Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. (Yuyue Medical) (002223)

Individual Stock Analysis Report | Industry: Medical Device Manufacturing | Report Date: September 13, 2026 | As of the September 11, 2026 (Friday) close; technical indicators (moving averages/oscillators) are from the Investing.com daily snapshot dated September 3, 2026, at a price of approximately RMB 25.66, not the September 11 value, and are for trend-direction reference only

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

Yuyue Medical generated revenue of RMB 4.569 billion in the first half of 2026, down 1.92% year on year; net profit attributable to shareholders was RMB 842.81 million, down 29.92%; and net profit attributable to shareholders excluding non-recurring items was RMB 761.23 million, down 16.69%. Revenue was broadly flat while profit declined markedly, reflecting pressure from increased sales, R&D and overseas-channel investment, larger foreign-exchange losses, and a higher base of government subsidies in the same period last year. Net cash flow from operating activities was RMB 1.182 billion, up 1.31% year on year, indicating relatively stable cash-flow performance.

The business mix is being adjusted. Revenue from respiratory-therapy solutions was RMB 1.451 billion, down 13.33% year on year, and remained the primary drag on current performance. Revenue from blood-glucose management and POCT was RMB 795 million, up 17.94%, with CGM growing rapidly. Emergency-care and other businesses generated RMB 205 million, up 50.30%. Overseas revenue was RMB 824 million, up 35.76%, while domestic revenue declined 7.44%. The company’s growth focus is shifting from traditional oxygen concentrators and home testing toward CGM, AEDs, ventilators, overseas markets and upgraded clinical devices.

The company has advantages in home medical-device branding, its product matrix, R&D and manufacturing, registration and certification, and channel synergies. R&D expenditure in 2024 was approximately RMB 547 million, or about 7.23% of revenue. However, distributor revenue accounted for approximately 73.29% of 2024 sales, leaving operations heavily dependent on the distribution system. Accounts receivable increased to approximately RMB 715 million at the end of 2024, while the receivables turnover ratio declined in recent years. Capital tied up by the expansion of overseas and distribution businesses requires continued attention.

As of September 11, 2026, the company’s share price closed at RMB 25.35, near the lower end of its 52-week range. The price was below multiple moving averages as of September 3, 2026, while fund flows, margin balances and trading activity were generally weak. The technical picture has not yet formed a clear strengthening signal. The company completed a previous RMB 200 million share buyback and plans to conduct a new RMB 200–400 million buyback. Shares from the previous buyback will be cancelled, while the new buyback is intended for equity incentives or an employee share ownership plan. The buyback’s near-term support for the share price and its long-term incentive effect will depend on the subsequent execution pace and business delivery.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Respiratory-therapy solutions: oxygen concentrators, ventilators, nebulizers, high-flow respiratory humidification therapy devices and others
• Blood-glucose management and POCT solutions: traditional finger-stick blood-glucose monitoring (BGM), continuous glucose monitoring (CGM), uric-acid testing and other home POCT products
• Home health-testing solutions: electronic blood-pressure monitors, infrared thermometers, fetal heart-rate monitors, blood-oxygen monitors and others
• Clinical devices and rehabilitation solutions: disinfection and infection-control products, wheelchairs, acupuncture needles, surgical instruments, ophthalmic devices and others
• Emergency-care solutions and other businesses: AEDs, defibrillator monitors, and certain nursing, rehabilitation and ophthalmology-related products
• In 2025, the growth focus shifted from traditional oxygen concentrators and home testing toward CGM, emergency AEDs, overseas sales and upgraded clinical devices

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Yuyue Medical is positioned in the middle of the medical-device value chain and combines manufacturing, R&D, registration and certification, brand operations and channel management. Traditional clinical devices and certain standardized products are more manufacturing-oriented, while home respiratory care, blood-glucose management, CGM, electronic testing and branded consumer medical products are closer to downstream brand and technology-service activities. The company’s advantages primarily derive from its brand, product registrations, R&D capabilities, manufacturing system, channel network and multi-category synergies, rather than absolute control over a single upstream resource or downstream customer.

