Core Viewpoint - Company Kefu Medical has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a dual listing after its previous listing on the Shenzhen Stock Exchange in 2021 [3][4]. Company Overview - Kefu Medical is one of the largest home medical device companies in China, established in 2007, focusing on providing convenient solutions for consumers and patients seeking high-quality home medical devices [3][5]. - The company has significant competitive advantages in various verticals of the home medical device industry, ranking second among all home medical device companies in China based on projected domestic revenue for 2024 [3][5]. Financial Performance - For the six months ending June 30, 2025, Kefu Medical reported revenue of approximately 1.496 billion RMB, a year-on-year decrease of about 4.0%, and a net profit attributable to shareholders of approximately 167 million RMB, down 9.5% year-on-year [3][4][14]. Fundraising Purpose - The net proceeds from the IPO are intended for global expansion, ongoing product research and technological innovation, including applications of artificial intelligence and the Internet of Things, expanding domestic sales channels and distribution networks, brand promotion, and general corporate purposes [4][5]. Product Strategy - Kefu Medical strategically focuses on five categories of home medical devices with strong growth potential: rehabilitation aids, medical care products, traditional Chinese medicine therapy products, health monitoring products, and respiratory support products [6][16]. - The company offers a comprehensive product range with over 200 products and thousands of specifications, enhancing its position as a one-stop solution for consumers' medical needs [6][16]. Sales Network - Kefu Medical has developed a broad and deep sales network in China, with significant overseas influence, covering both online and offline channels [7][9]. - The online sales revenue reached 1.9807 billion RMB in 2024, with full coverage of major e-commerce platforms such as Tmall, JD.com, Douyin, Xiaohongshu, Pinduoduo, and Yaoshi Bang [10][11]. Market Position - According to Frost & Sullivan, Kefu Medical ranks first in the online revenue segment of the home medical device market in China for 2024 [11][12]. - The company has expanded its global footprint, reaching over 60 countries and regions across Asia, Africa, Europe, and the Americas [13].

Core Viewpoint - Kefu Medical Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand recognition after its previous listing on the ChiNext in 2021 [1][7] Group 1: Financial Performance - Kefu Medical's revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 29.77 billion, RMB 28.54 billion, RMB 29.83 billion, and RMB 14.96 billion respectively [2] - Gross profit for the same periods was RMB 11.27 billion, RMB 11.73 billion, RMB 15.09 billion, and RMB 7.48 billion, with corresponding gross margins of approximately 37.84%, 41.09%, 50.58%, and 49.99% [2] - Net profit figures were RMB 3.02 billion, RMB 2.53 billion, RMB 3.12 billion, and RMB 1.67 billion, with net profit margins of about 10.15%, 8.86%, 10.47%, and 11.14% [2] Group 2: Product and Market Position - Kefu Medical's core business is product sales, contributing approximately 90% of total revenue, with sales figures of RMB 27.99 billion, RMB 26.42 billion, RMB 27.37 billion, and RMB 13.07 billion for the years 2022 to 2025 [2] - The revenue from rehabilitation aids increased significantly from RMB 5.26 billion in 2022 to RMB 10.4 billion in 2024, reaching RMB 5.31 billion in the first half of 2025, accounting for over 35% of total revenue [3] - Kefu Medical ranks first in the market for home rehabilitation aids and posture correction products, with a market share of nearly 30% [4] Group 3: Market Trends and Growth Potential - The global medical device market is projected to reach USD 869.7 billion by 2030, driven by factors such as aging population and increased healthcare spending [6] - The Chinese home medical device market is expected to grow from RMB 1,224 billion in 2019 to RMB 3,131 billion by 2030, with a compound annual growth rate of 7.9% [7] - Kefu Medical's overseas revenue was approximately RMB 59.15 million in 2024, representing only 1.98% of total revenue, but showed significant growth with a 200% increase in the first half of 2025 [7]

