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]

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 ...