上市捷报丨沙利文祝贺北京怡和嘉业医疗科技股份有限公司成功登陆创业板(301367.SZ)

Beijing Yihé Jiayé Medical Technology Co., Ltd. (Stock Code:301367.SZ) on2022year11month1The company successfully listed on the ChiNext board of stock. It is a manufacturer of medical equipment and consumables in the field of respiratory health, providing comprehensive solutions for sleep breathing disorders and chronic respiratory diseases to users worldwide. Frost & SullivanFrost & SullivanFrost & Sullivan, hereinafter referred to as 'Frost & Sullivan', hereby warmly congratulates the company on its successful listing.

Beijing Yihé Jiayè Medical Technology Co., Ltd. (hereinafter referred to as 'Yihé Jiayè') was established on2022year11month1The company was successfully listed on the stock market, with a total number of shares issued as1,600.0010,000 shares, issue price per share119.88Yuan, with the actual total fundraising amount reaching19.18100 million yuan.

As the leading domestic manufacturer of non-invasive ventilators and breathing masks, the company holds the highest market share in its niche segment, enjoys a high brand recognition, and leads in R&D and commercialization capabilities. The company's main products include non-invasive ventilators, breathing masks, sleep monitors, high-flow humidified oxygen therapy devices, and provides respiratory health chronic disease management services.
The market scale and penetration rate of the industry track where the company operates are expanding significantly, with rapid growth and high certainty. There is broad prospect for domestic substitution. Especially against the backdrop of foreign competitors' recalled products, Yihé Jiayè has accelerated its market capture with remarkable results;
The company has made long-term investments in R&D and innovation, successfully built a technological barrier, and formed a full-cycle product service layout. The company has successively obtained certifications in ChinaNMPA（CFDA), EUCEUnited StatesFDARegistered and certified in multiple countries, sold to Europe, America, Asia-Pacific regions, and all over the world100The remaining countries and regions continue to rank first in the export market share of domestic manufacturers;
The company has an experienced management team with a deep understanding of the respiratory health sector and market.

Frost & Sullivan has long been monitoring the global and Chinese medical device industries, publishing a large number of research reports that are widely cited in the prospectuses of leading companies listed on the ChiNext market, helping clients accelerate their growth.

Industry position

2020In the Chinese domestic market for home ventilators and ventilation masks, the company's product share ranks first among domestic brands.

Among them, the market share of domestic ventilators accounts for15.6%China's home-use ventilator export market share accounts for40.5%, China's ventilator mask market share accounts for37.7%, China's ventilator mask export market share accounted for68.3%.

Overview of the Home Respirator Market

Global market size of home ventilators

2016In the year, the global market size of home ventilators was17.1billions, along withCOPDandOSAThe number of patients with respiratory and sleep-related diseases continues to grow, and the global demand for home ventilators is also increasing year by year.2020In the year, the global home ventilator market reached27.1billions. As home ventilators continue to become more widespread in emerging markets including China, it is expected that by2025In [year], the global market size of home ventilators will reach55.8billion US dollars2020Year-end2025The annual compound growth rate for15.5%.

Global Home Respirator Market Size and Forecast (by Ex-factory Price)

2016-2025E

Data source: Analysis by Frost & Sullivan

The competitive landscape of the global home ventilator market is highly concentrated, mainly represented by Respironics and Philips, occupying nearly80%In terms of market share, manufacturers such as Fisher Price, LVS Tyne (Walmart), Debenhams, and Yihewa rank third to sixth. RSI Market has the largest market share, accounting for about40.3%of the shares, in2020Annual sales amount is10.9billion US dollars. Philips ranks second, accounting for about37.8%, its2020Annual sales reached10.2dozens of millions. Followed by Fisher Price, accounting for about6.6%Yihé Jiaye2020Annual sales amount is4,53410,000 US dollars, accounting for approximately1.7%The remaining market competition landscape is more dispersed, with the market share of over a hundred small and medium-sized manufacturers being far lower1%.

