Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Insights - Yuyue Medical, as a leading domestic home medical device platform company, has shown steady growth in performance due to its focus on respiratory oxygen, blood glucose, disinfection control, and home electronic testing. The aging population in China presents a significant market opportunity for home medical devices, and the company is expected to leverage its brand and channel advantages to increase market share domestically and expand its overseas business [4][13][20]. Summary by Sections 1. Company Overview - Yuyue Medical was established in 1998 and has developed a strong brand in home medical devices, including wheelchairs, oxygen machines, and blood pressure monitors. The company has expanded its business through acquisitions and has focused on three core growth areas: respiratory, blood glucose, and home POCT [26][27]. - The management team has extensive experience in the home medical device industry, with a stable shareholding structure [27][30]. 2. Market Growth Drivers - The aging population in China is increasing, with projections indicating that by around 2032, the elderly population will exceed 20% of the total population. This demographic shift is expected to drive demand for home medical devices [14][40]. - The domestic market for home medical devices is projected to reach approximately 2,343 billion yuan in 2023, maintaining a double-digit growth rate [14][42]. 3. Business Segments - The respiratory oxygen segment is expected to see continued growth, with the global home respiratory device market projected to reach $5.58 billion by 2025, driven by an increasing prevalence of chronic respiratory diseases [15][46]. - The blood glucose management segment is also growing rapidly, with the number of diabetes patients in China expected to rise, creating a significant market for related medical devices [62]. 4. Financial Projections - Revenue projections for Yuyue Medical from 2024 to 2026 are estimated at 81.59 billion yuan, 93.69 billion yuan, and 106.83 billion yuan, with year-on-year growth rates of 2.36%, 14.82%, and 14.03% respectively. Net profit is projected to be 20.20 billion yuan, 23.09 billion yuan, and 26.54 billion yuan for the same period [16][19]. - The estimated reasonable stock price based on absolute valuation methods is 46.99 yuan, and the target price is set at 46.07 yuan based on a 20x PE ratio for 2025 [16][19].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for the stock to outperform the benchmark index by more than 20% [11]. Core Insights - The company plans to invest approximately $27.21 million in Inogen, acquiring 2,626,425 shares at a price of $10.36 per share, which will represent about 9.9% of Inogen's total shares post-investment [1]. - A strategic cooperation agreement has been signed between the company and Inogen, focusing on international distribution, trademark licensing, joint research and development, and supply chain optimization [2][3]. - The company has received regulatory approval for a new Continuous Glucose Monitoring (CGM) system, enhancing its product offerings in diabetes care [4]. Summary by Sections Investment and Strategic Cooperation - The investment in Inogen is aimed at expanding the company's international business and leveraging Inogen's established market presence in Europe and the US [2]. - The strategic partnership will involve collaboration in various areas, including international distribution of oxygen machines and non-invasive respiratory devices [3]. Product Development - The newly approved CGM product will cater to both medical institutions and home use, reflecting the company's commitment to enhancing its diabetes care solutions [4]. Financial Projections - The company forecasts total revenues of 79.10 billion, 89.47 billion, and 101.65 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of -0.8%, +13.1%, and +13.6% [5]. - The projected net profits for the same years are 19.41 billion, 22.07 billion, and 25.37 billion yuan, with corresponding price-to-earnings ratios of 16.27 and 14.16 for 2025 and 2026 [5].

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-005 江苏鱼跃医疗设备股份有限公司 关于聘任高级管理人员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 江苏鱼跃医疗设备股份有限公司（以下简称"鱼跃医疗"或"公司"）于 2025 年 2 月 14 日召开第六届董事会第十次临时会议，审议通过了《关于聘任公司高级管理人员 的议案》，现将相关情况公告如下： 根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》和《公司章程》等相关规定，经公司董事长、总经理吴群先生提名，董事会提名委 员会审核，并经董事会审议通过，同意聘任于才皓先生（简历附后）为公司副总经理， 负责公司电商业务管理工作。任期自第六届董事会第十次临时会议审议通过之日起至第 六届董事会届满之日止。 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 二〇二五年二月十五日 附件：拟聘任公司高级管理人员简历 于才皓先生：1995 年出生，2018 年毕业于南京大学，毕业后加入鱼跃医疗， ...

