湖南启元律师事务所 关于 可孚医疗科技股份有限公司 2025年第四次临时股东会的 法律意见书 二零二五年十一月 1 致：可孚医疗科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受可孚医疗科技股份有限公司（以 下简称"公司"）的委托，指派本所律师出席了公司 2025 年第四次临时股东会（以 下简称"本次股东会"），对本次股东会的召集和召开程序、出席会议人员及召集 人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律 意见。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等我国现行法律法规、规范性文件以及《可孚医疗科 技股份有限公司章程》（以下简称"《公司章程》"）的有关规定出具本法律意见 书。 本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大 ...

Core Viewpoint - Kefu Medical's stock price has declined, closing at 44.13 yuan with a drop of 2.73%, currently in a state of breaking issue [1] Group 1: Company Overview - Kefu Medical submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on August 29, 2025 [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2021, with an initial public offering of 40 million shares at a price of 93.09 yuan per share [1] - The highest price recorded for Kefu Medical's stock was 95.00 yuan on October 26, 2021, the day after its listing [1] Group 2: Financial Highlights - Kefu Medical raised a total of 3.724 billion yuan from its initial public offering, with a net amount of 3.527 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 2.52 billion yuan, which was initially set at 1.007 billion yuan for various projects including the construction of a health monitoring and medical care product production base [1] - The total issuance costs for the IPO amounted to 197 million yuan, with underwriting and sponsorship fees accounting for 174 million yuan [2] Group 3: Shareholder Returns - In 2021, Kefu Medical announced a dividend distribution plan, distributing 16.00 yuan in cash for every 10 shares and a capital reserve increase of 3.00 shares for every 10 shares held [2] - The total share capital increased from 160,375,000 shares to 208,487,500 shares following the dividend distribution [2]

Core Viewpoint - The company has reported strong growth in Q3 2025, achieving a revenue of 9.02 billion yuan, marking a 30.72% increase, and a net profit of 0.93 billion yuan, up 38.68%, leading to an "outperform" rating for the stock [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 23.98 billion yuan, reflecting a growth of 6.63%, and a net profit attributable to shareholders of 2.60 billion yuan, which is a 3.30% increase [2] - The gross margin stood at 53.35%, an increase of 1.97 percentage points, while the net margin was 10.82%, a decrease of 0.38 percentage points [2] Business Segments - The hearing aid segment, represented by Jianer Hearing, significantly reduced its losses and is expected to contribute positively to profits. The focus for 2025 will be on improving the operational quality of existing stores [3] - The international business has shown steady growth, with B2B operations benefiting from increased customer loyalty and rising order amounts. Successful integration of acquisitions like Huazhou and Ximan has laid a solid foundation for ongoing international growth [3]

Group 1 - Haitong International issued a report on November 12, giving KeFu Medical (301087.SZ, latest price: 44.5 CNY) an "outperform" rating with a target price of 53.84 CNY [1] - The rating rationale includes significant reduction in losses from the hearing aid business, which is expected to contribute to profits [1] - The international business is steadily improving, indicating potential for growth [1]

