湖南启元律师事务所 关于可孚医疗科技股份有限公司 2023年年度股东大会的 法律意见书 二0二四年五月 湖南启元律师事务所 关于可孚医疗科技股份有限公司 2023 年年度股东大会的法律意见书 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，指派律师出席了公司 2023 年年度股东大会（以下简称"本次股东大会"）， 对会议进行现场律师见证，并出具本法律意见书。 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》"）、《上市公司股东大会规则》等法律、 法规和规范性文件以及《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。 本律师出具本法律意见书基于公司已作出如下承诺：所有提供给本律师的文 件的正本以及经本律师查验与正本保持一致的副本均为真实、完整、可靠。 为出具本法律意见书，我们依法审核了公司提供的下列资料： 1 、公司于 2024 年 4 月 29 日发布在深圳证券交易所网站 （http://www.szse.cn）上的公司第二届董事会第九次会议决议公 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-042 可孚医疗科技股份有限公司 2023 年年度股东大会决议公告 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. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 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：2024年5月20日（星期一）下午15:00； （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 2024年5月20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： 2024年5月20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. 会议主持人：董事长张敏先生。 6. 会 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-043 可孚医疗科技股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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 2024 年 4 月 25 日召开 第二届董事会第九次会议和第二届监事会第九次会议，审议通过了《关于回购注 销部分限制性股票的议案》。 根据公司《2021 年限制性股票激励计划（草案）》《2021 年限制性股票激 励计划实施考核管理办法》等相关规定，鉴于公司 2023 年度未达到业绩考核目 标，第一类限制性股票第二个限售期对应的 14.625 万股限制性股票不得解除限 售，董事会审议决定回购注销上述 14.625 万股限制性股票。本次回购注销完成 后，公司总股本将由 209,238,250 股减至 209,092,000 股，公司注册资本也相应由 209,238,250 元减少为 209,092,000 元。 1 印件。 债权申报具体方式如下： 1、债权申报登记地点：长沙市雨花区万家丽中路一段 426 号高桥大健康医 药城可孚 ...

证券代码：301087 证券简称：可孚医疗 公告编号：2024-041 可孚医疗科技股份有限公司 关于举行2023年度网上业绩说明会的公告 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"）2023 年年度报告全文及 其摘要于 2024 年 4 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露。 特此公告。 可孚医疗科技股份有限公司董事会 2024 年 5 月 14 日 为便于广大投资者进一步了解公司 2023 年度经营情况，公司定于 2024 年 5 月 22 日（星期三）下午 15:00-17:00 举办 2023 年度网上业绩说明会，本次年度 业绩说明会将采用网络远程的方式举行，投资者可登陆深圳证券交易所"互动易" 平台（http://irm.cninfo.com.cn）进入"云访谈"栏目参与本次年度业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总裁张敏先生，董事、副总裁、 董事会秘书薛小桥先生，独立董事刘爱明先生，副总裁兼财务总监陈望朋先生， 保荐代表人邹扬先生（如遇特殊 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][17]. Core Views - The company is expected to perform better than market expectations in Q1 2024, with profits slightly exceeding market forecasts. The performance is anticipated to improve sequentially throughout 2024 [7][17]. - The company is positioned in the high-growth home medical device sector, with a focus on enhancing brand influence through participation in major exhibitions and a robust product lineup [17][18]. - The company has a high dividend yield of over 3% for 2023, with a payout ratio of 97%, indicating a commitment to returning value to shareholders [8][18]. Financial Performance Summary - In 2023, the company achieved revenue of 28.54 billion yuan, a decrease of 4.14% year-on-year, with a net profit of 2.54 billion yuan, down 15.71% [27]. - For Q1 2024, the company reported revenue of 8.07 billion yuan, a decline of 5.64%, and a net profit of 1.01 billion yuan, down 24.75% [27]. - The company expects net profit for 2024-2026 to be 4.00 billion yuan, 5.00 billion yuan, and 6.25 billion yuan respectively, with corresponding EPS of 1.91 yuan, 2.39 yuan, and 2.99 yuan [17][27]. Market Position and Strategy - The company is expanding its hearing aid business, having signed contracts for 820 direct-operated hearing fitting centers, with 765 currently operational, covering 20 provincial markets and 128 prefecture-level markets [8][17]. - The company is leveraging interest e-commerce platforms for sales, achieving over 200% year-on-year growth in 2023 [8][17]. - The company is also focusing on international expansion, with revenue from overseas operations reaching 49.87 million yuan in 2023, accounting for 2% of total revenue [8][17]. Valuation Metrics - The current stock price is 37.87 yuan, with a market capitalization of 79.24 billion yuan and a circulating market value of 34.30 billion yuan [15]. - The projected P/E ratios for 2024, 2025, and 2026 are 20.0, 16.0, and 12.8 respectively, indicating potential for valuation improvement as net profit margins are expected to rise [17][28].