Core Viewpoint - The stock of Kefu Medical (301087) has shown a recent increase in price, closing at 42.45 yuan on October 20, 2025, with a rise of 3.59% [1] Group 1: Stock Performance - On October 20, 2025, Kefu Medical's trading volume was 34,200 hands, with a total transaction amount of 145 million yuan [1] - The net outflow of main funds was 5.08 million yuan, accounting for 3.5% of the total transaction amount, while retail investors saw a net inflow of 10.97 million yuan, representing 7.56% of the total [1][2] Group 2: Recent Fund Flow - Over the past five days, the stock has experienced fluctuations in fund flow, with notable net outflows from main and speculative funds on several days [2] - On October 17, 2025, the stock saw a significant net outflow of main funds amounting to 12.71 million yuan, which was 13.29% of the total [2] Group 3: Financial Metrics and Industry Comparison - Kefu Medical's total market capitalization is 8.868 billion yuan, with a net asset value of 4.774 billion yuan and a net profit of 167 million yuan [3] - The company has a price-to-earnings ratio of 26.49 and a price-to-book ratio of 1.92, both of which are favorable compared to the industry averages [3] - The gross margin stands at 52.49%, slightly above the industry average of 51.83%, while the net profit margin is 11.14%, also higher than the industry average [3] Group 4: Recent Ratings - In the last 90 days, seven institutions have rated Kefu Medical, all giving a buy rating [4]

Core Insights - The recombinant protein concept sector rose by 2.66%, ranking 7th among concept sectors, with 49 stocks increasing in value, including *ST Wanfang, which hit the daily limit, and notable gainers such as Saiseng Pharmaceutical, Kefu Medical, and Rejing Bio, which rose by 9.16%, 7.86%, and 6.96% respectively [1][2] Market Performance - The top-performing concept sectors today included Tonghuashun Fruit Index (+3.40%), Cell Immunotherapy (+3.18%), and PEEK Materials (+3.06%), while the sectors with declines included Military Equipment Restructuring (-1.88%) and Transgenic (-1.07%) [2] - The recombinant protein sector saw a net inflow of 389 million yuan, with 37 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan in net inflows, led by Tonghua Dongbao with 48.94 million yuan [2][3] Fund Flow Analysis - The stocks with the highest net inflow ratios included *ST Wanfang (31.91%), Furuida (13.74%), and North China Pharmaceutical (12.46%) [3] - The top stocks in the recombinant protein sector by net inflow included Tonghua Dongbao (4.55% increase, 48.94 million yuan inflow), Beida Pharmaceutical (-0.77%, 46.41 million yuan inflow), and Hite Bio (5.13%, 35.56 million yuan inflow) [3][4]

证券代码：301087 证券简称：可孚医疗 公告编号：2025-075 可孚医疗科技股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 可孚医疗科技股份有限公司（以下简称"公司"或"可孚医疗"）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《关于公司及子公司向银行申请综合授信及公司为子公司提供担保的议 案》，根据公司发展计划，为满足公司日常经营及业务结算的需要，提高资金使 用效率，公司及子公司拟向银行申请不超过人民币 13 亿元的综合授信额度，综 合授信品种包括但不限于：流动资金贷款、中长期借款、银行承兑汇票、保函、 信用证、抵押贷款等。在授信有效期限内，授信额度可循环使用。公司为全资子 公司申请的银行授信额度内的融资提供担保，担保总额不高于人民币 9 亿元。该 事项自董事会通过之日起十二个月内有效，董事会授权公司法定代表人或法定代 表人指定的授权代理人根据实际经营情况需要，在总额度内办理公司及子公司的 融资和担保事宜，具体内容详见公司刊登于巨潮 ...

Market Overview - The medical device sector increased by 0.72% on October 15, with TuoJing Life leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Performers - TuoJing Life (300642) closed at 25.85, up 10.38% with a trading volume of 294,900 shares and a transaction value of 756 million [1] - JiMin Health (603222) closed at 10.97, up 10.03% with a trading volume of 353,400 shares [1] - MaiLanDe (688273) closed at 43.90, up 9.75% with a trading volume of 47,500 shares [1] - KeFu Medical (301087) closed at 43.10, up 7.86% with a trading volume of 72,700 shares [1] - Rejing Bio (688068) closed at 170.79, up 6.96% with a trading volume of 34,700 shares [1] Underperformers - JinHao Medical (920925) closed at 34.05, down 3.81% with a trading volume of 15,400 shares [2] - DaBo Medical (002901) closed at 55.52, down 2.94% with a trading volume of 29,400 shares [2] - HuaDa ZhiZao (688114) closed at 68.57, down 2.93% with a trading volume of 52,400 shares [2] Capital Flow - The medical device sector saw a net inflow of 500 million in main funds, while retail investors experienced a net outflow of 214 million [2][3] - Major stocks like SaiNuo Medical (688108) had a net inflow of 129 million from main funds, while JiMin Health (603222) saw a net outflow of 471 million from retail investors [3]