• Upstream inputs for respiratory-therapy products mainly include compressors, sensors, motors, electronic control boards, plastic structural components, rubber and silicone parts, filter materials and packaging materials.
• Home-testing and blood-glucose products mainly involve chips, sensors, electronic components, display modules, batteries, plastic parts, test-strip substrates, enzymes and chemical reagents, adhesives and packaging materials.
• Clinical devices, surgical instruments and rehabilitation products mainly involve stainless steel, aluminum alloy, engineering plastics, medical rubber and plastic materials, nonwoven fabrics, disinfectant raw materials, electronic control components and machined parts. AEDs, defibrillators and ophthalmic devices are highly dependent on electronic components, display modules, batteries, sensors, precision mechanical parts and software algorithms.
• The annual report does not disclose the specific proportion of each raw-material category in operating costs. The procurement categories above are partly summarized based on the publicly disclosed product structure and the general composition of the medical-device value chain; they should not be used to infer the cost share of any individual material.
• Procurement from the five largest suppliers in 2024 was approximately RMB 770 million, accounting for 18.15% of total annual procurement. Procurement from the largest supplier was approximately RMB 561 million, or 13.23% of total procurement; supplier names were not disclosed. Related-party procurement among the five largest suppliers accounted for 13.23% of annual total procurement, warranting attention to related-party transactions and supply-chain dependence. This data applies only to 2024.
• The company has a certain degree of scale-procurement and supply-chain management capability for general manufacturing materials. However, chips, sensors, precision electronic components and certain key materials for blood-glucose test strips may be constrained by quality, registration and certification requirements and supplier validation. Overall, the company does not fully control pricing power.
• Downstream customers include individual consumers and households, hospitals, clinics, primary healthcare institutions, public-health institutions, medical-device distributors, pharmacies, e-commerce platforms, retail channels, overseas distributors, regional partners and medical institutions.
• Distributor revenue in 2024 was approximately RMB 5.546 billion, accounting for approximately 73.29% of sales revenue. Direct-sales revenue was approximately RMB 1.977 billion, accounting for approximately 26.14%. The company remains primarily distribution-based, while e-commerce, direct sales and localized overseas channels are strengthening.
• Sales to the five largest customers in 2024 totaled approximately RMB 1.516 billion, accounting for 20.05% of annual total sales. The largest customer accounted for 9.68% and the second-largest for 5.62%; specific customer names were not disclosed. This concentration data applies only to 2024. The research notes do not provide cross-verifiable data for other years, and long-term trends should be assessed using the latest annual report.
• In home medical devices, the company has a certain degree of end-market bargaining power through its brand, channels and product certifications, although e-commerce platforms and large distributors may create pricing, rebate and promotional pressure.
• In-hospital medical devices are affected by hospital procurement, distributor bidding, medical-insurance cost controls and centralized procurement policies. Pricing space is relatively constrained for clinical devices and consumables with a high degree of standardization and numerous competitors.
• BGM and CGM have recurring-use characteristics involving hardware plus test strips or sensors. In theory, customer stickiness and repeat-purchase value are higher than for one-off devices, but continuous investment in R&D, registration, channel education and after-sales service is required.
• Overseas sales revenue in 2024 was approximately RMB 949 million, up 30.42% year on year. Overseas business helps diversify domestic price competition but faces registration and certification requirements, exchange-rate risks, channel-development costs and localization-service costs.
• As of December 31, 2024, accounts receivable were approximately RMB 715 million, equivalent to approximately 9.45% of annual operating revenue and approximately 39.6% of annual net profit, up from approximately RMB 448 million at the end of 2023. Inventory at the end of 2024 was approximately RMB 1.440 billion, or approximately 9.21% of total assets. Net operating cash flow was approximately RMB 1.816 billion, still significantly above net profit. The accounts-receivable turnover ratio was approximately 11.17x in 2025, compared with approximately 14.56x, 13.01x and 11.17x over the latest three periods, indicating greater capital-occupation pressure as overseas and distribution businesses expand and the product mix changes. The receivables-turnover data were compiled by a third party from annual-report data and should subsequently be checked against the company’s latest annual report.
• Supply side: procurement from the five largest suppliers accounted for 18.15% of 2024 procurement, with the largest supplier accounting for 13.23%. Demand side: sales to the five largest customers accounted for 20.05% of 2024 sales, with the largest customer accounting for 9.68% and the second-largest for 5.62%. These concentration figures are for a single year only. Customer and supplier names were disclosed anonymously, so they cannot be used to determine specific industry attributes or infer long-term trends.

Yuyue Medical sits between midstream manufacturing and downstream brand operations. Traditional clinical devices and certain standardized products are more manufacturing-oriented, while home respiratory care, blood-glucose management, CGM, electronic testing and branded consumer medical products are closer to downstream brand and technology services. Future profit improvement will depend mainly on volume growth of new products such as CGM, AEDs and ventilators, the scaling of overseas channels, product-mix upgrades and an improvement in the selling-expense ratio, rather than simply expanding capacity for traditional oxygen concentrators or low-end testing products.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Net profit attributable to shareholders excluding non-recurring items was RMB 761.23 million in the first half of 2026, down 16.69% year on year. Basic EPS was approximately RMB 0.8443, and net operating cash flow was approximately RMB 1.182 billion, up approximately 1.31% year on year. Second-quarter 2026 net profit attributable to shareholders excluding non-recurring items was approximately RMB 351 million, down approximately 12.46% year on year. Full-year 2025 net profit attributable to shareholders excluding non-recurring items was approximately RMB 1.169 billion, down 16.10% year on year.

Revenue was broadly flat in the first half of 2026, while profit came under clear pressure. The decline in net profit attributable to shareholders was significantly greater than the decline in revenue, mainly because of higher sales and R&D investment, overseas-channel development costs, increased foreign-exchange losses and a high base of government subsidies in the same period last year. First-half gross margin was approximately 49.80%, down approximately 0.56 percentage points year on year. The selling-expense ratio was approximately 18.26%, up approximately 0.82 percentage points; the R&D-expense ratio was approximately 6.70%, up approximately 0.37 percentage points; and foreign-exchange losses were approximately RMB 82.5988 million, compared with approximately RMB 13.2028 million in the same period last year. By business, respiratory-therapy solutions generated RMB 1.451 billion, down 13.33%; blood-glucose management and POCT solutions generated RMB 795 million, up 17.94%; home health-testing solutions generated RMB 969 million, down 4.41%; clinical devices and rehabilitation solutions generated RMB 1.130 billion, down 0.34%; and emergency-care solutions and other businesses generated RMB 205 million, up 50.30%. Overseas operating revenue was RMB 824 million, up 35.76% and accounting for approximately 18.03% of total operating revenue. Domestic revenue was approximately RMB 3.726 billion, down 7.44%.

3.2 Earnings Forecasts

As of September 11, 2026, the top of the Tushare/10jqka page showed 23 institutions making forecasts for 2026 performance, while the detailed sample displayed on the page contained 15 institutions. The statistical basis for the average may therefore differ and cannot be fully equated with a strict market-wide consensus estimate. Representative institutional forecasts indicate a 2026 net-profit range of approximately RMB 1.245–1.599 billion, while most institutions expect a return to double-digit profit growth in 2027–2028.

