Core Viewpoint - The company reported a strong revenue growth in Q3 2025, but net profit declined significantly due to a one-time patent payment, indicating underlying business strength when excluding this impact [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.453 billion yuan, a year-on-year increase of 8.52%, while net profit attributable to shareholders was 211 million yuan, down 17.36% [4]. - In Q3 2025, the company recorded a revenue of 1.190 billion yuan, reflecting a year-on-year growth of 13.40%, but net profit dropped by 47.55% to 30 million yuan due to a one-time payment of 19 million USD (approximately 136 million yuan) related to a patent settlement [4][5]. Business Segments - The Continuous Glucose Monitoring (CGM) business has become a key driver of growth, with the company on track to meet its annual sales targets. A differentiated strategy is employed, focusing on cost-effective first-generation products and high-end second-generation products [6]. - The domestic BGM business continues to show steady growth, while the overseas market is seeing positive developments, particularly in Europe and the Middle East, where CGM products are gaining insurance coverage [6]. Market Challenges - The company faces short-term uncertainties due to a patent lawsuit initiated by Abbott in Europe, which affects the sales of the first-generation CGM products in certain countries. However, the second-generation products are not impacted, and the company is actively evaluating promotional strategies for these products in Europe [7]. - The overseas subsidiaries, particularly Trividia, are showing continuous revenue growth, and there is a noticeable improvement in the operations of PTS. The company has established a global sales network and brand resources, indicating potential for successful international expansion [8].

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 27 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 联系人 梁裕 liangyu@huayuanstock.com | 基本数据 | | 2025 | 年 | 月 | | | 10 | 日 | | 27 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | 19.15 | | | | | | | | | | | 一 年 内 最 高 / | | | | | 29.15/18.88 | 低 | | | 最 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 10,729.12 | | | | | | | 流通市值（百万元） | | | | | 8,642.41 | | | | | | | 总股本（百万股） | | | | | 560.27 | | | | | | | 资产负债率（ ...

点评： 要点 2025 年 10 月 27 日 事件：公司发布 2025 年三季度报告，25 年前三季度实现营业收入 34.53 亿元， 同比增 8.52%；归属于上市公司股东的净利润 2.11 亿元，同比降 17.36%。公 司 25Q3 实现营业收入 11.90 亿元，同比增 13.40%；归属于上市公司股东的净 利润 0.30 亿元，同比降 47.55%。单 Q3 归母净利润同比下滑，主要系支付罗氏 专利一次性费用影响，剔除该影响后内生利润实现高速增长。 公司研究 一次性费用支出拖累，归母净利润低于预期 ——三诺生物（300298.SZ）2025 年三季报点评 剔除一次性专利费用，内生利润快速增长。公司 25Q3 收入端表现强劲，同比增 长 13.40%，增速好于前两季度。公司 25Q3 归母净利润同比下降 47.55%，主 要系美国孙公司 Trividia Health Inc.与罗氏就 BGM 产品达成交叉专利许可和解 协议，一次性支付 1900 万美元（约 1.36 亿元人民币），剔除该一次性影响后， 公司 25Q3 归母净利润为 1.05 亿元，内生增长强劲。此次和解有助于公司把握 BGM 市场 ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [6] Core Views - The business has returned to a normalized trajectory, with steady growth in revenue for Q2 2025, while the non-recurring profit growth lagged behind due to government subsidies [2] - The blood glucose segment is experiencing rapid growth, with continuous iterations of CGM products and new products being launched [2] - The overseas sales revenue has shown remarkable growth, with a 26.63% year-on-year increase, driven by the success of oxygen concentrators and ventilators in international markets [3] - The company is expected to achieve revenues of 84.79 billion, 96.13 billion, and 108.84 billion from 2025 to 2027, with corresponding net profits of 21.22 billion, 25.17 billion, and 29.13 billion [3] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 46.59 billion, a year-on-year increase of 8.16%, and a net profit attributable to the parent company of 12.03 billion, up 7.37% [1] - The gross margin for Q2 2025 was 50.43%, with an increase in sales expense ratio to 20.22% due to expanded sales efforts [2] - The company’s operating income is projected to grow at rates of 12.1%, 13.4%, and 13.2% from 2025 to 2027 [3] Product Segment Performance - The blood glucose segment generated revenue of 6.74 billion in H1 2025, with a growth rate of 20.00% [10] - The respiratory treatment segment reported revenue of 16.74 billion, reflecting a growth of 1.93% [10] - The home health monitoring segment achieved revenue of 10.14 billion, with a year-on-year growth of 15.22% [10]

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]

Investment Rating - The report maintains a "Strong Buy" rating for Yuyue Medical (002223.SZ) [1][9][14] Core Views - Yuyue Medical's revenue for the first half of 2025 reached 4.659 billion yuan, a year-on-year increase of 8.16%, with a net profit attributable to shareholders of 1.203 billion yuan, up 7.37% year-on-year [3] - The company has shown strong performance in its blood glucose management and emergency solutions segments, with significant growth in various product lines [4][5] - The company is focusing on AI integration to enhance product capabilities and maintain its competitive edge in the market [6][8] Summary by Sections Financial Performance - In H1 2025, Yuyue Medical achieved a revenue of 4.659 billion yuan, with a net profit of 1.203 billion yuan, and a non-recurring net profit of 914 million yuan [3] - The second quarter alone saw revenues of 2.223 billion yuan, a year-on-year increase of 7.06%, and a net profit of 578 million yuan, up 25.43% year-on-year [3] Business Segments - The respiratory therapy solutions segment saw a revenue increase of 1.93% year-on-year, with home oxygen concentrators recovering and home ventilators growing over 40% [4] - The blood glucose management and POCT solutions segment reported a revenue increase of 20% year-on-year, driven by the successful launch of new CGM products [4] - The emergency solutions segment experienced a remarkable growth of 30.54% year-on-year, contributing significantly to the overall revenue [4][5] International Expansion - Yuyue Medical's overseas sales reached 607 million yuan in H1 2025, a year-on-year increase of 26.63%, accounting for 13.03% of total revenue [5] R&D and Innovation - The company is investing in AI-driven product development, focusing on continuous monitoring capabilities and creating an integrated health management ecosystem [6][8] - R&D expenses increased by 9.44% year-on-year, while sales expenses rose by 32.99%, indicating a commitment to enhancing market presence and global expansion [8] Future Projections - The report adjusts the EPS forecast for 2025-2027 to 2.06, 2.37, and 2.77 yuan respectively, reflecting confidence in the company's growth potential and product expansion [9]

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]