Company Overview - Beijing Yihe Jiaye Medical Technology Co., Ltd. was established in 2001 and launched its first multi-channel sleep monitor in 2003. The first CPAP sleep machine was introduced in 2007, followed by CE certification in 2008 and FDA certification in 2012. The company successfully listed on the Shenzhen Stock Exchange's ChiNext on November 1, 2022 [1]. - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering the entire cycle from diagnosis to treatment and chronic disease management. It is a leading domestic manufacturer of non-invasive ventilators and masks, with products sold in over 100 countries and regions, holding multiple NMPA, FDA, and CE certifications [1]. Financial Performance - In the first half of 2024, the revenue from home ventilator therapy was CNY 230 million, accounting for 60.30% of total revenue. Revenue from consumables was CNY 136 million, representing 35.69% of total revenue, with a steady increase in the share of consumables [2]. - The gross margin for home ventilator therapy was 42.77%, an increase of 3.00% compared to the same period last year. The gross margin for consumables was 65.97%, a decrease of 0.44% year-on-year, indicating stable gross margins across product categories [2]. Market Insights - The decline in revenue in the second quarter of 2024 was primarily due to decreased overseas sales, particularly in the U.S. market, where inventory pressures for ventilators persist. However, inventory pressure is gradually easing, and the market is expected to stabilize [2]. - The significant growth in consumables revenue is attributed to high usage frequency and high gross margins. Strategies include forming a consumables team in the U.S. and launching promotional activities to enhance brand awareness [2]. - The domestic market is expected to grow significantly due to an aging population and increased awareness of chronic disease management. The current penetration rate for home ventilators is low, but future growth potential is substantial as health management awareness improves [3]. Strategic Investments - The company has invested in Shenzhen Deda Xing Drive Technology Co., Ltd. to ensure a stable supply of core components for its main products. This investment aligns with the company's long-term strategic direction and enhances its core competitiveness [3]. Investor Relations Activity - The investor relations activity took place from September 5 to September 6, 2024, in Shenzhen, Shanghai, and Suzhou, with participation from various investment institutions [4][5].
怡和嘉业(301367) - 2024年9月6日投资者关系活动记录表