Investment Rating - The industry is rated as "Buy" [4] Core Insights - In July, the Ministry of Agriculture and Rural Affairs reported a stable yet slightly declining breeding sow inventory at 40.42 million heads, with a significant increase in pig slaughtering volume, reaching 31.66 million heads, a month-on-month increase of 5.3% and a year-on-year increase of 30.4% [1][3] - The average price of commodity pigs showed a slight rebound to 14.84 yuan/kg in July, with a month-on-month increase of 1.9% but a year-on-year decrease of 21.6% [1] - The overall profitability of the industry remained marginal, with average profits per head for large-scale farms at 21 yuan and for smallholders at 6 yuan [1] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.02% compared to the Shanghai Composite Index's 0.84% increase [13] - The livestock farming sector saw a rise of 4.39%, while other sectors like animal health and fisheries experienced declines [13] 2. Key Data Tracking - The average price of live pigs was reported at 13.66 yuan/kg, down 0.65% week-on-week, while the average price of piglets was 27.14 yuan/kg, down 2.3% [22] - The average slaughter weight of pigs decreased to 127.83 kg, with a slight decline of 0.15 kg week-on-week [22] 3. Investment Recommendations - The pig farming sector is expected to enter a long-term profit upcycle, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [3][68] - The feed and animal health sectors are also highlighted for potential growth, particularly with the recent clinical trials of vaccines [3][68] - The planting chain is recommended for investment due to the upward trend in grain prices, with companies like Suqian Agricultural Development and Beidahuang being noted [3][68] - The pet food sector is experiencing growth, with recommendations for companies like Guibao Pet and Zhongchong Co., Ltd. [3][70]

Group 1 - The core point of the article is that Kefu Medical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 2 - The submission of the listing application indicates the company's intention to raise capital through public markets [1] - This move may reflect the company's growth strategy and potential expansion plans in the healthcare sector [1] - The listing could provide Kefu Medical with increased visibility and credibility in the industry [1]

Company Overview - Cofo Medical is one of the largest home medical device companies in China, focusing on providing convenient solutions for consumers and patients seeking high-quality and advanced home medical devices since its establishment in 2007 [2]. - According to Frost & Sullivan, Cofo Medical ranks second among all home medical device companies in China based on sales revenue for 2024 [2]. Market Presence - As of the last feasible date, Cofo Medical has achieved full coverage on all major e-commerce platforms in China, including Tmall, JD.com, Douyin, Xiaohongshu, Pinduoduo, and Yaoshi Bang [2]. - In 2024, the online sales revenue of Cofo Medical reached RMB 1.981 billion [2]. Retail Network - By June 30, 2025, Cofo Medical operates 738 self-owned stores in China, with 689 being "Jianer Hearing" service centers, covering over 135 cities [2]. Financial Performance - Cofo Medical's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 2.977 billion, RMB 2.854 billion, RMB 2.983 billion, and RMB 1.496 billion respectively [3]. - The net profit for the same periods were RMB 302.019 million, RMB 252.871 million, RMB 312.344 million, and RMB 166.643 million respectively [3].

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]