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].

Core Insights - The article highlights that 可孚医疗 (Cofe Medical) has established itself as a leading player in the home medical device industry in China since its inception in 2007, focusing on providing advanced and convenient solutions for consumers and patients [2][3] - According to Frost & Sullivan, the company ranks second in terms of sales among all home medical device companies in China for 2024, with a significant global presence across over 60 countries and regions [2] - The company has achieved comprehensive coverage on major e-commerce platforms in China, with online sales reaching approximately RMB 1.981 billion in 2024, also ranking second among home medical device companies [2] Business Expansion - As of June 30, 2025, 可孚医疗 operates 738 self-owned stores in China, with 689 being "健耳听力" (Jianer Hearing) service centers, covering over 135 cities [3] - The "健耳听力" service centers provide professional hearing testing services and supply various high-quality hearing aid products, ranking among the top three in the industry based on the number of fitting centers in China by the end of 2024 [3] Financial Performance - The company reported revenues of approximately RMB 2.977 billion, RMB 2.854 billion, RMB 2.983 billion, and RMB 1.496 billion for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [3][5] - Net profits for the same periods were approximately RMB 302 million, RMB 253 million, RMB 312 million, and RMB 167 million [3][5] - The gross profit margins have shown fluctuations, with gross profits of RMB 1.127 billion, RMB 1.173 billion, RMB 1.509 billion, and RMB 748 million for the respective years [5]

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]

证券代码：301087 证券简称：可孚医疗 公告编号：2025-068 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 相关信息而作出。本公告以及刊登于香港联交所网站的申请资料均不构成也不得 视作对任何个人或实体收购、购买或认购公司本次发行的境外上市外资股（Ｈ股） 的要约或要约邀请。 并刊发申请资料的公告 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"）已于 2025 年 8 月 29 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资 股（Ｈ股）并在香港联交所主板挂牌上市（以下简称"本次发行并上市"）的申 请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。该申请资料 为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港 联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和修订。 鉴于本次发行并上市的认购对象仅限于符合相关条件的境外投资者及依据 中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内 证券交易所的网 ...

