来源：新浪港股-好仓工作室 7月11日，可孚医疗发布公告，宣布董事会已审议通过授权管理层启动境外发行H股并在香港联交所上 市的前期筹备工作。 公司经营：市场竞争激烈，产品结构待优化 从财务数据来看，可孚医疗近年来的业绩表现并不理想。2024年，公司实现营业收入29.83亿元，同比 增长4.53%，增速较以往明显放缓。净利润方面，虽然实现了3.12亿元，同比增长22.6%，但这主要得益 于成本控制和费用优化，并非来自于核心业务的强劲增长。进入2025年，公司业绩更是出现了下滑迹 象，一季度营业收入为7.38亿元，同比减少8.59%；净利润为9143万元，同比减少9.68%。 | 截止日期 | | 2022-12-31 | 2023-12-31 | 2024-12-31 | | --- | --- | --- | --- | --- | | 报告期 | | 年报 | 年报 | 年报 | | 报表类型 | | 合井报表 | 合井报表 | 合井报表 | | ▽ 利润表摘要 | | | | | | 营业总收入 | = | 29.77 | 28.54 | 29.83 | | 同比(%) | 11 0 | 30.82 | ...

可孚医疗：授权公司管理层启动公司境外发行股份（H股）并在香港联合交易所有限公司上市相关筹备 工作。 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2025-042 可孚医疗科技股份有限公司 第二届董事会第十五次会议决议公告 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、会议召开情况 可孚医疗科技股份有限公司（以下简称"公司"）第二届董事会第十五次会 议于 2025 年 7 月 11 日以电话方式发出会议通知，会议于 2025 年 7 月 11 日下午 3:00 以现场与通讯表决相结合的方式在公司六楼会议室召开。会议应出席董事 7 人，实际出席董事 7 人（其中独立董事刘爱明、温志浩、宁华波以通讯方式出席）， 公司监事、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。 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《关于授权公司管理层启动公司境外发行股份（H 股）并在香港 联合交易所有限公司上市相关筹备工作的议案》 特此公告。 可孚医疗科技股份有限公司董事会 2025 年 7 月 11 日 2 具体内容详 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2025-043 可孚医疗科技股份有限公司 关于授权公司管理层启动公司境外发行股份（H 股）并在 香港联合交易所有限公司上市相关筹备工作的公告 根据《深圳证券交易所创业板股票上市规则》《境内企业境外发行证券和上 市管理试行办法》等法律法规的要求，待确定具体方案后，本次 H 股上市需提 交公司董事会和股东大会审议，并需取得中国证券监督管理委员会、香港联交所 和香港证券及期货事务监察委员会等相关政府机构、监管机构备案、批准或核准。 本次 H 股上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。 公司将依据相关法律法规的规定，根据本次 H 股上市的后续进展情况及时履行 信息披露义务，切实保障公司及全体股东的利益。 公司指定信息披露媒体为《中国证券报》《证券时报》《上海证券报》《证 券日报》和巨潮资讯网（http://www.cninfo.com.cn），所有关于公司的信息披露 均以上述媒体和网站刊登的公告为准。本次 H 股上市尚存在较大不确定性，敬 请广大投资者理性投资，注意投资风险。 1 特此公告。 可孚医疗科技股份有限公司董事会 2025 年 7 ...

最新一期业绩显示，2025年一季报，公司实现营业收入7.38亿元，同比-8.59%；净利润9142.51万元，同 比-9.68%，销售毛利率52.17%。 7月10日，可孚医疗今日收盘34.68元，上涨3.12%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到24.01倍，创66天以来新低，总市值72.51亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均51.40倍，行业中值37.27倍，可孚医疗排 名第52位。 资金流向方面，7月10日，可孚医疗主力资金净流入440.60万元，近5日总体呈流出状态，5日共流出 1265.56万元。 可孚医疗科技股份有限公司的主营业务是医疗器械研发、生产、销售和服务。公司的主要产品是血糖系 统、尿酸系统、血压计、血氧仪、红外线体温计、胃幽门螺杆菌快速检测试纸、早孕检测试纸、胎心 仪、听诊器、轮椅、代步车、护理床、移位机、听力计、助听器、助行器、腋下拐、手杖、敷贴/敷料 类、口罩、手套、医用防护服、纱布/绷带类、棉球/棉签/棉片类、消毒产品、口腔护理、呼吸机、制氧 机、氧立得手提便携式制氧器、氧气袋、雾化器、鼻腔护理、理疗仪、按摩器、艾叶及制成品、温 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2025-041 可孚医疗科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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、现金管理概述 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开 的第二届董事会第十一次会议、第二届监事会第十一次会议及于 2024 年 9 月 18 日召开的 2024 年第二次临时股东大会，审议通过了《关于使用部分闲置募集资 金进行现金管理的议案》，同意公司使用不超过 7.20 亿元（含本数）闲置募集 资金（含超募资金）进行现金管理，使用期限自股东大会审议通过之日起 12 个 月内有效。在上述额度和期限内，资金可循环使用。公司将按照相关规定严格控 制风险，购买安全性高、满足保本要求、流动性好且投资期限最长不超过 12 个 月的投资产品（包括但不限于保本型理财产品、结构性存款或办理定期存款等）。 公司独立董事、监事会、保荐人均对本议案发表了明确同意的意见。具体内容详 见公司披露的《关于使用部分闲置募集资金进行现金管理的公告》（公告编 ...