Group 1 - The core viewpoint of the news is that Kewei Medical has seen a stock price increase of 5.23%, reaching 42.05 CNY per share, with a total market capitalization of 8.784 billion CNY [1] - Kewei Medical, established on November 19, 2009, specializes in the research, production, sales, and service of home medical devices, with its main revenue sources being rehabilitation aids (43.12%), medical care products (32.45%), health monitoring products (20.76%), and others (3.68%) [1] Group 2 - Tianhong Fund has a significant holding in Kewei Medical, with Tianhong Zhenxuan Health Mixed A (014708) reducing its stake by 41,900 shares, now holding 172,400 shares, which constitutes 6.91% of the fund's net value, ranking as the fifth-largest holding [2] - The Tianhong Zhenxuan Health Mixed A fund has achieved a year-to-date return of 33.2%, ranking 2108 out of 8161 in its category, and a one-year return of 23.59%, ranking 3302 out of 8015 [2]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a decline in price and mixed capital flow, indicating potential challenges in market sentiment and performance [1][2]. 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% - The net profit attributable to shareholders was 167 million yuan, down 9.51% year-on-year - The net profit after deducting non-recurring items was 136 million yuan, a decline of 17.98% [2] - In Q2 2025, the company achieved a single-quarter main revenue of 758 million yuan, an increase of 0.87% year-on-year, while the single-quarter net profit was 75.96 million yuan, down 9.3% year-on-year [2] Market Position - Kefu Medical's total market capitalization is 8.348 billion yuan, ranking 44th in the medical device industry - The company has a net asset of 4.774 billion yuan, ranking 29th, and a net profit of 167 million yuan, ranking 26th [2] - The price-to-earnings ratio (P/E) is 24.93, significantly lower than the industry average of 66.45, ranking 21st [2] Capital Flow Analysis - On October 14, 2025, Kefu Medical's stock closed at 39.96 yuan, down 1.28%, with a turnover rate of 1.3% and a trading volume of 25,300 hands, resulting in a transaction amount of 102 million yuan - The net inflow of main funds was 2.6597 million yuan, accounting for 2.6% of the total transaction amount, while retail investors experienced a net outflow of 4.7806 million yuan, representing 4.67% of the total [1] - Over the past five days, the stock has seen fluctuations in capital flow, with varying net inflows and outflows from different investor categories [1]

Core Viewpoint - Recently, Kefu Medical submitted its main board listing application to the Hong Kong Stock Exchange, officially starting the "A+H" dual listing process despite facing declining performance in the first half of 2025 [1][11] Group 1: Financial Performance - Kefu Medical is one of China's largest home medical device companies, with revenues of RMB 29.77 billion, RMB 28.54 billion, and RMB 29.83 billion from 2022 to 2024, indicating stagnation in growth [3] - The company's net profits during the same period were RMB 3.01 billion, RMB 2.54 billion, and RMB 3.12 billion, with a decline of 4% in revenue and 9.7% in net profit in the first half of 2025 [4] - Despite the financial downturn, Kefu Medical has maintained a stable dividend strategy, distributing a total of RMB 12.35 billion in dividends since its listing, with a cash dividend of RMB 6 per 10 shares in 2025 [4] Group 2: Product and Market Challenges - Kefu Medical faces challenges with its main products, particularly the "Beibeijia" posture correction device, which has been subject to controversy regarding its effectiveness [5][8] - The company acquired the operating entity of Beibeijia for RMB 1.77 billion and has positioned it as a "posture management expert," achieving revenue of RMB 5 billion in 2024, capturing a market share of 27.2% in the rehabilitation aids sector [6][8] - However, complaints about the product's efficacy have persisted, with users reporting a lack of noticeable correction effects and discomfort from prolonged use [8] Group 3: Marketing and R&D Expenditure - In the first half of 2025, Kefu Medical's sales expenses reached RMB 480 million, accounting for 32.1% of total revenue, while R&D expenses were only RMB 40 million, representing 2.68% [10] - From 2022 to 2024, sales and distribution expenses increased from RMB 619 million to RMB 973 million, while R&D spending decreased from RMB 118 million to RMB 96 million [10] Group 4: Globalization Strategy - Kefu Medical views its Hong Kong listing as a crucial step in advancing its globalization strategy, with plans to use the raised funds for product innovation, global sales network expansion, and brand marketing [11]

