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]

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 industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival 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, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

Group 1 - The core viewpoint of the news is that Kefu Medical has experienced a decline in stock price and trading volume, with significant net financing outflows on September 15 [1] - As of September 15, Kefu Medical's financing balance is 1.50 billion yuan, with a net financing outflow of 815.54 million yuan for the day [1] - The company has a high financing balance, accounting for 1.80% of its market capitalization, which is above the 90th percentile level over the past year [1] Group 2 - Kefu Medical's revenue for the first half of 2025 is reported at 1.496 billion yuan, a year-on-year decrease of 4.03%, while the net profit attributable to shareholders is 167 million yuan, down 9.51% year-on-year [2] - The company has distributed a total of 1.235 billion yuan in dividends since its A-share listing, with 978 million yuan distributed in the last three years [3] - As of June 30, 2025, Kefu Medical's top ten circulating shareholders include Guotai Medical Health Stock A, which increased its holdings by 236,600 shares [3]

Core Viewpoint - The company, Kefu Medical Technology Co., Ltd., is aiming for a dual listing on the Hong Kong Stock Exchange, leveraging its strong performance in the home medical device sector, while also facing challenges in maintaining growth and profitability [1][2]. Company Overview - Kefu Medical, known for its "Beibeijia" posture correction brand, has transformed from a small company in Changsha, Hunan, into a leading player in the home medical device market over the past 20 years [3]. - The company started with basic medical products and strategically integrated the Beibeijia brand, revitalizing it through technological upgrades and channel innovations [3][4]. Financial Performance - Kefu Medical's revenue for 2022 was approximately 2.98 billion RMB, with a slight decline to 2.85 billion RMB in 2023, followed by a recovery to 2.98 billion RMB in 2024 [9][10]. - The company reported a net profit of 302 million RMB in 2022, which decreased to 253 million RMB in 2023 but rebounded to 312 million RMB in 2024, indicating a volatile yet improving profitability trend [12][14]. Product Segmentation - The rehabilitation aids segment has shown significant growth, with revenue increasing from 526 million RMB in 2022 to 1.04 billion RMB in 2024, making it the largest revenue source for the company [10][12]. - In contrast, health monitoring and respiratory support products experienced a decline in revenue, with a drop of 16.7% and 41.35% respectively in 2024, attributed to post-pandemic normalization and increased competition [12][14]. Sales Channels - Kefu Medical has established a strong online presence, achieving 19.90 billion RMB in online sales in 2024, a year-on-year increase of 8.94%, while offline sales showed signs of recovery with 8.51 billion RMB in 2024 [18][19]. - The company is also expanding its international footprint, with overseas revenue growing over 200% in 2025, although it still represents a small portion of total revenue [19][20]. Challenges and Strategic Focus - The company faces challenges in balancing short-term gains from established products like Beibeijia with long-term investments in innovation [20]. - High sales expenses, which reached 9.73 billion RMB in 2024, are a concern, as they significantly impact net profit margins despite rising gross margins [14][15].

Core Viewpoint - Kefu Medical, known for its posture correction brand "Beibeijia," is aiming for a dual listing on the Hong Kong Stock Exchange, showcasing its growth and challenges in the home medical device market [1] Group 1: Company Background and Growth - Kefu Medical started as a small company in Changsha, Hunan, in 2007, focusing on basic medical products and later integrated the "Beibeijia" brand to leverage its national recognition [2] - The company has expanded from a single product to a diversified portfolio, including rehabilitation aids and hearing health products, capitalizing on the user base of "Beibeijia" [2] Group 2: Sales and Revenue Performance - Kefu Medical's revenue for 2022, 2023, and 2024 was approximately 2.98 billion, 2.85 billion, and 2.98 billion RMB respectively, with a slight decline in 2023 due to increased channel expansion costs [5][6] - The rehabilitation aids segment has seen significant growth, with revenue increasing from 526 million RMB in 2022 to 1.04 billion RMB in 2024, driven by market demand from an aging population [7] Group 3: Profitability and Financial Metrics - The company's net profit for 2022, 2023, and 2024 was approximately 302 million, 253 million, and 312 million RMB respectively, with a notable increase in 2024 due to higher margins from rehabilitation aids [9][10] - Kefu Medical's gross margin improved from 37.84% in 2022 to 50.58% in 2024, attributed to increased production efficiency and a higher proportion of high-margin products [10] Group 4: Sales Channels and Market Strategy - Kefu Medical has established a strong online presence, achieving 19.90 billion RMB in online sales in 2024, while offline sales are gradually recovering [12] - The company is expanding its international presence, with overseas revenue reaching 59.15 million RMB in 2024, marking a growth of over 200% [14] Group 5: Challenges and Future Outlook - The company faces challenges in balancing short-term gains from established products with long-term investments in innovation, as well as managing high sales expenses [11][15] - Kefu Medical's ability to navigate regulatory hurdles and local market adaptations will be crucial for its international expansion efforts [14]

（文章来源：证券日报） 证券日报网讯 9月12日晚间，可孚医疗发布公告称，公司于2025年8月7日召开的第二届董事会第十六次 会议及于2025年8月26日召开的2025年第二次临时股东大会审议通过了《关于修订及制定、修订公司部 分治理制度的议案》，同意公司因回购注销限制性股票导致公司股本发生变化，总股本由209，092， 000股变更为208，897，000股，同时，公司补选独立董事，并根据证券相关法律法规最新要求，对《公 司章程》相关条款进行修订。公司于2025年8月23日召开的第二届董事会第十七次会议及于2025年9月10 日召开的2025年第三次临时股东大会审议通过了《关于变更注册地址暨修订的议案》，同意公司变更注 册地址并修订《公司章程》相关条款。近日，公司已完成相关工商变更登记及备案手续，并取得长沙市 市场监督管理局换发的《营业执照》。 ...

（编辑 任世碧） 证券日报网讯 9月12日晚间，可孚医疗发布2025年半年度权益分派实施公告称，公司2025年半年度利润 分配方案为每10股派发现金红利6元（含税），股权登记日为2025年9月18日，除权除息日为2025年9月 19日。 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2025-070 可孚医疗科技股份有限公司 2025年半年度权益分派实施公告 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。 特别提示： 1、可孚医疗科技股份有限公司（以下简称"公司"）回购专用证券账户中 的股份 5,699,731 股不参与本次权益分派。本次权益分派将以公司目前总股本 208,897,000 股扣除公司回购专用证券账户中已回购股份 5,699,731 股后的总股本 203,197,269 股为基数，向全体股东每 10 股派发现金红利 6 元（含税），实际派 发现金分红总额（含税）=203,197,269 股×6 元÷10 股=121,918,361.40 元，不送 红股，不以资本公积金转增股本。 2、本次实施权益分派后，按公司总股本（含回购股份）折算每 10 股现金分 红金额=本次实际现金分红总额（含税）÷公司总股本（含回购股份）×10 股 =121,918,361.40 元÷208,897,000 股×10 股=5.836290 元(保留六位小数，不四舍 五入)，即每股现金分红（含税）0 ...