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]

公 司 报 告 医药 2025年08月25日 鱼跃医疗(002223.SZ) 业绩增长符合预期，血糖AED等业务表现亮眼 强烈推荐( 维持) 公 司 半 年 报 点 评 股价:36.6元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 367 | | 流通A股市值(亿元) | 344 | | 每股净资产(元) | 13.27 | | 资产负债率(%) | 18.8 | 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司25H1实现营业收入46.59亿元，yoy+8.16%，实现归母净利润12.03亿 元，yoy+7.37%，实现扣非归母净利润9.14亿元， ...

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]