The global home ventilator market is segmented by manufacturer's sales.2020

Data source: Analysis by Frost & Sullivan

Market scale of home ventilators in China

In recent years, due to factors such as the impact of air quality in our country and the intensification of the aging population trend, the number of chronic respiratory disease patients in China has been increasing. On the other hand, residents' living standards have gradually improved, their awareness of health management has increased, and they are moreOSA/COPDThe improvement in the recognition and management of chronic diseases has greatly driven the growth of the ventilator market size in our country.2016In [year], the market scale of home-use ventilators reached5.9RMB 10 billion, among which the market scale of single-level home ventilators is about2.5RMB 10 billion, and the market scale of dual-level home ventilators has reached3.41000 million RMB.

2020In the year, a large number of home-use ventilators flowed into hospitals at the terminal for the treatment of COVID-19, driving an incremental market growth in the home ventilator sector. At the same time, affected by the pandemic,2020The number of visits to the respiratory and sleep departments of hospitals decreased in the year, leading to a reduction in the prescription volume for home ventilators. The weakening market demand resulted in a decline in the sales of single-level home ventilators.2020In [year], the market scale of home-use ventilators reached12.31000 million RMB, itsThe market scale of CPAP devices for home use at the mid-range level is approximately5.3RMB 10 billion, and the market scale of dual-level home ventilators has reached7.01000 million RMB.

As the epidemic is gradually being effectively controlled, the number of visits to respiratory and sleep departments has rapidly rebounded. Moreover, after the publicity and promotion during the epidemic period, patients have gained a deeper understanding of ventilators, further releasing their medical needs and once again driving the growth of the home ventilator market. With the further enhancement of patients' awareness of health management and their increasing understanding of the treatment of respiratory and sleep diseases, market growth rates will gradually recover.2025In [year], the market size of home ventilators will grow to33.3RMB 10 billion, including a single-level market scale of16.2100 billion RMB, with a dual-level market scale of17.11000 million RMB.

Market scale and forecast of home-use ventilators in China (by ex-factory price)

2016-2025E

Data source: Analysis by Frost & Sullivan

Similar to the global market, Philips and ResMed are the largest producers in the domestic home ventilator market, accounting for2020In 2019, they accounted for28.4%and26.6%Market share, with Yihewajie ranking third in market share, accounting for15.6%The proportion of other domestic enterprises is relatively small and they are relatively dispersed.

The Chinese home-use ventilator market is segmented by manufacturer's sales.2020

Data source: Analysis by Frost & Sullivan

China's home-use ventilator export market scale

2020In [year], the market scale of China's household ventilator exports was approximately3.0Yi billion yuan. The overseas pandemic continues to spread, and the global demand for ventilators is high. Therefore, the market scale of China's household ventilator exports will continue to grow until the pandemic eases and is controlled. With the continuous improvement in product quality of domestic manufacturers and the expansion of the overseas market scale, it is expected that by2025In [Year], the market scale of China's household ventilator exports will climb to6.01000 million RMB2020Year-end2025The annual compound growth rate for14.8%.

Market scale and forecast of Chinese home-use ventilators (by ex-factory price)

2016-2025E

Data source: Analysis by Frost & Sullivan

2020In [year], the main manufacturers of household ventilators in China's export market include Yihé Jiaye, Yuwell Medical, Rongxin Medical, etc. Affected by the epidemic, Yihé Jiaye's market share in household ventilator exports accounted for40.5%, its2020The annual sales reached1.2100 billion RMB. The market share of Yuwell Medical is35.9%ranked second, its2020The annual sales reached1.1Yi billion yuan. Rongxin Medical ranks third, with its market share accounting for approximately19.2%.

