经济观察网瑞思迈(RMD.N)在2026年2月11日股价下跌2.82%，收于256.11美元，当日美股医疗设备板块 整体下跌0.30%。尽管公司近期财报表现强劲，但股价下跌可能受以下因素影响： 机构观点 业绩经营情况 瑞思迈于2026年1月29日公布的2026财年第二季度业绩显示，营收同比增长11%至14.23亿美元，非 GAAP每股收益2.81美元，超出市场预期。毛利率提升至61.8%，反映出成本优化和运营效率改善。然 而，财报发布后股价未持续上涨，可能因市场对中长期竞争风险的担忧抵消了短期利好。 行业政策与环境 近期公司状况 近期市场关注点集中于新型疗法对瑞思迈传统设备的潜在冲击。例如，Apnimed公司研发的口服睡眠呼 吸暂停药物AD109已完成3期试验，显示47%的疗效，若获FDA批准并于2027年上市，可能颠覆瑞思迈 以设备为主的商业模式。尽管公司管理层在财报电话会中未直接回应此威胁，但部分投资者担忧药物替 代趋势可能影响长期增长预期。 飞利浦等竞争对手逐步回归美国市场，可能加剧行业竞争。此外，尽管GLP-1药物普及被部分机构(如 瑞银)视为可能提升睡眠呼吸暂停诊断率，但市场仍关注其是否会导致部分患 ...

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]