3.3 Valuation and Institutional Ratings

As of September 11, 2026, the share price was approximately RMB 25.71 and total market capitalization was approximately RMB 25.774 billion. Lixinger reported a PE ratio of approximately 22.97x, a PB ratio of approximately 1.99x and a dividend yield of approximately 4.66%. The same-period Shenwan medical-device sector traded at approximately 43.23x PE and 2.57x PB, although sector valuation is affected by companies’ earnings stages, business structures and loss-making-company samples and cannot be treated as a directly comparable conclusion. Based on the Tushare multi-institution average forecast and approximately 1.002 billion total shares, 2026–2028 forward EPS is approximately RMB 1.55, RMB 1.79 and RMB 2.06, implying forward PE ratios at the current price of approximately 16.6x, 14.4x and 12.5x. Forecasts vary significantly: Huatai Securities forecasts 2026 EPS of RMB 1.24, implying a current-price PE of approximately 20.7x, while Huayuan Securities forecasts EPS of RMB 1.60, implying approximately 16.1x. Overall, the company trades at approximately 23x static/TTM PE, approximately 2x PB and a dividend yield of approximately 4.7%. If CGM, emergency care and overseas businesses deliver growth, the current valuation is not extreme. However, if respiratory-therapy recovery falls short, expense ratios continue to rise or foreign-exchange losses remain elevated, earnings may still be revised downward. Post-interim-report institution target prices that can be verified are mainly concentrated around RMB 31.04. Huachuang Securities’ approximately RMB 36 target, CICC’s ceiling of RMB 44, and the historical Tushare summary’s high of approximately RMB 45.47, low of approximately RMB 36.18 and average of approximately RMB 41.88 all predate the 2026 interim report and cannot be regarded directly as the latest target-price consensus as of September 2026.

4. Recent News and Announcements

4.1 Previous Buyback Completed and Terminated Early (For Cancellation and Reduction of Registered Capital)

The company’s sixth Board of Directors’ 17th extraordinary meeting on May 22, 2026, and its first extraordinary general meeting of 2026 on June 9, 2026, approved the Proposal on Repurchasing Company Shares for Cancellation. The plan involved RMB 200–400 million inclusive, at no more than RMB 40 per share, for cancellation and reduction of registered capital, with a term of no more than 12 months from shareholder approval. From the first repurchase on June 11, 2026, through the announcement date, the company repurchased 7,830,154 shares, representing 0.7811% of total shares, at a maximum transaction price of RMB 27.00 per share and a minimum of RMB 23.91 per share. The total transaction amount was RMB 200,000,415.90, excluding transaction fees. On September 8, 2026, the sixth Board of Directors’ 19th extraordinary meeting approved the Proposal on Completion of the Share Repurchase. Because the repurchase funds had reached the plan’s minimum amount of RMB 200 million without exceeding the upper limit, the Board decided to terminate the plan early. From the ex-dividend and ex-rights date of the 2026 interim distribution, September 1, 2026, the repurchase-price ceiling was adjusted from RMB 40.00 to RMB 39.60 per share. Announcement Nos.: 2026-046 (Board resolution) and 2026-047 (completion of repurchase and share changes).

4.2 New Buyback (For Equity Incentives/Employee Share Ownership) Launched and First Repurchase Completed

The sixth Board of Directors’ 19th extraordinary meeting on September 8, 2026, approved the Proposal on the Share Repurchase Plan. The plan involves RMB 200–400 million in internal funds, at no more than RMB 40 per share, for equity incentives or an employee share ownership plan, with a term of no more than 12 months from Board approval. Based on the upper limit, approximately 10 million shares are expected to be repurchased, or approximately 1.00% of total shares; based on the lower limit, approximately 5 million shares, or approximately 0.50%. Announcement No. 2026-048 (repurchase report). On September 10, 2026, the company made its first repurchase of 588,639 shares, or 0.0587% of total shares, at a maximum price of RMB 25.67 per share and a minimum of RMB 25.38 per share, for a total transaction amount of RMB 14,998,627.43 excluding transaction fees. Announcement No. 2026-050. The company also disclosed the shareholdings of its ten largest shareholders and ten largest shareholders other than restricted shareholders as registered on the trading day before the Board announcement approving the repurchase resolution, September 8, 2026. Announcement No. 2026-049, published on September 11, 2026. Note: the announcement tables appeared as images/blank fields on the web page, and detailed shareholder names and shareholdings were not captured; the original PDF on CNINFO should be consulted.

4.3 Media Interpretation (Not Company Disclosures; For Reference Only)

Dazhong Securities Journal/Eastmoney: the previous repurchase covered 7.8302 million shares and cost RMB 200 million for cancellation; the new plan involves RMB 200–400 million with a RMB 40 per-share ceiling, approximately 50% above the market price of around RMB 26. If the shares are not used for incentives within 36 months, they will be cancelled in accordance with the law. 21st Century Business Herald (HUNMUD research): described the situation as “just after repurchasing RMB 200 million, another RMB 400 million was added,” and said it was equivalent to approximately RMB 600 million in dividends and saved more than RMB 100 million in dividend taxes. These are media calculations, not announcement figures.

4.4 2026 Interim Report Disclosure (Evening of August 21, 2026)

Revenue was RMB 4.569 billion, down 1.92% year on year; net profit attributable to shareholders was RMB 843 million, down 29.92%; net profit excluding non-recurring items was RMB 761 million, down 16.69%; basic EPS was RMB 0.8443; net operating cash flow was RMB 1.182 billion, up 1.31%. The company proposed a cash dividend of RMB 4 per 10 shares inclusive of tax, with an expected distribution of approximately RMB 398 million, or 47.28% of current-period net profit attributable to shareholders. By business: respiratory therapy RMB 1.451 billion (-13.33%); blood-glucose management and POCT RMB 795 million (+17.94%, with CGM more than doubling); home health testing RMB 969 million (-4.41%); clinical devices and rehabilitation RMB 1.130 billion (-0.34%); emergency care and other businesses RMB 205 million (+50.30%). Overseas sales were RMB 824 million (+35.76%), and domestic sales were approximately RMB 3.726 billion (-7.44%). The main causes of the net-profit decline were lower respiratory-business revenue, foreign-exchange losses, and a high base of non-recurring gains and losses from government subsidies in the same period last year. Government subsidies and other gains totaled approximately RMB 60.26 million in the current period, compared with more than RMB 280 million in the same period last year.

