Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [3][5]. Core Viewpoints - The recent government procurement policy is expected to benefit domestic market opportunities for local medical device companies, providing a 20% price deduction for domestic products in competitive bidding [1]. - The company's international business is gradually recovering, with overseas revenue for the first three quarters of 2024 at 365 million yuan, accounting for 60.55% of total revenue, while domestic revenue is 238 million yuan, accounting for 39.45% [2]. - The company's revenue forecast for 2024-2025 has been adjusted downwards due to short-term pressure from U.S. market inventory, with expected revenues of 879 million yuan and 988 million yuan respectively, and net profit forecasts adjusted to 204 million yuan and 261 million yuan [3]. Summary by Relevant Sections Government Policy Impact - The Ministry of Finance's new policy supports domestic products in government procurement, allowing a 20% price deduction for domestic products in competitive scenarios [1]. Business Performance - The company is expected to benefit from the new policy, which may enhance the bidding opportunities for domestic medical equipment firms and increase the domestic market share [2]. - The recovery of international business is indicated by the resumption of orders from U.S. partners, with orders returning to normal levels by mid-2024 [2]. Financial Forecasts - Revenue forecasts for 2024-2025 have been revised down to 879 million yuan and 988 million yuan, with a projected revenue of 1.111 billion yuan for 2026 [3]. - Net profit forecasts for the same period have been adjusted to 204 million yuan and 261 million yuan, with a 2026 projection of 301 million yuan [3]. - The company's financial metrics indicate a decline in profitability due to increased R&D and sales expenses, impacting net profit margins [3][7].

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-063 北京怡和嘉业医疗科技股份有限公司 二、其他说明 1 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《上市 公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》的相关规定。具体情况如下： （一）公司未在下列期间回购公司股份： 关于回购公司股份进展的公告 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。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开公司第三届董事会第七次会议和第三届监事会第七次会议，审议通过 《关于回购公司股份方案的议案》。回购股份的实施期限为自公司董事会审议通 过回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 4 月 12 日、2024 年 4 月 13 日、2024 年 4 月 20 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关于回购公司股份方案的 公告》（2024-020）、《关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告》（ ...

中国国际金融股份有限公司 关于北京怡和嘉业医疗科技股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》和《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等 相关法律法规的要求，中国国际金融股份有限公司（以下简称"中金公司"）作 为北京怡和嘉业医疗科技股份有限公司（以下简称"怡和嘉业"或"公司"）首 次公开发行股票并在创业板上市的保荐机构及持续督导机构，于 2024 年 11 月 14 日对怡和嘉业进行了持续督导培训。现将相关情况报告如下： 一、本次持续督导培训的基本情况 实施本次持续督导培训前，中金公司编制了培训材料，请公司控股股东、实 际控制人、董事、监事、高级管理人员等相关人员提前了解和学习培训内容。 3、内幕交易的法规要求、重点关注事项及违规被处罚案例； 1 4、投资者保护的法规要求、重点关注事项及做好投资者保护的措施。 三、本次持续督导培训的效果 2024 年 11 月 14 日，中金公司围绕股份变动（包括减持等）、关联交易、内 幕交易、投资者保护相关要求等持续督导重点关注事项，结合法规要求 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-062 北京怡和嘉业医疗科技股份有限公司 关于与专业投资机构共同投资设立私募基金进展的 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。 1、名称：郑州市邦勤达睿天使创业投资基金合伙企业（有限合伙） 2、统一社会信用代码：91410100MAE47FD91L 3、出资额：8,200 万元人民币 4、类型：有限合伙企业 一、与专业投资机构共同投资概述 为加强实现产业协同，借助专业机构的专业力量及资源优势，推进产业与资 本的有效融合，北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）的全 资子公司海南润脉投资有限公司（以下简称"润脉投资"）于 2024 年 11 月 18 日与深圳前海邦勤投资有限公司、东莞松山湖招引壹号发展股权投资基金合伙企 业（有限合伙）、崇好科技有限公司、刘明宇共同签署了《郑州市邦勤达睿天使 创业投资基金合伙企业（有限合伙）合伙协议》。郑州市邦勤达睿天使创业投资 基金合伙企业（有限合伙）（以下简称"合伙企业"）目标认缴规模为人民币 50,000 万元，首期募集规模为人民币 ...