Key Points Summary of 可孚医疗 Conference Call Company Overview - 可孚医疗 focuses on five major business segments: rehabilitation assistance, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy [2][4] Core Insights and Arguments - The company has significantly improved its gross margin and net profit margin by concentrating on high-margin products and investing in online interest e-commerce and brand building [2][4] - In 2024, 可孚医疗 launched an equity incentive plan granting 6.63 million restricted shares to 339 individuals, aimed at motivating the core team with performance targets set for 2024 to 2026 [2][6] - The rehabilitation assistance segment, particularly the 贝贝佳 brand, achieved sales exceeding 400 million RMB in 2024, contributing positively to overall profitability [2][7] - The 健耳听力 segment reported revenue of 273 million RMB in 2024, a nearly 38% year-on-year increase, although it remains in a strategic investment phase [2][9] - A collaboration with 欧泰科技 led to the development of a non-calibrated CGM product, expected to enhance market competitiveness due to its low MOD value, lightweight design, and relatively low price [2][10] Additional Important Content - In Q1 2025, both revenue and profit declined due to a strategic shift in the respiratory support segment, where the company terminated its agency business to focus on self-developed respiratory machines [3] - The company has been transitioning its respiratory support business from agency sales to self-sales, launching second-generation sleep and portable respiratory machines in 2024 [5][11] - Online sales accounted for two-thirds of total revenue, approximately 2 billion RMB, while offline sales exceeded 800 million RMB, covering over 200,000 pharmacies [5][13] - The interest e-commerce platforms like Douyin and Kuaishou have shown significant growth potential, with expectations for increased market opportunities as restrictions on medical device categories are relaxed [13] - The company has established multiple sub-brands to complement product positioning and market demand, including brands for hearing aids, wheelchairs, and skin repair [14] - The proportion of self-produced products has increased from 22% in 2018 to approximately 60% in 2023 [15] - AI technology is being applied across various product lines to enhance smart capabilities and user health management, including in respiratory machines and blood glucose monitors [16] - Revenue growth is projected to maintain around 12% in 2025, with 16% to 17% growth expected in 2026 and 2027, while profit growth is anticipated to exceed 20% during the same period [17]

Investment Rating - The report gives a "Buy" rating for the company, Kefu Medical, with a target price of 45 CNY based on a 25x PE valuation for 2025 [6][10]. Core Views - Kefu Medical is a leading comprehensive home medical device company in China, focusing on personal health management across five major business lines: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy [6][10]. - The company is expected to benefit from the growth in its rehabilitation aids and health monitoring segments, while the medical care segment is returning to normalized growth after the impact of pandemic-related high baselines [10][11]. Summary by Sections Comprehensive Home Medical Device Company - Kefu Medical, established in 2009, operates as a comprehensive home medical device company with a dual-channel strategy (online and offline) [14]. - The company offers nearly 10,000 product models across various health management categories and maintains a leading position in e-commerce within the medical device sector [14][6]. Five Major Business Lines - **Rehabilitation Aids**: Continuous optimization of existing products and expansion into posture correction and hearing aid markets are expected to drive growth [37]. - **Medical Care**: The segment is gradually returning to normal growth as the impact of pandemic-related high baselines diminishes [10][11]. - **Health Monitoring**: The company has a comprehensive product layout, with a new continuous glucose monitoring (CGM) product expected to become a bestseller [10][11]. - **Respiratory Support**: The business model is shifting from agency to self-branded sales, enhancing profitability [10][11]. - **Traditional Chinese Medicine Therapy**: This segment is recovering from pandemic disruptions and is expected to grow with policy support [10][11]. Competitive Strength and Long-term Development - Kefu Medical is enhancing its competitive edge through a dual-channel strategy, multi-brand layout, and a focus on R&D efficiency [9][10]. - The company is transitioning from OEM/ODM to self-branded products, with over 80% of revenue now coming from its own brands [9][10]. - The integration of AI and smart technologies is being pursued to improve operational efficiency [9][10]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.8 billion CNY, 4.5 billion CNY, and 5.4 billion CNY for the years 2025 to 2027, with corresponding EPS of 1.79 CNY, 2.16 CNY, and 2.60 CNY [10][11]. - The report compares Kefu Medical with peers like Yuyue Medical and Lixin Medical, affirming its positive growth trajectory across its business lines [10][11].

Company Overview - Cofoe Medical Technology Co., Ltd. specializes in the research, production, sales, and service of medical devices, with key products including blood glucose systems, uric acid systems, blood pressure monitors, and various other medical instruments and supplies [2]. Financial Performance - For Q1 2025, the company reported a revenue of 738 million yuan, representing a year-on-year decrease of 8.59%. The net profit was 91.43 million yuan, down 9.68% year-on-year, with a gross profit margin of 52.17% [2]. Market Position - As of June 24, Cofoe Medical's stock closed at 32.78 yuan, with a PE ratio of 22.70, while the average PE ratio for the medical device industry is 49.12, and the industry median is 36.07. Cofoe Medical ranks 50th in terms of PE ratio within its industry [1][3]. Capital Flow - On June 24, the net inflow of main funds into Cofoe Medical was 2.87 million yuan, with a total inflow of 4.85 million yuan over the past five days, indicating a generally positive capital flow trend [1].

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 证券代码：301087 证券简称：可孚医疗 公告编号：2025-040 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 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 ...