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 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Cofoe Medical, indicating a decline in revenue and profit in the latest quarterly report [2][3] - As of July 10, Cofoe Medical's stock closed at 34.68 yuan, with a 3.12% increase, and a rolling PE ratio of 24.01, marking a new low in 66 days [1] - The total market capitalization of Cofoe Medical is 7.251 billion yuan, which is significantly lower than the industry average PE ratio of 51.40 and median of 37.27 [1][3] Group 2 - Cofoe Medical specializes in the research, production, sales, and service of medical devices, with a diverse product range including blood glucose systems, blood pressure monitors, and various medical supplies [2] - The latest quarterly report for Q1 2025 shows that the company achieved an operating revenue of 738 million yuan, a year-on-year decrease of 8.59%, and a net profit of 91.425 million yuan, down 9.68% [2] - The gross profit margin for Cofoe Medical stands at 52.17%, indicating a relatively stable profitability despite the decline in revenue and profit [2]

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 ...

Core Viewpoint - The strategic partnership between Kefu Medical, Wisdom Eye Technology, and Laolai Health aims to create an innovative healthcare service ecosystem by integrating AI technology, smart hardware, and internet platforms to enhance the accessibility and personalization of medical services [1][2]. Group 1: Partnership Objectives - The collaboration focuses on leveraging each company's strengths in AI technology, smart hardware development, and internet platform operations to build a closed-loop health management solution [1][2]. - The partnership intends to enhance the integration of cutting-edge technology, smart devices, and user platforms to provide comprehensive health management solutions for patients [1]. Group 2: Technological Integration - Wisdom Eye will utilize its AI technology to develop a medical model and algorithms for disease risk prediction, personal health profiling, and auxiliary diagnosis [1][2]. - Kefu Medical will provide access to its portable smart medical devices, ensuring seamless data interaction between devices and AI models for efficient data flow [1][2]. - Laolai Health will contribute its extensive user data from over 200 million elderly users to improve the accuracy and applicability of AI models [1][2]. Group 3: Product Development - The three companies will jointly develop next-generation AI-driven portable and home medical devices focusing on real-time monitoring of chronic disease indicators, personalized intervention plans, and emergency alerts for critical health conditions [2]. - The collaboration aims to create a complete health management service chain that integrates monitoring, analysis, intervention, and follow-up through the Laolai Health platform [2]. Group 4: Industry Impact - This partnership is expected to address industry challenges such as uneven distribution of medical resources and difficulties in chronic disease management, providing higher quality and more accessible healthcare services to a broader population, particularly for home care and chronic disease patients [3]. - The collaboration signifies a shift in the healthcare industry from fragmented services to an integrated and intelligent new ecosystem [3].

Core Viewpoint - Cofoe Medical's stock closed at 33.06 yuan on June 16, with a decline of 1.67%, resulting in a rolling PE ratio of 22.89 times and a total market capitalization of 6.913 billion yuan [1] 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] - The company has received several accolades, including being recognized as a potential brand in the Chinese drug retail market for 2023-2024 and as a leading brand for assistive devices in Hunan Province [2] Financial Performance - In the first quarter of 2025, Cofoe Medical reported an operating revenue of 738 million yuan, a year-on-year decrease of 8.59%, and a net profit of 91.425 million yuan, down 9.68%, with a gross profit margin of 52.17% [2] Industry Comparison - The average PE ratio for the medical device industry is 49.56 times, with a median of 36.18 times, positioning Cofoe Medical at the 50th rank within the industry [1][3] - Cofoe Medical's PE ratio is significantly lower than the industry average and median, indicating potential undervaluation compared to peers [3]

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 revenue of 738 million yuan, a year-on-year decrease of 8.59%, and a net profit of 91.43 million yuan, down 9.68%, with a gross profit margin of 52.17% [2]. Market Position - As of June 10, Cofoe Medical's stock closed at 34.26 yuan, up 4.26%, with a rolling price-to-earnings (PE) ratio of 23.72, marking a new low in 44 days. The company's total market capitalization is 7.163 billion yuan [1]. - In comparison to the medical device industry, which has an average PE of 51.00 and a median of 37.03, Cofoe Medical ranks 50th in terms of PE [1][3]. Shareholder Information - As of April 10, 2025, Cofoe Medical had 18,000 shareholders, a decrease of 428 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1].