证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 鱼跃医疗(002223) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "产品+营销"双轮驱动，塑造家用医疗 器械领先品牌 业务发展稳定势好，创新发展布局多 元领域 鱼跃医疗（002223）核心板块稳定增 长，电商渠道表现优异 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 血糖业务增长 40%，海外拓展成效凸显 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 umma ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 鱼跃医疗(002223) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "产品+营销"双轮驱动，塑造家用医疗 器械领先品牌 业务发展稳定势好，创新发展布局多 元领域 鱼跃医疗（002223）核心板块稳定增 长，电商渠道表现优异 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 血糖业务增长 40%，海外拓展成效凸显 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 血糖业务增长 40 ...

证券研究报告 鱼跃医疗 (002223 CH) 2024 年销售/管理/研发/财务费用率分别为 17.99%/5.66%/7.23%/-3.12%， 同比+4.22/+0.50/+0.90/-1.14pct；1Q25 销售/管理/研发/财务费用率分别为 14.90%/4.19%/6.42%/-1.58%，同比+2.64/-0.19/+0.84/+0.70pct。公司持续 拓展海外及国内市场布局，加强销售费用投入，销售费用率同比增长。2024 年/1Q25 毛利率为 50.14%/50.30%，同比-1.35/+0.36pct。 持续突破的家用医疗龙头，维持"买入"评级 1Q 收入稳定增长，费用率影响利润 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 医疗器械 | 公司 2024 年收入/归母净利润/扣非归母净利润 75.66/18.06/13.93 亿元，同 比 -5.1%/-24.6%/-24.1% ； 1Q25 收 入 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 24.36/6.25/5.1 ...

在数智化浪潮奔涌的新时代,鱼跃医疗展现出敏锐的行业洞察力,准确把握未来健康行业发展趋势。通过 技术+模式+生态的多重创新,全方位、多维度推动国产医疗器械加速转型升级,稳步迈向高端化。基于此, 鱼跃医疗不仅锚定高质量发展新航道,为医疗器械全产业链整合与重构提供新路径,更凭借其卓越的表现 赢得了社会各界的高度认可。 鱼跃医疗聚焦医疗装备与智慧医疗体系创新协同,入选国家级榜单 在数智科技与医疗健康产业加速融合的背景下,高端医疗设备、高效体外诊断、人工智能医疗器械等重 点领域,逐渐成为行业主攻方向。为此,鱼跃医疗聚焦高端医疗装备与智慧医疗体系创新协同发展,正积极 探索未来健康产业新业态、新模式。 在工信部近日公布的"2024年未来产业创新发展优秀典型案例",鱼跃医疗凭借其在创新与实践方面取得 的卓越成果,成功入选这一国家级榜单,跻身未来健康领域领军企业行列。 作为医疗器械领域的创新先锋,鱼跃医疗在强化自主研发能力的同时,积极联合上下游创新型企业、专业 医疗机构、高校与科研机构等生态伙伴,携手踏上高端医疗设备国产替代这条充满挑战但又意义重大的 道路。 具体来看,鱼跃医疗全面聚焦高端呼吸机传感器、自适应精准人工胰脏闭环系 ...

Summary of Yuyue Medical's Conference Call Company Overview - **Company**: Yuyue Medical - **Industry**: Medical Devices Key Financial Performance - **2024 Revenue**: 78.37 billion CNY, a decrease of 24.12% year-on-year [2] - **Q1 2025 Revenue**: 24.36 billion CNY, an increase of 9.17% year-on-year; net profit of 6.25 billion CNY, down 5.26% [2][3] - **Gross Margin**: Approximately 50% for 2024 [2][6] - **R&D Expenses**: 5.47 billion CNY in 2024, up 25% year-on-year [2][6] - **Cash Dividends**: 8.02 billion CNY in 2024, representing 44% of net profit [2][6] Business Segment Performance - **Blood Glucose Management and POCT Solutions**: Revenue of 10.30 billion CNY, up 40.20% year-on-year [5] - **Home Health Testing Solutions**: Revenue of 15.64 billion CNY, down 0.41% [5] - **Respiratory Treatment Solutions**: Revenue of 25.97 billion CNY, showing a decline but recovering post-pandemic [5] - **Emergency Solutions**: Revenue of 2.39 billion CNY, up 34% [5] Strategic Initiatives - **International Expansion**: - 2024 overseas sales revenue increased by 30%, accounting for 12% of total revenue [2][7] - Significant progress in Southeast Asia and Europe, with plans for further team development [2][15] - **R&D and Product Development**: - New products include CT4 and CT5 blood glucose monitoring systems and third-generation sleep apnea machines [4][8] - Plans to launch wearable devices focusing on medical-grade testing [10][13] - **AI Integration**: - Launched AI software for health-related queries and partnered with Deepseek and Tencent for AI model development [4][9][22] Market Trends and Challenges - **Domestic Market Recovery**: Gradual recovery in domestic consumption, with online sales showing significant growth [16][17] - **Impact of DRG Cost Control Policies**: Minimal impact on clinical instruments and rehabilitation segments due to established market positions [19] - **Competition**: Facing competition from both domestic and international players, with a focus on maintaining quality and brand value [31][35] Future Outlook - **Growth Projections**: Confidence in achieving double growth in the next four to five years, with potential for accelerated growth through strategic acquisitions [36][37] - **Product Pipeline**: Upcoming products include portable oxygen machines and advanced monitoring devices, aiming to enhance market competitiveness [10][24][27] Additional Insights - **ESG Commitment**: Released the first ESG report with an MSCI ESG rating of A, indicating strong governance practices [4][8] - **Wearable Device Strategy**: Focus on medical-grade wearable devices, differentiating from consumer electronics [27][28] This summary encapsulates the key points from Yuyue Medical's conference call, highlighting financial performance, strategic initiatives, market trends, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 7.566 billion RMB in 2024, a decrease of 5% year-on-year, and a net profit of 1.806 billion RMB, down 24% year-on-year [2]. - The company has shown strong performance in the blood glucose management and emergency response sectors, with a revenue increase of 40.2% in the blood glucose management and POCT solutions business [3]. - The company has entered a strategic partnership with Inogen to accelerate overseas market expansion, achieving a 30.42% increase in export revenue in 2024 [4]. Performance Summary - In Q4 2024, the company achieved a revenue of 1.538 billion RMB, an 18% increase year-on-year, and a net profit of 274 million RMB, a 34% increase year-on-year [2]. - For Q1 2025, the company reported a revenue of 2.436 billion RMB, a 9% increase year-on-year, but a slight decline in net profit by 5% [2]. Revenue Breakdown - The respiratory therapy solutions segment generated 2.597 billion RMB in 2024, down 22.42% year-on-year, while the blood glucose management and POCT solutions segment saw a revenue of 1.030 billion RMB, up 40.2% [3]. - The clinical instruments and rehabilitation business achieved a revenue of 2.093 billion RMB, a slight increase of 0.24% year-on-year [3]. Future Projections - The company is projected to achieve net profits of 2.025 billion RMB, 2.332 billion RMB, and 2.690 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 12%, 15%, and 15% [5][10].