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Core Viewpoint - Company Kefu Medical has submitted an application for a dual listing on the Hong Kong Stock Exchange, marking its entry into the A+H market while facing challenges in profitability despite strong online sales performance [1][5]. Group 1: Company Overview - Kefu Medical, established in 2007, focuses on home medical devices and is one of the largest companies in this sector in China, ranking second in sales among home medical device companies as of 2024 [1][2]. - The company has expanded its global presence, covering over 60 countries and regions across Asia, Africa, Europe, and America [1]. Group 2: Financial Performance - Kefu Medical's revenue for the years 2022 to 2025 (first half) is approximately 2.977 billion, 2.854 billion, 2.983 billion, and 1.496 billion yuan respectively, with a compound annual growth rate of 2.9% [2]. - The net profit for the same periods is approximately 302 million, 253 million, 312 million, and 167 million yuan, indicating a significant decline in profitability in 2023 and a further 9.5% decrease in the first half of 2025 [2]. Group 3: Market Position and Strategy - Kefu Medical has achieved significant online sales, with 2024 online sales reaching 1.981 billion yuan, ranking second among Chinese home medical device companies [4]. - The company has a strong presence on major e-commerce platforms, with numerous products ranking highly in sales across platforms like Douyin, Tmall, and JD [4]. - Kefu Medical is in the early stages of developing its overseas business, with foreign revenue accounting for only 1.98% of total revenue in 2024, but showing a notable growth of over 200% in the first half of 2025 [4]. Group 4: Future Plans - The funds raised from the Hong Kong listing will primarily be used for product research and development, global sales network expansion, business development, and brand marketing [5].

2025 年 8 月 31 日 行业研究 7 月降重去库存延续，出栏超季节性增长 ——光大证券农林牧渔行业周报（20250825-20250831） 要点 7 月农业农村部生猪专题数据解读。（1）能繁母猪：产能持平微降。25 年 7 月底能繁母猪存栏量 4042 万头，同环比均基本持平。 （2）生猪供给：降重去 库存加速，宰量增幅超越往年。7 月生猪出栏屠宰量 3166 万头，环比+5.3%， 同比+30.4%，降重去库加速，7 月底宰后均重降至 89 公斤低位，对应的当月 出栏呈现超季节性增长，7 月屠宰量环比增速达到近 5 年最高。（3）价格&利 润：7 月商品猪价小幅反弹，行业维持微利。1）价格方面，7 月商品猪出栏均 价小幅回升至 14.84 元/公斤，环比+1.9%，同比-21.6%。仔猪销售均价为 35.73 元/公斤，环比-4.1%，同比-18.6%。2）盈利方面，7 月行业整体维持微 利。7 月规模场肥猪头均利润 21 元/头（6 月为 7 元/头），散户肥猪头均利润 6 元/头（6 月为-6 元/头）。 本周猪价下跌。根据博亚和讯，8 月 29 日全国外三元生猪均价为 13.66 元 /kg ...

据港交所文件：可孚医疗科技股份有限公司向港交所提交上市申请书。 ...

据港交所8月29日披露，可孚医疗科技股份有限公司(301087.SZ)向港交所主板递交上市申请，华泰国际、BNP PARIBAS为联席保荐人。 | [編纂]項卜的[編纂]數目 | .. | 「編纂】股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | . . | [編纂]股H股(可予車新分配) | | [編纂]數目 | . . | 「編纂]股H股(可予重新分配及視乎「編 | | 纂]行使與否而定) | | | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經紀 | | 佣金、0.0027%證監會交易徵費、 | | | | 0.00015%會財局交易徵費及 | | | | 0.00565%香港聯交所交易費(須於申 | | | | 請時以港元繳足,多繳股款可予退還) | | | | 面值 每股H股人民幣1.00元 | . . | | | [編纂] : [編纂] | | | | 聯席保薦人、[編纂]·[編纂]· | | | | [編纂]及[編纂] | | | | 人 华泰国际 DND DADIDAC | | | 招股书显示，自2007年成立以来，可孚 ...

