可孚医疗（ [Table_StockNameRptType] 301087） 公司点评 产品丰富+渠道多元，收入增长持续稳健 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-04 | | [Table_BaseData] 收盘价（元） | 33.50 | | --- | --- | | 近 12 个月最高/最低（元） | 47.50/28.10 | | 总股本（百万股） | 209 | | 流通股本（百万股） | 194 | | 流通股比例（%） | 92.90 | | 总市值（亿元） | 70 | | 流通市值（亿元） | 65 | [公司价格与沪深 Table_Chart] 300 走势比较 -31% -16% -2% 13% 28% 5/24 8/24 11/24 2/25 可孚医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com ⚫ 收入增长稳健，康复类产品增长亮眼 ...

长江商报消息知名产品"背背佳"生产商可孚医疗（301087）(301087.SZ)交出了一份亮眼的成绩单。 4月28日晚间，可孚医疗披露2024年年报，公司全年实现营业收入29.83亿元，同比增长4.53%；实现归 属于母公司的净利润(以下简称"净利润")3.12亿元，同比增长22.6%。 对于业绩增长，可孚医疗表示，主要得益于核心产品线的持续放量及产品结构优化。公司不断强化核心 产品的技术攻关与市场拓展力度，推动相关业务实现快速增长。 长江商报记者注意到，可孚医疗在行业内率先布局线上业务，形成国内主要第三方电商平台全面布局。 2024年公司线上渠道收入19.9亿元，同比增长8.94%，其中抖音、快手等兴趣电商渠道表现尤为突出。 可孚医疗延续高额分红传统，拟全体股东每10股派发现金红利12元，合计派发现金红利约2.44亿元。加 上2024年中期分红，公司全年累计分红将达3.66亿元，占净利润的117.31%。 全年营收净利双增 作为一家医疗器械行业公司，在前几年，可孚医疗可以说赚得盆满钵满。 回顾历史数据，2020年可孚医疗实现营业收入23.75亿元，同比增长62.45%；净利润4.25亿元，同比增 长242 ...

Group 1: Key Points on 可孚医疗 (Cofe Medical) - In 2024, Cofe Medical will deepen its core category strategy, focusing on hearing aids and dressing materials, with some products having a high market share [1] - The medical care and health monitoring segments experienced growth in Q1, while the respiratory support segment declined, with national subsidy policies boosting sales [1] - A new generation of respiratory machines is planned for launch in 2025 to enhance product performance, and AI technology will be applied in dynamic blood glucose meters and blood pressure monitors to improve intelligence [1] - The medical care segment is expected to see an 8% year-on-year revenue growth in 2024, with a focus on cultivating dressing products [1] - The overseas business is in a strategic cultivation phase, with foreign trade revenue increasing in Q1 [1] Group 2: Key Points on 九安医疗 (Jiuan Medical) - Jiuan Medical's core strategy revolves around iHealth products and a new "O+O" model for diabetes care, with projected revenue of 76.16 million yuan in 2024 from diabetes care services [2] - The company has launched various medical health products in both the US and domestic markets, including a tri-test reagent kit and nasal wash [2] - Jiuan Medical is making strategic investments across various asset classes, including fixed income, equity, and hard technology, particularly in AIoT diabetes home assistance and continuous glucose monitoring projects [2] - The company is committed to R&D investments, especially in AI smart hearing aids [2] - Jiuan Medical is enhancing market confidence through stock buybacks and promoting its core strategy to boost employee morale [2]

证券代码：301087 证券简称：可孚医疗 可孚医疗科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动类 | ☑特定对象调研 □分析师会议 | | --- | --- | | 别 | ☐业绩说明会 □媒体采访 | | | □新闻发布会 □路演活动 | | | ☐现场参观 | | | ☑其他 电话会议 | | 参与单位名称及人 | 华夏基金；博时基金；国盛证券；工银瑞信基金；广发基金；中信建投证券； | | 员姓名 | 华盖资本；鹏华基金；嘉实基金；大家资产；国泰海通证券；上海混沌投资； | | | 国金证券；合众资产；华安证券；中信保诚资管；招商基金；上海保银投资； | | | 天弘基金；华福证券；坚果资本；上海肇万资管；东方财富证券；东证资管； | | | 泓德基金；兴业证券；招商证券；申万宏源；中信资管；华创证券；中银基金； | | | 恒越基金；杭州兆石投资；国信证券；中邮创业基金；人保养老；华夏创新； | | | 华鑫证券；思博资产；天风证券；序列私募基金；上海健顺投资；前海海运通； | | | 信达证券；金鹰基金；颐和久富；东方证券；中邮证券；甬兴证券；青骊投资； | ...

