Core Viewpoint - Company Kefu Medical is seeking to list on the Hong Kong main board after less than four years on the ChiNext, indicating a strategic move beyond mere secondary financing [1] Group 1: Company Overview - Kefu Medical has been focused on the home medical device industry since its establishment in 2007, providing convenient solutions for consumers and patients seeking high-quality and advanced home medical devices [2] - The company's product portfolio includes over 20 categories, with a significant emphasis on online sales, achieving a total online sales revenue of 1.981 billion in 2024 [2] - Revenue figures for Kefu Medical from 2022 to 2025 (first six months) are as follows: 2.977 billion, 2.854 billion, 2.983 billion, and 1.496 billion respectively, with net profits of 302 million, 253 million, and 3.02 billion [2][4] Group 2: Product Performance - The rehabilitation aids segment has shown the most significant growth, with revenues of 526 million, 718 million, and 1.039 billion from 2022 to 2024, accounting for 17.7%, 25.2%, and 34.8% of total revenue respectively [4] - Kefu Medical operates 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, covering over 135 cities [4] Group 3: Market Dynamics - The global home medical device market is projected to have a combined share of approximately 63.3% from home rehabilitation aids, medical care products, health monitoring products, and respiratory support devices in 2024, expected to rise to 64.1% by 2030 [5] - In China, online sales through platforms like Taobao, JD.com, Douyin, and Xiaohongshu are expected to account for about 44.3% of total market sales in 2024, while offline channels contribute 55.7% [5] Group 4: Strategic Expansion - Kefu Medical is actively expanding into overseas markets through platforms like TikTok Shop, Temu, and Amazon, with overseas business revenue steadily increasing since 2022 [5] - The company aims to use the funds raised from the Hong Kong listing to promote overseas sales channels and establish a distribution network, as well as for potential strategic investments and acquisitions globally [5] - If the Hong Kong listing is successful, Kefu Medical will establish an "A+H" dual capital platform, enhancing its financial strength and brand influence [5]

Core Viewpoint - Company seeks to list on the Hong Kong main board after nearly four years on the ChiNext, indicating a strategic move for further capital raising and global expansion [1][2]. Company Overview - Founded in 2007, the company specializes in home medical devices, offering over 200 product categories and thousands of specifications, ranking second in China's home medical device market by sales in 2024 [3]. - The company has expanded its international presence, operating in over 60 countries and regions across Asia, Africa, Europe, and America, establishing a global user base [3]. Financial Performance - Revenue figures for the company are as follows: 29.77 billion RMB in 2022, 28.54 billion RMB in 2023, 29.83 billion RMB in 2024, and 14.96 billion RMB for the first half of 2025. Net profits were 3.02 billion RMB, 2.53 billion RMB, 3.12 billion RMB, and 1.67 billion RMB for the same periods, indicating stable profitability [3]. - The company’s online sales reached 19.81 billion RMB in 2024, ranking second among Chinese home medical device companies [3]. Product Segmentation - The company’s revenue is primarily derived from three segments: medical health products, custom manufacturing, and other businesses, with medical health products contributing approximately 90% of total revenue [4]. - The rehabilitation aids segment has shown significant growth, with revenues of 5.26 billion RMB in 2022, 7.18 billion RMB in 2023, and 10.39 billion RMB in 2024, accounting for 17.7%, 25.2%, and 34.8% of total revenue respectively [6]. Market Trends - The global home medical device market is projected to maintain a significant share from rehabilitation aids, medical care products, health monitoring, and respiratory support devices, expected to account for 63.3% in 2024 and increase to 64.1% by 2030 [7]. - In China, online sales through platforms like Taobao and JD.com contributed approximately 44.3% of total sales in 2024, while offline channels accounted for 55.7% [8]. Global Expansion Strategy - The company is actively pursuing overseas market opportunities, with international sales revenue increasing from 1.4% in 2022 to 2.0% in 2024, and further rising to 6.5% in the first half of 2025 [8]. - The company plans to use funds from the Hong Kong IPO to enhance overseas sales channels, establish distribution networks, and invest in research and development for innovative products [9].

Core Viewpoint - Company Kefu Medical has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first "A+H" listed company in China's home medical device industry and expand its global market presence [2] Group 1: Financial Performance - Kefu Medical's revenue and net profit growth have slowed post-pandemic, with revenues of RMB 29.77 billion in 2022, RMB 28.54 billion in 2023, and projected RMB 29.83 billion in 2024, while net profits are expected to be RMB 3 billion in 2022, RMB 2.53 billion in 2023, and RMB 3.12 billion in 2024 [3][4] - In the first half of 2025, the company reported a 4% decline in revenue and a 9.7% drop in net profit compared to the previous year [3] Group 2: Product Segmentation - Rehabilitation aids have become Kefu Medical's largest revenue segment, contributing 38.8% of total revenue in the first half of 2025, with a gross margin of 61.99% [5] - The "Beibeijia" posture correction product has been a key growth driver, achieving sales of approximately RMB 5 billion in 2024 and capturing a 27.2% market share in its category [7][8] Group 3: Marketing and Sales Strategy - Kefu Medical's sales expenses reached RMB 4.8 billion in the first half of 2025, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40.05 million, representing 2.68% [9][10] - The company heavily relies on online sales channels, with online direct sales increasing from 29.8% in 2022 to 35.8% in 2024 [11][12] Group 4: International Expansion - The IPO aims to enhance Kefu Medical's international financing capabilities and promote its globalization strategy, with overseas revenue rising from RMB 42.06 million in 2022 to RMB 96.76 million in the first half of 2025, now accounting for 6.5% of total revenue [13][14] - Recent acquisitions, including Hong Kong's Ximan Medical and Shanghai Huazhou, are expected to significantly boost overseas revenue and market presence [13][14]

