关于 可孚医疗科技股份有限公司 2025年第二次临时股东大会的 法律意见书 二零二五年八月 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 年第二次临时股东大会（以 下简称"本次股东大会"），对本次股东大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： 湖南启元律师事务所 （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 ...

证券日报网讯 可孚医疗8月26日发布公告，在公司回答调研者提问时表示，2025年，健耳听力将提升存 量门店经营质量作为核心抓手，着力改善新店与次新店的经营效益，上半年营业收入同比增长超20%， 盈利能力大幅改善。下半年，健耳听力在稳步提升老店收入规模的同时，也将着力推动2022年以来新设 门店的收入爬坡增长。同时，公司还将根据市场动态，推出新产品上市，强化线上与线下渠道的协同效 应，拓展听力业务的成长空间。公司长期看好中国听力市场的发展前景，将坚持既定的战略规划方向， 致力于打造国内规模领先、服务能力卓越的听力连锁品牌。同时审慎应对短期压力与风险，动态制定短 期经营策略。 （编辑 王雪儿） ...

Core Viewpoint - Company has been focusing on home medical devices for nearly two decades, establishing a comprehensive product matrix covering five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [1] Group 1: Product Development and Market Position - Company has developed a robust product matrix that includes health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [1] - Core product categories have maintained strong sales performance on mainstream e-commerce platforms [1] Group 2: Operational Strategy - Company is actively making internal adjustments and refining operations to sustain good growth in core product categories across various platforms [1] - The rise of interest e-commerce platforms has been leveraged by the company to reach a large user base [1] Group 3: Marketing and User Engagement - Company has increased investment in interest e-commerce platforms, utilizing short videos and live broadcasts to effectively showcase product functions and usage [1] - This approach enhances brand communication and product sales, allowing the company to tap into potential user needs and improve product penetration [1]

Core Viewpoint - The company Kefu Medical announced an investment in Newlink Medical, focusing on advanced hearing rehabilitation solutions through brain-computer interface technology, particularly for congenital hearing loss [1] Group 1: Investment and Strategic Focus - Kefu Medical invested in Newlink Medical in May 2024, targeting offline hearing fitting centers [1] - The investment aims to create strategic synergy with the company's existing hearing business, especially in addressing congenital hearing loss [1] Group 2: Technological Development - Newlink Medical is developing bionic eyes and ears based on implanted brain-computer interface technology [1] - The company is exploring cutting-edge technologies to provide more effective solutions for hearing rehabilitation [1]

Core Viewpoint - Company Kefu Medical announced on August 26 that its future overseas acquisitions will focus on two strategic directions: acquiring high-quality targets that can supplement product lines or enhance technological capabilities, and targets with established channel networks or brand influence [1] Group 1 - The company aims to enhance its product offerings and technology through strategic acquisitions [1] - The focus on targets with mature channel networks indicates a strategy to strengthen market presence and distribution capabilities [1] - Brand influence is also a key consideration, suggesting that the company values established reputations in its acquisition strategy [1]

Core Insights - The company, Kewei Medical, reported a revenue of 1.496 billion yuan and a net profit of 167 million yuan for the first half of 2025, with a proposed cash dividend of 6 yuan per 10 shares, totaling 122 million yuan [1] - R&D and innovation are identified as the long-term growth engines for Kewei Medical, with over a hundred new products launched annually based on market feedback [1] - The company has seen significant sales growth in its core product categories, particularly in respiratory devices and a blood glucose and uric acid testing machine, which leads the market in its segment [1] Financial Performance - Kewei Medical achieved a revenue of 1.496 billion yuan and a net profit of 167 million yuan in the first half of 2025 [1] - The company plans to distribute a cash dividend of 122 million yuan, reflecting its strong financial position [1] Product Innovation - The respiratory machine's sales surged in Q2 due to enhanced noise reduction and intervention accuracy, ranking first in sales on Douyin [1] - The innovative blood glucose and uric acid testing device requires only one test strip and a drop of blood for simultaneous measurement, maintaining a leading position in its niche [1] - Other products like infrared thermometers and home testing strips also showed steady growth [1] Smart Technology Integration - Kewei Medical is integrating "IoT + AI" into its products and services, including remote monitoring and personalized health management through a cloud platform [2] - The company is developing a smart health management ecosystem with various projects like smart blood pressure monitors and oxygen machines [2] Sales Channels - Online sales accounted for nearly 1 billion yuan, representing 65% of total revenue, with a strong presence on platforms like Tmall and JD [2] - The company is expanding its presence on interest-based e-commerce platforms like Douyin and Kuaishou to drive growth [2] - Offline sales reached nearly 500 million yuan, with a 12.5% year-on-year increase, and the hearing aid brand "Jianer Hearing" saw over 20% revenue growth [2] Global Expansion - Kewei Medical is accelerating its global strategy, with overseas revenue nearing 100 million yuan, a growth of over 200% [3] - The company completed two significant acquisitions to enhance its international market penetration [3] - A plan for a Hong Kong listing has been initiated to boost international market recognition and support its global strategy [3] Competitive Advantage - Analysts note that Kewei Medical is forming a differentiated competitive advantage through core product innovation, multi-channel collaboration, and deepening overseas market presence [3]