4.5 Announcements Related to Dividends and Periodic Reports

Announcement on the implementation of the 2025 annual equity distribution, May 19, 2026; announcement on resolutions of the 2025 annual general meeting, May 15, 2026, Announcement No. 2026-018. 2025 annual results as cited by the media: revenue of RMB 7.955 billion (+5.14%) and net profit attributable to shareholders of RMB 1.482 billion (-17.94%). This reflects a single media source and should be checked against the original annual report. The profit-distribution plan for the first three quarters of 2025 was approved by the sixth Board of Supervisors’ fifth extraordinary meeting on October 24, 2025, and subsequently by the second extraordinary general meeting of 2025.

4.6 Foreign-Exchange Hedging Business

Approved at the sixth Board of Directors’ 15th extraordinary meeting on December 24, 2025. The transaction amount at any time may not exceed USD 300 million or its RMB equivalent, with a maximum margin of USD 20 million and an authorization period of 12 months. Announcement Nos. 2025-048/2025-049.

4.7 Expansion of Business Scope and Amendment of the Articles of Association

Approved at the sixth Board of Directors’ 13th extraordinary meeting on November 4, 2025. Newly added businesses included “inspection and testing services, installation, modification and repair of special equipment, wholesale of cosmetics, and retail of cosmetics.” The Board’s audit committee was also authorized to exercise the functions of the supervisory board. The changes were approved at the second extraordinary general meeting on November 20, 2025.

4.8 Director Changes

In November 2025, the company addressed director resignations, elected an employee representative director and appointed a member to the strategy committee at the sixth Board of Directors’ 14th extraordinary meeting.

4.9 Employee Share Ownership Plan Developments

The second lock-up period for the initial transferred portion of the 2023 employee share ownership plan and the first lock-up period for the reserved transferred portion expired on November 17, 2025. The term of the first tranche of the 2021 employee share ownership plan was due to expire on February 26, 2025.

4.10 External Strategic Investment/M&A Direction

The company proposed subscribing for shares issued by Nasdaq-listed Inogen (INGN) and signing a strategic cooperation agreement to expand respiratory products in Europe and the United States. The initial announcement was made on January 26, 2025, with an update disclosed on February 24, 2025. Announcement numbers are listed in the company’s announcement archive.

4.11 Product Registration/Certification Announcements (Business Progress, Not Capital Operations)

AED products obtained EU MDR certification in announcements dated March 3, 2025, and May 15, 2025. The continuous glucose monitoring system obtained a medical-device registration certificate on April 2, 2025. In the first half of 2026, the HeartSave H8 and HeartSave HP series AEDs obtained domestic medical-device registration certificates. The R3 health ring was released in April 2026, and the WatchA1 blood-pressure watch was launched in August 2026.

4.12 Recent Investor-Relations/Interactive Platform Q&A (Around September 9, 2026)

The company said it had launched wearable products including the R3 smart health ring and WatchA1 smart blood-pressure watch. The blood-pressure monitoring function of the smart blood-pressure watch had obtained a medical-device registration certificate from the Jiangsu Provincial Medical Products Administration. Going forward, the company will focus on respiratory therapy and metabolic management represented by CGM, with the “Anaitang” app serving as an AI intelligent-agent platform for metabolic management. The company said overseas sales in the first half were RMB 824 million (+35.76%), respiratory-therapy solutions had reached an initial scale, and blood-glucose management and POCT, home health testing, emergency care and rehabilitation were in a rapid market-introduction phase.

4.13 Price/Analyst Context (Not Announcements; Background Only)

The September 10, 2026 closing price was approximately RMB 25.41, down 1.17%, with turnover of approximately RMB 135 million and a turnover ratio of approximately 0.56%. Some media reported that “the share price has fallen more than 33% year to date.” Brokerage forecasts, which are not company disclosures and differ considerably, are provided only as background: Huayuan Securities rated the stock “Buy” on September 7, 2026, forecasting 2026–2028 net profit attributable to shareholders of RMB 1.60 billion, RMB 1.81 billion and RMB 2.07 billion; Guojin Securities rated it “Buy” on August 22, 2026, forecasting RMB 1.419 billion, RMB 1.607 billion and RMB 1.827 billion. The two forecasts differ by approximately RMB 180 million for 2026 net profit, underscoring that they reflect individual brokerage models and should not be treated as consensus estimates.

