（文章来源：证券日报） 证券日报网讯鱼跃医疗10月9日在互动平台回答投资者提问时表示，公司已将人工智能等前沿技术融入 CGM产品的开发中。目前公司积极开展AI智能穿戴医疗设备的研发工作，围绕健康关怀，公司更注重 可穿戴产品在健康领域的专业定位，致力于打造具有品牌特色和差异化竞争力的产品。同时，公司也正 在对鱼跃AIAgent应用程序与现有的"鱼跃健康管家"平台进行整合升级，以更好地连接用户与现有及后 续推出的产品，打造一体化的健康管理生态体系。 ...

证 券 研 究 报 告 三诺生物（300298）2025 年中报点评 推荐（维持） 血糖类监测产品稳健增长，积极推进 CGM 全球市场开拓 事项： 公司发布 25 年中报，25H1 营业收入 22.64 亿元（+6.12%），归母净利润 1.81 亿元（-8.52%），扣非净利润 1.58 亿元（-11.31%）。25Q2 营业收入 12.22 亿元 （+9.17%），归母净利润 1.09 亿元（-6.87%），扣非净利润 0.91 亿元（-9.36%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,443 | 4,901 | 5,474 | 6,250 | | 同比增速(%) | 9.5% | 10.3% | 11.7% | 14.2% | | 归母净利润(百万) | 326 | 434 | 522 | 627 | | 同比增速(%) | 14.7% | 33.0% | 20.2% | 20.2% | | 每股盈利(元 ...

Group 1: Company Valuation and Financial Performance - The company uses a valuation model based on PB (Price to Book) and PE (Price to Earnings) ratios, with a focus on net financial assets and segment profits [3] - As of mid-2025, the asset allocation includes 59.2% fixed income, 26.2% public equity, 12.6% private equity, and 2.0% hedge funds [3] - The company aims for a long-term return of 6%-10% per year from its diversified asset management strategy [3] Group 2: Business Growth and Market Opportunities - The iHealth product line's revenue in H1 2025 exceeded that of H1 2024, with improved gross margins following the launch of new products [4] - The CGM (Continuous Glucose Monitoring) market in China is projected to reach over 5 billion RMB by 2025, while in the U.S., it could exceed 6 billion USD [4] - The company is expanding its diabetes care model, currently serving approximately 366,000 patients across 424 hospitals in China [6] Group 3: Shareholder Returns and Market Management - The company has committed to a shareholder return plan, ensuring cash dividends (including share buybacks) will not be less than 30% of cumulative net profits from 2025 to 2027 [11] - Since 2021, the company has executed five share buyback programs, spending a total of approximately 2.88 billion RMB and repurchasing 94,921,428 shares [7] - Cumulative cash dividends since 2020 amount to approximately 1.74 billion RMB [7] Group 4: Talent Management and Incentives - The company employs a "cash + equity" compensation model to attract and retain talent, linking employee performance to company value [8] - The management emphasizes the importance of aligning employee interests with shareholder value through stock options and equity participation [8] Group 5: Investment and Strategic Focus - The company is focused on expanding its core business areas, particularly in IVD (In Vitro Diagnostics), home medical devices, and internet healthcare [10] - The company is cautious about pursuing acquisitions outside its main business areas due to the high risks and costs associated with entering unfamiliar markets [10] - The company has initiated investments in venture capital, with some projects entering the IPO preparation stage [9] Group 6: AI and Technological Advancements - The company is developing an "AIoT Diabetes Home Assistant" project to enhance chronic disease management through AI technology [13] - The project aims to improve care efficiency and patient experience by integrating AI with IoT devices [14]

格隆汇9月11日｜华安证券研报指出，三诺生物上半年实现归母净利润1.81亿元（yoy-8.52%），其中， 2025年第二季度实现归母净利润1.09亿元（yoy-6.87%）。公司血糖板块在国内市场份额占比较高的基 础上仍保持稳健增长，一方面可能与国内血糖监测慢病市场空间容量大且公司市场占有率持续提升有 关，另一方面公司的CGM产品也持续增加贡献。公司CGM产品注册范围进一步扩大，新增巴西、伊 朗、尼泊尔、白俄罗斯、乌拉圭、越南等多个国家获批注册证。另外，公司美国市场注册持续推进，一 代CGM产品目前FDA注册撤回，公司全力推进二代产品，目前预计二代CGM的主临床有望于2026年开 展。维持"买入"评级。 ...