Core Viewpoint - Cofo Medical has established itself as a leading player in the home medical device industry in China, focusing on providing advanced and convenient solutions for consumers and patients since its inception in 2007 [2]. Company Overview - Cofo Medical is one of the largest home medical device companies in China, ranking second in sales among all home medical device enterprises in the country as of 2024, according to Frost & Sullivan [2]. - The company has expanded its global presence, covering over 60 countries and regions across Asia, Africa, Europe, and America, attracting a growing loyal user base [2]. Sales and Market Performance - As of 2024, Cofo Medical achieved online sales of approximately RMB 1.981 billion, ranking second among Chinese home medical device companies [2]. - In the first half of 2025, Cofo Medical's brand products performed exceptionally well across various platforms, with 12 product categories ranking first on Douyin, and multiple categories ranking in the top three on Tmall and JD [2]. Retail Presence - By June 30, 2025, Cofo Medical operated 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, covering over 135 cities [3]. - The "Jianer Hearing" service centers provide professional hearing testing services and supply various high-quality hearing aid products, ranking among the top three in the industry by the number of fitting centers in China as of the end of 2024 [3]. Financial Performance - Cofo Medical's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 2.977 billion, RMB 2.854 billion, RMB 2.983 billion, and RMB 1.496 billion, respectively [3][5]. - The net profit for the same periods was approximately RMB 302 million, RMB 253 million, RMB 312 million, and RMB 167 million, respectively [3][5].

据港交所8月29日披露，可孚医疗（301087）科技股份有限公司(301087.SZ)向港交所主板递交上市申请，华泰国际、 BNP PARIBAS为联席保荐人。 招股书显示，自2007年成立以来，可孚医疗一直深耕家用医疗器械行业，始终致力于为追求优质及先进家用医疗器械的 消费者及患者提供便捷解决方案。 可孚医疗是中国最大的家用医疗器械企业之一。根据弗若斯特沙利文的资料，按2024 年的中国销售额计，公司在所有 家用医疗器械企业中排名第二。于往绩记录期间，可孚医疗积极拓展海外市场，吸引了全球日益增长的忠实用户群体。 目前，可孚医疗的全球业务版图已覆盖亚洲、非洲、欧洲及美洲的60多个国家及地区。 截至最后实际可行日期，可孚医疗已实现对天猫、京东、抖音、小红书、拼多多及药师帮等所有主流电商平台的全覆 盖。于2024年，可孚医疗的线上销售额达人民币19.81亿元，在中国家用医疗器械企业中位列第二。就2025年上半年的 销量而言，可孚医疗的品牌产品在各平台表现亮眼：在抖音家用医疗器械类目下，12个产品品类销量位列第一，24个产 品品类销量位列前三；在天猫家用医疗器械类目下，22个产品品类销量位列前三，53个产品品类销量 ...

Core Insights - Cofo Medical has been dedicated to the home medical device industry since its establishment in 2007, aiming to provide convenient solutions for consumers and patients seeking high-quality and advanced home medical devices [2] - The company ranks as the second largest home medical device enterprise in China by sales revenue for 2024, according to Frost & Sullivan [2] - Cofo Medical has expanded its global presence, covering over 60 countries and regions across Asia, Africa, Europe, and America, while achieving full coverage on major e-commerce platforms in China [2] - In 2024, Cofo Medical's online sales reached approximately RMB 1.981 billion, placing it second among Chinese home medical device companies [2] - The company has a strong performance on various e-commerce platforms, with numerous product categories ranking first or within the top three in sales [2] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, as well as the six months ending June 30, 2025, Cofo Medical reported revenues of approximately RMB 2.977 billion, RMB 2.854 billion, RMB 2.983 billion, and RMB 1.496 billion respectively [3][5] - The net profit for the same periods was approximately RMB 302 million, RMB 253 million, RMB 312 million, and RMB 167 million respectively [3][5] - The company operates 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, which provide professional hearing testing services and sell various quality hearing aids [3]