Policy Developments - The National Medical Products Administration (NMPA) released the "Quality Management Specifications for Online Sales of Medical Devices," effective from October 1, 2025, which emphasizes qualification review, information transparency, and risk prevention for online medical device sales [1] Drug and Device Approvals - Insilico Medicine's INS018_055 tablet is expected to receive breakthrough therapy designation for treating idiopathic pulmonary fibrosis [2] - Yuyuan Pharmaceutical's injectable Ganciclovir has passed the consistency evaluation for generic drugs, which will enhance the company's market share and competitiveness [3] - Warner Pharmaceuticals' Bismuth Potassium Citrate Granules have also passed the consistency evaluation for generic drugs, benefiting future market sales [4] - Changchun High-tech's subsidiary, Jinsai Pharmaceutical, received approval for clinical trials of Fuxin Qibai monoclonal antibody injection, aimed at treating endometriosis [5] Financial Reports - Yunnan Baiyao reported a Q1 2025 net profit of 1.935 billion yuan, a 13.67% increase year-on-year, with total revenue of 10.841 billion yuan, up 0.62% [6] - WuXi AppTec's Q1 2025 net profit surged by 89.06% to 3.672 billion yuan, driven by revenue growth and operational efficiency improvements [7][8] - Kefu Medical's 2024 annual report showed a net profit increase of 22.6% to 312 million yuan, with revenue of 2.983 billion yuan, up 4.53% [9] - Hongbo Pharmaceutical's Q1 2025 net profit increased by 226.47% to 11.974 million yuan, with revenue of 16.9 million yuan, up 29.61% [10] Capital Market Activities - Jiangsu Hengrui Medicine has received approval from the China Securities Regulatory Commission for its Hong Kong IPO, planning to issue up to 815.1 million shares [11] - Merck announced its acquisition of SpringWorks for approximately $3.9 billion in equity value [12] - China Merchants Bio intends to increase its stake in Renfu Pharmaceutical by 0.5%-1% within six months, reflecting confidence in the company's future [13] Industry Developments - Xiangyu Medical expects to obtain registration certificates for seven robotic products by 2025, focusing on rehabilitation and other medical applications [14] - Soundon Medical has formed a strategic partnership with MED-EL's BHM to advance global bone conduction hearing solutions [16] - Hanyu Pharmaceutical signed a comprehensive cooperation agreement with Huawei Cloud to focus on "AI Smart Drugs" in drug development [17] Public Sentiment Alerts - Innovative Medical announced that shareholder Shanghai Guanghuan Technology reduced its stake by 3.41 million shares, representing 0.8191% of the total circulating shares [18]

Summary of the Conference Call for 可孚医疗 Company Overview - The company reported a net profit increase of 36.74% year-on-year to 275 million yuan in 2024, with operating cash flow rising by 68.45% to 663 million yuan, and a gross margin improvement to 51.86% [2][3][4] - The company maintains a high dividend policy, distributing a total cash dividend of 366 million yuan for the year [2][3] Revenue Breakdown - In 2024, the main business revenue reached 2.842 billion yuan, with online channels accounting for 66% and offline channels for 28% [2][3] - Key revenue sources include rehabilitation aids (37%), medical care (26.86%), and health monitoring (6.39%) [2][3] Q1 2025 Performance - Revenue in Q1 2025 decreased by 8% to 700 million yuan, with net profit down 9% to 90 million yuan [2][5] - Medical care and health monitoring categories saw over 10% growth, while rehabilitation aids and respiratory support products experienced significant declines, particularly respiratory support products which dropped nearly 50% [2][11] Strategic Focus - The company is deepening its core category strategy, optimizing resource allocation, and enhancing operational efficiency [2][4][7] - Core categories such as hearing aids, oral care, and ENT care continue to grow and drive performance [2][7][8] Government Subsidy Impact - The company actively participates in national subsidy policies, with categories involved in subsidies showing an overall performance increase of about 15% during subsidy periods [2][12] Growth Expectations for 2025 - The company anticipates health monitoring to grow by 20%-30%, medical care by over 20%, and rehabilitation aids by 10%-20% [2][4][13] - The overseas business is expected to show significant growth, with Q1 foreign trade revenue increasing substantially [2][4][17] Innovation and Product Development - The company launched over 100 new products in 2024, including innovative glucose and uric acid test strips and mid-to-high-end respiratory machines [2][6][9] - Focus on technological innovation and smart manufacturing to enhance R&D efficiency and product value [2][6][9] Online Market Dynamics - Online channels contribute to over 60% of total sales, with Tmall, JD, and Douyin being key platforms [2][34] - Douyin has shown the fastest growth, while Tmall's performance has slightly declined [2][34] Challenges and Future Outlook - The company faces challenges from U.S. tariff policies but has not seen significant impacts on orders [2][35] - Future strategies include enhancing existing store quality and optimizing underperforming locations in the hearing aid segment [2][14][15] Conclusion - The company is optimistic about achieving its 2025 equity incentive goals, with a clear strategy and growth targets in place [2][32] - Continued focus on core product categories, innovation, and international expansion is expected to drive future performance [2][38]

