Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.398 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.63%. The net profit attributable to the parent company was 260 million yuan, up 3.30% year-on-year [4][5] - The gross margin reached a historical high of 54.79% in Q3 2025, with a net profit margin of 10.30%, indicating improved profitability [5] - The company's respiratory machine business is expected to become a major product line, with significant sales growth since June 2025 due to strong consumer recognition and a comprehensive sales strategy [5] - The company is strategically investing in cutting-edge fields such as brain-machine interfaces, which could enhance its capabilities in hearing rehabilitation and intelligent assistive devices [6] Financial Performance - Revenue projections for 2025-2027 are 3.361 billion yuan, 3.846 billion yuan, and 4.377 billion yuan, with year-on-year growth rates of 12.66%, 14.45%, and 13.79% respectively. Net profit attributable to the parent company is expected to be 381 million yuan, 474 million yuan, and 561 million yuan, with growth rates of 22.09%, 24.57%, and 18.34% respectively [7][9] - The company’s PE ratios for 2025-2027 are projected to be 23 times, 19 times, and 16 times [7]

Core Viewpoint - The recent policies on centralized procurement have significantly impacted the development of the compressed nebulizer industry in China, leading to increased demand but a slowdown in market growth due to price reductions [1][8]. Overview - Compressed nebulizers, also known as jet nebulizers, utilize compressed air to create high-speed airflow that atomizes liquid medication into fine droplets for respiratory treatment [2][3]. - They are commonly used for conditions like asthma and COPD, and are suitable for populations with difficulty swallowing [2]. Market Policy - The compressed nebulizer is classified as a Class II medical device, and the Chinese government has issued various policies to support the development of the medical device industry, ensuring product quality and patient safety [4]. - Key policies include the implementation of centralized procurement and price management for medical consumables, which aim to enhance the efficiency of procurement processes [7]. Industry Chain - The upstream of the compressed nebulizer industry includes suppliers of medical-grade plastics, silicone, and components like piezoelectric ceramics and compressors [6]. - The midstream consists of manufacturing companies, while the downstream includes medical institutions, pharmacies, and e-commerce platforms [6]. Current Development - By the end of 2024, the market size of the compressed nebulizer industry in China is projected to be approximately 3.339 billion yuan, with a growth rate of 1.90% [8]. - The number of medical institutions in China has reached 1.092 million, with a 2.0% year-on-year increase, driving demand for efficient nebulization devices [6]. Competitive Landscape - The market is highly competitive, featuring both foreign brands like Omron and Philips, and domestic companies such as Yuyue Medical and Kefu Medical, which are gaining market share through competitive pricing and localized distribution [8][9]. - Domestic brands are increasingly replacing imports in the high-end market due to their responsiveness to policies and market needs [8]. Representative Domestic Companies - Yuyue Medical reported a total revenue of 4.659 billion yuan in the first half of 2025, with respiratory treatment solutions accounting for 35.93% of total revenue [9]. - Kefu Medical achieved a revenue of 1.496 billion yuan in the same period, with a gross profit margin of 52.49% [10]. Future Trends - The application of IoT technology in nebulizers is expected to grow, enabling remote monitoring and data analysis for better patient management [12]. - Future developments will focus on multi-disease adaptability and advancements in compressor technology, such as oil-free and silent compressors [12].

Core Insights - The stock of Kefu Medical (301087) closed at 42.78 yuan on November 19, 2025, with a slight increase of 0.12% and a trading volume of 11,500 hands, resulting in a transaction value of 49.04 million yuan [1][2]. 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 3.3% year-on-year [3]. - In Q3 2025, the company achieved a single-quarter main revenue of 902 million yuan, reflecting a significant year-on-year increase of 30.72%, and a net profit of approximately 92.83 million yuan, up 38.68% year-on-year [3]. - The company's gross profit margin stands at 53.35%, with a net profit margin of 10.82% [3]. Market Position - Kefu Medical's total market capitalization is 8.937 billion yuan, ranking 42nd in the medical device industry, while its net assets amount to 4.75 billion yuan, ranking 29th [3]. - The company has a price-to-earnings ratio (P/E) of 25.76, significantly lower than the industry average of 56.7, placing it 23rd in the industry [3]. Investment Sentiment - Over the past 90 days, 9 institutions have rated Kefu Medical with a "buy" recommendation, and the average target price set by these institutions is 53.84 yuan [4].

Core Viewpoint - The stock of Kefu Medical (301087) has shown a slight decline in price and mixed capital flow, indicating potential volatility in investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of November 18, 2025, Kefu Medical's stock closed at 42.73 yuan, down 0.56% with a turnover rate of 0.56% and a trading volume of 10,900 hands, resulting in a transaction amount of 46.80 million yuan [1]. - Over the past five days, the stock has experienced a downward trend, with a notable drop of 2.73% on November 13, 2025, and a total net outflow of main funds amounting to 470.54 thousand yuan on November 18, 2025 [2]. Group 2: Capital Flow Analysis - On November 18, 2025, the main funds saw a net outflow of 470.54 thousand yuan, accounting for 10.05% of the total transaction amount, while retail investors contributed a net inflow of 309.93 thousand yuan, representing 6.62% of the total [1][2]. - The capital flow data over the last five days indicates fluctuating investor behavior, with retail investors showing resilience despite the overall negative sentiment from main funds [2]. Group 3: Financial Metrics and Industry Comparison - Kefu Medical's total market capitalization stands at 8.93 billion yuan, with a net asset value of 4.75 billion yuan and a net profit of 260 million yuan, ranking 43rd, 29th, and 24th respectively within the medical device industry [3]. - The company reported a gross margin of 53.35% and a net profit margin of 10.82%, both of which are above the industry averages, indicating strong operational efficiency [3]. - For the first three quarters of 2025, Kefu Medical's main revenue reached 2.398 billion yuan, reflecting a year-on-year increase of 6.63%, while the net profit grew by 3.3% to 260 million yuan [3]. Group 4: Analyst Ratings - In the last 90 days, nine institutions have rated Kefu Medical with a "buy" recommendation, and the average target price set by these institutions is 53.84 yuan [4].