4.14 Uncertainties and Limitations to Be Noted

1. Current date: the latest announcement returned by the search was dated September 11, 2026, and the report has been prepared “as of that date.” If the actual date is later, announcements after mid-September should be added. 2. Details of the ten largest shareholders were unavailable: the shareholder names and ownership percentages in Announcement 2026-049 appeared as images/blank fields, and specific figures were not captured. Changes in the shareholder structure, including the Wu Qun/Wu Guangming controlling family and northbound funds, could not be cross-checked. The original PDF on CNINFO should be consulted. 3. Main-force fund-flow data were unavailable: the search did not successfully retrieve recent net inflow/outflow data for main-force funds. 4. Record date/ex-rights date for the 2026 interim dividend: only the ex-dividend and ex-rights date of September 1, 2026, was confirmed, indirectly through the announcement adjusting the buyback-price ceiling; the specific record date was not separately verified. 5. Full-year 2025 financial data, including revenue of RMB 7.955 billion and net profit attributable to shareholders of RMB 1.482 billion, came from media reports and were not directly checked against the original annual report. 6. Market data for prices and PE ratios differ across sources and dates; before use, they should be standardized to the same trading-day basis. 7. Media calculations, such as “equivalent to RMB 600 million in dividends” and dividend-tax savings, are commentary-based inferences rather than company-disclosed figures and should not be cited as facts. Main sources: CNINFO (www.cninfo.com.cn), Shanghai Securities Journal paper.cnstock.com, Eastmoney data.eastmoney.com/notices, Sina Finance announcement pages, Stockstar stock.stockstar.com, Securities Times stcn.com, 10jqka.com.cn, 21st Century Business Herald and Dazhong Securities Journal.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Yuyue Medical (002223.SZ) closed at RMB 25.35 on September 11, 2026, down 0.24%, with trading value of RMB 150 million and a turnover ratio of 0.63%. It was near the lower end of its 52-week range, with a 52-week high of RMB 46.31 and low of RMB 23.90; it was approximately 6% above the low and 45% below the high, reflecting a clearly weak range. The moving-average system, based on the September 3 snapshot, was bearishly aligned, with price below MA5 through MA200. RSI of approximately 35 was weak and MACD was below the zero axis, while Williams %R and CCI indicated short-term oversold conditions. Eastmoney’s Qian Gu Qian Ping showed “no clear signal” for several indicators and a next-day rise probability of approximately 46.8%, so the technical picture was broadly weak but featured short-term oversold divergence. Fund conditions were weak: main-force funds recorded net outflows of approximately RMB 60–70 million over 10 days and approximately RMB 117 million over 20 days; the margin balance declined for six consecutive days; and northbound holdings recovered modestly in 3Q after substantial reduction at the end of 2Q, without clear evidence of a sustained inflow. In terms of ownership, the controlling family held approximately 42.6%, with social-security funds, pension funds, a medical ETF and northbound funds among the institutional core holders; top-ten concentration was approximately 55% based on September 8, 2026 registered data, which may lag current holdings. However, the number of shareholders rose from fewer than 50,000 at the end of 2025 to 82,000 at the end of June 2026, indicating greater dispersion and retail participation. Recent daily trading value was centered around RMB 110–160 million and turnover was generally below 1%, indicating thin trading. Overall, the share price was in a weak range, funds were weak and trading volume was low, with no clear technical reversal signal. The repurchase plan announced on September 8, 2026, constitutes a temporary support factor. The technical indicators cited in this section are dated September 3, 2026; same-day Bollinger-band figures were unavailable, as noted above.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is only a subjective scenario analysis based on historical prices, technical indicators and fund-flow data. It is an analytical framework for observation only and does not constitute investment advice or a buy/sell instruction.

① Key Technical Levels

② Scenarios for the Coming Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 50–60%, a subjective heuristic rather than a statistical probability): Trigger conditions: trading value remains at low-volume levels of RMB 100–200 million, with no new material news. The share price fluctuates narrowly between RMB 25.0 and RMB 26.0, repeatedly testing MA5/MA20. This is the scenario most consistent with the current state of light positioning, declining volume and modest fund outflows.
• Weak decline (medium weight, approximately 30%, a subjective heuristic rather than a statistical probability): Trigger conditions: a break below the RMB 25.0–25.2 first-support zone accompanied by trading value rising above RMB 250 million, or broad weakness in the medical-device sector. The path would point to RMB 24.5 and, in an extreme case, a test of RMB 23.9, the 52-week low.
• Stronger rebound (lower weight, approximately 10–20%, a subjective heuristic rather than a statistical probability): Trigger conditions: a sustained move above the RMB 25.8–26.0 moving-average cluster with higher volume, with trading value returning above RMB 300 million. This would open room toward RMB 26.15–26.58; without volume confirmation, a rebound could easily fail. Progress on the buyback could serve as a potential catalyst.

③ Fund and Liquidity Background

The turnover ratio was approximately 0.47%–0.63% and daily trading value approximately RMB 110–160 million, indicating thin trading, a shallow order book and relatively high slippage for large transactions. Main-force funds recorded net outflows of approximately RMB 60–70 million over 10 days and approximately RMB 117 million over 20 days; the margin balance declined for six consecutive days; and northbound funds had reduced holdings sharply at the end of 2Q but recovered somewhat in 3Q through September 8, 2026. Overall fund conditions remained weak, with no clear evidence of sustained inflows. Based on registered holdings as of September 8, 2026, which may lag because of buybacks and northbound rebalancing, the controlling family held approximately 42.6%. Together with social-security funds, multiple basic pension-fund portfolios, the Huabao CSI Medical ETF and northbound funds at 3.14%, institutional core holdings brought top-ten concentration to approximately 55%. This represented relatively stable institutional core holdings alongside a rapidly rising shareholder count, from 48,800 at the end of 2025 to 82,327 at the end of June 2026, indicating increased retail participation. Overall, near-term liquidity was weak, trading volume was low and prices were relatively sensitive to incremental funds and news.

Volume-confirmation signals: daily trading value is currently centered around RMB 110–160 million. Sustained expansion above RMB 300 million, close to or reaching the RMB 414 million level on August 24, 2026, could be viewed as a sign of fund participation. Conversely, if the price breaks below the RMB 25.0–25.2 first-support zone while trading value rises above RMB 250 million, this would confirm a high-volume weakening move.

④ Key Items to Monitor (Observation Framework Only, Not Trading Instructions)

• Key resistance: whether the RMB 25.8–26.0 moving-average cluster can be broken and held with higher volume, and whether the RMB 26.15–26.58 key resistance zone can be breached (observation framework only, not a trading instruction)
• Key support: whether the RMB 25.0–25.2 first-support zone breaks, and how the RMB 23.9–24.2 strong-support zone, including the RMB 23.90 52-week low, performs in an extreme scenario (observation framework only, not a trading instruction)
• Volume: whether daily trading value remains above RMB 300 million, indicating fund participation, or rises above RMB 250 million when support breaks, indicating high-volume weakness (observation framework only, not a trading instruction)
• Marginal variables: the execution pace of the buyback plan announced on September 8, 2026, the overall performance of the medical-device sector, and whether fund conditions, including main-force net flows and the margin balance, turn positive (observation framework only, not a trading instruction)

The above scenarios are based on the September 11, 2026 closing data and historical price and technical-indicator calculations. Moving-average and oscillator values are snapshots dated September 3, 2026, and same-day Bollinger-band values were unavailable. Short-term share-price performance may also be affected by news, fund conditions, the broader market and other factors. Technical indicators are inherently lagging and limited, and the analysis does not guarantee future performance or constitute a buy/sell recommendation. Investors should independently assess the latest market information and bear their own investment risk.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The medical-device industry has pronounced sub-market characteristics, and products differ materially in technology, registration, channels, branding and price competition. Yuyue Medical covers home medical devices, respiratory therapy, blood-glucose management and POCT, clinical devices, rehabilitation and emergency care. Competition is shifting from simple price competition toward an integrated contest involving products, brands, technology, registration, channels and services.