Core Insights - The eighth China International Import Expo (CIIE) showcased a growing interest in hearing aids, with major companies like Sonova and Oticon presenting their latest AI-driven products, indicating a shift towards advanced technology in this sector [1][4][6] Industry Trends - The hearing aid market is increasingly focusing on AI technology, with products designed to enhance user experience by improving sound clarity and reducing listening fatigue. For instance, Sonova's new hearing aids claim a 50% improvement in speech understanding and a 37% reduction in listening fatigue [4] - Domestic companies are also leveraging AI, as evidenced by Kefu Medical's collaboration with Tencent Cloud, which resulted in a new bone conduction hearing aid that improves speech clarity by up to 85% in noisy environments [4] Competitive Landscape - The competition in the hearing aid market is intensifying, with both domestic and international players adopting similar technological advancements. Companies are utilizing deep neural network algorithms to differentiate between voices and reduce background noise [4][6] - There is a significant price disparity between domestic and imported hearing aids, with Kefu's products priced below 3000 yuan, while Oticon's and Sonova's products can exceed 30,000 yuan for single-ear models [6] Consumer Considerations - The effectiveness of hearing aids is heavily influenced by the fitting process, which varies significantly based on the skill level of the fitters. Consumers are advised to research and choose reliable fitting services to avoid misleading practices [7]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a decline in price and mixed capital flow trends, with institutional ratings remaining positive despite recent fluctuations in trading volume and price [1][2][4]. Group 1: Stock Performance - As of November 11, 2025, Kefu Medical's stock closed at 44.5 yuan, down 1.09% with a turnover rate of 0.78% and a trading volume of 15,200 lots, resulting in a transaction amount of 67.95 million yuan [1]. - Over the past five days, the stock has experienced a price decline, with a notable drop of 1.09% on November 11, following a decrease of 1.08% on November 10 [2]. Group 2: Capital Flow Analysis - On November 11, 2025, the net outflow of main funds was 312.12 thousand yuan, accounting for 4.59% of the total transaction amount, while retail investors saw a net inflow of 296.41 thousand yuan, representing 4.36% of the total [1][2]. - The capital flow data indicates a shift in investor sentiment, with retail investors showing a preference for buying despite the overall decline in stock price [2]. Group 3: Financial Metrics and Industry Comparison - Kefu Medical's total market capitalization is 9.296 billion yuan, with a net asset value of 4.75 billion yuan and a net profit of 260 million yuan, ranking 42nd, 29th, and 24th respectively in the medical device industry [3]. - The company reported a gross margin of 53.35% and a net margin of 10.82%, both of which are above the industry averages, indicating strong operational efficiency [3]. - For the first three quarters of 2025, Kefu Medical's main revenue reached 2.398 billion yuan, a year-on-year increase of 6.63%, while the net profit rose by 3.3% to 260 million yuan [3]. Group 4: Institutional Ratings - In the last 90 days, eight institutions have rated Kefu Medical with a "buy" recommendation, and the average target price set by these institutions is 53.84 yuan [4].

Core Viewpoint - The stock of Kefu Medical (301087) has shown a slight decline, with a closing price of 44.99 yuan on November 10, 2025, reflecting a decrease of 1.08% from the previous trading day [1] Group 1: Stock Performance and Trading Data - On November 10, 2025, the stock had a turnover rate of 0.97%, with a trading volume of 18,800 hands and a transaction value of 85.51 million yuan [1] - The net inflow of main funds was 2.63% of the total transaction value, while retail investors experienced a net outflow of 7.32% [1][2] - Over the past five days, the stock's closing prices fluctuated, with a peak of 45.48 yuan on November 7, 2025, and a notable increase of 30.72% in the third quarter's revenue compared to the previous year [2][3] Group 2: Financial Performance - Kefu Medical reported a total revenue of 2.6 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.63% [3] - The company's net profit for the same period was 2.6 million yuan, up 3.3% year-on-year, with a significant increase in the third quarter's net profit by 38.68% [3] - The company's gross margin stands at 53.35%, which is higher than the industry average of 51.22% [3] Group 3: Industry Comparison - Kefu Medical's total market value is 9.398 billion yuan, which is lower than the industry average of 11.616 billion yuan, ranking 42 out of 124 in the medical device sector [3] - The company's price-to-earnings ratio (P/E) is 27.09, significantly lower than the industry average of 62.58, indicating a potentially undervalued stock [3] - The return on equity (ROE) for Kefu Medical is 5.29%, which is substantially higher than the industry average of 0.15% [3]

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for global trade and cooperation, facilitating cross-border collaboration and resource sharing among enterprises [1][6] Group 1: Technology Sharing - CIIE fosters an environment conducive to technology sharing, exemplified by the strategic partnership between Kewei Medical and Tencent Cloud, focusing on advancements in hearing aid algorithms [2] - The collaboration aims to enhance product performance significantly, leveraging AI voice recognition and acoustic modeling to improve user experience [2] Group 2: Brand Collaboration - CIIE acts as a crucial springboard for companies to expand into global markets, as demonstrated by Yunquna's strategic partnership with Port Klang Free Trade Zone to facilitate logistics for Chinese manufacturers [4] - The partnership aims to provide better access and services for Chinese manufacturing enterprises, particularly in the light industry sector, enhancing bilateral cooperation in logistics [4] Group 3: Industry Cooperation - Abbott signed a memorandum with the National Health Commission to promote reproductive health services, highlighting the expo's role in fostering health initiatives [3] - Karcher and Daqing Baoshihua Property Management signed a strategic agreement to integrate cleaning technology with service operations, showcasing the synergy between global technology and local service capabilities [3] Group 4: Market Expansion - The expo enables foreign brands to enhance their market presence in China, as seen with the Swiss chocolate brand Lindt conducting interactive sessions to engage Chinese consumers [5] - Companies are increasingly seeking deep collaborations with domestic brands to boost their market influence and share knowledge in product innovation and supply chain management [5]

