瑞迈特(301367) - 2025年12月26日投资者关系活动记录表

Group 1: Company Overview - The company was established in 2003 and launched its first multi-channel sleep monitor in the same year. The first CPAP sleep machine was introduced in 2007, and the company received CE certification in 2008 and FDA certification in 2012. It successfully listed on the Shenzhen Stock Exchange in 2016 [2]. - The company focuses on providing comprehensive treatment solutions for OSA and COPD patients, covering diagnosis, treatment, and chronic disease management, and is a leading domestic enterprise in home non-invasive ventilators and masks [2]. - As of June 30, 2025, the company holds 666 valid domestic patents, including 116 invention patents, 404 utility model patents, and 146 design patents. It also has 266 overseas patents, including 45 in the USA and 38 in Europe [3]. Group 2: Market Performance - In the US market, a new noise-free breathing machine began mass entry in July 2025, with significant sales growth observed in the third quarter. The acquisition of a new medical reimbursement code is expected to further boost sales [4]. - The European market has completed the construction of a cloud database platform, connecting over 1,000 primary and secondary agents, which is anticipated to drive growth by transitioning from non-mainstream to mainstream medical insurance markets [4]. Group 3: Sales Strategy and Product Development - The company initiated a shift from online distribution to direct sales at the end of September 2025, with expected gradual impacts on performance starting in the fourth quarter. The new model is projected to enhance gross margins and contribute to net profits [5]. - The portable oxygen concentrator (POC) has completed domestic registration, and a small non-invasive breathing machine has also been registered, which is expected to provide a continuous revenue increase domestically [5]. Group 4: Supply Chain and Cost Management - The company has largely achieved localization of core components, ensuring supply chain security and cost advantages. Future efforts will focus on optimizing domestic industrial chain collaboration to enhance business stability and risk resistance [6]. - The improvement in gross margins is attributed to effective cost control and an increase in the proportion of higher-margin consumables, with a stable upward trend expected in the future [7].