Group 1 - Company Kefu Medical Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange on August 29 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a revenue of 1.496 billion yuan for the first half of 2025, a year-on-year decrease of 4.03%, with a net profit attributable to shareholders of 167 million yuan, down 9.51% year-on-year [4][5] - The second quarter of 2025 saw a revenue of 758 million yuan, a year-on-year increase of 0.87%, while the net profit attributable to shareholders was 76 million yuan, down 9.30% year-on-year [5] - The overall gross margin improved to 52.80% in Q2 2025, indicating effective product structure optimization [5] Revenue and Profit Analysis - The rehabilitation aids segment is the largest business area, generating 563 million yuan in revenue for H1 2025, a decrease of 6.41% year-on-year, primarily due to the streamlining of inefficient SKUs [5] - The medical care product segment achieved revenue of 424 million yuan, up 9.67% year-on-year, mainly due to the acquisition of Huazhou [5] - Health monitoring products generated 271 million yuan in revenue, a year-on-year increase of 12.89%, driven by strong sales of thermometers and home testing strips [5] Online and Overseas Market Performance - Online channels contributed 974 million yuan in revenue for H1 2025, a year-on-year increase of 3%, accounting for 67.28% of total operating income [6] - The company has implemented differentiated operational strategies for various e-commerce platforms, enhancing customer retention and repurchase rates through a refined membership system [6] - The overseas business performed exceptionally well, with revenue exceeding 100 million yuan, a year-on-year growth of over 200% [6] Strategic Acquisitions - In January 2025, the company completed the acquisition of Shanghai Huazhou, a leading domestic pressure-sensitive adhesive manufacturer, which will enhance its product line and support overseas market expansion [8] - In June 2025, the company acquired a controlling stake in Ximan Medical Systems, a well-known medical instrument retailer in Hong Kong, facilitating entry into the Hong Kong market and resource integration [8] Financial Forecast - Revenue projections for 2025-2027 are 3.58 billion yuan, 4.33 billion yuan, and 5.24 billion yuan, with growth rates of 20.0%, 21.0%, and 20.8% respectively [9] - Net profit attributable to shareholders is expected to reach 414 million yuan, 504 million yuan, and 613 million yuan for the same period, with growth rates of 32.7%, 21.8%, and 21.7% respectively [9] - The estimated EPS for 2025-2027 is 1.98 yuan, 2.41 yuan, and 2.93 yuan, corresponding to P/E ratios of 20x, 17x, and 14x [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a strong growth trajectory in its core product categories, with a year-on-year revenue increase of over 30% in key segments, indicating a promising long-term growth potential [2] - The company reported a total revenue of 1.496 billion yuan for the first half of 2025, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% year-on-year [2] - The company is accelerating its internationalization process and expanding its core product offerings, which is expected to drive future growth [2] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.496 billion yuan, with a net profit of 167 million yuan and a net cash flow from operating activities of 351 million yuan, reflecting a 14.46% increase year-on-year [2] - The sales gross margin for the first half of 2025 was 52.49%, an increase of 1.82 percentage points year-on-year, indicating improved profitability [2] - The company’s revenue projections for 2025-2027 are 3.33 billion, 3.91 billion, and 4.56 billion yuan respectively, with corresponding net profit estimates of 388 million, 484 million, and 589 million yuan, reflecting growth rates of 24.6% for 2025 and 2026 [4] Business Segment Performance - The medical care segment generated 424 million yuan in revenue, up 9.67% year-on-year, driven by new product launches and the consolidation of Shanghai Huazhou [2] - The health monitoring segment saw revenue of 271 million yuan, a year-on-year increase of 12.89%, with strong sales of key products such as blood glucose and uric acid testing devices [2] - The rehabilitation aids segment reported revenue of 563 million yuan, down 6.41% year-on-year, although the hearing aid segment experienced over 20% growth [2] Strategic Initiatives - The company is focusing on optimizing its product structure to enhance profitability and is investing in AI and brain-machine interface technologies to improve its competitive edge [2] - The company has made significant investments in research and development, with R&D expenditures reaching 46.95 million yuan in the first half of 2025, a 2.45% increase year-on-year [2] - The company has expanded its overseas market presence, achieving nearly 100 million yuan in overseas revenue in the first half of 2025, a growth of over 200% year-on-year [2]

Group 1: Key Insights from Kefu Medical - Kefu Medical's hearing aid revenue is expected to grow over 20% year-on-year in the first half of 2025, with plans to enhance revenue from existing stores and new outlets in the second half [1] - The company has invested in Niu Lingke Medical to address congenital hearing loss, aiming for strategic synergy [1] - Overseas revenue has increased by over 200%, with successful acquisitions of Shanghai Huazhou and Ximan Na, focusing future mergers on enhancing product lines or technology [1] Group 2: Key Insights from China Steel International - China Steel International's projects are executing smoothly, with the Bolivia Mutong Steel Plant nearly completed and the Algeria Electric Furnace project passing inspection [2] - The company reported a year-on-year increase in accounts receivable and has strengthened its collection mechanisms [2] - The gross profit margin for engineering projects is expected to reach 14.22% in the first half of 2025, with both domestic and international margins improving [2] Group 3: Key Insights from Tianfu Communication - Tianfu Communication achieved a revenue of 2.456 billion yuan in the first half of 2025, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Growth in active products is driven by increased deliveries of high-speed active products, with a strong demand for these products [3] - The company is expanding its production capacity in Thailand, with the first phase already operational and the second phase in development [3] Group 4: Key Insights from Citic Securities Investment Fund - Citic Securities Investment Fund was established in 2013, managing a total asset scale of 67.55 billion yuan, ranking 76th among 210 [4] - The fund has 117 public funds under management, ranking 65th, and has 23 fund managers, ranking 59th [4] - The best-performing public fund in the past year is the Citic Securities North Exchange Selected Two-Year Open Mixed A, with a net value of 2.8 and a growth of 264.75% [4]

