of June 30, 2025 [4][7] - BMC Ruimait has sold over 3 million home ventilators and more than 10 million ventilation masks globally, demonstrating its strong market presence [4] Group 2: Innovation and Industry Standards - The company has focused on independent research and development of core technologies, particularly in the manufacturing of key components like the fan, which has reached international standards in speed, stability, and noise control [7] - BMC Ruimait has contributed to the establishment of 38 international and domestic standards, enhancing the quality of Chinese respiratory health products and increasing their competitiveness in the global market [9] Group 3: Ecosystem Development and Health Management - BMC Ruimait is expanding its capabilities from single-device solutions to comprehensive health management systems, aiming to create a global platform for respiratory health management [10] - The company has introduced innovative technologies such as "smart on-demand oxygen supply," showcasing its ability to integrate hardware and software solutions across various respiratory health applications [11] - A new "smart mobile oxygen supply solution" has been developed, which includes a range of interconnected products designed to enhance user experience and meet diverse needs [13] Group 4: Clinical Integration and Future Vision - The integration of medical and engineering practices is emphasized as essential for addressing local healthcare needs, with BMC Ruimait's products evolving from single devices to comprehensive solutions that cover hospitals, homes, and outdoor environments [14] - The company's vision aligns with modern medical principles, focusing on transitioning from disease treatment to health management, thereby improving patient quality of life and treatment adherence [14]

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]