Industry Overview - Rehabilitation devices are defined as medical equipment or assistive tools used in rehabilitation to assess, train, and treat patients, helping them improve functionality and recover bodily functions or compensate for deficiencies [1] - The rehabilitation device industry can be categorized into rehabilitation medical aids, rehabilitation therapy equipment, rehabilitation training devices, and assessment instruments [1] Industry Chain Analysis - The upstream of the rehabilitation medical device industry mainly consists of raw materials and software systems, with raw materials being the core element affecting product quality and manufacturing efficiency [2] - The midstream involves the production of rehabilitation assessment instruments, training devices, therapy equipment, and other rehabilitation devices [2] - The downstream consumer segment primarily includes elderly, chronic disease, and disabled groups [2][5] Industry Development History - The Chinese rehabilitation device industry has gone through three stages: initial phase (1980-1989), transformation phase (1990-2011), and rapid growth phase (2012-present), with significant policy support and market expansion in the latter phase [7][8] Policy Background - Recent national policies have promoted high-level standardization and integration of rehabilitation devices with technologies like AI, IoT, and 5G, creating favorable conditions for high-quality industry transformation [10][11] Current Industry Status - The number of registered rehabilitation device products in China has seen explosive growth since 2019, with projections indicating 1,167 registrations by 2024 [14] - The market size for rehabilitation devices in China is expected to reach approximately 21.1 billion yuan in 2024, driven by an aging population and increasing chronic diseases [15] - Rehabilitation aids dominate the market, accounting for 82.15% of the total market size in 2024 [17] - The elderly care segment is projected to account for about 67% of the application structure in 2024 [18] Competitive Landscape - The competitive landscape of the rehabilitation device industry shows a concentration of core manufacturing enterprises in eastern coastal provinces like Jiangsu, Guangdong, and Shandong, while central and western regions focus on raw material supply [21] - The top three companies in the rehabilitation device market by share in 2024 are Kefu Medical, Yuyue Medical, and Xiangyu Medical, with market shares of 6.47%, 6.18%, and 3.51% respectively [24] Future Development Outlook - By 2030, the market size of the rehabilitation device industry is expected to exceed 47 billion yuan, driven by the aging population and increased demand for rehabilitation services [26] - The industry is predicted to grow at a compound annual growth rate (CAGR) of around 14% from 2025 to 2030 [26] Industry Trends - The rehabilitation device industry is experiencing a trend towards smart technology and product diversification, with the integration of AI, IoT, and 3D printing technologies [28] - The aging population and the rise in chronic diseases are expected to sustain the growth of rehabilitation demand, supported by favorable policies and market expansion [28]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a positive trend with a closing price of 45.48 yuan, reflecting a 2.25% increase on November 7, 2025, with significant net inflow from institutional investors [1][2]. Financial Performance - Kefu Medical reported a total revenue of 2.398 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.63% [3]. - The net profit attributable to shareholders for the same period was 260 million yuan, up 3.3% year-on-year [3]. - In Q3 2025, the company achieved a quarterly revenue of 902 million yuan, marking a substantial year-on-year increase of 30.72% [3]. - The quarterly net profit attributable to shareholders was approximately 92.83 million yuan, reflecting a 38.68% increase year-on-year [3]. - The company’s gross profit margin stood at 53.35%, which is higher than the industry average of 51.22% [3]. Market Position - Kefu Medical has a total market capitalization of 9.501 billion yuan, ranking 39th in the medical device industry [3]. - The company’s price-to-earnings ratio (P/E) is 27.38, significantly lower than the industry average of 62.26, indicating a potentially undervalued position [3]. - The return on equity (ROE) for Kefu Medical is 5.29%, which is considerably higher than the industry average of 0.15% [3]. Investment Sentiment - Over the past 90 days, 8 institutions have rated Kefu Medical with a "buy" recommendation, indicating strong positive sentiment among analysts [4]. - The average target price set by institutions for the stock is 53.84 yuan, suggesting potential upside from the current trading price [4].