Core Viewpoint - The stock of Kefu Medical (301087) has shown a decline in price and mixed capital flow, with a notable increase in retail investor inflow despite overall net outflows from institutional and speculative funds [1][2]. Group 1: Stock Performance - As of November 17, 2025, Kefu Medical's stock closed at 42.97 yuan, down 1.24% with a turnover rate of 0.85% and a trading volume of 16,600 hands, resulting in a transaction amount of 71.06 million yuan [1]. - Over the past five days, the stock has experienced fluctuations in price and capital flow, with significant net outflows from both institutional and speculative investors, while retail investors showed a net inflow [1]. Group 2: Financial Metrics - Kefu Medical's total market capitalization is 8.976 billion yuan, with a net asset value of 4.75 billion yuan and a net profit of 260 million yuan, ranking 43rd, 29th, and 24th respectively in the medical device industry [2]. - The company reported a year-on-year revenue increase of 6.63% for the first three quarters of 2025, with a total revenue of 2.398 billion yuan and a net profit increase of 3.3% [2]. - The gross profit margin stands at 53.35%, and the net profit margin is 10.82%, indicating strong profitability compared to industry averages [2]. Group 3: Analyst Ratings - In the last 90 days, nine institutions have rated Kefu Medical with a "buy" recommendation, and the average target price set by these institutions is 53.84 yuan [3].

证券代码：301087 证券简称：可孚医疗 公告编号：2025-082 可孚医疗科技股份有限公司 2025年第四次临时股东会决议公告 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、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 14 日（星期五）14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 14 日的交易时间，即 9:15 - 9:25，9:30 - 11:30 和 13:00 - 15:00；通 过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间 为：2025 年 11 月 14 日 9:15 - 15:00。 2、现场会议召开地点：长沙市雨花区万家丽中路一段 426 号高桥大健康医 药城 8 楼 801 会议室。 3、会议召开方式：采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议 ...

湖南启元律师事务所 关于 可孚医疗科技股份有限公司 2025年第四次临时股东会的 法律意见书 二零二五年十一月 1 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"）的委托，指派本所律师出席了公司 2025 年第四次临时股东会（以 下简称"本次股东会"），对本次股东会的召集和召开程序、出席会议人员及召集 人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表本法律 意见。 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》"）、《上市公司股东会规则》（以 下简称"《股东会规则》"）等我国现行法律法规、规范性文件以及《可孚医疗科 技股份有限公司章程》（以下简称"《公司章程》"）的有关规定出具本法律意见 书。 本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大 ...

Core Viewpoint - Kefu Medical's stock price has declined, closing at 44.13 yuan with a drop of 2.73%, currently in a state of breaking issue [1] Group 1: Company Overview - Kefu Medical submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on August 29, 2025 [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2021, with an initial public offering of 40 million shares at a price of 93.09 yuan per share [1] - The highest price recorded for Kefu Medical's stock was 95.00 yuan on October 26, 2021, the day after its listing [1] Group 2: Financial Highlights - Kefu Medical raised a total of 3.724 billion yuan from its initial public offering, with a net amount of 3.527 billion yuan after deducting issuance costs [1] - The final net fundraising amount exceeded the original plan by 2.52 billion yuan, which was initially set at 1.007 billion yuan for various projects including the construction of a health monitoring and medical care product production base [1] - The total issuance costs for the IPO amounted to 197 million yuan, with underwriting and sponsorship fees accounting for 174 million yuan [2] Group 3: Shareholder Returns - In 2021, Kefu Medical announced a dividend distribution plan, distributing 16.00 yuan in cash for every 10 shares and a capital reserve increase of 3.00 shares for every 10 shares held [2] - The total share capital increased from 160,375,000 shares to 208,487,500 shares following the dividend distribution [2]

Core Viewpoint - The company has reported strong growth in Q3 2025, achieving a revenue of 9.02 billion yuan, marking a 30.72% increase, and a net profit of 0.93 billion yuan, up 38.68%, leading to an "outperform" rating for the stock [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 23.98 billion yuan, reflecting a growth of 6.63%, and a net profit attributable to shareholders of 2.60 billion yuan, which is a 3.30% increase [2] - The gross margin stood at 53.35%, an increase of 1.97 percentage points, while the net margin was 10.82%, a decrease of 0.38 percentage points [2] Business Segments - The hearing aid segment, represented by Jianer Hearing, significantly reduced its losses and is expected to contribute positively to profits. The focus for 2025 will be on improving the operational quality of existing stores [3] - The international business has shown steady growth, with B2B operations benefiting from increased customer loyalty and rising order amounts. Successful integration of acquisitions like Huazhou and Ximan has laid a solid foundation for ongoing international growth [3]

Group 1 - Haitong International issued a report on November 12, giving KeFu Medical (301087.SZ, latest price: 44.5 CNY) an "outperform" rating with a target price of 53.84 CNY [1] - The rating rationale includes significant reduction in losses from the hearing aid business, which is expected to contribute to profits [1] - The international business is steadily improving, indicating potential for growth [1]