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

Group 1 - The core point of the article is that Kefu Medical announced the adjustment of its restricted stock incentive plan during a board meeting held on September 19, 2025, and provided details on its revenue composition for the first half of 2025 [1] - Kefu Medical's market capitalization is reported to be 8.1 billion yuan [2] - In the first half of 2025, Kefu Medical's revenue composition shows that medical health products accounted for 96.79% of total revenue, while other businesses contributed 3.21% [1]

第二届董事会第十八次会议决议公告 证券代码：301087 证券简称：可孚医疗 公告编号：2025-073 可孚医疗科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 可孚医疗科技股份有限公司（以下简称"公司"）第二届董事会第十八次会 议于 2025 年 9 月 12 日以邮件方式发出会议通知，会议于 2025 年 9 月 19 日上午 9:30 以通讯方式召开。会议应出席董事 7 人，实际出席董事 7 人，公司高级管理 人员列席了会议。本次会议由董事长张敏先生主持。会议的召集和召开符合《中 华人民共和国公司法》等法律法规和《公司章程》的有关规定。 表决结果：同意 4 票，反对 0 票，弃权 0 票。公司董事张志明先生、薛小桥 1 先生、贺邦杰先生作为关联董事对本议案回避表决。 三、备查文件 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了如下议案： 审议通过《关于调整 2024 年限制性股票激励计划相关事项的议案》 公司于 2025 年 9 月 10 日召开了 2025 年第三次临时股东大会，审议 ...

Core Viewpoint - The company has adjusted the grant price for its restricted stock incentive plan in response to the upcoming dividend distribution in 2025, ensuring compliance with relevant laws and regulations [1] Summary by Relevant Sections - **Incentive Plan Adjustment** The company has received necessary approvals for its 2024 restricted stock incentive plan adjustment, with the grant price reduced from 13.68 yuan per share to 13.10 yuan per share [1] - **Approval Process** Multiple board and supervisory meetings were held from March 2024 to September 2025 to review related proposals, confirming the company's adherence to procedural requirements [1] - **Legal Compliance** The legal opinion issued by Hunan Qiyuan Law Firm states that the adjustments made to the grant price are in line with applicable laws and the provisions of the company's incentive plan draft [1]

证券代码：301087 证券简称：可孚医疗 公告编号：2025-074 可孚医疗科技股份有限公司 关于调整 2024 年限制性股票激励计划相关事项的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 可孚医疗科技股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开 第二届董事会第十八次会议，审议通过了《关于调整 2024 年限制性股票激励计 划相关事项的议案》，现将具体情况公告如下： 一、2024 年限制性股票激励计划已履行的相关审批程序 1、2024 年 3 月 1 日，公司召开第二届董事会第七次会议，会议审议通过了 《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大 会授权董事会办理 2024 年限制性股票激励计划相关事宜的议案》等议案，律师 事务所、独立财务顾问出具相应报告。 同日，公司召开第二届监事会第七次会议，审议通过了《关于公司<2024 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股 票激励 ...

湖南启元律师事务所 关于 可孚医疗科技股份有限公司调整 2024年限制性股票激励计划相关事项的 法律意见书 湖南启元律师事务所 关于可孚医疗科技股份有限公司 调整2024年限制性股票激励计划相关事项的 法律意见书 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""可孚医疗"）的委托，作为特聘专项法律顾问为公司2024年限制性 股票激励计划项目（以下简称"2024年激励计划"）提供法律服务。 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》"）、中国证券监督管理委员会（以 下简称"中国证监会"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则》（2025年修订）（以下简称"《上市规 则》"）以及公司《2024年限制性股票激励计划（草案）》（以下简称"《2024 年激励计划》（草案）"）、《2024年限制性股票激励计划实施考核管理办法》 （以下简称"《2024年考核管理办法》"）等有关规定，按照律师行业公认的业务 标准、道德规范和勤勉尽责 ...

Core Viewpoint - The stock of Kefu Medical (301087) has experienced a decline, with a closing price of 39.11 yuan on September 18, 2025, down by 2.05% [1] Financial Performance - Kefu Medical reported a main revenue of 1.496 billion yuan for the first half of 2025, a year-on-year decrease of 4.03% [3] - The net profit attributable to shareholders was 167 million yuan, down 9.51% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 136 million yuan, a decline of 17.98% year-on-year [3] - In Q2 2025, the company achieved a single-quarter main revenue of 758 million yuan, an increase of 0.87% year-on-year [3] - The single-quarter net profit attributable to shareholders was 75.96 million yuan, down 9.3% year-on-year [3] - The single-quarter net profit after deducting non-recurring gains and losses was 67.67 million yuan, a decrease of 8.88% year-on-year [3] Market Position - Kefu Medical's total market capitalization is 8.17 billion yuan, ranking 47th in the medical device industry [3] - The company's net assets stand at 4.774 billion yuan, ranking 29th in the industry [3] - The net profit margin is 11.14%, ranking 61st in the industry [3] - The company has a price-to-earnings ratio of 24.4, significantly lower than the industry average of 67.82, ranking 21st [3] - The price-to-book ratio is 1.77, compared to the industry average of 3.91, ranking 28th [3] Stock Flow Analysis - On September 18, 2025, the net outflow of main funds was 1.1229 million yuan, accounting for 1.69% of the total transaction amount [1][2] - Retail investors showed a net inflow of 4.3936 million yuan, representing 6.6% of the total transaction amount [1][2] - Over the past five days, the stock has seen fluctuations in fund flows, with varying net inflows and outflows from different investor categories [2] Analyst Ratings - In the last 90 days, six institutions have rated Kefu Medical, with five giving a buy rating and one an increase rating [4] - The average target price set by institutions over the past 90 days is 45.0 yuan [4]