China's home-use ventilator export market is segmented by manufacturer's sales.2020

Data source: Analysis by Frost & Sullivan

Market Overview of Ventilation Masks

Market scale of ventilator masks in China

The market scale of ventilator masks in China has been2016The year's promise6,970Ten thousand yuan increased to2020The year's promise1.9RMB 10 billion, with an annual compound growth rate of28.7%Affected by the pandemic, the market demand for ventilation masks in China has climbed. In addition, with the improvement of residents' income levels, home ventilators have been continuously popularizing in China. Patients' awareness and willingness to pay for the replacement of ventilation masks will also continue to strengthen. It is expected that by2025The market scale of ventilation masks in China will climb to4.61000 million RMB.

Market scale and forecast of ventilator masks in China (by ex-factory price)

2016 - 2025E

Data source: Analysis by Frost & Sullivan

2020In [year], the main domestic ventilator mask manufacturers included Yihé Jiayè, Philips Respironics, ResMed, Fisher & Paykel, Lüvistain (Vanguard), and Dongguan Yida, among more than a dozen others. Yihé Jiayè is in2020It ranked first in the domestic market share in [year], with sales reaching7,208Ten thousand yuan, accounting for about37.7%Second is Philips Vicon, which accounts for a market share of23.4%Ruisima's market share accounts for20.2%ranked third.

The Chinese ventilation mask market is segmented by manufacturer's sales.2020

Data source: Analysis by Frost & Sullivan

China Ventilator Mask Export Market Size

The export market scale of ventilator masks in China has been2016year1,780Wan climbed to2020The year's promise8,440Ten thousand yuan, with an annual compound growth rate of47.6%Affected by the pandemic, there has been an increased demand for ventilator masks abroad. Meanwhile, as the export scale of China's home-use ventilator market continues to grow, the export scale of ventilator masks, which are used in conjunction with ventilators and require frequent replacement, will also increase accordingly. It is expected that by2025In [year], the export market scale of ventilator masks in China will grow to approximately1.81000 million RMB.

Market scale and forecast of ventilator masks exported from China (by ex-factory price)

2016 - 2025E

Data source: Analysis by Frost & Sullivan

As a major domestic exporter of ventilation masks, Yihé Jiaye2020Annual export sales reached5,768Ten thousand yuan, with a market share as high as68.3%The market share of HPL is only8.5%, ranking second. Secondly, BYANGMEDIC accounted for7.7%left and right.