Group 1 - The core viewpoint of the articles highlights that KeFu Medical (301087) has delivered impressive financial results despite a competitive market environment, with a revenue of 2.983 billion yuan and a net profit of 312 million yuan for the year 2024, representing a year-on-year growth of 4.53% and 22.6% respectively [1][2] - The growth in performance is attributed to the continuous expansion of core product lines and optimization of product structure, with the company focusing on technological innovation and market expansion [1] - KeFu Medical has invested a total of 339 million yuan in research and development over the past three years, maintaining a high product iteration speed with over a hundred new products launched annually [1] Group 2 - In terms of channel development, KeFu Medical is optimizing its multi-dimensional channel layout, enhancing market response efficiency and cost conversion through digital analysis systems, resulting in nearly 2 billion yuan in online channel revenue, a 9% year-on-year increase [2] - The company is advancing its globalization strategy by localizing product development, building marketing teams, and expanding partnerships, currently serving over 50 million families across more than 60 countries and regions [2] - KeFu Medical has announced a profit distribution plan for 2024, proposing a cash dividend of 12 yuan per 10 shares to all shareholders, continuing its tradition of high dividends and creating value for investors [2]

可孚医疗科技股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 2024 年度，本人作为可孚医疗科技股份有限公司（以下简称"公司"）的 独立董事，在任职期间严格按照《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等相关法律法规、规范性文件及《公司章 程》《独立董事工作制度》的规定和要求，诚信、勤勉、独立地履行职责，认真 审议了董事会及董事会下设专门委员会的各项议案，对公司重大事项发表独立意 见，切实维护公司和全体股东尤其是中小股东的合法权益。现将本人 2024 年度 履行独立董事职责情况汇报如下： 一、独立董事的基本情况 (一)独立董事工作履历、专业背景及兼职情况 本人刘爱明，1971 年出生，中国国籍，无境外永久居留权，博士研究生学 历，注册会计师，注册税务师。曾任湖南省皮革集团公司助理会计师，哈密市商 业银行股份有限公司、湖南国科微电子股份有限公司、天舟文化股份有限公司、 力合科技（湖南）股份有限公司独立董事，现任中南大学副教授、会计系副主任， 兼任株洲华锐精密工具股份有限公司、威胜能 ...

(一)独立董事工作履历、专业背景及兼职情况 可孚医疗科技股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 2024 年度，作为可孚医疗科技股份有限公司（以下简称"公司"）的独立 董事，本人严格按照《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》"）、《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司独立董事 管理办法》等相关法律法规、规范性文件及《公司章程》《独立董事工作制度》 的规定和要求，诚信、勤勉、独立地履行职责，独立、谨慎行使职权，积极出席 公司相关会议并认真审议各项议案，切实维护公司及全体股东特别是中小股东的 利益。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 温志浩先生，1966 年出生，中国国籍，无境外永久居留权，硕士研究生， 生物医学工程教授，医疗器械高级工程师。曾任广东省医疗器械研究所高级工程 师、科研部主任、省重点实验室主任，广东食品药品职业学院医疗器械学院副院 长。现任广东食品药品职业学院教授，兼任健帆生物科技集团股份有限公司独立 董事。2019 年 ...

可孚医疗科技股份有限公司 2024 年度独立董事述职报告 1 各位股东及股东代表： 2024 年度，作为可孚医疗科技股份有限公司（以下简称"公司"）的独立 董事，本人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上 市公司独立董事管理办法》等相关法律法规、规范性文件及《公司章程》《独立 董事工作制度》的规定和要求，认真履行独立董事的职责，恪尽职守，勤勉尽责， 密切关注公司治理、内部控制和规范运作等事项，充分发挥独立董事作用，维护 公司和全体股东特别是中小股东的合法权益。现将本人 2024 年度履行独立董事 职责情况汇报如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人宁华波，1979 年出生，中国国籍，无境外永久居留权，硕士研究生， 已获得律师执业资格。曾任湖南启元律师事务所律师，中国轻工业长沙工程有限 公司主任助理，北京大成（长沙）律师事务所合伙人，现任广东华商（长沙）律 师事务所合伙人，兼任开元教育科技集团股份有限公司、湖南凯美特气体股份有 限公司独立董事。2023 年 1 月起，任公司独 ...