Core Insights - The rehabilitation equipment industry in China is rapidly growing, with the market size expected to reach approximately 714.6 billion yuan in 2024, an increase of 98.9 billion yuan from 2023 [1][6] - The largest market share within the rehabilitation equipment sector is held by rehabilitation therapy devices at 15%, followed by rehabilitation training devices at 4%, and rehabilitation assessment devices at 1% [6] - The market is projected to grow further, reaching an estimated 815 billion yuan by 2025, driven by an aging population and increasing demand for rehabilitation services [1][6] Industry Definition and Classification - Rehabilitation medical devices are defined as equipment used for the prevention, assessment, treatment, training, or compensation of functional disabilities [3] - The main categories of rehabilitation medical devices include rehabilitation aids, rehabilitation therapy devices, rehabilitation training devices, rehabilitation assessment devices, and other rehabilitation equipment [3] Current Development Status - The rehabilitation equipment market in China is predominantly composed of domestic brands, which account for 97.9% of the market, while imported brands make up about 3% [6] - The industry has seen significant expansion in both market size and application areas due to rapid economic development [6] Industry Chain - The upstream of the rehabilitation equipment industry includes raw materials and software systems, while the midstream involves the manufacturing of rehabilitation devices [8] - The downstream applications primarily serve hospitals, community rehabilitation centers, nursing homes, and other medical institutions catering to populations with functional disabilities [8] Market Environment and Policies - The Chinese government has shown strong support for the rehabilitation equipment industry through various policies aimed at promoting its development, such as the "14th Five-Year" National Health Plan and guidelines for enhancing the welfare of the elderly [11] Competitive Landscape - Major companies in the rehabilitation medical device sector include Yuyue Medical, Kefu Medical, and Xiangyu Medical, with Yuyue Medical leading the market in terms of capital and revenue [12] - The industry exhibits a tiered competitive structure, with leading companies in the first tier and several others in subsequent tiers [12] Future Trends - The rehabilitation equipment industry is expected to experience significant growth opportunities, particularly in home settings, driven by an aging population and increasing chronic disease prevalence [13] - The industry is anticipated to evolve towards high-quality development, supported by technological advancements and favorable government policies [13]

Group 1 - On October 9, Kefu Medical experienced a decline of 2.31% with a transaction volume of 55.18 million yuan, and the financing net purchase amounted to 4.30 million yuan [1] - As of October 9, the total balance of margin trading for Kefu Medical reached 115 million yuan, with a financing balance of 114 million yuan, accounting for 1.42% of the circulating market value [1] - The company repaid 3,900 shares of securities lending on October 9, with a remaining securities lending balance of 80.64 million yuan, which is above the 80th percentile level over the past year [1] Group 2 - As of September 30, Kefu Medical had 17,000 shareholders, a decrease of 10.53%, while the average circulating shares per person increased by 11.76% to 11,426 shares [2] - For the first half of 2025, Kefu Medical reported a revenue of 1.496 billion yuan, a year-on-year decrease of 4.03%, and a net profit attributable to shareholders of 167 million yuan, down 9.51% year-on-year [2] Group 3 - Since its A-share listing, Kefu Medical has distributed a total of 1.235 billion yuan in dividends, with 978 million yuan distributed over the past three years [3] - As of June 30, 2025, Kefu Medical's ninth largest circulating shareholder is Guotai Medical Health Stock A, holding 2.3012 million shares, an increase of 236,600 shares compared to the previous period [3]

Core Insights - The medical device sector experienced a slight increase of 0.39% on September 29, with Tianzhihang leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Medical Device Sector Performance - Tianzhihang (688277) saw a closing price of 18.47, with a rise of 7.70% and a trading volume of 172,400 shares, amounting to a transaction value of 315 million yuan [1] - Jimin Health (603222) closed at 11.30, up 5.51%, with a trading volume of 494,600 shares and a transaction value of 556 million yuan [1] - Dongxing Medical (301290) closed at 29.32, increasing by 4.86%, with a trading volume of 99,500 shares and a transaction value of 29.67 million yuan [1] - Other notable performers included Sainuo Medical (688108) with a 4.82% increase and a closing price of 27.83, and Tianchen Medical (688013) with a 3.89% increase, closing at 59.52 [1] Capital Flow Analysis - The medical device sector saw a net inflow of 85.63 million yuan from institutional investors, while retail investors contributed a net inflow of 46.52 million yuan [2] - However, speculative funds experienced a net outflow of 132 million yuan [2] Individual Stock Capital Flow - Sainuo Medical (688108) had a net inflow of 111 million yuan from institutional investors, but a net outflow of 68.66 million yuan from speculative funds [3] - Mairui Medical (300760) also saw a significant net inflow of 107 million yuan from institutional investors, with a net outflow of 76.49 million yuan from speculative funds [3] - Jimin Health (603222) had a net inflow of 53.49 million yuan from institutional investors, while speculative funds saw a net outflow of 43.40 million yuan [3]