Group 1: Company Insights - Kefu Medical (301087) is expected to achieve over 20% year-on-year revenue growth in hearing aid sales in the first half of 2025, with plans to enhance revenue from existing stores and new outlets in the second half [1] - The company has invested in Newlink Medical to address congenital hearing loss, aiming for strategic synergy [1] - Overseas revenue has increased by over 200%, with completed acquisitions of Shanghai Huazhou and Ximaner, focusing future mergers on targets that can supplement product lines or enhance technical capabilities [1] - Kefu Medical has developed a comprehensive product matrix across five major areas and is increasing investment in e-commerce platforms, advancing smart projects in respiratory, blood pressure, blood glucose, and oxygen generation [1] - Key products include respiratory machines and hearing aids, with a focus on revenue contribution and strategic value; respiratory machine sales are rapidly growing, leading the category on Douyin's e-commerce platform [1] Group 2: Industry and Fund Management - Heyuan Bio leverages generative AI for innovative sequence design, utilizing deep learning frameworks such as Transformer and Diffusion for sequence scoring and generation [1] - Zhongjia Fund, established in 2013, has an asset management scale of 141.193 billion yuan, ranking 49th out of 210 in total public funds and 42nd out of 210 in non-monetary public funds [1] - The fund manages 135 public funds, ranking 60th out of 210, with 19 fund managers, ranking 72nd out of 210 [1] - The best-performing public fund product in the past year is Zhongjia Technology Innovation Mixed Fund A, with a latest unit net value of 1.68 and a growth of 128.28% over the past year [1] - The latest public fund product launched is Zhongjia CSI 300 Dividend Low Volatility Index A, which is an index-type stock fund, with a subscription period from August 18, 2025, to September 5, 2025 [1]

Core Viewpoint - The recent financial report of Kefu Medical (301087) shows a decline in revenue and net profit for the first half of 2025, indicating potential challenges in the company's financial performance and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.496 billion yuan, a decrease of 4.03% year-on-year [1]. - Net profit attributable to shareholders was 167 million yuan, down 9.51% compared to the previous year [1]. - In Q2 2025, total revenue reached 758 million yuan, reflecting a slight increase of 0.87% year-on-year, while net profit for the quarter was 75.96 million yuan, a decrease of 9.3% [1]. - The gross profit margin improved to 52.49%, an increase of 3.58% year-on-year, while the net profit margin decreased to 11.14%, down 5.99% [1]. - Total expenses (selling, administrative, and financial) amounted to 557 million yuan, representing 37.27% of revenue, an increase of 12.81% year-on-year [1]. - Earnings per share were 0.82 yuan, a decline of 9.89% year-on-year, while operating cash flow per share increased by 14.54% to 1.68 yuan [1]. Accounts Receivable and Financial Ratios - The accounts receivable balance was significant, with accounts receivable accounting for 127.09% of the latest annual net profit [1]. - The company reported a return on invested capital (ROIC) of 5.12%, indicating average capital returns, with a historical median ROIC of 9.07% since its listing [4]. - The company has experienced a notable increase in management expenses by 31.36% due to the consolidation of Shanghai Huazhou and increased consulting fees [3]. Market and Investment Insights - Analysts expect Kefu Medical's performance in 2025 to reach 375 million yuan, with an average earnings per share forecast of 1.79 yuan [4]. - The largest fund holding Kefu Medical shares is Guotai Medical Health Stock A, which has increased its holdings [5]. - The company is focusing on improving operational efficiency and expanding its market presence in the hearing aid sector, with plans to enhance the performance of existing stores and introduce new products [6].