Core Viewpoint - The company has demonstrated a strong commitment to maintaining its market value through multiple share buybacks, despite short-term stock price fluctuations influenced by market and other factors [1] Group 1: Company Performance - The company's Continuous Glucose Monitoring (CGM) products are being actively promoted, indicating a focus on innovation and product development [1] - The internet healthcare segment is expanding, contributing to increasing revenue [1] - The company benefits from stable and continuous profits and cash flow through annual asset allocation [1] Group 2: Management Perspective - The management believes that the stock price will reflect the company's fundamentals in the long term [1] - The company is committed to improving operational management to enhance overall company value [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The blood glucose segment shows steady growth, and the expansion into the European market is progressing smoothly [5][6] - In the first half of 2025, the company achieved revenue of 2.264 billion yuan, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year decrease of 8.52% [4][5] - The company’s continuous growth in the blood glucose monitoring market is attributed to its high market share and the increasing contribution from its Continuous Glucose Monitoring (CGM) products [5] Financial Performance - In H1 2025, the blood glucose monitoring system generated revenue of 1.659 billion yuan (+6.88%), while diabetes nutrition and care products generated 149 million yuan (+11.47%) [5] - The company’s domestic revenue was 1.266 billion yuan (+5.40%), and overseas revenue was 744 million yuan (+7.06%) in H1 2025 [6] - Revenue projections for 2025-2027 are 4.908 billion yuan, 5.530 billion yuan, and 6.130 billion yuan, with growth rates of 10.5%, 12.7%, and 10.9% respectively [7][10] - Net profit attributable to shareholders is expected to be 426 million yuan, 535 million yuan, and 666 million yuan for 2025-2027, with growth rates of 30.6%, 25.7%, and 24.4% respectively [8][10] Market Expansion - The company has expanded its CGM product registration to several countries, including Brazil, Iran, and Vietnam, and has received EU MDR certification for its second-generation glucose monitoring system [6] - The company is also progressing with its CGM product registration in the U.S., with plans for clinical trials for the second-generation product expected to start in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable growth with a revenue of 4.659 billion yuan in the first half of 2025, reflecting a year-on-year increase of 8.16%. The net profit attributable to the parent company reached 1.203 billion yuan, up 7.37% year-on-year [1][2] - The dual growth drivers of respiratory and blood glucose management businesses are highlighted, with the respiratory segment showing over 40% revenue growth due to the launch of advanced products and successful overseas market penetration [2] - The company is actively developing AI smart wearable medical devices, aiming to create an integrated health management ecosystem that combines hardware, software, and data [2] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 4.659 billion yuan, with a net profit of 1.203 billion yuan and an operating cash flow of 1.167 billion yuan, indicating a year-on-year increase of 15.13% [1][2] - The projected revenues for 2025-2027 are 8.639 billion, 9.909 billion, and 11.379 billion yuan, with corresponding year-on-year growth rates of 14.2%, 14.7%, and 14.8% respectively [2][4] - The expected net profit for the same period is forecasted to be 2.104 billion, 2.453 billion, and 2.882 billion yuan, with growth rates of 16.5%, 16.6%, and 17.5% respectively [2][4]

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]

Core Viewpoint - The company reported a revenue of 2.264 billion yuan for 1H25, representing a year-on-year increase of 6.12%, which aligns with expectations; however, the net profit attributable to shareholders was 181 million yuan, down 8.53% year-on-year, slightly below expectations due to fluctuations in gross margin and expense ratio [1] Financial Performance - In 1H25, the company's blood glucose monitoring segment generated revenue of 1.659 billion yuan, up 6.9% year-on-year, with the parent company's blood glucose segment revenue at 1.148 billion yuan, increasing by 5.9% year-on-year [2] - The gross margin for 1Q25 was 48.7%, which rebounded to 54.6% in 2Q25, a quarter-on-quarter increase of 5.9 percentage points; the sales expense ratio was 27.0%, up 0.9 percentage points year-on-year, while the management expense ratio remained stable at 9.6% [3] Growth Prospects - The company has expanded its blood glucose meter products to 3,800 hospitals, over 400,000 pharmacies, and more than 10,000 community and township hospitals, covering over 20 mainstream e-commerce platforms, with more than 25 million users globally across 187 countries and regions [2] - The second growth curve centered on Continuous Glucose Monitoring (CGM) has made progress, with the second-generation CGM product approved for market in China and registrations in Brazil, Iran, and Vietnam, along with MDR certification in Europe [2] Profit Forecast and Valuation - Due to the profit margin fluctuations in 1H25, the company has revised down its net profit forecasts for 2025 and 2026 by 5.5% and 3.6% to 402 million yuan and 501 million yuan, respectively; the current stock price corresponds to a P/E ratio of 29.2 times for 2025 and 23.4 times for 2026 [4] - The company maintains a leading position in the domestic blood glucose segment and is expected to continue its successful overseas expansion, with a target price of 28 yuan, indicating a potential upside of 33.7% from the current stock price [4]