Core Insights - Yuyue Medical reported a revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan for 2024, with a revenue of 2.436 billion yuan in Q1 2025, representing a year-on-year growth of 9.17% [1][4] - The company launched over 30 innovative products at its spring product launch event, focusing on the integration of AI and healthcare, marking a new era of "hardware + AI + ecosystem" in the medical industry [1][14] Financial Performance - In 2024, Yuyue Medical achieved a revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan, with a non-recurring net profit of 1.393 billion yuan [1] - For Q1 2025, the company reported a revenue of 2.436 billion yuan, showing a year-on-year increase of 9.17% and a net profit of 625 million yuan [1] Product Development and Innovation - The company introduced over 30 new products across key strategic areas such as respiratory therapy, blood glucose management, and home health monitoring solutions [8] - The Anytime5 continuous glucose monitoring system achieved a key technical breakthrough with a mean absolute relative difference (MARD) of 8.58% [8] - The HeartSave H7/H8 series AED features GPS and Beidou positioning, enhancing emergency response capabilities [10] Market Expansion and Strategy - Yuyue Medical's overseas revenue reached 949 million yuan in 2024, marking a year-on-year growth of 30.42%, with significant developments in Europe, South America, and Asia [4] - The company has established R&D centers in Germany, Shanghai, and Shenzhen, and has set up subsidiaries in Thailand and Germany to enhance localized operations [4] - The company is actively pursuing regulatory approvals in various regions, having registered 103 overseas certifications, including EU MDR certification for AED products [4] AI Integration and Future Plans - The launch of the Yuyue Medical AI model aims to enhance health management through data integration and collaboration with Tencent's health ecosystem [14] - The company plans to accelerate the rollout of AI-driven healthcare products and establish an open developer model for its AI health manager [14] - Yuyue Medical emphasizes a long-term vision, focusing on global expansion and continuous innovation in the healthcare sector [3][14]

江苏鱼跃医疗设备股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 3-4 | | 信念中和合分析 官 名 所 上 豆 可 东城 期 北 下 街 版 北 下 街 版 北 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hua Mansion, No.8, Chaoyangmen Beidajie, | | | +86 (010) 6554 7190 | Dongcheng District, Beijing, I | 传真: | | certified public accountants 100027, P.R.China | | facsimile: +86 (010) 6554 7190 | 关于江苏鱼跃医疗设备股份有限公司 2024 年度非经营性资金占用及其他关联资金往 ...

江苏鱼跃医疗设备股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-116 | 审计报告 XYZH/2025SHAA1B0134 江苏鱼跃医疗设备股份有限公司 江苏鱼跃医疗设备股份有限公司全体股东： 一、 审计意见 我们审计了江苏鱼跃医疗设备股份有限公司（以下简称鱼跃医疗公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计 ...

江苏鱼跃医疗设备股份有限公司 2024 年度 内部控制审计报告 索引 页码 审计报告 1-2 内部控制审计报告 XYZH/2025SHAA1B0133 江苏鱼跃医疗设备股份有限公司 江苏鱼跃医疗设备股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了江苏鱼跃医疗设备股份有限公司（以下简称鱼跃医疗公司）2024 年 12 月 31 日财务报 告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是鱼跃医疗公司董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 ...