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [25][38]. Core Insights - The company is set to enhance its brand power through participation in the 88th National Pharmaceutical Trade Fair, showcasing over 100 key products and new offerings, which is expected to improve its market presence [2]. - The financial forecasts for 2024-2026 have been adjusted, with projected net profits of 400 million, 500 million, and 625 million yuan respectively, reflecting a significant increase compared to previous estimates [2]. - The company is focusing on expanding its product categories and increasing its self-manufacturing ratio, which is anticipated to lead to improved profit margins [2]. Financial Summary - Revenue for 2023 was 2,854 million yuan, a decrease of 4.1% year-on-year, while net profit was 254 million yuan, down 15.7% [3]. - The projected revenues for 2024, 2025, and 2026 are 3,431 million, 4,111 million, and 4,925 million yuan respectively, with year-on-year growth rates of 20.2%, 19.8%, and 19.8% [3]. - The gross margin is expected to improve from 43.3% in 2023 to 46.4% in 2024, while the net margin is projected to rise from 8.9% to 11.7% in the same period [3]. Business Performance - In Q1 2024, the company achieved a revenue of 807 million yuan, a decline of 5.64% year-on-year, but the net profit margin reached 12.5%, slightly exceeding market expectations [9]. - The company has been actively expanding its hearing aid retail network, with 820 centers signed and 765 operational, indicating a strong growth trajectory in this segment [35]. - The online sales channel accounted for 68% of total revenue in 2023, highlighting the company's successful adaptation to e-commerce trends [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance met expectations, with core product lines showing robust growth. In 2023, the company achieved operating revenue of 2.854 billion yuan, a year-on-year decrease of 4.14%, and a net profit attributable to shareholders of 254 million yuan, down 15.71% year-on-year. The first quarter of 2024 saw operating revenue of 807 million yuan, a year-on-year decrease of 5.64%, with a net profit of 101 million yuan, down 24.75% year-on-year [2][4] - The company has accelerated the expansion of its hearing aid retail stores, achieving significant growth in revenue from this segment. By the end of 2023, the company had signed contracts for 820 hearing aid centers, with 765 already opened, covering 20 provincial-level markets and 128 prefecture-level markets. The hearing aid segment generated revenue of 198 million yuan in 2023, a year-on-year increase of 63.99% [2][4] - The company is expected to achieve breakeven in the hearing aid segment by 2025, with projections indicating that the number of stores could reach 2,000 to 3,000, contributing profits of 300 to 500 million yuan [4][5] Financial Performance Summary - In 2023, the company reported operating revenue of 2.854 billion yuan, with a year-on-year decline of 4.1%. The net profit attributable to shareholders was 254 million yuan, down 15.7% year-on-year. The gross margin was 43.3% [7][9] - Forecasts for 2024 to 2026 indicate operating revenues of 3.406 billion yuan, 4.069 billion yuan, and 4.836 billion yuan, with corresponding growth rates of 19.4%, 19.5%, and 18.9%. Net profits are projected to be 355 million yuan, 468 million yuan, and 582 million yuan, with growth rates of 39.5%, 32.0%, and 24.5% respectively [5][7] - The earnings per share (EPS) for 2024 to 2026 are expected to be 1.69 yuan, 2.24 yuan, and 2.78 yuan, with price-to-earnings (P/E) ratios of 22x, 17x, and 14x respectively [5][7]

证券代码：301087 证券简称：可孚医疗 公告编号：2024-040 可孚医疗科技股份有限公司 关于回购公司股份的进展公告 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。 可孚医疗科技股份有限公司（以下简称"公司"）于 2024 年 1 月 25 日召开 第二届董事会第六次会议及第二届监事会第六次会议，审议并通过《关于回购公 司股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司人民 币普通股 A 股股份，用于实施员工持股计划或者股权激励。本次拟用于回购的 资金总额为不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）， 回购股份价格不超过人民币 53.00 元/股（含），回购股份期限自公司董事会审议 通过本次回购股份方案之日起十二个月内。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司应当在每个月的前三个交易日内披露截至 上月末的回购进展情况。现将公司回购股份的进展情 ...