China's ventilator mask export market is segmented by manufacturer's sales.2020

Data source: Analysis by Frost & Sullivan

Frost & Sullivan integrates the globe.61years of consulting experience,24Frost & Sullivan has been dedicated to serving the booming Chinese market for years, demonstrating a global perspective in helping clients accelerate their business growth, achieving industry-leading benchmarks in terms of growth, innovation, and leadership. The Greater Health Industry is one of the core areas of focus for Frost & Sullivan. Recently20For many years, the Frost & Sullivan team has provided financing and financial advisory services to hundreds of outstanding domestic and international biopharmaceutical, medical device, healthcare services, and internet healthcare companies.IPO listingIndustry consulting, strategic consulting, management consulting, and other services. Successful listing cases include: GenSight Biotech9877.HK), HealthyuanJCARE.SW), Leopu MedicalLEPU.SW), DIngDang Health9886.HK), Baidu Map Suggest (2315.HK), Zhiyun Health9955.HK), MeinGene6667.HK),Prenetics（PRE.NASDAQ), Yunkang Group2325.HK), Ruike Biotechnology2179.HK), Leopu Biology2157.HK), Clear Medical1406.HK), Baisinkan2185.HK), Yonghe Medical (2279.HK), Kailaiying6821.HK), Beihai Kangcheng1228.HK), Gusheng Hall2273.HK), Eagle Eye Technology2251.HK), Clover Biotechnology2197.HK), minimally invasive robots2252.HK), and Yuhui Kaiman2256.HK), Kunbo Medical (2216.HK), Xianruida6669.HK), Kangsheng Global9960.HK), Medical Pulse Connect (2192.HK), Tengsheng Bo Pharmaceutical2137.HK), Conoco (2162.HK), Chaogju Eye Hospital (2219.HK), Guichuangtong Bridge2190.HK), and Huang Medicine0013.HK), Keji Pharmaceutical2171.HK), Zhaoke Eye Hospital6622.HK), Nature Medicine (UPC.NASDAQ), Sino Biologics (6600.HK), Zhaoyan New Drugs6127.HK), Novo Nordisk Health (6606.HK), Tianyan PharmaceuticalADAG.NASDAQ), Beikang Medical (2170.HK), Jianbimiao Miao Miao2161.HK), Minimally Invasive Cardiac Angioplasty (2160.HK), Ruili Medical Beauty2135.HK), Jiake Pharmaceutical1167.HK), and Bopan Medicine2142.HK), JD Health6618.HK), Deqi Medicine6996.HK), Rongchang Biology9995.HK), WuXi AppTec Genomics (2126.HK), XianSen Pharmaceutical2096.HK), Yunding Xinyao1952.HK), Harvest Biotech6998.HK), ZaiDi Pharma9688.HK), Ocumivir1477.HK), Yongtai Biology6978.HK), Hype Pharma9989.HK), Kechuang Pharmaceutical9939.HK), Peijia Medical (9996.HK), Kangfang Biology9926.HK), Novartis HealthCare (9969.HK), Celestial BeingsIMAB.NASDAQ), Kanglonghua Cheng3759.HK), China Antibody3681.HK), Dongyao Pharmaceutical1875.HK), Yasheng Medicine6855.HK), Fosun Pharma (2696.HK), Hansoh Pharmaceutical3692.HK), Mabotech Pharmaceuticals2181.HK), Founder Holdings1521.HK), Viva Biology1873.HK), CStone Pharmaceuticals2616.HK), Junshi Biology1877.HK), WuXi AppTec (2359.HK), Innovent Biologics1801.HK), Hualing Medicine2552.HK), BeiGene (6160.HK), Gelifarmaceuticals1672.HK), WuXi AppTec Biologics2269.HK), China Resources Medicine3320.HK), Yakult Scientific & Pharmaceutical2633.HK), and Huangzhong China MedicineHCM.NASDAQ), Biotechnology1548.HK),BBILife Sciences1035.HK) and so on. In terms of the number of submissions, Frost & Sullivan's healthcare team in Hong Kong is involved inIPO listingMaintain an absolute leading position,2018till2021Year after year, it has always ranked first in market share.

since2019year7Since the initial listing of the first batch of companies on the Sci-tech Innovation Board, Frost & Sullivan reports have also been widely cited in the prospectuses of leading Sci-tech Innovation Board listed companies in the industry, including: Kangweixin Century (688426.SH), coastal proteins688137.SH), Novartis HealthCare (688428.SH), OPUMAI BIOLOGY688293.SH), minimally invasive electrophysiology688351.SH), Mengke Pharmaceutical688373.SH), Yifang Biology688382.SH), Jicui Pharmaceutical Health (688046.SH), Haiscot Biopharmaceuticals688302.SH), Rongchang Biology688331.SH), Rendu Biology688193.SH), Capital Pharmaceutical Holdings (688197.SH), and Yuanbiotech (688238.SH), YASIN Security688225.SH), Xidiwei688173.SH), MyWay Biotechnology688062.SH), Yarong Medicine688176.SH), BeiGene (688235.SH), Jiahemeikang688246.SH), DiZhe Medicine688192.SH), Novozymes688105.SH), Chengda Biology688739.SH), Gecko Micro688728.SH), Huaxi Biology688363.SH), Junshi Biology688180.SH), Zhejiang Genomics & Therapeutics Co., Ltd.688266.SH), Bai'ao Tai688177.SH), SinoCell (688520.SH) and others are considered one of the most powerful, professional, and influential industry research institutions in the sector. We aim to work with enterprises to understand industry trends, seize development opportunities, jointly promote innovation and upgrading of China's big health industry, and build a healthy future.