Key Points Summary of Kefu Medical Conference Call Company Overview - Kefu Medical has made strategic investments in NeuLink Medical (5.83% stake) and LiZhi Intelligent (12.45% stake) to strengthen its position in the brain-computer interface (BCI) sector, aiming for business synergy and future technological integration [2][4] Core Industry Insights - **Brain-Computer Interface (BCI) Technology**: - Divided into invasive and non-invasive types, with different application scenarios. Non-invasive BCIs are widely used in neurology and neurosurgery [2][6] - Kefu Medical is collaborating with its own medical division to integrate BCI technology into products like ventilators and sleep devices, enhancing product value and expanding into overseas markets such as Hong Kong and Southeast Asia [2][6] Investment Rationale - Kefu Medical views the BCI sector as a future source of disruptive technology. The company aims to achieve long-term strategic synergy and innovation reserves through these investments, despite focusing on core products like posture correctors, ventilators, hearing aids, and blood glucose monitors [3][18] NeuLink Medical and LiZhi Intelligent - **NeuLink Medical**: Focuses on implantable BCI technology, particularly in developing bionic eye and ear products, which synergize with Kefu's hearing aid business. The bionic ear project addresses congenital hearing loss [3][10] - **LiZhi Intelligent**: Established in 2012, it covers the entire BCI chain from sensors to algorithms. It has obtained 7 registration certificates and plans to apply for 10 to 20 more by mid-2025. Current orders exceed 500 million yuan [5][6] Market Potential and Applications - BCI technology is primarily applied in orthopedic rehabilitation, psychiatry, and sleep medicine, with a focus on enhancing clinical outcomes through robotic integration [7][15] - The B-end market is rapidly developing, with significant government collaborations and plans for establishing BCI medical centers across various provinces [5][6] Financial Performance - Kefu Medical currently holds orders totaling approximately 500 million yuan, with a gross margin of 70%-80% and a net margin of 40%-50%. A recent price increase of 30% has further improved profitability [16][17] Future Development Strategy - The company will continue to focus on core products while leveraging channel advantages to boost sales. It has achieved success in overseas expansion and has partnered with Royal Philips for brand licensing, which will broaden its product range and geographical reach [18]

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Group 1 - The A-share market has seen a significant pullback in brain-computer interface (BCI) concept stocks, with notable declines in companies such as Mailland and Entropy Technology, which fell over 10% [1] - Several BCI concept stocks have issued announcements indicating a cooling off, with Aerospace Changfeng stating that it has not actually engaged in BCI-related business [1] - Weisi Medical mentioned that its new products in the BCI field are still in the early stages of market cultivation [1] Group 2 - Specific stock performance includes Mailland down 10.68% with a market cap of 5.468 billion, Entropy Technology down 10.13% with a market cap of 10.1 billion, and Chengyi Tong down 7.55% with a market cap of 6.985 billion [2] - Other notable declines include Leedick down 7.14%, Botao Biological down 6.37%, and Aipeng Medical down 6.38% [2] - The overall trend shows that many BCI-related stocks are experiencing a downturn, with declines ranging from 4.33% to 10.68% across various companies [2]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a positive performance with a closing price of 50.78 yuan, reflecting a 2.32% increase as of January 6, 2026, with significant trading activity and a notable net inflow of funds [1][2]. Financial Performance - For the first three quarters of 2025, Kefu Medical reported a main revenue of 2.398 billion yuan, representing a year-on-year increase of 6.63% [2]. - The net profit attributable to shareholders reached 260 million yuan, up by 3.3% year-on-year, while the net profit excluding non-recurring items was 222 million yuan, reflecting a 1.46% increase [2]. - In Q3 2025, the company achieved a quarterly main revenue of 902 million yuan, marking a significant year-on-year growth of 30.72% [2]. - The quarterly net profit attributable to shareholders was approximately 92.83 million yuan, which is a 38.68% increase compared to the same quarter last year [2]. - The quarterly net profit excluding non-recurring items was about 85.80 million yuan, showing a substantial increase of 62.68% year-on-year [2]. - The company's debt ratio stands at 27.37%, with investment income of 18.18 million yuan and financial expenses of -3.77 million yuan, while the gross profit margin is reported at 53.35% [2]. Market Activity - On January 6, 2026, the stock experienced a trading volume of 133,700 hands and a total transaction value of 663 million yuan [1]. - The net inflow of main funds was 48.61 million yuan, accounting for 7.33% of the total transaction value, while retail investors saw a net outflow of 47.12 million yuan, representing 7.1% of the total [1][2]. - Over the past 90 days, 8 institutions have provided ratings for the stock, with 7 buy ratings and 1 hold rating, and the average target price set by institutions is 54.56 yuan [2].