Investment Rating - The investment rating for the company is "Buy" [11] Core Insights - The company reported a revenue of 2.854 billion yuan in 2023, a year-over-year decrease of 4.14%, with a net profit attributable to the parent company of 254 million yuan, down 15.71% year-over-year [11] - The company has five product lines that are developing evenly, with significant growth in core products such as respiratory support and rehabilitation aids, which saw revenue increases of over 50% and 40% respectively [11] - The company is expanding its hearing care business, with a significant increase in the number of stores, achieving a revenue of 1.98 billion yuan in this segment, up 63.99% year-over-year [11] Financial Summary - Total revenue for 2022 was 2.977 billion yuan, with a growth rate of 30.8%, while the forecast for 2024 is 3.402 billion yuan, representing a year-over-year growth of 19.2% [12] - The gross profit margin improved by 3.77 percentage points to 43.28% in 2023, indicating enhanced profitability [11] - The company expects to achieve net profits of 343 million yuan, 458 million yuan, and 606 million yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 35.1%, 33.3%, and 32.3% [11][12]

Group 1: Online Marketing and Revenue - In 2023, online revenue reached 1.827 billion CNY, accounting for 67.5% of the main business income [1] - The online expense ratio increased due to the need for higher investment in traditional platforms and the early-stage inefficiencies of the interest e-commerce team [2] - The company aims to improve the conversion efficiency of interest e-commerce while reducing the online expense ratio [2] Group 2: Respiratory Product Sales and Future Growth - In Q1 2024, revenue from the respiratory support segment slightly decreased, primarily due to reduced demand for oxygen machines, while sales of ventilators and nebulizers increased [2] - The company plans to upgrade 3L and 5L oxygen machines and launch new products, including portable sleep ventilators and second-generation sleep machines [2] Group 3: Production Capacity and Self-manufactured Products - In 2023, the company achieved self-manufactured product revenue of 1.533 billion CNY, representing 56.66% of main business income [2] - The self-manufactured product ratio increased from 26% in 2019 to 56% in 2023, with a corresponding improvement in gross margin [2] Group 4: New Product Launches in 2024 - The company plans to launch several new products in 2024, including a 4G transmission blood pressure monitor and a blood glucose and uric acid monitoring system [3] - The rehabilitation aids segment will introduce new electric wheelchairs and nursing beds, while the respiratory support segment will focus on innovative products like direct current nebulizers [3] Group 5: Expansion in Hearing Aid Business - In 2023, the hearing aid segment generated revenue of 198 million CNY, a year-on-year increase of 64%, despite a net loss of 25.07 million CNY [4] - The company plans to accelerate the expansion of hearing aid centers through new openings and acquisitions in 2024 [4] Group 6: Dividend Policy - The company maintains a long-term, stable shareholder return mechanism, proposing a cash dividend of 12 CNY per 10 shares for the 2023 fiscal year [4] - In 2024, the company aims to increase the frequency of cash dividends based on operational performance and financial conditions [4]