Core Viewpoint - The company KeFu Medical (SZ 301087) announced that it will accept investor research on August 25, 2025, with key executives participating in the discussions [1] Company Summary - KeFu Medical's revenue composition for the first half of 2025 shows that medical health products account for 96.79% of total revenue, while other businesses contribute 3.21% [1]

Core Viewpoint - The financial performance of Kewei Medical shows a decline in revenue and net profit, indicating potential challenges in the company's operations and market conditions [2]. Group 1: Financial Performance - For the first half of 2025, Kewei Medical reported a revenue of 1.496 billion yuan, a year-on-year decrease of 4.03% [2]. - The net profit attributable to shareholders for the same period was 167 million yuan, down 9.51% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.113 billion yuan, with 856 million yuan distributed over the past three years [2]. Group 2: Stock and Financing Activity - On August 25, Kewei Medical's stock price fell by 0.52%, with a trading volume of 164 million yuan [1]. - The financing buy-in amount for Kewei Medical on that day was 20.66 million yuan, while the financing repayment was 42.58 million yuan, resulting in a net financing outflow of 21.92 million yuan [1]. - The total financing and securities balance for Kewei Medical as of August 25 was 178 million yuan, with the financing balance accounting for 2.10% of the circulating market value [1]. Group 3: Shareholder and Institutional Holdings - As of July 31, the number of shareholders for Kewei Medical was 19,000, a decrease of 0.46% from the previous period [2]. - The average number of circulating shares per person increased by 0.46% to 10,223 shares [2]. - As of June 30, 2025, Guotai Junan Medical Health Stock A was the ninth largest circulating shareholder, holding 2.3012 million shares, an increase of 236,600 shares from the previous period [2].

Group 1: Business Performance and Strategy - The company aims to enhance the operational quality of existing stores, with a reported revenue growth of over 20% year-on-year in the first half of 2025 [2] - The company plans to launch new products and strengthen online and offline channel collaboration to expand its hearing business [2] - The overseas business achieved nearly 100 million in revenue, with a year-on-year growth exceeding 200% [4] Group 2: Investments and Acquisitions - The company invested in NeuLink Medical in May 2024 to explore advanced hearing rehabilitation solutions through brain-machine interface technology [3] - In January 2025, the company completed a controlling acquisition of Shanghai Huazhou, enhancing its product line and overseas market channels [4] - The company also acquired a controlling stake in Ximan Na in June 2025, facilitating entry into the Hong Kong market [4] Group 3: Online Sales and Market Trends - The company has developed a comprehensive product matrix covering five major areas, maintaining strong sales performance on mainstream e-commerce platforms [6] - Interest e-commerce platforms have gained popularity, prompting the company to invest in innovative content to enhance brand visibility and product sales [6] Group 4: AI and Technology Development - The company is advancing AI applications across various medical devices, focusing on interconnectivity and data exchange [7] - The upcoming Kefu Health APP will integrate data from multiple devices to provide personalized health management solutions [7] Group 5: Core Product Strategy - The company focuses on core product categories that contribute significantly to revenue and have growth potential, including respiratory machines and hearing aids [8] - Continuous improvement in product quality and market share is a priority, with plans for iterative upgrades and cost reductions [8] Group 6: Respiratory Device Performance - The company's self-developed respiratory machines have received high consumer recognition, with sales rapidly increasing since late June 2025 [9]

融券方面，当日融券卖出0.37万股，净卖出0.34万股。 来源：金融界 8月25日，沪深两融数据显示，可孚医疗获融资买入额0.21亿元，居两市第2628位，当日融资偿还额0.43 亿元，净卖出2191.72万元。 最近三个交易日，21日-25日，可孚医疗分别获融资买入0.13亿元、0.18亿元、0.21亿元。 ...