6.2 Competitive Landscape

• The home medical-device market primarily competes on brand, channels, product quality and after-sales service. Consumer awareness and online retail channels are highly important.
• The respiratory-therapy market serves both households and hospitals. International brands remain influential in high-end equipment and clinical applications, while domestic brands are competitive in home oxygen concentrators, nebulizers, home ventilators and primary healthcare.
• The blood-glucose management market has technology, registration and consumables barriers. Competition is gradually extending from traditional BGM toward CGM, digital diabetes management and integrated hardware-software ecosystems.
• Clinical devices and medical consumables depend more heavily on hospital access, bidding, product registration, distributor networks and service capabilities. Price competition and medical-insurance cost-control pressure are relatively significant.
• The emergency AED market remains in a penetration-growth phase. Product certification, deployment in public settings, training services and channel development are important competitive factors.
• As domestic medical-device companies improve their product capabilities and multinational groups penetrate mid- and low-end markets under medical-insurance cost-control pressure, domestic companies face direct competition from multinational groups.

6.3 Main Competitors

Yuyue Medical is not a single-niche company and is more appropriately compared with Sinocare, 9F Medical, Cofoe Medical and BMC Medical at the product-segment level. Comparisons with Mindray are mainly useful for assessing Yuyue’s overall scale in China’s medical-device value chain and its ability to upgrade in-hospital products. The company’s relative strengths lie in its home medical-device brand, product matrix, registration and certification, channel network and multi-category synergies. Further profit improvement will depend on the commercialization of CGM, AEDs and ventilators, economies of scale in overseas channels, product-mix upgrades and better expense efficiency.

7. Risk Factors

• Risk of continued weakness in respiratory therapy: Respiratory-therapy solution revenue declined 13.33% year on year to RMB 1.451 billion in the first half of 2026. Further deterioration in this segment could continue to weigh on overall revenue and profit. If CGM, AEDs and other new businesses do not scale sufficiently, they may not promptly offset the shortfall.
• Risk that new-product commercialization falls short: CGM, AEDs, ventilators and wearable health products remain in investment, market-introduction or commercialization ramp-up stages. They face uncertainty related to registration and certification, channel education, after-sales service, product competition and market acceptance. Revenue growth may not translate into profit growth at the same pace.
• Risk of rising expense ratios and earnings pressure: The selling-expense ratio was approximately 18.26% in the first half of 2026, up approximately 0.82 percentage points year on year, while the R&D-expense ratio was approximately 6.70%, up approximately 0.37 percentage points. Continued investment in overseas channels and new products could cause profit growth to remain below revenue growth.
• Foreign-exchange risk: Foreign-exchange losses were approximately RMB 82.5988 million in the first half of 2026, materially above approximately RMB 13.2028 million in the same period last year. Overseas revenue is growing rapidly and the company has begun foreign-exchange hedging, but exchange-rate movements may still materially affect net profit.
• Domestic demand and channel-structure risk: Domestic revenue was approximately RMB 3.726 billion in the first half of 2026, down 7.44% year on year. Distributor revenue accounted for approximately 73.29% of 2024 sales. E-commerce platforms and large distributors may create pricing, rebate and promotional pressure, while hospital procurement, bidding, medical-insurance cost controls and centralized procurement may compress clinical-device margins.
• Accounts-receivable and working-capital risk: Accounts receivable were approximately RMB 715 million at the end of 2024, up from approximately RMB 448 million at the end of 2023. The receivables turnover ratio declined from approximately 14.56x to 11.17x over the latest three periods. Expansion of overseas and distribution businesses may further increase capital occupation and collection-management pressure.
• Supply-chain dependence: Procurement from the five largest suppliers accounted for 18.15% of 2024 procurement, with the largest supplier accounting for 13.23%. Related-party procurement among the five largest suppliers accounted for 13.23%. Chips, sensors, precision electronic components and key blood-glucose test-strip materials are also subject to quality, registration and certification requirements and supplier-validation constraints.
• Market competition and product-pricing risk: Sinocare, 9F Medical, Cofoe Medical, BMC Medical, and Omron, Roche, Johnson & Johnson and Philips compete with the company to varying degrees in blood glucose, home testing, respiratory care and home medical devices. Clinical devices and standardized products also face bidding, centralized procurement and price competition.
• Share-price and liquidity risk: As of September 11, 2026, the share price was approximately 6% above the 52-week low. Recent turnover was generally below 1%, with trading value of approximately RMB 110–160 million. Fund flows over both 10 and 20 days were negative, and the margin balance continued to decline. If the RMB 25.0–25.2 support zone breaks with higher volume, weak volatility could intensify.
• Buyback and governance-execution risk: The new buyback involves RMB 200–400 million and is intended for equity incentives or an employee share ownership plan. The final repurchase size, execution pace and subsequent incentive effects remain uncertain. The previous buyback shares are intended for cancellation, and the buyback itself cannot substitute for improvement in operating performance.

8. Conclusion and Outlook

Yuyue Medical’s medium- to long-term growth drivers mainly include CGM and metabolic management, AEDs and emergency-care products, overseas-channel expansion, commercialization of ventilators and product-mix upgrades. In the first half of 2026, blood-glucose management, emergency care and overseas business already showed relatively rapid growth. CGM registration and the introduction of related products provide a development direction involving recurring-use consumables and digital health management. However, these businesses remain in the investment or commercialization ramp-up stage and are not yet sufficient in the short term to fully offset the decline in respiratory therapy and the increase in expense ratios.