证券代码：301367 证券简称：怡和嘉业 公告编号：2024-061 北京怡和嘉业医疗科技股份有限公司 关于与专业投资机构共同投资设立私募基金的公告 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。 一、对外投资基本情况 为加强实现产业协同，借助专业机构的专业力量及资源优势，推进产业与资 本的有效融合，北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）的全 资子公司海南润脉投资有限公司（以下简称"润脉投资"）于 2024 年 11 月 18 日与深圳前海邦勤投资有限公司（以下简称"邦勤资本"）、东莞松山湖招引壹 号发展股权投资基金合伙企业（有限合伙）、崇好科技有限公司、刘明宇共同签 署了《郑州市邦勤达睿天使创业投资基金合伙企业（有限合伙）合伙协议》（以 下简称"《合伙协议》"）。郑州市邦勤达睿天使创业投资基金合伙企业（有限 合伙）（具体以市场监督管理部门登记的名称为准，以下简称"邦勤达睿基金" 或"合伙企业"）目标认缴规模为人民币 50,000 万元，首期募集规模为人民币 8,200 万元，公司全资子公司润脉投资作为有限合伙人拟使用公司的自有资金出 资 2, ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report identifies the company as a leading domestic respiratory machine manufacturer with significant growth potential due to its competitive product performance and cost advantages. The company is expected to benefit from the exit of major competitors in the overseas market and the increasing domestic penetration of home respiratory machines [1][7][8]. Summary by Sections Company Overview - The company has established itself as a leader in the domestic market for home non-invasive respiratory machines and ventilation masks, holding a market share of 15.6% in 2020, second only to ResMed and Philips [1][8]. - The company has a comprehensive product line and has received multiple certifications, including NMPA, FDA, and CE, allowing it to sell products in over 100 countries [9]. Market Potential - The global market for home non-invasive respiratory machines is projected to reach USD 5.577 billion by 2025, with a CAGR of 15.5%, driven by the increasing prevalence of chronic respiratory diseases such as OSA and COPD [1][7]. - The exit of major players like Philips from the market presents a reshaping opportunity for the company, which has increased its global market share from 4.5% in 2020 to 17.7% in 2022 [1][7]. Domestic Market Dynamics - The domestic market for home respiratory machines is expected to grow significantly, with projections indicating a market size of approximately CNY 3.33 billion by 2025. The company aims to strengthen its brand presence and capture market share from imported brands [1][8]. - The company is focusing on enhancing brand awareness and expanding its distribution network to solidify its leading position in the domestic market [1][8]. Financial Projections - Revenue forecasts for the company are CNY 924 million, CNY 1.182 billion, and CNY 1.482 billion for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -17.7%, 28.0%, and 25.4% [2][1]. - The net profit attributable to the parent company is projected to be CNY 193 million, CNY 255 million, and CNY 332 million for the same years, with year-on-year growth rates of -35.0%, 32.2%, and 30.0% [2][1]. Competitive Landscape - The company has established a strong distribution network in overseas markets, particularly in Europe and North America, enhancing its service capabilities and market penetration [1][8]. - The company is expected to leverage its product quality and technology to further increase its global market share as competition dynamics shift [1][8].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company has shown significant improvement in revenue in Q3 2024, with a quarter-on-quarter increase of 16% and a year-on-year increase of 11%, driven by the recovery of orders in the US ventilator market and a new cooperation agreement with the exclusive distributor RH [1][4] - The company expects continued performance improvement in Q4, supported by the recovery of overseas ventilator orders and strong growth in consumables [4][5] - The company has adjusted its profit forecast for 2024-2026, predicting a net profit of 194 million, 285 million, and 352 million yuan respectively, with a notable recovery expected in 2025 [8] Revenue Breakdown - For the first three quarters of 2024, the company reported total revenue of 602 million yuan, with a net profit of 125 million yuan, reflecting a year-on-year decline of 36% and 54% respectively [1][2] - In Q3 2024, the revenue from home ventilators was 144 million yuan (slightly down year-on-year but up 18% quarter-on-quarter), while consumables revenue reached 69 million yuan (up 45% year-on-year and nearly 15% quarter-on-quarter) [2] Profitability Analysis - The gross margin for Q3 2024 was 50.3%, showing a year-on-year increase of 3.3 percentage points, while the net margin was 15.4%, reflecting a year-on-year increase of 1.6 percentage points [3] - The increase in gross margin is attributed to a higher proportion of consumables, which have a gross margin of 66%, significantly higher than that of ventilators [3] Market Outlook - The company anticipates a positive outlook for the overseas market, particularly in the US and Europe, with expectations of continued revenue growth in Q4 and beyond [4][5] - In the domestic market, the company sees potential for growth due to low penetration rates and supportive policies aimed at improving the diagnosis and treatment of chronic respiratory diseases [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Insights - The company