证券代码：301087 证券简称：可孚医疗 公告编号：2025-081 可孚医疗科技股份有限公司 3、本次限制性股票归属上市流通日为 2025 年 10 月 31 日。 4、本次归属股票来源：公司从二级市场回购的本公司 A 股普通股股票。 可孚医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第二届董事会第十四次会议、第二届监事会第十四次会议，审议通过了《关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属条件成就的议案》， 公司董事会认为授予部分第一个归属期归属条件已经满足，根据 2024 年第一次 临时股东大会对董事会的授权，同意公司按照 2024 年限制性股票激励计划（以 下简称"本次激励计划"）的相关规定办理第二类限制性股票第一个归属期归属 股份的登记工作，现将有关事项说明如下： 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，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 ...

Core Points - The stock price of Kefu Medical (301087.SZ) has dropped by 4.35%, closing at 43.71 yuan, currently in a state of decline [1] - Kefu Medical submitted an application for overseas listing (H shares) on August 29, 2025, to the Hong Kong Stock Exchange [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2021, with an initial public offering (IPO) of 40 million shares at a price of 93.09 yuan per share [1] Fundraising and Financials - Kefu Medical raised a total of 3.724 billion yuan from its IPO, with a net amount of 3.527 billion yuan after deducting issuance costs, exceeding the original plan by 2.52 billion yuan [2] - The funds raised are allocated for the construction of a smart health monitoring and medical care product production base, an intelligent medical industrial park, a research and development center, and working capital [2] - The total issuance costs amounted to 197 million yuan, with underwriting and sponsorship fees of 174 million yuan [3] Dividend Distribution - 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 [3] - The total share capital increased from 160,375,000 shares to 208,487,500 shares following the dividend distribution [3]

Core Insights - The medical device sector experienced a rise of 1.13% on October 31, with Caina Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Device Sector Performance - Caina Co., Ltd. (301122) saw a closing price of 30.38, with a significant increase of 19.98% and a trading volume of 91,000 shares, amounting to a transaction value of 259 million [1] - Spring Medical (688236) closed at 28.88, up 14.47%, with a trading volume of 84,200 shares and a transaction value of 235 million [1] - ZhenDe Medical (603301) closed at 95.00, increasing by 9.07% with a trading volume of 211,900 shares, resulting in a transaction value of 1.951 billion [1] - Other notable performers included TuoJing Life (300642) with an 8.81% increase, and Rejing Bio (688068) with an 8.70% increase [1] Capital Flow Analysis - The medical device sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 108 million [2][3] - Major stocks like Mindray Medical (300760) had a net inflow of 262 million from institutional investors, but a net outflow of 1.27 billion from retail investors [3] - Other stocks such as Furuishi (300049) and Lepu Medical (300003) also showed significant net inflows from institutional investors, indicating strong institutional interest [3]

Core Viewpoint - The company Kefu Medical aims to enhance the operational quality of its existing stores by focusing on profitability improvements in its offline hearing aid fitting centers by 2025 [2] Group 1: Business Performance - In the first three quarters, the hearing aid business has shown steady growth, with operational efficiency continuously improving and significant reduction in overall losses [2] - The company has nearly 700 direct fitting centers nationwide, utilizing bone conduction hearing aids and online channels to effectively reach target users [2] Group 2: Product Development - Kefu Medical, in collaboration with Tencent Cloud, will officially launch a new generation of bone conduction hearing aids at the Shanghai Import Expo [2] - The new product features Tencent's Tianlai Inside algorithm, which significantly enhances voice clarity and comprehensibility in complex noise environments [2] Group 3: Competitive Advantage - The company's unique competitive advantage lies in its ability to create a closed loop of "online traffic, offline service," which helps to enhance brand influence and market coverage [2]

Core Viewpoint - The company, Kefo Medical, has reported significant growth in sales of its self-developed ventilators, driven by strong performance in key areas such as respiratory synchronization and noise reduction, leading to widespread consumer recognition [1] Group 1: Sales Performance - Since late June, the sales of ventilators have experienced rapid growth, making it a key driver of revenue in the third quarter [1] - The company anticipates continued strong growth in this business segment due to increasing brand awareness and an expanding product matrix [1] Group 2: Product Development - Recently, the company launched its first ventilator mask and plans to introduce multiple new masks and next-generation ventilator products next year [1] - The next-generation ventilator features a design without sound-absorbing cotton, achieving noise control comparable to imported models, and includes smart pressure regulation, automatic temperature and humidity adjustment, blood oxygen and sleep monitoring, and supports APP and cloud connectivity [1] - This new product line aims to enhance the company's intelligent respiratory ecosystem and fill gaps in the high-end market [1]

