第一章 总则 江苏鱼跃医疗设备股份有限公司 对外投资管理制度 第一条 为了规范江苏鱼跃医疗设备股份有限公司(以下简称"公司"或"本公 司")对外投资行为，防范投资风险，提高对外投资效益，根据《中华人 民共和国公司法》(以下简称"《公司法》")《中华人民共和国证券法》 等法律法规以及《深圳证券交易所股票上市规则》(以下简称"《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》《深圳证券交易所上市公司自律监管指引第 7 号——交 易与关联交易》和《江苏鱼跃医疗设备股份有限公司章程》(以下简称 "《公司章程》")的相关规定，制定本制度。 第二条 公司对外投资行为必须符合国家有关法规及产业政策，符合公司发展战 略，有利于增强公司竞争能力，有利于合理配置企业资源，创造良好经 济效益，促进公司可持续发展。 第三条 本制度所称对外投资，是指公司在境内外进行的下列以盈利或保值增值 为目的的投资行为： (一) 向其他企业(含公司控股子公司)投资，包括单独设立或与他人共 同设立企业、对其他企业增资、受让其他企业股权等权益性投资； (二) 委托理财，是指公司委托银行、信托、证券、基金、期货、 ...

江苏鱼跃医疗设备股份有限公司 舆情管理制度 第一章 总则 第二章 舆情管理的组织架构与职责 第四条 公司应对各类舆情实行统一领导、统一组织、快速反应、协同应对。有 第十条 各类舆情信息的应对原则： (一) 及时性：公司应保持对舆情信息的敏感度，快速反应、迅速行动， 避免事态扩大和负面影响加剧，掌握舆情应对的主动权； (二) 协同性：公司应加强内外部、各部门间的信息协同，确保相关信 息的一致性。 (三) 针对性：公司应根据舆情事件的性质、影响范围等特点制定针对 性方案，积极配合各方做好相关事宜。 (四) 审慎性：公司在舆情应对的过程中，应审慎核实舆情信息，不得 基于主观推测进行信息披露。 第十一条 各类舆情信息的报告流程： (一) 公司及子公司各部门有关人员在知悉舆情信息后应立即向董事 会秘书和舆情工作小组报告。 (二) 舆情工作小组第一时间核实相关信息，并初步评估事件事态的严 重性，如判断可能形成重大舆情，应当及时向舆情管理工作组报 告； (三) 董事会秘书在知悉上述舆情后，应在第一时间参与舆情的有关情 况调查，如判断舆情信息可能或已经对公司股票及其衍生品种交 易价格造成较大影响时，应当向舆情管理工作组组长报 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-035 江苏鱼跃医疗设备股份有限公司 关于 2023 年度员工持股计划首次受让部分 第一个锁定期届满的公告 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 2023 年 9 月 12 日召开第五届董事会第二十五次临时会议和第五届监事会第十一次临 时会议，于 2023 年 9 月 28 日召开 2023 年第一次临时股东大会，审议通过了《江 苏鱼跃医疗设备股份有限公司 2023 年度员工持股计划（草案）及其摘要》等相 关议案。具体内容详见公司于 2023 年 9 月 13 日和 2023 年 9 月 29 日披露在《证 券时报》及巨潮资讯网（www.cninfo.com.cn）上的相关公告。 公司 2023 年度员工持股计划（以下简称"本次员工持股计划"）第一个锁 定期于 2024 年 11 月 16 日届满，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 ...

Group 1: General Principles of Investor Relations Management - The purpose of investor relations management is to enhance communication between the company and investors, ensuring transparency and protecting investor rights [1][2] - Key objectives include fostering a positive relationship with investors, establishing a stable investor base, and improving corporate governance [1][3] - The management principles emphasize compliance, equality, proactivity, and integrity in all investor relations activities [2][3] Group 2: Content and Methods of Investor Relations Management - Communication with investors should cover the company's development strategy, legal disclosures, management information, and risk factors [3][4] - A comprehensive record of investor relations activities must be maintained, including participant details and communication content [3][4] - Multiple channels and platforms should be utilized for investor communication, including the company website, social media, and direct meetings [4][5] Group 3: Information Disclosure and Meetings - The company must adhere to legal requirements for timely and accurate information disclosure, avoiding misleading statements [5][6] - Shareholder meetings should be accessible, especially for minority shareholders, and may include online voting options [5][6] - Investor briefings should be held to discuss financial performance and address investor inquiries, with the chairman or CEO typically present [6][7] Group 4: Research and Interaction with Analysts - The company must ensure that research activities do not lead to market manipulation or insider trading [8][9] - A formal record of research interactions should be maintained, and any undisclosed significant information must be protected [9][10] - The company should actively engage with investors through various platforms, ensuring responses to inquiries are thorough and timely [10][11] Group 5: Organizational Structure and Responsibilities - The board secretary is responsible for coordinating investor relations management, supported by designated staff [11][12] - Key responsibilities include developing management policies, handling investor inquiries, and ensuring compliance with legal standards [12][13] - Staff involved in investor relations must possess relevant expertise and undergo regular training to enhance their skills [13][14]