Core Viewpoint - The company, Kewei Medical, is strategically investing in the brain-computer interface sector to enhance its existing business and prepare for future technological integration and industry upgrades [2] Group 1: Strategic Investments - In May 2024, the company will invest in Newlink Medical, acquiring a 5.83% stake, focusing on implantable brain-computer interface technology, particularly in developing bionic eye and ear products [2] - By the end of 2025, the company plans to invest in Lizi Intelligent, holding a 12.45% stake, which is dedicated to non-invasive brain-computer interface robotics [2] Group 2: Business Synergy - The investment in Newlink Medical aligns with the company's existing hearing business, providing significant value in addressing congenital hearing loss [2] - The collaboration with Lizi Intelligent is expected to create strategic synergies with the company's rehabilitation aids and respiratory support products [2] Group 3: Future Outlook - These strategic moves not only strengthen the potential for synergy within the current business but also lay the groundwork for future technological convergence and industry upgrades [2]

Core Viewpoint - The company, KeFu Medical, is focusing on a "product-centric" strategy, emphasizing the development of key products such as ventilators, hearing aids, posture correction belts, and blood glucose and uric acid monitoring devices [1] Group 1: Strategic Investments - The company has made strategic investments in the brain-computer interface sector, indicating a strong interest in this emerging field [1] - In May 2024, the company invested in NewLink Medical, acquiring a 5.83% stake, which specializes in implantable brain-computer interface technology, particularly in developing bionic eye and ear products [1] - This investment aligns with the company's existing hearing business, especially in addressing congenital hearing loss [1] Group 2: Future Collaborations - By the end of 2025, the company plans to invest in Lizi Intelligent, holding a 12.45% stake, focusing on non-invasive brain-computer interface robotics [1] - This future investment is expected to create strategic synergies with the company's rehabilitation aids and respiratory support products [1] - The strategic entry into the brain-computer interface field not only enhances the potential for collaboration within existing businesses but also lays the groundwork for future technological integration and industry upgrades [1]

Core Viewpoint - The company, KeFu Medical (301087.SZ), is strategically investing in the brain-computer interface sector, enhancing its existing business and positioning itself for future technological integration and industry upgrades [1] Investment in Neuralink Medical - In May 2024, the company invested in Neuralink Medical, acquiring a 5.83% stake [1] - Neuralink Medical focuses on implantable brain-computer interface technology, particularly in developing bionic eye and ear products [1] - This investment aligns with the company's current hearing business, providing significant value in addressing congenital hearing loss [1] Investment in Lizi Intelligent - By the end of 2025, the company plans to invest in Lizi Intelligent, obtaining a 12.45% stake [1] - Lizi Intelligent is dedicated to the development of non-invasive brain-computer interface robots and other products [1] - This investment is expected to create strategic synergies with the company's rehabilitation aids and respiratory support products [1] Strategic Implications - The company's entry into the brain-computer interface field not only strengthens the synergy potential of its existing businesses but also lays the groundwork for future technological convergence and industry upgrades [1]

Core Viewpoint - The stock of Kefu Medical (301087) has shown a significant increase of 11.1% as of January 5, 2026, closing at 49.63 yuan, indicating positive market sentiment and trading activity [1]. Group 1: Stock Performance - On January 5, 2026, Kefu Medical's trading volume reached 98,100 lots, with a total transaction value of 477 million yuan [1]. - The stock experienced a turnover rate of 5.05%, reflecting active trading [1]. Group 2: Capital Flow - On January 5, 2026, the net outflow of main funds was 39.28 million yuan, accounting for 8.23% of the total transaction value, while retail investors saw a net inflow of 27.29 million yuan, representing 5.72% of the total [1]. - In the financing aspect, Kefu Medical had a net financing purchase of 20.55 million yuan on the same day, with total financing balance reaching 112 million yuan [2]. Group 3: Financial Performance - For the first three quarters of 2025, Kefu Medical reported a main revenue of 2.398 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 260 million yuan, up by 3.3% [3]. - In Q3 2025 alone, the company achieved a main revenue of 902 million yuan, marking a substantial year-on-year growth of 30.72%, with a net profit of approximately 92.83 million yuan, reflecting a 38.68% increase [3]. - The company's gross profit margin stands at 53.35%, with a debt ratio of 27.37% [3]. Group 4: Analyst Ratings - Over the past 90 days, eight institutions have provided ratings for Kefu Medical, with seven recommending a buy and one suggesting an increase in holdings [3]. - The average target price set by institutions in the last 90 days is 54.56 yuan [3].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向可孚医疗提问："董秘，您好！请问公司截至12月31日的股东人数是多少？谢 谢。" 针对上述提问，可孚医疗回应称："尊敬的投资者，您好。截至2025年12月31日，公司股东总户数约1.6 万户，感谢您的关注！" ...

可孚医疗回复：尊敬的投资者，您好。截至2025年12月31日，公司股东总户数约1.6万户，感谢您的关 注！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，可孚医疗(301087)01月05日在投资者关系平台上答复投资者关心的问题。 投资者提问：董秘，您好！请问公司截至12月31日的股东人数是多少？谢谢 ...