Core Viewpoint - The company has successfully integrated its core management team with Ximanna, enhancing operational efficiency and product competitiveness through quality supply chain resources [1] Group 1: Business Integration and Performance - The company has dispatched its core management team to deeply engage in the operational management of Ximanna, achieving synergy in business and financial aspects [1] - The integration progress between the company and Ximanna is smooth, with operating performance maintaining steady growth [1] - The company has successfully introduced its brand products into the Hong Kong market, leveraging Ximanna's channel advantages [1] Group 2: Future Development and Strategy - The company plans to continue providing expertise in chain pharmacy channel expansion and management to accelerate Ximanna's channel construction and business development [1] - The company's overseas business has maintained rapid growth in the first three quarters, supported by enhanced customer stickiness and steady order amount increases in the B2B segment [1] - Successful integration of acquisition projects like Huazhou and Ximanna is gradually releasing synergy effects, laying a solid foundation for the company's international business growth [1]

Core Viewpoint - The company, Kefo Medical, is actively investing in the brain-computer interface sector, indicating a strategic shift towards integrating smart medical solutions and neurotechnology [1] Group 1: Strategic Investments - The company announced a strategic investment in Newlink Medical, focusing on implantable brain-computer interface technology, particularly in developing bionic eye and ear products [1] - This investment aligns with the company's existing hearing business, especially in addressing congenital hearing loss [1] - The company has also recently invested in Lizi Intelligent, which is dedicated to the research and development of brain-machine intelligence and robotic embodiment technology [1] Group 2: Future Growth and Synergy - The investments are expected to create strategic synergies with the company's rehabilitation assistive products, expanding intelligent rehabilitation solutions [1] - By positioning itself in cutting-edge fields like brain-computer interfaces, the company aims to explore the integration of smart medical solutions and neurotechnology [1] - This forward-looking strategy is intended to enhance the company's technological advantages and growth potential in hearing rehabilitation, smart assistive devices, and precision health management [1]

Core Viewpoint - Company has been implementing a core product focus strategy, leveraging continuous product innovation and channel development to maintain market leadership in various segments [1] Group 1: Product Performance - In the first three quarters, key products such as ventilators, hearing aids, back support devices, home testing strips, comprehensive blood and uric acid testing, and thermometers have shown strong performance, driving revenue growth [1] - These core categories have significant growth potential in both domestic and international markets [1] Group 2: Market Trends - The demand for respiratory support, hearing improvement, rehabilitation aids, and home testing is expanding due to rising health awareness, accelerated home healthcare adoption, and an aging population [1] - There is a steady increase in overseas demand for high-quality home medical devices [1] Group 3: Future Strategy - Company plans to continue strengthening technological innovation and channel expansion, enhancing its global product layout [1] - The goal is to build a competitive international brand in home health management and continuously unlock growth potential [1]

Core Viewpoint - The company, KeFu Medical, is advancing its smart strategy to integrate AI technology into its medical device offerings, enhancing health monitoring and management services for families [1] Group 1: AI Technology Application - The company possesses a rich product line in medical devices and has a solid foundation for the application and implementation of AI technology [1] - The R&D team is actively utilizing AI technology during product development, which effectively improves research efficiency and product performance [1] Group 2: Smart Strategy Advancement - The company is accelerating the upgrade of its smart strategy, which will integrate data from health monitoring and respiratory support devices into a health management platform [1] - This integration aims to provide users with more convenient home health services, allowing family members to monitor their health status in real-time [1]

Core Viewpoint - The company reported steady growth in its hearing business and significant reduction in overall losses during the first three quarters of the year [1] Group 1: Business Performance - The hearing business achieved steady growth [1] - Operational efficiency continues to improve [1] - The overall business has significantly reduced losses [1] Group 2: Product Development - The company will officially launch a new generation of bone conduction hearing aids in collaboration with Tencent Cloud at the Shanghai Import Expo [1] - The new product features Tencent's Tianlai Inside algorithm, which enhances voice clarity and intelligibility in complex noise environments [1] - Upcoming product launches include new generation ventilators, a series of respiratory masks, portable oxygen machines, home testing strips, atrial fibrillation blood pressure monitors, second-generation bone conduction hearing aids, and invisible posture correction bands [1]