全球产业分工重构之际，中国医疗器械正加速突破技术壁垒，向全球产业链中高端迈进。在这一浪潮 中，医疗健康领域龙头鱼跃医疗的深入布局，可称为产业链协同出海的典型样本。 近日，鱼跃医疗(002223.SZ)发布公告称，控股子公司江苏鱼跃凯立特生物科技有限公司（以下简称"鱼 跃凯立特"）收到了TüV SüD Product Service GmbH的通知，公司申请的持续葡萄糖监测系统获得符合欧 盟《医疗器械第2017/745号法规》（Medical Devices Regulation（EU）2017/745，简称"MDR"）要求的 IIb类医疗器械CE认证证书。 这意味着鱼跃医疗的持续葡萄糖监测系统（CGM）已经获得国际认可，不仅有望推动其持续血糖监测 技术和成果走向世界舞台，更标志着中国医疗器械的发展已经从创新叙事进入价值兑现。 血糖监测技术达到头部水平 资料显示，作为医疗健康产业的先行者和探索者，近年来鱼跃医疗重点聚焦呼吸治疗、血糖管理及 POCT、家用健康检测等业务板块，以强大的研发实力和创新能力为支撑，致力于为全球患者和医疗机 构提供高质量的医疗产品和服务。 其中，血糖管理及POCT板块自2022年以来，持 ...

Core Insights - Yuyue Medical has integrated several health devices, including blood glucose meters, blood pressure monitors, and ventilators, with Ant Group's health management system, allowing automatic synchronization of monitoring data to users' personal health records for better health management [1] - The company has launched AI smart assistants such as "Yuyue Anai Sugar," "Yuyue Breathing Steward," and "Yuyue Blood Pressure Steward," which provide personalized health management advice based on user health data through the Ant Group application [1] - For the period from January to September 2025, Yuyue Medical reported a revenue of 6.545 billion yuan, representing a year-on-year increase of 8.58% (adjusted), while the net profit attributable to shareholders decreased by 4.28% (adjusted) to 1.466 billion yuan [1]

Core Viewpoint - Yuyue Medical reported a revenue of 6.545 billion yuan for the first three quarters of 2023, marking an 8.58% year-on-year increase, with Q3 revenue reaching 1.886 billion yuan, up 9.63% year-on-year. The company highlighted that its diabetes care solutions have become an increasingly important growth driver through product innovation, expanded sales channels, and enhanced brand influence [1]. Financial Performance - In the first three quarters of 2023, Yuyue Medical achieved a revenue of 6.545 billion yuan, reflecting an 8.58% increase compared to the same period last year [1]. - The revenue for Q3 2023 was 1.886 billion yuan, which is a 9.63% year-on-year growth [1]. Product Development and Market Trends - The rapid increase in diabetes prevalence in China has led to a growing focus on blood sugar and weight management as essential measures for chronic disease prevention and improving quality of life. The National Health Commission's announcement of a three-year "Weight Management Year" initiative has sparked social interest and driven the health consumption market [2]. - Yuyue Medical's blood glucose management business has maintained double-digit growth over the past two years, with the Continuous Glucose Monitoring (CGM) series products being a key focus area. The CGM products offer 24-hour dynamic blood sugar monitoring and have advantages in comfort, convenience, safety, and intelligence [2]. R&D Investment - Yuyue Medical has invested significantly in CGM business development, with a cumulative R&D investment of 2.375 billion yuan from 2020 to 2024, achieving a compound annual growth rate of 18.39%. In the first three quarters of 2023, R&D investment reached 444.5 million yuan, up 9.76% year-on-year [3]. - The Anytime 5 series, a new generation of CGM products, has achieved a Mean Absolute Relative Difference (MARD) value of 8.58%, meeting both clinical and home use requirements [3]. Strategic Partnerships and Market Expansion - Yuyue Medical has formed strategic partnerships to enhance market penetration. The collaboration with JD Health for the launch of the Anytime 5 series resulted in a 165% sales increase during the 618 shopping festival, making it the fastest-growing brand in its category [4]. - The company has also signed a strategic cooperation agreement with Shanghai First Pharmaceutical Co., aiming to leverage its retail network and community health services to improve user experience [5]. AI and Health Management Ecosystem - Yuyue Medical is advancing its "AI + Healthcare" ecosystem by integrating AI algorithms with its product matrix for comprehensive health management. This includes data collection and analysis across various health metrics [6]. - The company is exploring innovative health service models through partnerships with internet platforms, enhancing its capabilities in health management solutions [6]. User-Centric Approach - Yuyue Medical is focusing on user needs by optimizing products and services for chronic disease management. Initiatives include inviting users to participate in product development and organizing diabetes camps and consultations with medical experts [7]. - The company is committed to a long-term strategy that emphasizes home healthcare and wearable technology, addressing the full lifecycle health needs of patients [7].

Core Viewpoint - Yuyue Medical, a leading home medical device company, reported a revenue of 6.545 billion yuan for the first three quarters of 2023, marking an 8.58% year-on-year increase, and announced its first-ever third-quarter dividend since listing, reflecting strong financial performance and commitment to shareholder returns [1] Financial Performance - For the first three quarters of 2023, Yuyue Medical achieved an operating income of 6.545 billion yuan, up 8.58% year-on-year, and a net operating cash flow of 1.504 billion yuan, increasing by 8.77% [1] - In Q3 2023, the company reported an operating income of 1.886 billion yuan, representing a 9.63% year-on-year growth [1] - The total dividend after this distribution will reach 4.959 billion yuan [1] R&D and Product Development - Yuyue Medical has significantly increased its R&D investment, reaching 444.5 million yuan in the first three quarters of 2023, a 9.76% increase year-on-year, positioning it among the top four listed medical device companies in China [2] - The company’s gross margin improved to 50.35%, driven by the introduction of high-end products and continuous innovation [2] - The blood glucose management and POCT solutions segment has maintained double-digit growth since 2022, showcasing the successful transformation of R&D efforts into marketable products [2] Product Launch and Market Performance - The new CGM products, Anytime 4 and Anytime 5 series, launched in 2025, have shown significant advancements in usability, battery life, and measurement accuracy, achieving an 8.58% MARD value [2] - The mobile app "Yuyue Anai Sugar" has seen a rapid increase in downloads, ranking first in the wearable device category on Apple's App Store since June [3] - During the 618 shopping festival, the new product series achieved a 165% sales growth on JD.com, contributing to the rapid popularization of CGM products in the domestic market [3] Strategic Initiatives - The company is focusing on enhancing R&D and brand building, particularly in digital and wearable products, to increase market share in CGM products [3] - Yuyue Medical has launched the AI Health Steward application, integrating data from various medical devices for health data management and analysis [3][4] - The company is actively pursuing an internationalization strategy, establishing subsidiaries in key markets like Germany, Thailand, and the USA, and recently launched a subsidiary in Indonesia to strengthen its presence in Southeast Asia [5][6] Market Trends and Future Outlook - The rise of AI technology is expected to inject new vitality into chronic disease management, with companies that integrate data, algorithms, and ecosystems likely to dominate the market [4] - Yuyue Medical aims to redefine blood glucose management through the deep integration of AI and CGM technologies, leveraging nearly 30 years of expertise in the medical device field [4] - The company is committed to a long-term strategy focused on AI technology and global expansion, as emphasized by its chairman [7]