The key to earnings recovery lies in whether the respiratory-therapy business can stabilize, whether CGM and AEDs can continue to scale, whether overseas revenue growth can generate economies of scale, and whether expense efficiency improves after sales, R&D and overseas-channel investment. Institutional average forecasts place 2026–2028 net profit attributable to shareholders at approximately RMB 1.551 billion, RMB 1.796 billion and RMB 2.063 billion, respectively. However, forecast ranges differ considerably, and profit was already under significant pressure in the first half of 2026, leaving uncertainty around subsequent earnings delivery.

The company currently trades at approximately 20–23x static or TTM PE and approximately 2x PB, while the share price and technical picture are relatively weak. Key fundamental items to monitor include recovery in the respiratory segment, commercialization of CGM and AEDs, the earnings quality of overseas business, exchange-rate effects, expense ratios and operating cash flow. Investors should also monitor buyback execution, capital tied up in distribution channels and recovery in domestic demand, and should not assess the overall earnings trend solely on the basis of the buyback or a single growth segment.

Data Sources

• PDF
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: Investor Relations Management Information 20250427_Sina Finance
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: 2024 Annual Report_Sina Finance
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd. 2025 Annual Report
• Yuyue Medical: 2024 Annual Report_Jiufang Zhitou
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: 2024 Annual Report_Sina Finance
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd. 2024 Sustainability Report
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: 2020 Annual Report_Sina Finance
• Looking Ahead to 2025: Panorama of China’s Medical-Device Industry in 2025
• https://reportify.cn/reports/1113302689921503232?utm_source=openai
• Yuyue Medical’s 2025 Revenue Grew Steadily; Strategic Investment Strengthens Long-Term Development Base_Sina Finance
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: 2025 Annual Report_Sina Finance
• <4D6963726F736F667420576F7264202D20A3A8D2D1C9F3BACBA3A9D1D0BEBFB1A8B8E65FD6D0B9FABCD2D3C3D2BDC1C6C6F7D0B5D0D0D2B5D1D0BEBF5F3230313930363238A3A85265736561726368205265706F72745F4368696E61204D65646963616C204465766963657320666F7220486F6D6520486
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd. 2026 Interim Report Summary
• Yuyue Medical (002223) Earnings Forecast_F10_10jqka Financial Services
• Yuyue Medical (002223)_Company Announcements_Yuyue Medical: 2026 Interim Report_Sina Finance
• https://pdf.dfcfw.com/pdf/H3_AP202605151822336009_1.pdf?1778836072000.pdf=
• Yuyue Medical (002223) Earnings Forecast_F10_10jqka Financial Services
• Institutional Rating|CICC Rates Yuyue Medical “Outperform”
• Yuyue Medical (002223) Price-to-Book|Valuation|Fundamentals - Lixinger
• Yuyue Medical (002223)_Stock Overview_Stock Price_Real-Time Quotes_Charts_News_Research Reports_FinScope
• What are the company’s latest AI-product initiatives?_Yuyue Medical (002223) Investor Relations Interactive Platform
• The company’s interim report says the respiratory segment has reached an initial scale, while all other segments are developing rapidly_Yuyue Medical (002223) Investor Relations Interactive Platform
• The company’s metabolic-management direction is currently an open market, and is expected to..._Yuyue Medical (002223) Investor Relations Interactive Platform
• Yuyue Medical: The company has launched wearable products including the R3 smart health ring and WatchA1 smart blood-pressure watch
• 002223 2026.06.30 Operating Revenue - Stock
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd.
• Yuyue Medical (002223) Main Business_Securities Star
• Yuyue Medical: Respiratory-Therapy Solutions Business Has Reached an Initial Scale
• Yuyue Medical (002223)
• Yuyue Medical Company Announcements
• Yuyue Medical Proposes to Repurchase RMB 200–400 Million of Company Shares
• Yuyue Medical: Resolution of the 2025 Annual General Meeting - Securities Code: 002223; Securities Abbreviation: Yuyue Medical; Announcement No. 2026-018
• Stock Channel_CFi.CN
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd. Resolution of the Second Extraordinary General Meeting of 2025
• Yuyue Medical Announcement Summary
• Resolution of the 15th Extraordinary Meeting of the Sixth Board of Directors of Jiangsu Yuyue Medical Equipment and Supply Co., Ltd.
• Yuyue Medical: Resolution of the 15th Extraordinary Meeting of the Sixth Board of Directors
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd.
• Resolution of the 13th Extraordinary Meeting of the Sixth Board of Directors of Jiangsu Yuyue Medical Equipment and Supply Co., Ltd.
• Yuyue Medical: Company Proposes to Repurchase No More Than 10.00 Million Shares
• Yuyue Medical: Proposes to Spend RMB 200–400 Million on Share Repurchases
• Yuyue Medical: Proposes to Spend RMB 200–400 Million on Share Repurchases
• Yuyue Medical: New RMB 200–400 Million Repurchase Plan; Previous Repurchased Shares to Be Cancelled
• Yuyue Medical Proposes to Repurchase RMB 200–400 Million of Company Shares
• Yuyue Medical: Announcement on First Share Repurchase
• Jiangsu Yuyue Medical Equipment and Supply Co., Ltd. Announcement on Shareholdings of the Ten Largest Shareholders and Ten Largest Shareholders Other Than Restricted Shareholders Before the Share Repurchase