江苏鱼跃医疗设备股份有限公司 第六届董事会第十次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-004 一、董事会会议召开情况 本议案已经公司董事会提名委员会审议通过。 详细内容请见 2025 年 2 月 15 日刊登于巨潮资讯网（www.cninfo.com.cn）及《证券 时报》《上海证券报》的《江苏鱼跃医疗设备股份有限公司关于聘任高级管理人员的公 告》（公告编号：2025-005）。 三、备查文件 1、第六届董事会第十次临时会议决议； 2、第六届董事会提名委员会 2025 年第一次会议决议。 2025 年 2 月 14 日，江苏鱼跃医疗设备股份有限公司（以下简称"公司"）以通讯表 决的方式召开了第六届董事会第十次临时会议。公司于 2025 年 2 月 9 日以书面送达及 电子邮件方式向全体董事发出了召开公司第六届董事会第十次临时会议的通知以及提 交审议的议案。会议应出席董事 9 名，实际出席会议董事 9 名。本次会议的召集、召开 及表决等程序符合《中华人民共和国公司法》和《 ...

Investment Rating - The investment rating for Yuyue Medical is "Buy" (maintained) [2][6][17] Core Views - The launch of new CGM products and the strategic partnership with Inogen are expected to accelerate the company's international expansion [3][4] - The new generation Anytime4 series CGM product has received approval from the National Medical Products Administration (NMPA) and is anticipated to enhance competitiveness [5][6] - The partnership with Inogen, a leading portable oxygen machine manufacturer, is expected to provide strategic resources for Yuyue's expansion in Asia and improve supply chain efficiency [5][6] Financial Forecasts - Revenue projections for Yuyue Medical are estimated at 8 billion, 9.2 billion, and 10.7 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 0%, 15%, and 16% [6][10] - Net profit forecasts are 2 billion, 2.3 billion, and 2.7 billion yuan for the same years, with a decline of 16% in 2024 followed by growth of 15% and 16% in 2025 and 2026 [6][10] - The earnings per share (EPS) are projected to be 2.02, 2.32, and 2.69 yuan for 2024, 2025, and 2026 respectively [6][10] Company Dynamics - Yuyue Medical has signed a strategic cooperation agreement with Inogen to collaborate in international distribution, trademark licensing, joint research and development, and supply chain optimization [4][5] - The company has appointed experienced local management for its European operations and plans to enhance logistics for better market penetration [5][6]

Group 1: Company Overview and Strategic Partnerships - Yuyue Medical is a leading Chinese home medical device company with a strong product matrix and scalable production capabilities [4] - The company has established a strategic partnership with Inogen, a global leader in portable oxygen concentrators, to enhance resource sharing in technology development and distribution networks [3][4] - Yuyue Medical aims to leverage its extensive marketing network to expand Inogen's presence in the Asian market, particularly in Southeast Asia [4][6] Group 2: Product Development and Market Expansion - The collaboration with Inogen will focus on joint research and development of respiratory products, including both stationary and portable oxygen concentrators [6][8] - Yuyue Medical plans to introduce a diverse range of products under the Inogen brand in China and select Southeast Asian countries, with potential expansion to additional products and regions [4][8] - The company is committed to exploring new market opportunities and operational models in Europe and North America for its respiratory product line [8][10] Group 3: Financial Projections and Performance Outlook - Inogen anticipates a 6% year-over-year increase in revenue for 2024, indicating a recovery phase in its business operations [7] - The new management team at Inogen is expected to positively influence the company's performance through strategic planning and operational improvements [7] - Yuyue Medical's established market presence and brand recognition in China are expected to support Inogen's growth in the Asian market [4][6]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-003 江苏鱼跃医疗设备股份有限公司 关于持续葡萄糖监测系统取得医疗器械注册证的公告 特此公告。 江苏鱼跃医疗设备股份有限公司董事会 一、获证产品具体信息 平的连续或定期监测，可提供并存储实时葡萄糖值，供用户跟踪 葡萄糖浓度变化的趋势。如果葡萄糖水平低于或高于预设值，该 产品可发出提示。Anytime 4H、Anytime 4H Plus、Anytime 4h、 Anytime 4h Plus 型号产品在医疗机构中使用，Anytime 4SE、 Anytime 4Pro、Anytime 4 型号产品在家庭中使用，一次性葡萄 糖传感器仅供单个用户使用，不需要用户进行校准，使用时间最 长 15 天。该产品测量结果不作为决定和调整糖尿病患者治疗方 案的依据。 二、对公司的影响 本次获证的 15 天免校准/可校准双模式 CGM 产品，将可满足用户在医疗机 构和家庭等多场景的使用需求，是公司在糖尿病护理解决方案领域不断推动产品 迭代升级的成果体现，进一步丰富了公司相应板块的产品品类。公司将充分发挥 相关产品在准确度、舒适性、便捷性以及数字化管理方面的优势， ...

