Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is transitioning from a "diversified" to a "focused" strategy, concentrating on three core business areas: respiratory and oxygen therapy, diabetes and POCT, and infection control [2][3][15]. - The company's revenue has grown from 3.54 billion to 7.97 billion yuan from 2017 to 2023, with a CAGR of 14.5%, while net profit increased from 590 million to 2.4 billion yuan, with a CAGR of 26.2% [2][15]. - The strategic focus on high-growth sectors is expected to drive future growth, with significant market potential in respiratory therapy, diabetes care, and infection control [3][20]. Summary by Sections Company Overview - The company has over 20 years of experience in the medical device sector and has undergone leadership changes in 2020, leading to a strategic shift in 2021 towards core business areas [2][15][20]. - The company has a stable shareholding structure, with major shareholders holding over 40% of the shares, ensuring stability and continuity in management [28][29]. Core Business Areas - **Respiratory Therapy**: The respiratory segment has a market size in the hundreds of billions, with the company being a leading domestic player in oxygen concentrators and respiratory devices. The segment saw a revenue increase of 50.55% in 2023 [3][51]. - **Diabetes and POCT**: The global blood glucose monitoring market is valued at over 10 billion USD, with the company rapidly increasing its market share. The new CGM products are expected to drive significant revenue growth [3][20]. - **Infection Control**: The company has established itself as a leading brand in hospital infection control, with its products recognized during the pandemic, enhancing brand strength [3][20]. Growth Potential - The company is actively incubating high-potential businesses in ophthalmology and emergency care, with significant market share in the domestic ophthalmology market and established products in emergency medical devices [4][20]. - The company is expanding its international presence, achieving overseas revenue of 479 million yuan in the first half of 2024, a 30.2% increase year-on-year [4][39]. Financial Projections - Revenue growth is projected at 0%, 15%, and 16% for 2024-2026, with net profit growth expected at -16%, 15%, and 16% for the same period. The average PE ratio for comparable companies is estimated at 17 times [4][6].

Investment Rating - The report assigns an "Accumulate" rating to the company [1][15]. Core Insights - The company is positioned as a leader in the home medical device sector, focusing on three core business areas: respiratory and oxygen therapy, diabetes care, and infection control solutions. The company has effectively integrated its business strategy with industry trends such as online sales, product miniaturization, and smart technology [14][39]. - The domestic home medical device market is projected to reach CNY 234.3 billion in 2023, with a year-on-year growth of 12.32%. This growth is driven by increasing health management awareness among consumers and the rising demand for home medical devices [36][38]. - The company has experienced significant revenue growth during the pandemic, with a 45.08% increase in revenue in 2020, reaching CNY 67.26 billion, and a net profit increase of 133.74% to CNY 17.59 billion. In 2023, revenue further increased to CNY 79.72 billion, with net profit rising to CNY 23.96 billion [29][30]. Summary by Sections Company Overview - The company, established in 1998, has evolved from a manufacturer of rehabilitation and medical oxygen devices to a comprehensive medical equipment manufacturer with a diverse product line across multiple medical fields [19]. Business Development - The company has strategically acquired several brands and businesses to enhance its market presence, including the acquisition of Shanghai Zhongyou in 2016, which strengthened its position in the infection control sector [10][20]. Financial Forecast - The forecasted revenue for 2024 is CNY 81.70 billion, with a projected net profit of CNY 20.03 billion. The earnings per share (EPS) is expected to be CNY 2.00, with a price-to-earnings (P/E) ratio of 18.24 [4][15]. Market Trends - The home medical device industry is undergoing significant transformation, with key trends including the shift to online sales, product miniaturization, and the integration of smart technologies. The company has adeptly aligned its business strategies with these trends [38][39]. Product Performance - The company has a well-balanced product structure, with traditional strong businesses such as respiratory therapy and diabetes care contributing significantly to revenue. In the first half of 2024, these segments generated revenues of CNY 16.42 billion and CNY 5.62 billion, respectively [30][68]. Online Sales Strategy - The company has established a robust online sales strategy, achieving significant growth in online revenue, which reached CNY 27.83 billion in the first ten months of 2024. The company has been a leader in online sales for home medical devices during major shopping events [56][68].