has established a turning point in its operations in Q3 2024, with a revenue of 220 million (up 10.5% year-on-year) and a net profit of 33 million (up 21.8% year-on-year) for the third quarter [1]. - The revenue for the first three quarters of 2024 was 602 million (down 36.3% year-on-year), with a net profit of 125 million (down 53.7% year-on-year) [1]. - The U.S. ventilator market is gradually stabilizing, with Q3 revenue increasing by 15.7% compared to Q2, suggesting a potential for continued improvement in performance [1]. - Consumables accounted for 34.16% of total revenue in the first three quarters of 2024, with consumable revenue reaching 206 million (up 31.77% year-on-year) [2]. - The overall gross margin improved to 50.2%, an increase of 4.91 percentage points compared to the same period last year, driven by the higher proportion of high-margin consumables [2]. - The company’s international business accounted for 60.55% of total revenue in the first three quarters of 2024, indicating a steady increase in domestic business share [2]. Financial Forecast and Investment Recommendations - The report adjusts profit forecasts slightly downward due to exchange rate losses and increased expenses, projecting revenue growth rates of -12%, 26%, and 24% for 2024-2026, respectively [3]. - Net profit growth rates are projected at -32%, 50%, and 32% for the same period [3]. - The company is positioned as a leading domestic ventilator manufacturer with significant market share in the U.S. and a broad global market presence, suggesting a substantial revenue ceiling and potential for valuation premium [3].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 93.40 - 100.26 RMB, representing an 18% - 27% premium over the current price [2][5] Core Investment Thesis - The company is a leading domestic brand in the home non-invasive ventilator market, with strong global market presence and competitive advantages [2] - Short-term performance recovery is expected as US inventory levels normalize, while long-term growth is supported by expanding global market share [2] - Three key investment logics: 1) Competitive landscape shift creates short-term inflection point 2) Strong industry demand and global expansion potential 3) Core competencies in market access, product strength, and after-sales service [2] Financial Projections - Revenue is projected to grow from 927 million RMB in 2024E to 1.61 billion RMB in 2026E, with a CAGR of 29.7% [2] - Net profit is expected to increase from 207 million RMB in 2024E to 370 million RMB in 2026E [2] - The company's reasonable market value is estimated at 8.36 - 8.98 billion RMB [2] Competitive Landscape - Philips' product recalls have created significant market opportunities, with the company's US shipments surging in 2022 [2] - The company's global market share in home ventilators increased from 4.5% in 2020 to 17.7% in 2022 [42] - In China, the company ranks first among domestic brands with a 25.8% market share in 2022 [44] Market Potential - Global home non-invasive ventilator sales are projected to reach 9.67 million units by 2028, with China accounting for 1.2 million units [2] - OSA and COPD patient populations are growing globally, driven by aging, obesity, and COVID-19 impacts [2] - The company has comprehensive market access in China, US, and Europe, with products covered by insurance in key markets [2] Product Portfolio - The company has a complete product line covering home ventilators, medical devices, and consumables [22] - Home ventilator products include CPAP and BiPAP machines for sleep apnea and COPD treatment [22] - Consumables such as masks and breathing circuits contribute significantly to revenue and profitability [23] Financial Performance - 2024 Q3 revenue showed signs of recovery, increasing 10.5% YoY to 220 million RMB [28] - Gross margin improved to 51.2% in 2024 Q1-3, driven by higher contribution from high-margin consumables [35] - R&D expenses increased to 15.1% of revenue in 2024 Q1-3, reflecting continued product innovation efforts [33] Global Expansion - The company has established subsidiaries in multiple countries and regions, with products sold in over 100 markets [16] - In the US market, the company works with exclusive distributor React Health, with inventory levels gradually normalizing [48] - European market expansion is progressing, with ongoing efforts to secure insurance reimbursement coverage [28]

北京怡和嘉业医疗科技股份有限公司 关于回购公司股份进展的公告 证券代码：301367 证券简称：怡和嘉业 公告编号：2024-060 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。 北京怡和嘉业医疗科技股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开公司第三届董事会第七次会议和第三届监事会第七次会议，审议通过 《关于回购公司股份方案的议案》。回购股份的实施期限为自公司董事会审议通 过回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 4 月 12 日、2024 年 4 月 13 日、2024 年 4 月 20 日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关于回购公司股份方案的 公告》（2024-020）、《关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告》（2024-025）、《回购报告书》（2024-026）。 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引 第 9 号——回购股份》等相关规定，公司应当在每个月的前 3 个交易日内披露截 至上月末的回购进展情况。现将 ...