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [1] Core Views - Yuyue Medical plans to acquire 9.9% of Inogen's common stock, enhancing its international expansion strategy [8] - The strategic partnership with Inogen focuses on international distribution, trademark licensing, joint research and development, and supply chain optimization [8] - The financial forecast for Yuyue Medical estimates net profits of 20.13 billion, 23.05 billion, and 26.09 billion RMB for 2024, 2025, and 2026 respectively, with a current market valuation corresponding to P/E ratios of 17, 15, and 13 times [8] Financial Summary - Total revenue projections for Yuyue Medical are 7,972 million RMB for 2023, 7,974 million RMB for 2024, 9,228 million RMB for 2025, and 10,507 million RMB for 2026, reflecting growth rates of 12.25%, 0.03%, 15.72%, and 13.86% respectively [1] - The net profit for 2023 is projected at 2,396 million RMB, with expected declines and recoveries in subsequent years, showing a growth of 50.21% in 2023, a decline of 15.97% in 2024, and recoveries of 14.50% and 13.18% in 2025 and 2026 respectively [1] - The report indicates a diluted EPS of 2.39 RMB for 2023, decreasing to 2.01 RMB in 2024, and then increasing to 2.30 RMB and 2.60 RMB in 2025 and 2026 respectively [1]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2025-002 江苏鱼跃医疗设备股份有限公司 关于认购 Inogen 发行的股票并签署战略合作协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、江苏鱼跃医疗设备股份有限公司（以下简称"鱼跃医疗"、"本公司"或"公 司"）本次拟通过全资子公司认购 Inogen, Inc.（以下简称"Inogen"、"标的公司"、 "合作方"）发行的股票（以下简称"本次投资"），同时公司与 Inogen 签署战略 合作协议（以下简称"本次战略合作"），上述投资及战略合作的顺利开展预计将 对公司推进国际化战略布局和海外业务的经营业绩产生积极影响，具体影响金额及 影响的报告期将视合同履行情况而定，存在不确定性，最终以经会计师事务所审计 的数据为准。 2、投资种类：证券投资（认购 Inogen 发行的股票）。 3、投资金额：2,720.98 万美元。 4、风险提示：本次投资支付投资款前，尚需经过相关主管部门对于境内企业境 外投资的审批、备案或登记，审批结果及最终完成时间存在不确定性。因战略合作 协议履行期 ...

Group 1 - The core point of the article is that Yuyue Medical (002223) plans to invest in Inogen, Inc. by subscribing to its stock through its wholly-owned subsidiary [1] - Yuyue Hong Kong will purchase 2,626,400 shares of Inogen at a price of $10.36 per share, totaling approximately $27.2098 million, which will represent about 9.9% of Inogen's total issued common stock after the investment [1] - A strategic cooperation agreement has been signed between Yuyue Medical and Inogen, focusing on international distribution, trademark licensing, joint research and development, and supply chain optimization [1]