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-038 江苏鱼跃医疗设备股份有限公司 第六届董事会第九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。 一、董事会会议召开情况 2024 年 12 月 25 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九次临时会议。公司于 2024 年 12 月 20 日以书面送 达及电子邮件方式向公司全体董事发出了召开公司第六届董事会第九次临时会议的通 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《公司章程》的有关规定，会 议决议合法、有效。会议由董事长吴群先生主持，经与会董事充分讨论，审议通过了如 下议案： 二、董事会会议审议情况 1、关于《公司开展外汇套期保值业务》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 董事会同意授权公司管理层行使该项业务决策权并由财务部门负责具体事宜，授权 期限自第六届董事会第九次临时会议审议通过之日起 12 个月 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-039 江苏鱼跃医疗设备股份有限公司 关于开展外汇套期保值业务的公告 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。 重要内容提示： 1、公司及控股子公司拟开展的产品主要为外汇套期保值产品，自公司第六届董事 会第九次临时会议审议通过之日起12个月内任一时点的交易金额（含前述投资的收益 进行再投资的相关金额）不超过美元2亿元或等值人民币，相关业务保证金上限为美元 1500万元或等值人民币。本次投资以规避和防范汇率风险为目的，资金使用安排合 理，不会影响公司主营业务的发展。交易场所为经有关政府部门批准、具有外汇套期 保值业务经营资质的金融机构。 2、审议程序：本次《关于公司开展外汇套期保值业务的议案》已经公司董事会审 计委员会、第六届董事会第九次临时会议审议通过。本事项在董事会审批权限内，无 需提交股东大会审议。 3、风险提示：公司及控股子公司拟开展与日常经营相关的外汇套期保值业务主要 是为了降低市场波动对公司经营及损益带来的影响，但也可能存在市场风险、流动性 风险、信用风险、履约风险等，公司将积极落 ...

江苏鱼跃医疗设备股份有限公司 关于开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务概述 （一）开展外汇套期保值业务的目的 为防范汇率及利率波动风险，降低市场波动对江苏鱼跃医疗设备股份有限公司（以 下简称"公司"）经营及损益带来的影响，公司拟开展与日常经营相关的外汇套期保值 业务。 本次投资不会影响公司主营业务的发展，公司资金使用安排合理。根据相关会计准 则，本次投资符合套期保值相关规定。 （二）开展外汇套期保值业务的情况 1、外汇套期保值涉及币种及业务品种 公司及控股子公司拟开展的外汇套期保值业务只限于从事与公司生产经营所使用 的主要结算货币相同的币种（主要外币币种有美元、欧元等），在境内外商业银行办理 的以规避和锁定汇率及利率风险和成本为目的的交易，包括远期结售汇、外汇掉期、外 汇期权等外汇衍生产品业务。结合日常业务需要，公司及控股子公司拟开展的产品主要 为外汇套期保值产品，该类产品风险等级较低。 2、外汇套期保值业务交易额度 根据公司资产规模及日常经营业务需求，公司及控股子公司拟开展外汇套期保值业 务，额度使用期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额） 不超过美元2亿元 ...

江苏鱼跃医疗设备股份有限公司 市值管理制度 第一章 总则 第一条 为加强江苏鱼跃医疗设备股份有限公司(以下简称"公司")的市值管理 工作，进一步规范公司的市值管理行为，切实保护公司、投资者的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《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》《上市公司监管指引第 10 号—— 市值管理》等法律、法规、规范性文件和《公司章程》的相关规定，制 定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小投资 者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的 培育和运用，推动经营水平和发展质量提升，并在此基础上做好投资者 关系管理，增强信息披露质量和透明度，必要时积极采取措施提振投资 者信心，推动公司投资价值合理反映公司质量。 第四条 公司开展市值管理的基本原则： (一) 系统性原则。公司应当按照系统思维、整体推进的原则，协同公 司各业务体系以系统化方式 ...

