Group 1 - The core point of the article is that Kefu Medical announced the adjustment of its restricted stock incentive plan during a board meeting held on September 19, 2025, and provided details on its revenue composition for the first half of 2025 [1] - Kefu Medical's market capitalization is reported to be 8.1 billion yuan [2] - In the first half of 2025, Kefu Medical's revenue composition shows that medical health products accounted for 96.79% of total revenue, while other businesses contributed 3.21% [1]

第二届董事会第十八次会议决议公告 证券代码：301087 证券简称：可孚医疗 公告编号：2025-073 可孚医疗科技股份有限公司 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"）第二届董事会第十八次会 议于 2025 年 9 月 12 日以邮件方式发出会议通知，会议于 2025 年 9 月 19 日上午 9:30 以通讯方式召开。会议应出席董事 7 人，实际出席董事 7 人，公司高级管理 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。 表决结果：同意 4 票，反对 0 票，弃权 0 票。公司董事张志明先生、薛小桥 1 先生、贺邦杰先生作为关联董事对本议案回避表决。 三、备查文件 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《关于调整 2024 年限制性股票激励计划相关事项的议案》 公司于 2025 年 9 月 10 日召开了 2025 年第三次临时股东大会，审议 ...

Core Viewpoint - The company has adjusted the grant price for its restricted stock incentive plan in response to the upcoming dividend distribution in 2025, ensuring compliance with relevant laws and regulations [1] Summary by Relevant Sections - **Incentive Plan Adjustment** The company has received necessary approvals for its 2024 restricted stock incentive plan adjustment, with the grant price reduced from 13.68 yuan per share to 13.10 yuan per share [1] - **Approval Process** Multiple board and supervisory meetings were held from March 2024 to September 2025 to review related proposals, confirming the company's adherence to procedural requirements [1] - **Legal Compliance** The legal opinion issued by Hunan Qiyuan Law Firm states that the adjustments made to the grant price are in line with applicable laws and the provisions of the company's incentive plan draft [1]

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 ...

证券之星消息，截至2025年9月18日收盘，可孚医疗(301087)报收于39.11元，下跌2.05%，换手率 0.87%，成交量1.68万手，成交额6656.69万元。 | 指标 | 可孚医疗 | 医疗器械行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 81.7亿元 | 120.73亿元 | 47 123 | | 净资产 | 47.74亿元 | 38.89亿元 | 29 123 | | 净利润 | 1.67亿元 | 1.49亿元 | 26 123 | | 市盈率(动) | 24.4 | 67.82 | 21 123 | | 市净率 | 1.77 | 3.91 | 28 123 | | 毛利率 | 52.49% | 51.85% | 64 123 | | 净利率 | 11.14% | 10.39% | 61 123 | | ROE | 3.39% | 1.8% | 49 123 | 可孚医疗2025年中报显示，公司主营收入14.96亿元，同比下降4.03%；归母净利润1.67亿元，同比下降 9.51%；扣非净利润1.36亿元，同比下降17.98%；其中2025年 ...

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]