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223) [2][8] Core Views - The company's revenue growth rate turned positive in the third quarter, with a year-on-year increase of 2.21%, indicating a return to a sustainable development trajectory [5][8] - The new generation Continuous Glucose Monitoring (CGM) products are experiencing rapid sales expansion, with significant potential for overseas markets [6][8] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.028 billion yuan, a year-on-year decrease of 9.53%, and a net profit attributable to shareholders of 1.532 billion yuan, down 30.09% [4][8] - The third quarter alone saw a revenue of 1.720 billion yuan, with a net profit of 411 million yuan, reflecting a year-on-year decline of 40.95% [4][8] - The comprehensive gross margin for the first three quarters was 50.13%, a decrease of 1.44 percentage points year-on-year [7][8] Sales and Marketing Strategy - The company increased its sales expenses by 8.84% compared to the same period in 2023, focusing on enhancing brand influence and market share through aggressive marketing efforts [5][8] - The CGM product line is expected to drive growth, with ongoing efforts to expand into international markets, particularly in regions like Latin America, Africa, and Southeast Asia [6][8] Earnings Forecast - The company forecasts revenues of 8.129 billion yuan, 9.265 billion yuan, and 10.632 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.97%, 13.97%, and 14.75% [8][9] - The net profit attributable to shareholders is projected to be 2.018 billion yuan, 2.277 billion yuan, and 2.743 billion yuan for the same years, with growth rates of -15.76%, 12.79%, and 20.49% [8][9]

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223) with a target price based on a 17x PE ratio as of November 4, 2024 [1][7]. Core Views - The company reported a revenue of 6.028 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.53%, while the net profit attributable to shareholders was 1.532 billion yuan, down 30.09% [1]. - In Q3 2024, the revenue was 1.720 billion yuan, showing a year-on-year growth of 2.21%, indicating a recovery trend [2][3]. - The company has increased its marketing expenses by 8.84% compared to the same period in 2023, focusing on promoting new products and enhancing brand influence [2]. Summary by Sections Financial Performance - For Q3 2024, the gross margin was 50.13%, a decrease of 1.44 percentage points year-on-year, while the net profit margin dropped to 25.44%, down 7.23 percentage points [4]. - The company expects revenues of 8.129 billion yuan in 2024, with a growth rate of 1.97%, and net profits of 2.018 billion yuan, reflecting a decline of 15.76% [8]. Product Development - The new generation Continuous Glucose Monitoring (CGM) products have seen rapid sales growth, with significant market share gains in the domestic market and potential for international expansion [3]. - The CGM product line is currently undergoing CE MDR certification, which is expected to facilitate overseas sales [3]. Market Outlook - The report forecasts revenue growth of 2% in 2024, followed by 14% in 2025 and 15% in 2026, with net profit growth projected at -16% in 2024, 13% in 2025, and 20% in 2026 [7][8].