Company and Industry Summary Company Overview - The company has shown a recovery in revenue growth, achieving positive year-on-year growth in Q1 after a challenging previous year due to the pandemic [1] - The company maintained a stable average selling price and increased market share despite overall consumer pressure [1] - A significant decline in scale was noted in the first three quarters, primarily due to a one-time asset disposal gain from the previous year, estimated at around 500 to 600 million [1] E-commerce and Market Position - The company maintained its market position during the Double Eleven shopping festival, with an increase in market share in key categories [2][4] - Sales volume during Double Eleven was not directly comparable to the previous year due to a longer sales period this year [3] - Consumer sentiment indicated that discounts during Double Eleven were perceived as insufficient, impacting overall sales performance [3] Product Performance - Major product categories such as oxygen machines and blood pressure monitors showed stable growth, while other categories like electronic blood pressure monitors and sleep apnea machines are experiencing rapid market share growth [5] - The company is included in a government subsidy program for aging products, which could enhance sales, although the impact has been limited so far [6][7] - The subsidy program has a maximum support rate of 70% to 80% for eligible products, but its effectiveness varies by region [6] Capital Expenditure and Financial Strategy - The company has completed significant capital expenditures, including 3.5 billion for land and factory investments, with no major new expenditures planned in the short term [11][12] - The company maintains a dividend payout ratio of over 30% and has consistently paid dividends since its IPO in 2008, but plans to focus on expanding overseas markets instead of increasing dividends [13] International Expansion - The company is focusing on expanding its presence in developing countries, particularly in Southeast Asia and South America, where it sees significant growth potential [14][15] - In developed markets, the company faces challenges due to established brands and a more closed market structure, but it is working on product entry and brand recognition [16][18] - The company aims to leverage its competitive pricing and product differentiation to penetrate these markets [19] Future Outlook - The company anticipates stable growth in domestic sales, particularly in established product categories, while expecting higher growth rates in overseas markets [22] - The company is also focusing on product upgrades and new product launches to enhance its market position and profitability [27][28] - The overall economic environment is expected to stabilize, which may improve consumer spending and sales performance in the coming year [36] Key Risks and Considerations - The company faces macroeconomic pressures that could impact consumer spending and overall sales performance [26] - The effectiveness of government subsidies and their expansion into new regions will be crucial for driving sales growth [7][9] - The competitive landscape in both domestic and international markets remains challenging, requiring continuous innovation and strategic positioning [19][20]

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-037 江苏鱼跃医疗设备股份有限公司 关于 2023 年度员工持股计划预留部分 非交易过户完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，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 2024 年 10 月 15 日召开第六届董事会第六次临时会议，审议通过了《关于公司 2023 年度员工持股计划预留份额分配的议案》。具体内容详见公司于 2024 年 10 月 16 日披露在《证券时报》及巨潮资讯网（www.cninfo.com.cn）上的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《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》的相关规定，现将公 司 2023 年度员工持股计划（以下简称"本次员工持股计划"）实施进展情况公告 如下： 一、本次员工持股计划基本情况 二、本次员工持股计划预留部分认购和非交易过户情况 本次员工持股计划股票来源于公司 2021 年 2 月 23 日至 2022 年 1 月 28 日 专用证券账户回购的 ...

江苏鱼跃医疗设备股份有限公司 环境、社会和公司治理(ESG)管理制度 第一章 总则 第二章 ESG 管理理念 第一条 为切实加强江苏鱼跃医疗设备股份有限公司(以下简称"公司")的环境、 社会和公司治理(以下简称"ESG")各项工作开展，进一步推动公司可 持续发展，持续提升公司治理能力、竞争能力、创新能力、抗风险能力 和回报能力，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《上市公司自律监管指引第 1 号——主板上市公 司规范运作》《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 17 号——可持续发展报告(试行)》等相关法律、 法规、规范性文件和《公司章程》的相关规定，结合公司实际情况，制 定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应当履行的环境 (Environmental)、社会(Social)和公司治理(Governance)方面的责任和 义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治 理的健全和透明。 第三条 本制度所称的利益相关方，是指其利益可能受到公司决策或经营活动影 响的组织或个人，包括股东(投资者 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-036 2024 年 11 月 15 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八次临时会议。公司于 2024 年 11 月 10 日以书面送 达及电子邮件方式向公司全体董事发出了召开公司第六届董事会第八次临时会议的通 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《公司章程》的有关规定，会 议决议合法、有效。会议由董事长吴群先生主持，经与会董事充分讨论，审议通过了如 下议案： 二、董事会会议审议情况 1、关于《建立<江苏鱼跃医疗设备股份有限公司舆情管理制度>》的议案 表决结果：同意：9 票；反对：0 票；弃权：0 票 江苏鱼跃医疗设备股份有限公司 第六届董事会第八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。 一、董事会会议召开情况 1 详细内容请见 2024 年 11 月 16 日巨潮资讯网（www.cninfo.com.cn）的《江苏鱼 ...