Core Viewpoint - The company reported a solid performance in the first half of 2025, with revenue and net profit growth, driven by new product launches and expansion in overseas markets [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.659 billion yuan, representing a year-on-year increase of 8.2% [1] - The net profit attributable to shareholders was 1.203 billion yuan, up 7.4% year-on-year, while the non-recurring net profit decreased by 5.2% to 914 million yuan [1] - In Q2 2025, revenue reached 2.223 billion yuan, a growth of 7.1%, and net profit attributable to shareholders increased by 25.4% to 578 million yuan [1] Group 2: Product Line Performance - Revenue from respiratory therapy solutions was 1.674 billion yuan, growing by 1.93%, with home respiratory machine products seeing over 40% growth [1] - Blood glucose management and POCT solutions generated 674 million yuan, a 20% increase, with new products enhancing market position [1] - The home health testing solutions revenue was 1.014 billion yuan, up 15.22%, while clinical instruments and rehabilitation solutions revenue reached 1.134 billion yuan, growing by 3.32% [1] Group 3: International Market Growth - The company's overseas revenue was 607 million yuan, reflecting a significant year-on-year growth of 26.63%, with overseas sales accounting for 13.03% of total revenue [2] - Future plans include enhancing regional sales networks and developing products tailored to local market needs to build a strong international brand [2] Group 4: Technological Advancements - The company is integrating AI, big data, and IoT into its operations and product development, launching the Yuyue AIAgent app for health data management [2] - Continuous monitoring products are a focus, with ongoing R&D in AI wearable medical devices for blood glucose, blood pressure, and blood oxygen metrics [2] Group 5: Future Outlook - The company is expected to achieve net profits of 2.04 billion yuan, 2.36 billion yuan, and 2.73 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 16, and 14 times [3]

格隆汇8月25日｜平安证券研报指出，鱼跃医疗25H1实现归母净利润12.03亿元，yoy+7.37%，单Q2来看 公司实现归母净利润5.78亿元，yoy+25.43%。业绩增长符合预期，血糖AED等业务表现亮眼；海外业务 稳步推进，成为业绩增长重要动力。公司正逐步打造"硬件+软件+数据"的一体化健康管理生态体系， 25H1推出鱼跃AIAgent应用程序，为提高用户黏性提供重要接口。公司是国内医疗器械行业的领先企 业，产品和质量优势显著，"鱼跃"品牌深入人心，各产品业务规模不断扩大、产品品类不断拓展、公司 综合竞争能力和整体抗风险能力显著提高。考虑到公司综合实力不断增长，新产品不断放量，加上海外 业务处于快速发展期，看好公司持续增长能力，维持"强烈推荐"评级。 ...

平安证券研报指出，鱼跃医疗25H1实现归母净利润12.03亿元，yoy+7.37%，单Q2来看公司实现归母净 利润5.78亿元，yoy+25.43%。业绩增长符合预期，血糖AED等业务表现亮眼；海外业务稳步推进，成为 业绩增长重要动力。公司正逐步打造"硬件+软件+数据"的一体化健康管理生态体系，25H1推出鱼跃 AIAgent应用程序，为提高用户黏性提供重要接口。公司是国内医疗器械行业的领先企业，产品和质量 优势显著，"鱼跃"品牌深入人心，各产品业务规模不断扩大、产品品类不断拓展、公司综合竞争能力和 整体抗风险能力显著提高。考虑到公司综合实力不断增长，新产品不断放量，加上海外业务处于快速发 展期，看好公司持续增长能力，维持"强烈推荐"评级。 ...