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [4][6] Core Views - In Q3 2024, Yuyue Medical's revenue showed a recovery with a 2.21% year-on-year growth, while the net profit declined by 40.95% year-on-year due to fluctuations in gross margin and increased operating expenses [1][2] - The respiratory treatment segment's high base effect is diminishing, leading to a normalization of related business activities [2] - The company is increasing marketing investments to support new product market expansion, particularly in overseas markets [1][3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 60.28 billion yuan, a decrease of 9.53% year-on-year, and a net profit of 15.32 billion yuan, down 30.09% year-on-year [1] - In Q3 2024, the gross margin was 50.32%, a decrease of 0.92 percentage points year-on-year, while the sales expense ratio increased by 4.00 percentage points to 18.41% [2] - The company expects revenues of 80.47 billion, 93.13 billion, and 107.69 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 20.10 billion, 23.52 billion, and 27.83 billion yuan [4][5] Market Expansion and Product Development - Yuyue Medical's global marketing system is continuously improving, with overseas sales revenue reaching 4.79 billion yuan in H1 2024, a year-on-year increase of 30.19% [3] - The diabetes care segment is rapidly expanding, with revenue of 5.62 billion yuan in H1 2024, reflecting a growth of 54.94% year-on-year [3] - The company is making significant progress in the research and development of Continuous Glucose Monitoring (CGM) products, which are expected to enhance its diabetes care offerings [3]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a revenue of 1.72 billion yuan in Q3 2024, representing a 2.2% year-on-year increase, while the net profit attributable to shareholders was 410 million yuan, down 41.0% [1]. - For the first three quarters of 2024, the total revenue was 6.03 billion yuan, a decrease of 9.5%, with a net profit of 1.53 billion yuan, down 30.1% [1]. - The company is increasing its marketing efforts to enhance channel expansion and brand strength, with Q3 sales expenses rising significantly to support new product launches [1]. - The gross profit margin for Q3 2024 was 50.3%, a decrease of 0.9 percentage points, while the net profit margin fell to 23.9%, down 17.5 percentage points due to increased expenses and a high base from land asset disposals in the previous year [1]. Revenue and Profit Forecast - The company expects revenues of 8.37 billion yuan, 9.60 billion yuan, and 11.29 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 2.00 billion yuan, 2.17 billion yuan, and 2.63 billion yuan for the same years [2][3]. - The diabetes business is anticipated to grow significantly, with a compound annual growth rate (CAGR) of 50% from 2024 to 2026, driven by the development of continuous glucose monitoring (CGM) products [7]. Business Segment Performance - The respiratory oxygen segment is expected to see a revenue decline of 5% in 2024, followed by a recovery with growth rates of 13% in 2025 and 2026 [7]. - The blood glucose monitoring segment is projected to achieve a revenue of 1.1 billion yuan in 2024, with a gross margin of 63% [8]. - The infection control segment is expected to maintain stable revenues of 800 million yuan in 2024, with a gross margin of 50% [8]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is estimated at 2.39 yuan, with a price-to-earnings (PE) ratio of 14 [3]. - The return on equity (ROE) is projected to be 14.59% in 2024, decreasing from 19.94% in 2023 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue growth rate improved in Q3, although there was an increase in expense input. The gross margin decreased slightly, with a gross margin of 50.1% for the first three quarters of 2024, down 1.4 percentage points year-on-year [2] - The company is positioned as a leading platform for home medical devices, with strong brand power and significant growth potential due to its focus on three high-growth sectors since 2020 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 60.3 billion yuan, a year-on-year decrease of 9.5%. The net profit attributable to the parent company was 15.3 billion yuan, down 30.1% year-on-year [1] - Quarterly revenue for Q1, Q2, and Q3 of 2024 was 22.3 billion yuan, 20.8 billion yuan, and 17.2 billion yuan, respectively, showing a year-on-year change of -17.4%, -8.8%, and +2.2% [1] - The net profit attributable to the parent company for Q1, Q2, and Q3 was 6.6 billion yuan, 4.6 billion yuan, and 4.1 billion yuan, with year-on-year changes of -7.6%, -41.0%, and -41.0% [1] - The company’s total revenue projections for 2024, 2025, and 2026 are 79.2 billion yuan, 93.0 billion yuan, and 107.0 billion yuan, respectively [3] Expense Analysis - The expense ratios for sales, management, financial, and R&D for the first three quarters of 2024 were 15.4%, 5.1%, -2.2%, and 6.7%, respectively, with year-on-year changes of +2.6, +0.8, -0.9, and +0.8 percentage points [2] - The sales expense ratio for Q1, Q2, and Q3 was 12.3%, 16.4%, and 18.4%, with year-on-year increases of +1.2, +2.6, and +4.0 percentage points [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 6.028 billion yuan for the first three quarters of 2024, a decrease of 9.53% year-on-year, and a net profit attributable to shareholders of 1.532 billion yuan, down 30.09% year-on-year [2] - In Q3, the company achieved a single-quarter revenue of 1.720 billion yuan, an increase of 2.21% year-on-year, indicating resilience in performance despite being a traditional off-season [2][3] - The company's gross profit margin and net profit margin for Q3 were 50.32% and 23.87%, respectively, showing a slight decline compared to the previous year [3] - The company is optimistic about the growth potential of its blood glucose business and overseas market expansion, with two Continuous Glucose Monitoring (CGM) products expected to launch domestically by the end of the year [3] Financial Forecasts and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted to 2.013 billion yuan, 2.305 billion yuan, and 2.609 billion yuan, respectively, reflecting the current market conditions [4] - The corresponding price-to-earnings (P/E) ratios for these years are projected to be 17, 15, and 13 times, respectively [4] - The company maintains a strong outlook for its blood glucose segment and overseas market initiatives, which are expected to provide a second growth curve [4]