• Yuyue Medical (002223.SZ): First Repurchase of 588,600 Shares
• Yuyue Medical: Proposal on the Share Repurchase Plan and Repurchase Report
• Resolution of the 19th Extraordinary Meeting of the Sixth Board of Directors of Jiangsu Yuyue Medical Equipment and Supply Co., Ltd.
• Yuyue Medical: Announcement on Completion of Share Repurchase and Share Changes_Sina Finance
• Yuyue Medical: First Repurchase of 588,639 Shares, Total Transaction Amount RMB 14.9986 Million
• Yuyue Medical: New RMB 200–400 Million Repurchase Plan; Previous Repurchased Shares to Be Cancelled
• Yuyue Medical: Announcement on Completion of Share Repurchase and Share Changes - Stockstar
• Yuyue Medical: First Repurchase of 588,600 Shares
• Yuyue Medical: First Repurchase of 588,600 Shares
• Yuyue Medical: Company’s First Repurchase of 588,639 Shares
• Just After Repurchasing RMB 200 Million, Another RMB 400 Million Was Added: Why Is Yuyue Medical “Showing Its Strength”?
• Yuyue Medical: Announcement on Completion of Share Repurchase and Share Changes - Securities Code: 002223; Securities Abbreviation: Yuyue Medical; Announcement No. 2026-047
• Yuyue Medical Repurchases 588,600 Shares for the First Time; First-Half Net Profit Falls 30%, Share Price Down More Than 33% Year to Date
• Yuyue Medical (002223): CGM and Emergency-Care Businesses Grow Rapidly; Overseas Business Continues to Break Through
• Yuyue Medical (002223) Company Comment: Strong Growth in Blood Glucose and International Business; Respiratory Segment Under Pressure_Jiufang Zhitou
• Yuyue Medical (002223): CGM and Emergency-Care Businesses Perform Strongly; Overseas Expansion Accelerates
• Yuyue Medical 2026 Interim Report: Overseas and CGM Volumes Increase, Net Profit Declines Due to Respiratory Segment
• Yuyue Medical 2026 Interim Report: Revenue of RMB 4.569 Billion; Three Strategic Initiatives Advance in Depth
• Yuyue Medical: First-Half Net Profit Down 29.92%; Proposes RMB 4 per 10 Shares
• Yuyue Medical: First-Half 2026 Operating Revenue of RMB 4,569,315,559.46
• Yuyue Medical (002223)_Stock Overview_Stock Price_Real-Time Quotes_Charts_News_Research Reports_FinScope
• 002223 Stock Price and Chart — SZSE:002223 — TradingView — India
• 002223 : JIANGSU YUYUE MEDICAL EQUIPMENT & SUPPLY CO., LTD. - MSN Money
• Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. (002223.SZ) Stock Price, News, Quote & History - Yahoo Finance
• Yuyue Medical A Stock | 002223 Real-Time - Investing.com
• Jiangsu Yuyue Medical Equipment & Supply (XSEC:002223) - Stock Analysis - Simply Wall St - NOT FOR DISTRIBUTION
• Jiangsu Yuyue Medical Equipment & Supply Co Ltd Stock Price Today | SZ:002223 Live - Investing.com
• 002223 | Jiangsu Yuyue Medical Equipment & Supply Co Ltd Share Price - Investing.com ZA
• Yuyue Medical (002223)_Latest Price_Market Data_Chart—Eastmoney
• Yuyue Medical (002223) Qian Gu Qian Ping_Eastmoney Data Center
• Technical Analysis of Jiangsu Yuyue Medical Equipment & Supply Co Ltd (002223)
• Technical Analysis 002223: Buy or Sell? - Investing.com
• Yuyue Medical A Advanced Chart & Price (002223) - Investing.com UK
• Stock Selection - Stock - Financial Search
• Yuyue Medical (002223.SZ) - 0.06
• Yuyue Medical_Anniu Zhitou - 32.80
• http://guba.sina.cn/view_1610_193212.html
• Yuyue Medical (002223) Technical Analysis
• Peer Stocks (CSRC Industry: Specialized Equipment Manufacturing)
• Yuyue Medical (002223) Fund Flows_Eastmoney Data Center
• Yuyue Medical 25.35 -0.24%_Stock Quotes_Jiufang Zhitou
• Yuyue Medical 25.71 0.23%_Stock Quotes_Jiufang Zhitou
• Yuyue Medical (002223.SZ)
• e Company, the First Platform for Listed-Company Information
• Yuyue Medical (002223.SZ) - Quick Quote)/cnhk/quote/detail-quote.aspx?shsymbol=002223#1)
• Yuyue Medical (sz002223)
• Yuyue Medical (002223) Fund Flows_Eastmoney Data Center - June 2, 2026 | 26.44 | 0.92% | -RMB 1.4671 million | -0.60% | RMB 4.9889 million | 2.03% | -RMB 6.4561 million | -2.62% | -RMB 3.2656 million | -1.33% | RMB 4.7327 million | 1.92%
• Yuyue Medical (002223.SZ) 2026 Interim-Report Net Profit of RMB 843 Million, Down 29.92% Year on Year - Economic News
• Yuyue Medical (002223.SZ) 2026 Interim-Report Net Profit of RMB 843 Million, Down 29.92% Year on Year - Jiemian
• Yuyue Medical (002223.SZ) 2025 Net Profit of RMB 1.482 Billion, Down 17.94% Year on Year
• Yuyue Medical (002223) 2025 Net Profit of RMB 1.482 Billion, Down 17.94% Year on Year
• Who Are Yuyue Medical’s Shareholders? 002223 Shareholder Ranking - Investing.com
• Yuyue Medical: Announcement on Shareholdings of the Ten Largest Shareholders and Ten Largest Shareholders Other Than Restricted Shareholders in Connection with the Share Repurchase
• Yuyue Medical (002223) Major Shareholders_Sina Finance
• Yuyue Medical Top Ten Shareholders_Eastmoney Data

This report was automatically searched, compiled and generated by AI based on publicly available information. Information is current through the September 11, 2026 (Friday) close. Technical indicators (moving averages/oscillators) are from the Investing.com daily snapshot dated September 3, 2026, at a price of approximately RMB 25.66, not the September 11 value, and are for trend-direction reference only. Timeliness differences may exist; specific data should be verified against the company’s official announcements and authoritative data terminals. This report is for information and research reference only, does not constitute investment advice, and investors should make independent judgments and bear their own investment risks.